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Discover ESL Federal Credit Union: Rochester’s Trusted Banking Partner

ESL Federal Credit Union Overview

When it comes to choosing a financial institution, it’s essential to consider the bank or credit union’s history, products and services, and account types. One such institution is the ESL Federal Credit Union, established in 1920 in Rochester, New York.

Bank Overview and History

ESL Federal Credit Union was founded by George Eastman, the founder of Eastman Kodak Company. The institution started with the aim of providing financial assistance to Eastman Kodak employees.

Today, the bank has expanded to provide its services to more people outside Kodak. Currently, ESL Federal Credit Union boasts more than 370,000 members and over $6 billion in assets.

The institution has more than 20 branches and several ATMs in the Rochester area.

Product Details

ESL Federal Credit Union offers a wide range of products and services. These include personal loans, mortgages, credit cards, and certificates of deposit.

However, in this article, we’re going to focus on the checking, savings, and CD accounts.

Checking Accounts

ESL Federal Credit Union offers three types of checking accounts, Free Checking, Simple Spending, and Premier Checking. The Free Checking account is ideal for those who require basic checking services without any fees.

With Simple Spending, ESL Federal Credit Union allows members to keep track of their spending with minimal fees. The Premier Checking account is an ideal account for people who frequently use their account for transactions.

Members enjoy waived fees for overdraft protection, free checks, and no minimum balance requirement. If you’re frequently travelling, the Premier Checking account also offers worldwide ATM fee reimbursement.

Savings Accounts

ESL Federal Credit Union has six savings account types, Daily Dividend, Holiday Club, Money Maker, Premier Money Maker, Tiered Savings, and IRA Savings. Each account type caters to different needs and has unique features.

The Daily Dividend Savings account is a basic savings account that earns daily interest, and members can withdraw cash anytime. The Tiered Savings account pays higher APY rates based on the account’s balance.

The Holiday Club account is a perfect account for those who want to save money towards specific holidays, like Christmas. Members can set a specified amount of money aside in this account, and interest is earned on the account balance.

CD Accounts

ESL Federal Credit Union offers CD accounts with fixed interest rates and different terms ranging from six to 60 months. The CD accounts require a minimum deposit and are FDIC-insured.

Conclusion

ESL Federal Credit Union offers a wide variety of products and services to suit different members’ needs. The bank has a rich history and has served the community for more than a century.

With checking, savings, and CD accounts, members can choose the accounts that suit their unique financial needs and enjoy competitive rates. If you’re in Rochester and its environs, ESL Federal Credit Union is one financial institution you should consider.

ESL Federal Credit Union

CD Accounts

Certificates of deposit (CDs) can be an excellent option for people who want to earn higher interest on their savings without risking their principal investment. ESL Federal Credit Union offers various CD account options, including rates, CD balance, and dividends.

CD Account Options

ESL Federal Credit Union offers several CD options starting from six months to 60 months. Members can deposit a minimum of $500 up to $100,000 in a CD account.

They also offer various dividend rates on CDs based on the length of time the funds remain in the account. The CD rates vary, but members can view them on the bank’s website.

Members who want to save more than $100,000 can still grow their funds with the Jumbo CD option. The Jumbo CD has a higher interest rate than a standard CD account.

Benefits

One of the benefits of opening a CD account with ESL Federal Credit Union is that members earn more interest than a regular savings account without any risk. The financial institution offers an early withdrawal penalty if a member chooses to remove funds before the maturity date.

This early withdrawal penalty discourages members from taking out their money early, which means that they can earn more interest. Another benefit of CD accounts with ESL Federal Credit Union is the option to add money to the CD accounts.

It allows members to grow their funds and earn more interest throughout the CD term’s duration. Members who want to add money to their CD account need to deposit a minimum of $50.

Members can also choose to roll over their CD account after maturity. If the member rolls over their account, the funds remain within the account, and interest accrues over the new term.

Members can also choose to withdraw the funds after maturity without penalty.

Best Features of ESL Federal Credit Union

ESL Federal Credit Union is a community-based financial institution that has been serving the Rochester area for over 100 years, offering its services to the surrounding areas. ESL Federal Credit Union is known for its commitment to customer service and community presence, making them a reliable banking partner for individuals and businesses.

Community Presence

ESL Federal Credit Union has been part of the Rochester community since 1920 and has continued to establish itself as a community-focused financial institution. This financial institution has been involved in countless charitable activities to benefit the local community.

ESL Federal Credit Union has also partnered with several local organizations and institutions to support initiatives that benefit the community.

Customer Service

ESL Federal Credit Union’s customer service is highly rated. The bank conducts customer surveys to gain insights into how they can improve their services further.

Customer feedback helps the bank have a better understanding of the pain points customers experience, and they can tailor their services to meet customers’ needs better. In addition, ESL Federal Credit Union has local service teams who understand the unique needs of the Rochester community.

The local service teams are equipped to help customers with their financial goals, from opening accounts to obtaining loans. The financial institution aims to provide quality service that members can trust and rely on.

Banking Experience

ESL Federal Credit Union’s mobile app and online banking platform provides customers with a seamless banking experience that is easy to use and navigate. The mobile app provides customers with 24/7 access to their account activities, including checking their account balance, deposit funds, and transfer funds.

Moreover, ESL Federal Credit Union’s mobile app is rated highly by its customers, ranking second in the regional market. This excellent ranking indicates that customers find their mobile app quite useful and easy to navigate.

Accessibility and Branch Availability

ESL Federal Credit Union is accessible to customers from different locations in Rochester and its environs, ensuring convenience. The bank has 23 different branch locations throughout the Rochester neighborhoods and neighboring areas.

Its presence ensures that customers can access their services quickly, whether they’re at home or out and about.

Conclusion

ESL Federal Credit Union offers its customers a range of services, including CD accounts, checking accounts, and savings accounts. CD accounts with ESL Federal Credit Union allow members to earn higher interest rates while offering the flexibility to add funds and withdraw funds after maturity.

ESL Federal Credit Union is committed to serving the Rochester community, providing excellent customer service, and providing a high-quality banking experience that is easy to use.

Opening an Account at ESL Federal Credit Union

Opening a bank account is an essential step towards building a strong financial foundation. If you are considering opening an account with ESL Federal Credit Union, there are a few things you should know.

In this article, we will cover the eligibility requirements and account requirements and what fees to expect.

Eligibility

To open an account with ESL Federal Credit Union, you must meet the institution’s eligibility requirements. You must be at least 18 years old and a U.S. citizen or permanent resident.

ESL Federal Credit Union also requires that you have a Social Security number.

Account Requirements

Once you meet the eligibility requirements, you will need to provide some specific information to open an account with ESL Federal Credit Union. You will need to provide your government-issued photo ID, such as a driver’s license or passport.

You will also need to provide your bank and routing number if you plan to link an external bank account for transfers. You will also need to provide your phone number and email address.

ESL Federal Credit Union will use this information to contact you about account-related issues and security alerts.

Fees

Like most financial institutions, ESL Federal Credit Union has fees for various services offered to its members. Here are some of the fees you need to know.

Account

Fees

ESL Federal Credit Union charges a $3 monthly maintenance fee for its Simple Spending checking account for members who fail to keep a $1,000 balance or make at least 15 transactions per month. Members with Premier Checking account or seniors above 60 years old are exempted from the fee.

Especially when using an out-of-network ATM, members need to pay an additional fee, which is around $0.50 to $2.00 per transaction. A $32 fee is charged for each returned item.

Members should also expect a $5 fee for using a cashier’s check, and it costs $25 to receive a wire transfer from an international bank. ESL Federal Credit Union does not charge a fee for incoming domestic wire transfers or stop payments.

Still, there is a $35 fee for outgoing domestic wire transfers and a $60 fee for outgoing international wire transfers.

Comparison to Competitors

Compared to their competitors, ESL Federal Credit Union’s fees tend to be more reasonable. For instance, Visions FCU, another financial institution in New York, charges up to $8 for ATM transactions.

M&T Bank in New York charges $10 for using an out-of-network ATM. Advantage FCU charges monthly checking account fees between $5 to $9.

ESL Federal Credit Union offers fair fees, and in some cases, the fees are waived for specific account types or members’ age groups.

Conclusion

Opening an account with ESL Federal Credit Union requires meeting the eligibility requirements, providing identification, and account information. Members should be aware of certain fees when transactions are made.

Moreover, in comparison to their competitors, ESL Federal Credit Union’s fees tend to be reasonable. By understanding the account requirements and fees, members can make informed financial decisions that benefit them in the long run.

Final Take

ESL Federal Credit Union has been providing banking services to the Rochester area for over a century. The credit union offers various account and financial options to meet the needs of members, including checking accounts, savings accounts, and CD accounts.

Overview and Summary

ESL Federal Credit Union’s commitment to the Rochester community is evident through its socially-driven initiatives. As a community-based financial institution, ESL Federal Credit Union provides lower-cost banking services to the region’s residents, offering a range of financial products and services that cater to different financial goals.

The account options provided by ESL Federal Credit Union are flexible, allowing members to choose the types of accounts that suit their financial needs. Additionally, ESL Federal Credit Union offers its members a mobile app and online banking platform that is easy to use, coupled with comprehensive customer service support.

ESL Federal Credit Union FAQ

Here are a few commonly asked questions and answers about ESL Federal Credit Union’s services:

1. What is ESL Federal Credit Union’s cashback bonus?

ESL Federal Credit Union offers the Cashback Rewards program as a way to reward their members for using their ESL Visa Debit Card. Through this program, members earn $0.05 cashback for each qualifying transaction made with their debit card.

Members can then redeem the cashback rewards for cash or donate them to a charity of their choice. 2.

What is the daily ATM withdrawal limit at ESL Federal Credit Union? The daily ATM withdrawal limit at ESL Federal Credit Union is $500 per day, with a maximum of eight transactions when using a non-ESL Federal Credit Union ATM.

3. What is the debit card credit limit at ESL Federal Credit Union?

The debit card credit limit varies depending on the type of account the member has. Members must have the appropriate account balance or credit score to qualify.

The member’s account will show the available credit limit when they log in to their account through the website or mobile app. 4.

How can I contact ESL Federal Credit Union’s customer service if I need assistance? ESL Federal Credit Union’s customer service department is available to assist members through the phone or online chat.

Members can call their hotline number at 585-336-1000 or send them a message via their website’s contact page. Customer service representatives are available from 8:00 a.m. to 7:00 p.m. on weekdays and 8:00 a.m. to 3:00 p.m. on Saturdays.

Conclusion

ESL Federal Credit Union remains one of the most reputable and reliable financial institutions in the Rochester area. With a unique focus on community service, member-driven banking products, and comprehensive customer service, this institution offers its members financial stability with a personal touch.

By providing a range of account options and low-fee banking services, ESL Federal Credit Union shows its commitment to making banking accessible and affordable for members. With ESL Federal Credit Union, members do not have to pay excessive fees or sacrifice their financial goals for banking convenience.

ESL Federal Credit Union is a community-based financial institution that offers a range of financial products and services to the Rochester area residents for over a century. Members can choose from various checking accounts, savings accounts, and CD accounts with competitive rates.

With ESL Federal Credit Union, members can experience a smooth banking experience through their user-friendly mobile app and online banking platform. ESL Federal Credit Union understands the importance of lower-cost banking services and offers reasonable fees for its services.

It’s essential to note ESL Federal Credit Union’s commitment to community-driven initiatives, emphasizing their dedication to bringing affordable banking services to Rochester’s residents. Overall, ESL Federal Credit Union is an institution that operates with integrity, excellent customer service, and a personal touch, proving itself to be a trusted banking partner for those in the Rochester area.

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