Laredo Federal Credit Union Review 2024

• Overall Rating
• Pros and Cons
• Savings
• Checking
• Share Certificate
• Money Market Account
• About Laredo Federal Credit Union
• FAQs
• Methodology
• Pros and Cons
• How Laredo Federal Credit Union Compares

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

The bottom line: You may find Laredo Federal Credit Union appealing if you're searching for free checking and savings accounts in Laredo, Texas. But if you plan to open a CD, note that our best CD rates guide includes more competitive accounts with higher rates. 

• Laredo Federal Credit Union Savings Account
• Laredo Federal Credit Union Free Checking Account
• Laredo Federal Credit Union Share Certificate
• Laredo Federal Credit Union Money Market Account

Laredo Credit Union Review: Overall Rating

Laredo Credit Union Pros and Cons

Laredo Federal Credit Union Savings Account Review

no monthly service fee

0.05%

$25

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $25 opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee

• con icon Two crossed lines that form an 'X'. Low APY
• con icon Two crossed lines that form an 'X'. Need $25 in your account daily to maintain active membership

• Credit union that serves a Hispanic American community
• 3 branches in Laredo, Texas
• Access to 6 free ATMs in Laredo, Texas
• To become a member, you need to live in Webb County
• To maintain active membership, you need to keep $25 in your account daily
• Interest compounded quarterly, deposited quarterly
• Federally insured by the NCUA

The Laredo Federal Credit Union Savings Account is a decent free savings account. The main downside to the account is it pays a low interest rate. You'll also need to keep at least $25 in your account daily to maintain an active membership with the credit union.

Laredo Federal Credit Union Free Checking Account Review

no monthly service fee

None

$50

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $50 opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $5 overdraft protection
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. First 40 checks free

• con icon Two crossed lines that form an 'X'. $1.50 out-of-network ATM fee
• con icon Two crossed lines that form an 'X'. $30 overdraft fee

• Credit union that serves a Hispanic American community
• 3 branches in Laredo, Texas
• Access to 6 free ATMs in Laredo, Texas
• To become a member, you need to live in Webb County
• Federally insured by the NCUA

Laredo has a good free checking account with a low minimum deposit and no monthly service fee. 

If you frequently travel, you'll want to look at the best banks to avoid ATM fees. The credit union only has six free ATMs in Laredo, and there's a $1.50 charge each time you use an out-of-network ATM.

Laredo Federal Credit Union Share Certificate Review

0.10% to 0.40%

$1,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Solid interest rates, compared to brick-and-mortar banks
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard term lengths

• con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
• con icon Two crossed lines that form an 'X'. Online banks can offer a higher interest rate
• con icon Two crossed lines that form an 'X'. Contact your nearest branch for information on early withdrawal penalties

• Credit union that serves a Hispanic American community
• 3 branches in Laredo, Texas
• Access to 6 free ATMs in Laredo, Texas
• To become a member, you need to live in Webb County
• Terms range from 6 months to 5 years
• Early withdrawal penalties: Contact your nearest branch for more information; varies on amount deposited and term length
• Interest compounded quarterly, deposited quarterly
• Federally insured by the NCUA

Laredo's share certificates offer low interest rates compared to brick-and-mortar financial institutions. If you're interested in more competitive rates on time-sensitive accounts, you'll want to consider other financial institutions.

Laredo Federal Credit Union Money Market Account Review

no monthly service fee

0.05% to 0.15%

$2,500

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees

• con icon Two crossed lines that form an 'X'. Low APY
• con icon Two crossed lines that form an 'X'. $2,500 opening deposit
• con icon Two crossed lines that form an 'X'. No debit card
• con icon Two crossed lines that form an 'X'. No check writing

• Credit union that serves a Hispanic American community
• 3 branches in Laredo, Texas
• Access to 6 free ATMs in Laredo, Texas
• To become a member, you need to live in Webb County
• Tiered interest rate: Earn 0.05% APY if you have an account balance between $2,500 and $49,999; Earn 0.10% APY if you have an account balance between $50,000 and $99,999; Earn 0.15% APY if you have an account balance over $100,000
• Interest compounded quarterly, deposited quarterly
• Federally insured by the NCUA

The Laredo Federal Credit Union Money Market Account is a decent choice if you don't like dealing with monthly service fees. However, the money market account doesn't have a debit card or checks. The only way to access your money is to visit a branch location.

About Laredo Federal Credit Union

Laredo Federal Credit Union is a Hispanic American-led credit union with three branches in Laredo, Texas. The credit union has a small ATM network with six free ATMs in Laredo.

You can join Laredo Federal Credit Union if you live or work in Webb County. To become a member, you'll need to open a savings account with at least $25.

Laredo Federal Credit Union has branch hours that vary. Generally, most locations are open on weekdays from 9:30 a.. to 5:30 p.m. CT and two locations are open on Saturday from 9 a.m. to 1 p.m. CT.

The credit union's mobile app has 2.0 out of 5 stars in the Apple Store and 3.5 out of 5 stars in the Google Play Store.

Laredo Federal Credit Union is federally insured by the NCUA. Individual accounts are secure for up to $250,000 at federally insured credit unions.

The Role of Hispanic American Financial Institutions

Throughout history, Hispanic Americans have been affected by discriminatory lending and limited banking opportunities. However, Hispanic American financial institutions are working to address this gap by providing services and products geared toward Hispanic Americans and underserved communities. 

At Laredo Federal Credit Union,  you can receive customer service in Spanish and English. The credit union also offers free savings and checking accounts, which is another perk to banking locally. Local banks often charge fewer fees than national banks. 

Is Laredo Federal Credit Union Trustworthy?

Laredo Federal Credit Union hasn't been involved in any recent public scandals. It's also received an A+ rating from the Better Business Bureau.

BBB ratings help indicate how a credit union deals with customer issues and whether it has transparent business practices. A good BBB rating doesn't guarantee that your relationship with the business will be perfect, though. You'll want to read online customer reviews or talk to friends and family to help shape your opinion.

Laredo Federal Credit Union FAQs

Laredo Federal Credit Union is a local financial institution that serves people who live or work in Webb County. It has three branches in Laredo, Texas.

Laredo Federal Credit Union share certificates pay 0.10% to 0.40% APY.

Yes, up to $250,000 per depositor, per category is secure in a Laredo Federal Credit Union bank account.

Methodology: How We Reviewed Laredo Federal Credit Union

For our Laredo Federal Credit Union review, we used our bank account methodology to rate bank products.

We review specific features for each type of bank account. For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options.

We'll also usually examine minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings for all types of bank accounts.

How Laredo Federal Credit Union Compares

Laredo Federal Credit Union vs. Falcon International Bank 

Laredo Federal Credit Union requires a membership to open a bank account. You'll need to live in Webb County, open a savings account with at least $25, and pay a $5 membership fee. If you don't meet the eligibility requirements, Falcon International Bank will be your default choice between the two institutions. 

If you're looking for CDs, Falcon International Bank CD has numerous options, from 30 days to 5 years. Laredo Federal Credit Union offers better interest rates, though.

Laredo Federal Credit Union vs. International Bank of Commerce

If you don't qualify for membership, International Bank of Commerce may be a good choice if you have a nearby branch location. International Bank of Commerce has 167 locations in Texas and Oklahoma, and has branches in major cities like Houston, San Antonio, Corpus Christi, Austin, and Dallas. 

Your choice between Laredo Federal Credit Union and International Bank of Commerce may also depend on the accounts you'd like to open. For example, the International Bank of Commerce Free Checking Account has a $10 minimum opening deposit and access to a larger ATM network. Meanwhile, the Laredo Federal Credit Union Savings Account has no monthly service fee and lower minimum opening deposit than the International Bank of Commerce Personal Savings Account.

• Are banks open today? Here's a list of US bank holidays for 2023
• Best CD rates
• Best High-yield savings accounts
• Four reasons why your debit card might be denied even when you have money

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.

ncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ5yWv6awzmaaq52UnsFuwc2ipqdloprDqrHW