At the beginning of July, TBA Credit Union (TBACU) introduced a rewards checking account (RCA). The new Cash Reward Checking earns 5.00% APY on qualifying balances up to $10k. Interest is not paid on qualifying balances above $10k or on non-qualifying balances.
- At least 25 debit card transactions.
- At least four online or mobile banking logins.
- Deposit(s) totaling at least $1k through direct deposit or remote capture deposit (RCD).
- Enroll in eStatements.
Two of the qualifying requirements are noteworthy: 1) 25 debit card transactions is more than twice the typical requirement, and 2) this is the first time I’ve seen RCD listed as meeting a direct deposit requirement.
The Cash Reward Checking account has no monthly service fee, minimum balance requirement, or minimum opening deposit requirement. Not only are out-of-network ATM fees are not reimbursed, there is a $1 fee for using a non-CO-OP Network ATM.
Headquartered in Traverse City, Michigan, TBA Credit Union’s field of membership (FOM) has expanded to include anyone who lives, works, worships, or attends school anywhere in the State of Michigan.
Alumni of Northwestern Michigan College also qualify for membership, regardless of where they live.
Immediate family members of anyone eligible to join are also welcome to apply.
Opened with a $15 deposit, a savings account establishes your membership
with TBA Credit Union and allows access to additional products and services.
Opening a Cash Reward Checking account can also be done by calling 231.946.7090. The Cash Reward Checking’s landing page has a “Contact Me” form.
Yes, please have a team member contact me about the Cash Reward Account.
Through its partnership with the Xtend Shared Branching Network, TBACU members have access to more than 250 shared branches in or around Michigan. TBACU also participates in the CO-OP ATM network, giving members “access to over 30,000 ATMs nationwide, including those located at most 7-11 convenience stores.”
Credit Union Overview
TBA Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.44% (excellent) based on March 31, 2019 data. In the past year, TBACU has increased its total non-brokered deposits by $12.52 million, an excellent annual growth rate of 7.16%. Please refer to our financial overview of TBA Credit Union (NCUA Charter # 61795) for more details.
Founded in 1955 as the Traverse City Board of Education Employees Credit Union, TBA Credit Union is another Michigan credit union that’s expanded its FOM state-wide. The credit union rebranded twice: first in 1967 as the TBA Education Credit Union and then as TBA Credit Union in 2004. (FYI – TBA is an acronym for Traverse Bay Area, not “to-be-announced.”)
The eight original board members were all teachers in the Traverse City School System and each had four shares in the newly formed credit union. This quote from TBACU’s History page is truly indicative of a time long past.
In those early days, funds were kept in a cigar box. Those needing a loan
could take what they needed and leave an I.O.U. to be covered the next payday.
How Cash Reward Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available in Michigan and have maximum qualifying balances of at least $10k, TBA Credit Union’s Cash Reward Checking APY currently ranks second.
The above rates are accurate as of 7/20/2019.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.