<bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p><img src="https://static1.businessinsider.com/image/60b799c802ac410018f93d92-1668/ABD Federal Credit Union 2x1.png" border="0" alt="ABD Federal Credit Union Logo on Personal Finance pattern background" data-mce-source="ABD Federal Credit Union; Insider"></p><aside class="quick-tip headline-regular"><p><strong>The bottom line:</strong> <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="ABD Federal Credit Union" data-shouldlink="true" data-pid="60b7923bb496a4001162a0c2">ABD Federal Credit Union Share Savings Account</bi-inline-shortcode> is a good option if you live in Michigan or Illinois and work for Fiat Chrysler Automobiles facilities, especially if you want to bank with a minority-led institution.</p></aside><h2>Overall bank rating</h2><table style="border-collapse: collapse; width: 100%; height: 132px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Feature</td><td style="width: 50%; height: 22px;">Insider rating (out of 5)</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Savings</td><td style="width: 50%; height: 22px; text-align: center;">3.75</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Checking</td><td style="width: 50%; height: 22px; text-align: center;">4.25</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Share certificate</td><td style="width: 50%; height: 22px; text-align: center;">3.75</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Trustworthiness</td><td style="width: 50%; height: 22px; text-align: center;">5</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Total</td><td style="width: 50%; height: 22px; text-align: center;">4.19</td></tr></tbody></table><h2>Pros and cons</h2><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">Pros</td><td style="width: 50%;">Cons</td></tr><tr><td style="width: 50%;"><ul><li>Minority-led credit union</li><li>Large shared branch and ATM network</li><li>Competitive rates on share certificates and Split Share Savings Account</li><li>Free overdraft protection</li></ul></td><td style="width: 50%;"><ul><li>Only available to people in parts of Michigan and Illinois</li><li>Membership is limited to employees of Fiat Chrysler Automobiles and other select companies</li><li>Low interest rates on Share Savings Account</li><li>Charges monthly service fees (unless you qualify to have them waived)</li></ul></td></tr></tbody></table><h2>Savings</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="60b7923bb496a4001162a0c2" data-type="undefined">ABD Federal Credit Union Share Savings Account</bi-shortcode><p>As with most credit unions, you must open the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="60b7923bb496a4001162a0c2">ABD Federal Credit Union Share Savings Account</bi-inline-shortcode> to become a member. It's easy to waive the monthly service fee, but the account pays a low interest rate.</p><p>The <a href="https://www.abdfcu.com/Savings_29.html" target="_blank" rel="noopener">Split Rate Savings Account</a> pays better rates on higher balances, but you must keep $500 in your account at all times.</p><h2>Checking</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="60b7949d31346f0011a6632d" data-type="undefined">ABD Federal Credit Union Draft Checking Account</bi-shortcode><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="60b7949d31346f0011a6632d">ABD Federal Credit Union Draft Checking Account</bi-inline-shortcode> has no minimum opening deposit, and it offers <a href="https://www.businessinsider.com/personal-finance/overdraft-fees-what-banks-charge" target="_blank" rel="noopener">free overdraft protection</a>. It could be a good fit if you can maintain a $300 balance, because then you qualify to waive the monthly service fee.</p><h2>Share certificate</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="60b7a7e8b496a4001162a0e1" data-type="undefined">ABD Federal Credit Union Share Certificate</bi-shortcode><p>ABD Federal Credit Union pays better rates on certificates than most brick-and-mortar institutions, but you can still <a href="https://www.businessinsider.com/personal-finance/who-has-the-best-cd-rates-right-now" target="_blank" rel="noopener">find higher rates</a> with some online banks. Keep in mind that ABD only offers term lengths up to three years, while most institutions have terms up to five years.</p><h2>How ABD Federal Credit Union works</h2><p>ABD Federal Credit Union is a <a href="https://www.businessinsider.com/personal-finance/black-owned-banks-credit-unions" target="_blank" rel="noopener">minority-led credit union</a> with two branches in Michigan (Detroit and Warren) and one branch in Illinois (Belvidere).</p><p>ABD is part of the CO-OP network, so there are 5,000 shared branches around the US. You can't open an account at a shared branch, but you can receive assistance. CO-OP also provides around 30,000 free ATMs nationwide.</p><p>The credit union's mobile app doesn't have many online reviews yet. So far, it has 5 out of 5 stars in the Apple store and 4.5 out of 5 stars in the Google Play store.</p><p>To contact customer service, call Monday through Thursday from 9:00 a.m. to 5:00 p.m., or Friday from 9:00 a.m. to 5:30 p.m. (Michigan branches are in ET, and the Illinois branch is in CT.)</p><p>Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for joint accounts.</p><h2>How to join ABD Federal Credit Union</h2><p>ABD is a <a href="https://www.businessinsider.com/personal-finance/what-is-a-credit-union-an-alternative-to-traditional-banks" target="_blank" rel="noopener">credit union</a>, so only certain people can join. You may be eligible for membership if you meet one of the following criteria:</p><ul><li>You are an employee or retiree of certain Fiat Chrysler Automobiles facilities</li><li>You are an employee or retiree of a Select Employee Group (<a href="https://www.abdfcu.com/Membership_68.html" target="_blank" rel="noopener">See the full list of companies here</a>)</li><li>You have a family member who is a member of ABD</li></ul><p>You also must open an <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="60b7923bb496a4001162a0c2">ABD Federal Credit Union Share Savings Account</bi-inline-shortcode> to become a member.</p><h2>Is ABD Federal Credit Union trustworthy'</h2><p>Normally, we include Better Business Bureau grades in our trustworthiness assessments. However, the BBB hasn't given ABD a grade because it doesn't have enough information about the credit union yet.</p><p>ABD Federal Credit Union doesn't have any public controversies.</p><p>On its website, ABD states that its staff is involved with service organizations such as Habitat for Humanity and the Nancy Boykin Continuing Education School for Teenage Mothers.</p><h2>How ABD Federal Credit Union compares to similar institutions</h2><p>We've compared ABD Federal Credit Union to two other minority-led institutions in Detroit: <a href="https://www.businessinsider.com/personal-finance/liberty-bank-and-trust-review" target="_blank" rel="noopener">Liberty Bank and Trust</a> and First Independence Bank.</p><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 33.3333%;"><img src="https://static2.businessinsider.com/image/60b907a402ac410018f9413f-426/ABD logo.jpg" border="0" alt="ABD logo" data-mce-source="ABD"></td><td style="width: 33.3333%;"><img src="https://static2.businessinsider.com/image/60708fc14943790018bb1aca-1200/Liberty Bank logo.jpg" border="0" alt="Liberty Bank logo" data-mce-source="Liberty Bank"></td><td style="width: 33.3333%;"><img src="https://static3.businessinsider.com/image/60b907bb02ac410018f94140-426/First Independence Bank logo.jpg" border="0" alt="First Independence Bank logo" data-mce-source="First Independence"></td></tr><tr><td style="width: 33.3333%;"><p><strong>Michigan branches</strong></p><p>2 (Detroit, Warren) and shared branches</p></td><td style="width: 33.3333%;"><p><strong>Michigan branches</strong></p><p>1 (Detroit)</p></td><td style="width: 33.3333%;"><p><strong>Michigan branches</strong></p><p>3 (Clinton Township, Detroit)</p></td></tr><tr><td style="width: 33.3333%;"><p><strong>Illinois branches</strong></p><p>1 (Belvidere) and shared branches</p></td><td style="width: 33.3333%;"><p><strong>Illinois branches</strong></p><p>1 (Forest Park)</p></td><td style="width: 33.3333%;"><p><strong>Illinois branches</strong></p><p>None</p></td></tr><tr><td style="width: 33.3333%;"><p><strong>Standout feature</strong></p><p>Large shared branch and ATM networks</p></td><td style="width: 33.3333%;"><p><strong>Standout feature</strong></p><p>High savings rates</p></td><td style="width: 33.3333%;"><p><strong>Standout feature</strong></p><p>Variety of checking accounts</p></td></tr><tr><td style="width: 33.3333%;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="60b7923bb496a4001162a0c2">ABD Federal Credit Union Share Savings Account</bi-inline-shortcode></td><td style="width: 33.3333%;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="60633786065f570018519a5d">Liberty Bank Personal Checking Account</bi-inline-shortcode></td><td style="width: 33.3333%;"><a href="https://www.firstindependence.com/personal-banking/deposit-products/" target="_blank" rel="noopener">Open an account</a></td></tr></tbody></table><h3>ABD Federal Credit Union vs. Liberty Bank and Trust</h3><p><a href="https://www.businessinsider.com/personal-finance/liberty-bank-and-trust-review" target="_blank" rel="noopener">Liberty Bank and Trust</a> is a <a href="https://www.businessinsider.com/personal-finance/credit-union-vs-bank-how-to-decide-which-is-right-for-you" target="_blank" rel="noopener">bank, not a credit union</a>so if you don't qualify to join ABD, Liberty is the clear choice between the two.</p><p>Liberty pays higher interest rates on savings and CDs, but you might prefer ABD for its convenience. Liberty has just one branch in Michigan and one in Illinois; there are no free ATMs in Michigan and only one in Illinois. But ABD has 5,000 shared branches and 30,000 free ATMs nationwide.</p><h3>ABD Federal Credit Union vs. First Independence Bank</h3><p>First Independence Bank is a good choice if you aren't eligible to join ABD, because almost anyone can bank with First Independence.</p><p>ABD has a large shared branch and ATM network, but it only has one checking account. First Independence offers <a href="https://www.firstindependence.com/personal-banking/deposit-products/" target="_blank" rel="noopener">several checking options</a>, including a second-chance account for people who wouldn't normally qualify to open a checking account.</p><h3>About the author</h3><p><em>Laura Grace Tarpley is an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save.</em></p><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-savings-coverage" data-sheetname="More Savings Coverage">Related Content Module: More Savings Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/personal-finance/abd-federal-credit-union-review#comments">Join the conversation about this story »</a></p>
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