Is Campus Federal Credit Union the Right Louisiana Credit Union for You?

This regional bank with ties to LSU has much to offer.

By John Csiszar Mar 30, 2020 Checking Accounts 101

Founded by seven employees of Louisiana State University in 1934, Campus Federal Credit Union has grown tremendously and now serves over 50,000 consumer and business members. The credit union has nine branches across Baton Rouge, Shreveport and New Orleans and maintains close ties to LSU.

While remaining community-focused, the credit union provides a wide range of traditional banking products, from checking and savings accounts to home and auto loans, IRAs and CDs.

To help determine if Campus Federal Credit Union might be a good option for you, here’s a look at the types of accounts the institution offers and its pros and cons.

Who Is Campus Federal Credit Union Best For?
Who May Want To Skip Campus Federal Credit Union?
Types of Accounts Available
How To Bank With Campus Federal Credit Union
Fees
Availability of Funds
Campus Federal Credit Union in a Nutshell

Who Is Campus Federal Credit Union Best For?

As a regional credit union, Campus Federal can be a good fit for residents of its service regions, which are New Orleans, Shreveport and Baton Rouge. But other qualifying members can also avail of the credit union’s services.

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Customers looking for a financial institution with a broad range of account types and services will likely find Campus Federal Credit Union a good choice, as it offers all of the traditional account types with the exception of investments.

Pros

High CD rates
Multiple banking options available
Wide range of loans available
High special-savings annual percentage yields

Cons

Some checking and savings accounts come with low APYs or don’t pay interest at all.
High fees for checking accounts that require qualifying activities or high balances to waive

Find these features appealing? An online account with Campus Federal Credit Union is just a click away. Visit the application page to get started.

Who May Want To Skip Campus Federal Credit Union?

Campus Federal Credit Union doesn’t score well for low fees or user friendliness. The credit union’s two primary checking accounts carry high monthly fees without qualifying activities or balances, and numerous banking transactions, from stop payments to overdrafts, all trigger high fees. Even with a lot of searching, it’s not easy to find information about the credit union’s accounts on its website — items as basic as the minimum amount needed to open certain accounts are difficult to locate. Consumers looking for slick user interfaces and accounts that come with no fees or strings attached will likely be happier elsewhere.

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Who Is Campus Federal Credit Union Suitable For?
Best For	Worst For
High CD APYs	High checking APYs
Broad range of accounts	Investments
Fee-free savings accounts	Low fees on checking accounts

Read: Best Credit Unions of 2020

Types of Accounts Available

When it comes to breadth of services, Campus Federal Credit Union is fairly impressive, particularly for a credit union. With the exception of its lack of investment accounts, Campus Federal Credit Union has all of the basic banking and lending products that most customers desire.

Here’s an overview of the characteristics of the accounts available at Campus Federal Credit Union:

Campus Federal Credit Union Product Line
Product	Minimum To Open	APY	Fee
Checking	$0.01	0%-2.01%	$0-$10
Savings	$5-$500	0.10%-0.15%	$0
Money Market	$5	0.15%-0.30%	$10
IRAs/IRA CDs	$5/$500-$5,000	0.15%/0.75%-1.30%	$0
CDs	$500-$5,000	0.15%-1.30%	$0
Loans	N/A	2.99%-18%+	N/A
Rates are accurate as of March 30, 2020.

Checking

Campus Federal Credit Union offers three types of checking accounts: Campus Classic Checking, Young Adult Checking and the Lagniappe Checking account. Here are the minimums, monthly fees and waiver requirements by account type:

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Campus Federal Credit Union Checking Accounts
Account	Minimum To Open	APY	Monthly Fee
Campus Classic Checking	N/A (no information on site)	N/A	$8
Young Adult Checking	N/A (no information on site)	N/A	$0 with eStatements
Lagniappe Checking	$0.01	Up to 2.01%	$10

The credit union’s primary checking account is Campus Classic Checking. This account pays no interest and has an $8 monthly maintenance fee that can be waived with 15 debit or credit purchases each month or a $5,000 relationship balance at the credit union. Covered Checking customers get overdraft coverage of up to $500 per month, but the standard nonsufficient funds’ fee of $30 still applies.

The Lagniappe Checking account is the credit union’s premium checking account. The account provides nationwide, unlimited ATM fee rebates of up to $4.99 per transaction. To qualify for these perks, you must enroll in eStatements, make 15 credit or debit transactions per month, and make one direct deposit, ACH auto-debit or bill pay per month.

The credit union’s Youth Checking account is for customers age 30 and younger. This basic account is free if you sign up for eStatements, but it pays no interest. With Covered Checking, overdrafts of up to $300 are covered, although the standard NSF fee of $30 applies.

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Pros

High APY on first $10,000 for Lagniappe Checking
Unlimited, fee-free domestic ATM withdrawals with Lagniappe Checking

Cons

No APY on Campus Classic Checking or Youth Checking
High fees on checking accounts if not waived
High overdraft fee

Savings

Campus Federal Credit Union has one standard savings account, the Share Savings account and two specialty savings accounts — Club Savings and health savings accounts. All accounts come with no fees.

The Share Savings account is required for membership at the credit union, and the minimum balance is $5. The other two savings accounts have higher minimum balance requirements. All three accounts pay a modest APY.

Here’s a quick overview of the rates and features of each savings account at ACU.

Campus Federal Credit Union Savings Accounts
Type	Minimum To Open	APY	Monthly Fee
Share Savings	$5	0.10%	$0
Club Savings	$200	0.10%	$0
Health Savings Account	$500	0.15%	$0
Rates are accurate as of March 30, 2020.

The Club Savings account is designed to help customers save for a particular goal, such as a vacation or the holidays. It allows for two free over-the-counter withdrawals per year.

The credit union’s health savings account is a standard HSA that can provide tax benefits for paying current and future medical expenses.

Pros

No monthly fees on savings accounts
HSA available

Cons

Low APYs compared to online savings banks

Money Market Accounts

Campus Federal Credit Union offers a single money market account.

Campus Federal Credit Union Money Market Account
Type	Minimum To Open	APY	Fee
Money Market Account	$5	0.15%-0.30%	$10
Rates are accurate as of March 30, 2020.

You can avoid the $10 monthly maintenance fee if you maintain a balance of at least $2,500. Checking account holders are entitled to the following additional features:

One box of free specially designed checks
Free travel money cards
Free cashier’s checks
Free money orders
A one-time, 0.25% rate reduction on a fixed-rate loan

Opening a money market account can be a good accompaniment for a checking account if you can avoid the monthly fee.

Pros

Great additional benefits when paired with a checking account

Cons

Low APYs at all tiers
High monthly fee without qualifying balance of $2,500

Learn: Money Market Accounts vs. Savings Accounts — What’s the Difference?

CDs

Campus Federal Credit Union offers an extensive CD lineup, including both standard and jumbo certificates. Minimums to open range between $500 and $5,000. The 30-month CD is a special type known as the “bump and jump.” With this CD, you can bump your deposit by at least $1,000 one time during the CD’s term. You can also jump your rate one time during the CD’s 30-month term, as long as at least six months have elapsed since purchase.

Campus Federal Credit Union Certificate Accounts
Term	Minimum To Open	APY
30 days	$500
182 days	$500	0.25%
12 months	$500	0.40%
24 months	$1,000	0.60%
36 months	$1,000	0.80%
60 months	$5,000	0.95%

Jumbo certificates are available for deposits of $100,000 and pay slightly higher rates than standard CDs.

Campus Federal Credit Union Jumbo Certificate Accounts
Term	Minimum To Open	APY
91 days	$100,000	0.25%
12 months	$100,000	0.45%
24 months	$100,000	0.65%

Pros

Very high APYs for all CDs
Good range of CD options
Jumbo CDs available
Bump and jump option available

Cons

Some CDs have higher minimums

Individual Retirement Accounts

Campus Federal Credit Union doesn’t offer investment accounts, but you can open either a traditional or a Roth individual retirement account. Two types of savings vehicles are available — a straight share savings account and a range of CDs. The credit union allows any certificate account from 12 to 60 months to be used as an IRA.

Campus Federal Credit Union IRA Savings
Account	Minimum To Open	APY
IRA Share	$5	0.15%
Rates are accurate as of March 30, 2020.

Campus Federal Credit Union IRA CDs have limited term options but much higher yields than the IRA Share account. Here’s a look at some of the available options:

Campus Federal Credit Union IRA CDs
Term	Minimum To Open	APY
12 months	$500	0.40%
24 months	$1,000	0.60%
36 months	$1,000	0.80%
60 months	$1,000	0.95%

Rates for the credit union’s IRA CDs are the same as for its taxable accounts, but the shortest term is one year.

Pros

High rates for IRA CDs
Low investment minimum for IRA Share account
No fees

Cons

No short- or long-term CDs available in IRAs

Check Out: Best CD Rates and Accounts of 2020

Loans

Loans of all types are available at Campus Federal Credit Union. Whether you’re looking to finance a new or used auto, RV, trailer, motorcycle or other vehicle, the credit union has options. Home mortgages and student loans are also available.

Vehicle Loans

Here’s a look at all the available vehicle loan options at Campus Federal Credit Union.

Campus Federal Credit Union Vehicle Loans
Type	Term	APR
Auto	24-84 months	From 2.99%
Motorcycle	24-72 months – New or Used	From 4.49%
Boat	24-72 months	From 4.00%
ATV	24 months-72 months – New or Used	From 4.49%
Motor Home	0-60 months – New	From 4.69%
Travel Trailer	0-60 months – New	From 4.69%
Rates are accurate as of March 30, 2020.

The credit union offers conventional conforming loans, construction loans, FHA loans and more. Note that points are a way to “buy down” the annual percentage rate of a mortgage loan by effectively prepaying some of the interest.

Student Loans

Three types of student loans are also available at Campus Federal Credit Union. Terms and rates are as follows:

Campus Federal Credit Student Loans
Type	Term	APR
Private Student Loans	Varies	Varies
Continuing Education	48 months	10.15%
Residency Loans	Length of residency	From prime + 1%
Rates are accurate as of March 30, 2020.

Three types of student loans are also available at Campus Federal Credit Union. Terms and rates are found below.

Pros

Loans up to 15 years for a wide variety of vehicles
Numerous home mortgage options
Rates can be low for those with good credit

Cons

Rates for some loans, like continuing education loans, can be high

How To Bank With Campus Federal Credit Union

You’ll have to qualify for membership before you can open an account with Campus Federal Credit Union. Once you qualify, you can open an account online in about 5-10 minutes. You’ll need a driver’s license, passport, state or military ID, a one-time membership fee of $10 and an additional $5 to deposit into a share account.

Technology

Campus Federal Credit Union offers a variety of features and benefits via its online and mobile platforms. Tools provided include:

Mobile banking
Campus Click mobile deposit
Mobile wallet
Bill pay
eStatements
Budgets and savings goals
Transfers
Person-to-person transfers
Check reorder
Account history download
Security features

Customer Service

You can contact Campus Federal Credit Union customer service via phone, mail, email or in a branch. The customer service phone number is (888) 769-8841, and reps are available from 8 a.m.-5:30 p.m. Monday through Friday, and from 9 a.m.-1 p.m. on Saturday. Local numbers are also available. Baton Rouge members can call (225) 769-8841. New Orleans members can use (504) 210-8310. And Shreveport customers can reach the credit union at (318) 415-2430.

See: Best Regional Banks of 2020

Fees

Campus Federal Credit Union has an extensive network of fee-free ATMs. In addition to its own terminals, the credit union is a member of both the Allpoint and the Dolphin ATM networks, and members can withdraw from any of these ATMs free of charge. Campus Federal Credit Union also participates in the CO-OP shared branch network.

Account and service fees can be high at Campus Federal Credit Union. For checking and savings accounts, monthly maintenance fees run between $5 and $10 if waiver requirements aren’t met. Overdrafts and stop payments are hit with a stiff $30 fee. International transactions incur a 2% fee, and a $1 fee accompanies withdrawals from foreign ATMs. Even closing your account within 6 months of opening will trigger a $5 fee.

Availability of Funds

Withdrawals using the Campus Federal Credit Union ATM/debit card are restricted to a maximum of $510 per day. Point-of-sale, credit or debit withdrawals have a daily maximum of $5,000 or the value of your account, whichever is less. You can make up to 99 ATM or POS transactions every month. Some accounts, such as the Club, Basic Savings and Money Market account are limited to two, three and six free withdrawals every month, respectively. Additional withdrawals are hit with a $5 fee.

Campus Federal Credit Union in a Nutshell

Campus Federal Credit Union has lots of pros and cons as a banking institution. Here’s a quick review of the benefits and drawbacks of the credit union to help you determine if it’s a good choice for your banking needs.

Benefits

With the exception of investments, you’re likely to find every type of banking product you need at Campus Federal Credit Union. From checking and savings accounts to CDs, IRAs and multiple loan types, Campus Federal Credit Union has got you covered. Savings and CD accounts come free-of-charge, and CD rates are quite high across-the-board, even in the credit union’s IRA accounts.

Drawbacks

Campus Federal Credit Union is extremely regional in nature, with just nine branches located in three Louisiana cities. Although you can qualify for credit union membership in plenty of ways, banking with Campus Federal Credit Union could be inconvenient unless you live in one of these cities.

Beyond its location, the credit union’s biggest drawback is its fee schedule. All checking accounts come with monthly fees that you’ll have to avoid via larger balances or qualifying activities. Overdraft and stop payment fees are also high. APYs on savings accounts are low, and the basic checking account pays no interest. The bottom line? Although the Campus Federal Credit Union offers a wide range of products, it’s not a national or online bank. Depending on your needs, you’re likely to find better options elsewhere.

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Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Feb. 10, 2020. This content is not provided by Campus Federal Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Campus Federal Credit Union.

About the Author

John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.