Co-op Credit Union Info + Review
Co-op Credit Union is the CU I’ll be looking at for you here. We’ll cover some important info like history, membership requirements, and their offerings. You can get everything you need in this article to make an educated decision about working with the folks at this financial institution.
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Like many CU’s located in Minnesota, this credit union was started a while back. A lot of them were in the mid to late thirties and this one was started in 1940. The nine founding members originally met up at the Co-op Grocery Store and their first office was in its upstairs.
Something I really like about their “About Us” page is the amount of detail they have on their history. You can see all their major events from the 50’s through the 90’s and into the New Millennium.
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Co-op Credit Union Membership Eligibility
You will need to either live, work, attend school, worship, or your business needs to be located in a few Minnesota counties to qualify for membership. Those are Swift, Lac qui Parle, Chippewa, Kandiyohi, Yellow Medicine, Renville, Lincoln, and Lyon counties.
You can also become a member if you are part of a few groups. Those are the Farmers Union Oil Company of Montevideo, Minnesota Valley Co-op Light & Power Association, Farmers Co-op Oil Company, Clara City, and being an employee of the Co-op Credit Union of Montevideo.
Standard among most credit unions, you can also get in if you have a relative that’s a current member.
You can find a variety of different financial products at Co-op Credit Union. They have personal offerings like checking, Visa cards, and a few different savings accounts.
Those are share savings, club savings, members money savings, health savings and a savings account designed for kids 10 years and younger. Looks like you can have your own savings account and even get one for your kids, too.
You can get certificates of deposit (CDs), IRA deposit accounts, and they can offer you a WINcentive savings account. I know at least a few other CU’s that do the WINcentive account like Mayo.
Their loan products are pretty wide-ranging. You can choose from agriculture loans, business loans, consumer loans, and home loans. As I mentioned above, they also have Visa credit cards.
Resources and Additional Services At Co-op Credit Union
They can offer you safe deposit boxes if you need extra protection for certain items. Those items can be anything from gold coins to important documents that you can’t trust storing at home. You can get a variety of different sized boxes, ranging from 3″x5″ to 10″x10″ inches. The fees for those range from $18 to $75.
I looked around and found that you can also get insurance through a brand called TruStage at Co-op Credit Union. It looks like this is more of a partnership than a referral relationship since they (TruStage) have Co-op’s logo on their site.
They can also help you with mutual funds, annuities, short-term savings, IRAS, and Stocks/Bonds.
If you need to send them sensitive information, they also have a portal where you can do that. I think registering for that and making an account looks pretty straightforward and easy. Let’s take a look at more of their personal offerings like checking and savings at Co-op Credit Union.
They can offer you two different personal checking account options. The Premier Checking account from them can be a great starter since there’s no minimum balance required, no monthly service charge, and no per-check charge.
You have the option of setting up automatic transfers of your money from savings to checking. I’m not sure if that’s part of their overdraft protection program or not, since it looks like they just mention overdraft protection loans.
There’s direct deposit option, too. Qualified members can get a Free VISA debit card and have 24/7 access with CCU online and their CCU on the Go Mobile App.
If you want to step things up a notch, you can get their Membership Advantage Checking account, too. That includes everything that Premier does with earning interest on qualifying balances, free person, personalized checking, notary & photocopying services, and it’s only $5 per month.
Co-op Credit Union – Final Thoughts
Co-op Credit Union is a good, local CU that you can trust with storing your money. You also have a handful of options for business if you own one. Their suite of offerings is competitive with other large banks and credit unions in that area.
They also stay true to the local feel by only being available in a select few counties. Some CU’s will be available practically everywhere and start to lose that neighborhood feel. Co-op definitely has it!
*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.
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