Delta Community Credit Union Review: Membership With Perks

Delta Community Credit Union offers good rates and loan options.

As the largest credit union in Georgia and one of the top 25 largest credit unions in the U.S., Delta Community Credit Union has apparently discovered the secret to success, which includes its 373,885 member base, who extend beyond employees of Delta Airlines. People who live or work in the 11-county metro Atlanta area, as well as employees of more than 150 businesses, are welcome to become members of the Delta credit union.

Here’s what you need to know about what Delta CCU has to offer and whether it would be the best credit union for your financial needs. This Delta Community Credit Union review will cover:

Who Is Delta Community Credit Union Best For?

Before deciding to apply for membership with DCCU, it might be helpful to examine the pros and cons of this credit union. Here’s what you need to consider:

Pros

  • Free checking account
  • 0.25% financing discount on cars purchased via Carvana and financed through Delta Community
  • Cash rewards credit card
  • A variety of home lending options
  • Competitive CD rates
  • Mobile app

Cons

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  • Membership qualifications are limited
  • $35 non-sufficient funds fee
  • Out-of-network ATM fees might apply

Who Might Want To Choose Delta Community Credit Union?

The credit union could be a good fit if you live in the DCCU service area. It’s hard to go wrong with free checking, and DCCU’s CD rates are competitive. DCCU also offers a range of loan products and special promotions like discounts on closing costs for loans.

Who Might Want To Skip Delta Community Credit Union?

You might want to skip DCCU if you’re looking for the top rates on CDs and savings accounts. Its rates are competitive, but there are higher rates out there.

You also might want to pass if you don’t live near a branch or have regular access to ATMs, although DCCU does offer a mobile app and online banking.

Types of Accounts Available

Here’s a quick overview of the accounts available at Delta Community Credit Union:

Delta Community Credit Union Accounts
Current Available AccountsRatesFeesFeatures
Personal Checking Account0.00%-0.03% APYNoneMeet minimum balance requirement to earn interest
Personal Savings Account0.35% APYNoneNo monthly fee
Personal Money Market Account0.40%-0.77% APYNoneNo minimum balance requirement
Certificates of Deposit0.49%-2.00% APYEarly withdrawal penaltiesTerms ranging from six months to five years
IRAs0.37%-2.00% APYNoneIRA savings accounts and CDs available
LoansVaries by productLate payment feesHome loans, auto loans and personal loans available

Personal Checking Account

Delta Community Credit Union offers one checking account option to its members. This account does pay interest, but only if you meet the balance requirements. Your balance must be $5,000 or higher to earn interest and $25,000 to earn the maximum checking account interest.

Delta’s checking account has no minimum balance requirement for the account to stay active.

Pros

  • No minimum balance
  • Potential to earn interest

Cons

  • $35 non-sufficient funds fees
  • Doesn’t pay interest until you have a $5,000 balance

Personal Savings Account

You can open a Delta Community Credit Union savings account with as little as $5. What’s more, you can open multiple accounts for different savings goals.

The DCCU Personal Savings Account has a 0.35% APY and no monthly fees unless your combined account balances fall below $60 and you haven’t made any transactions for six months.

Pros

  • No minimum balance requirement to earn interest
  • No monthly fees

Cons

  • $35 per item non-sufficient funds fee
  • Relatively low interest rates

More on Saving: Best Savings Accounts for Your Money

Personal Money Market Account

DCCU’s Personal Money Market Account offers easy access to your money while earning more interest than DCCU’s savings or checking accounts.

Although there is no minimum balance, you don’t start earning interest until your balance reaches $1,000. From there, interest increases when your balance reaches $10,000, $25,000, $50,000 and $100,000.

Pros

  • No minimum account balance
  • Higher interest than a savings account

Cons

  • No interest unless you have $1,000 in your account
  • Balance needs to be $100,000 or higher to earn the maximum interest rate

More on Money Market Accounts: Best Money Market Accounts of 2020

CD Rates

DCCU offers competitive CD rates with APYs ranging from 0.49% to 2.00%, making it easy to grow your savings with no risk.

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The CDs have terms from six months to five years. The minimum opening deposit is $1,000, and there are early withdrawal penalties if you access the funds in your CD before it matures.

Pros

  • Competitive rates
  • Relatively low minimum balance

Cons

  • Early withdrawal penalty of 60 to 270 days of interest, depending on the term
  • $1,000 minimum deposit

Individual Retirement Accounts

DCCU IRAs help you save for retirement. Options include an IRA savings account or an IRA CD, and you can choose between a traditional IRA, a Roth IRA and a SEP IRA.

The minimum opening deposit is $1,000. You can add funds to your DCCU IRA whenever you want to, up to annual contribution limits. IRA savings accounts and CDs pay more in interest than the DCCU’s other accounts, but you’ll pay a withdrawal penalty if you access the funds early.

Pros

  • No minimum balance requirement
  • Competitive rates

Cons

  • Early withdrawal penalty
  • Limited term options for IRA CDs

Loans

Delta Community Credit Union offers a wide range of loan products, including home loans for first-time homebuyers and harder-to-find loans, like land loans.

DCCU also has auto loans with competitive rates and a range of terms. Auto loans have no application fees and no prepayment penalties. Personal loans and personal lines of credit are also available. Loan amounts start as low as $500.

Pros

  • Promotions such as reduced closing costs on home loans
  • Online application process for auto loans

Cons

  • $25 late fee on personal loan payments
  • Must purchase through Carvana and finance with Delta Community to get the best rate on car loans

How To Bank With Delta Community Credit Union

To become a member of Delta Community Credit Union, you’ll have to meet certain requirements. Common credit union eligibility requirements include:

  • Living in a qualifying area
  • Having a current or former qualifying employer
  • Having qualifying relatives
  • Holding membership in qualifying associations

Before you fill out an application, check DCCU’s website to determine your eligibility for membership. Once you’ve verified that you’re eligible, here’s what you’ll need to apply:

  • Address
  • Date of birth
  • Valid driver’s license or other state-issued ID
  • Social Security number

Be sure you’ve lifted any credit freezes you have with the credit bureaus before you apply. Otherwise, DCCU won’t be able to approve your application.

Technology

DCCU offers online banking through its website. Its mobile app is available for iOS and Android devices, and it offers features like mobile deposits and bill pay. You can also find the closest ATM, view all of your account balances and transfer funds using both online banking and the DCCU mobile app.

Fees

DCCU members can use DCCU and CO-OP ATMs with no surcharge. In the event you go outside of the network, you might be subject to a fee.

Most of DCCU’s accounts don’t charge monthly service fees, but there are fees for insufficient funds and late payments.

Availability of Funds

The first $200 of most checks deposited at DCCU is available immediately. The balance is typically available on the second business day after you deposit the check. So, for example, if you deposit a $1,000 check on Wednesday, you can take $200 right away and withdraw the remaining $800 on Friday.

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Is Delta Community Credit Union Right for You?

With all the credit unions available, it can be difficult to determine which one is the best fit for your financial needs. For people who live in DCCU’s service area and value not being hit with fees just for owning and maintaining a checking account, this credit union might be a good fit.

But for those who are looking for a savings account with higher rates or who would have a difficult time finding an in-network ATM, other choices might be more suitable.

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This content is not provided by Delta Community 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 Delta Community Credit Union.

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About the Author

Cynthia Measom is a Texas-based writer specializing in finance, business, parenting and education. With almost a decade of online writing experience, her work has appeared on websites such as Chron.com, The Bump and The Motley Fool. Measom received a Bachelor of Arts in English from the University of Texas at Austin.