Addison Avenue Federal Credit Union by far is the most user friendly financial institution that I have ever used!! I originally opened a loan through Zopa.com which service transferred (sold) my loan to AAFCU. I had the loan for 2 years without ever even considering leaving Wells Fargo or HSBC. Then, my financial situation this past year changed considerably… less overtime, more expenses. With both HSBC and Wells Fargo, I’ve always had high balances, was never overdrawn… then one day for the first time ever with both accounts, I overdrew my account… and was hit with $35 overdraft charges on both accounts. $70 is quite a bit of money when you are pinching pennies… and both banks, despite my excellent history with both, and having been with each institution for over 5 years, I thought it was absurd that they would not waive the fee for me just this once.

I started shopping around, but nothing really stuck out. For a non-interest bearing account, Wells Fargo was much better than BOA (I could not stand their service) and Chase. Since previously working there, I knew the ins and outs so it didn’t make sense to go to a competitor. Then, there was HSBC – My online payment account yields 0.85% with a zero balance minimum and the first 3 ATM fees are waived… couldn’t find anything better there either….

Finally, I decided to take a look at Addison. My first thought was, I’ve never heard of them prior to my loan, why should I risk it? I took the initiative to research this CU (credit union) and realized it has been around for sometime (not nearly long as WF or HSBC) but long enough for me to feel comfortable with leaving my money there. As I continued my research, these are the wonderful perks that initially got me to open my account:

1. Zero balance requirement
2. 3.51% APY if you make 12 debit card purchases, 1 ACH debit/credit out of the account per month, sign up for E-Statements
3. Large ATM network – I can use any Co-Op (almost all credit unions are apart of this network) and ATM in 7/11 stores
4. If I meet the #2 requirements, any ATM surcharge from a non-network ATM will be rebated to me
5. $5 to start membership (waived for me because of my loan transfer)
6. $25 to open the account

Considering I almost never carry cash, and I am a slave to my debit card… 3.51% definitely outshined HSBC’s measly 0.85%. I decided to deposit a small amount of money to see if the account had the same benefits of my Wells Fargo account. With WF, I knew how their processing worked, so for the most part, it was easy to balance my checkbook, understand when things would clear… etc. The downside was, their processing system (Batch system) debit card purchases could take anywhere from 1-5 business days to clear my account. If I didn’t keep a register, and update it regularly, I could potentially overdraw my account. Thank God I am very OCD about my checkbook register and I’ve only failed to keep up with it once (damn overdraft fee!).

Once I got the account I’ve noticed these benefits!

1. Most debit card purchases clear within 24 hours. Some clear as soon as 8! I went to a bar and used my debit card… with Wells Fargo, it would take 4 business days to clear, and the pending charge that was reflected on my balance would only show the charge without the tip. I used my card on a Sunday night, and it cleared with the tip total first thing Monday morning… I honestly will never have to balance a checkbook again!
2. Refunds on debit purchases only take 1 day to post to your account!! No more waiting 3-7 business days!
3. E-Deposits – This is by far the most ingenious thing for people who hate having to drive or walk somewhere to do a very simple task of making a check deposit! All I have to do is scan the check, upload and voila, my deposit posted that very moment. I just need to keep the physical check copy for 90 days.
4. The first $500 of every deposit is available immediately and the rest is subject to a 2 business day hold. This is better than WF because it was only $100 available, but the rest would be available the next day. This is going to make it very easy for me to deposit my paycheck to this account until my direct deposit changes take effect. I never need more than $200 after payday, so the 2 day lag isn’t terrible.
5. Best customer service ever! I love that with their secure mail feature, someone always gets back to me within 1 business day, and it’s a real response, not a copy paste. And, M-F you can always call a branch, and they will gladly help you.

Okay… the downside stuff….

If you want to take to a live person, it has to be during their business hours. So far, I haven’t had any issues after hours mainly because everything about this account is so very user friendly.

They even make it easy to qualify for membership! For the most part, you would have to work for HP or some other techish company (list is on their site), but if you don’t qualify that way, you can qualify this way:

If you are not eligible to join through one of our sponsor groups below, you can qualify for membership by joining the Financial Fitness Association. It’s only $5.00 to join this not-for-profit organization. To sign up, go to www.financialfitnessassociation.org, click “Join Now”, and follow the instructions.

I’m so happy about this credit union, that I’ve been telling just about everyone! Please check it out!

www.addisonavenue.com