Great River Federal Credit Union is the CU I’ll be focusing on for you here. We’ll take a look at some important points like history, membership eligibility, and their offerings. Hopefully, by the time you’re done reading this, you can come to an educated decision about whether you want to work with them.
Advertiser Disclosure: We receive compensation if you sign up for financial products or services mentioned in this article in the blue buttons. For more info on that, click here.
Routing #: 291975672*
A Little History On Great River Federal Credit Union
This Minnesota CU was set up in 1948. Back then, some employees at the Franklin Manufacturing plant needed a reliable financial institution. Over time, their field of membership has been steadily expanded to the point that virtually anyone can join.
All you need to do is join the American Consumer Council (ACC) and you will become eligible.
You can find a competitive suite of financial products at this credit union. There are a handful of loan products, ranging from auto and recreational loans to student and personal loans.
They offer mortgages and home equity loans, too. You can find overdraft lines of credit, Visa cards, and even insurance products at Great River Federal Credit Union.
You can get a standard savings account or more specific types. Those include Money Market accounts, share certificates, Health Savings Accounts, and individual retirement accounts (IRAs). There are also youth/teen savings accounts.
In terms of checking products, they have personal (adult) checking and teen options. If you’re a teen who’s age 16 or older, you can open one of their main checking accounts instead of a teen one, too. To open a checking account with Great River Federal Credit Union, you also need a savings account with them.
A basic savings account is pretty quick to open. You just need to deposit $5 to get one of those started.
Business Options At Great River Federal Credit Union
They offer a few different business accounts – business basic and business plus. You can get a few benefits with their business savings account, like earning dividends on deposits over $10.
I like that, since a lot of savings accounts out there require larger amounts (like $500 minimum) in order to earn dividends. Great River Federal Credit Union offers free online and mobile banking, which is pretty standard now at most financial institutions.
They also mention free money management with online banking. That sort of feels the same as the info about free access to your account through online.
They also have a variety of business loans.
If you get a business checking account with them, there are free online transfers, free eStatements, and free automated phone banking services. Their Visa Business Debit cards also come with contactless technology. You also get their mobile check deposit service.
Something unique that I’ve noticed Great River Federal Credit Union offers is something called a Simplified Employee Pension plan. Offering pension plans can give your business a very competitive edge over others.
As of 2017, only 16% of Fortune 500 companies even offer traditional pension plans to new hires. So, you can give your business a leg up in attracting talent with one.
It’s basically a traditional IRA for businesses, but, you still get to call it a pension plan and use that to your advantage with marketing language.
Great River Federal Credit Union – Final Thoughts
Great River can be a great option for your personal or business needs. They have a wide-ranging amount of offerings and an even wider scope of membership eligibility. Even though it’s open to any ACC member, they are still a local sized credit union. Check them out today!
If you have a review of this credit union, please send it to [email protected] so it can be added here. Thanks!
*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.
*This site is not affiliated with the Credit Union mentioned in this article.