Credit unions like CommunityAmerica have a lot in common with traditional banks. You can also find a few significant differences when working with these institutions.
For starters, a credit union is a not-for-profit business. They’re owned by their members, which gives them a few advantages.
A credit union offers most of the same services and products as a bank, but there are a few drawbacks to consider. The start of the journey involves seeing the rates and reading the reviews to determine if having an account at a preferred institution is worth the effort.
CommunityAmerica Credit Union Reviews and Rates
CommunityAmerica Credit Union offers numerous financial products for consumers to use. This portfolio includes traditional checking and savings accounts, money market accounts, car loans, mortgages, and home equity loans. The financial institution has over 200,000 members in the United States, making it a Top 100 entry.
Credit unions in the United States offer an alternative to banks and traditional financial institutions. These businesses are member-owned, helping them to integrate into the community better while providing more competitive interest rates.
CommunityAmerica Credit Union, or CACU, has its headquarters in Lenexa, KS. It’s currently regulated by Missouri’s Division of Credit Unions and under the NCUA.
CACU currently reports over $4 billion in assets, making it one of the largest credit unions in the country. It maintains 32 branches in St. Louis and Kansas City. It also serves residents who live or work in Douglas, Jefferson, Johnson, Leavenworth, Miami, Shawnee, and Wyandotte Counties in Kansas.
In Missouri, those who live and work in Cass, Clay, Jackson, Platte, or St. Louis Counties also qualify for membership.
CommunityAmerica Credit Union was founded in 1940 by TWA pilot George Duvall. Its opening capital was just over $1,000, with the first loans made to employees at $5. They were charged a nickel in interest. Although the name has changed over the years, the rates and reviews have remained relatively consistent.
What Are the Rates Offered at CommunityAmerica Credit Union?
At CACU, members can apply for several financial products. The credit union publishes rates on deposits, loans, credit cards, mortgages, and business-related products.
Rates are subject to change at any time. Here is what CACU was offering in late 2022 for those with excellent credit based on a FICO® score of 740 or higher.
| CACU Rate Category | Rates Offered By CommunityAmerica Credit Union |
| Mortgage Rates | The mortgage rates use a quick quote system where users must input specific information about the property they intend to purchase. Offers ranged from 5.625% to 7.25%. |
| Credit Card Rates | CACU offers the Visa® Signature, Rewards, and Low-Rate credit cards. The APR is 15.24%, 13.24%, or 11.24%, respectively, but the final interest rate assigned to the account is based on the applicant’s creditworthiness. |
| Loan Rates | · Home Equity Loans: 3.99% APR on loans of $10k or more. · Home Equity Variable Loans: 4.49% APR on loans of $10k to $100k. Over 8% for 100% LTV products. · Auto Loans: 5.19% to 5.69% based on the make and model. First-time auto loans have APRs beginning at 15%. · Motorcycle Loans: Harley-Davidson loans have APRs of 6.69% to 7.44%. All other brands range from 7.19% to 7.94%. · Boat and Leisure Loans: Rates begin at 6.94% for most new vessels or RVs. Leisure products reach 8.69% for older models. · Personal Loans: APRs start at 10.74% for loans ranging from $500 to $25,000. |
| Deposit Rates | · Savings Rates: 3.92% on the first $1,500; 0.03% on higher balances. · Junior Savings: Rates range from 0.02% to 0.05%. · Holiday and Special Purpose Savings: 0.01% · Certificates of Deposit: Rates range from 0.20% for a three-month product to 3.06% for an 18-month CD. · Money Market: APRs range from 0.45% to 3%, depending on the balance amount. The highest return is for accounts with $500,000 or more. · IRAs: 0.02% to 0.05%. |
| Business Rates | · Savings Rates: 0.02% to 0.05%. · Premier Money Market Rates: APRs range from 0.45% to 3%, depending on the balance amount. The highest return is for accounts with $500,000 or more. · Business Money Market Rates: 0.25% to 0.60%. · Business Auto Loans: 5.44% to 5.94% APR. · Business Credit Cards: APRs begin at 16.23% for well-qualified customers. |
Reviews of CommunityAmerica Credit Union
A review of all the websites that collect customer feedback for CommunityAmerica Credit Union offers a range of 2.0 to 3.5 stars for services rendered.
Employees rank working at CACU significantly higher. With over 100 votes submitted as of 2022, it currently holds a 4.1 rating. Another 35 reviews at Indeed give CommunityAmerica Credit Union a rating of 3.7.
The primary issue for the credit union with its 2022 reviews involves an upgrade to a new system. Customers have frequent concerns about the time it takes to get an address changed or activate a new debit card.
Another complaint showed that a consumer missed two consecutive loan payments on their vehicle, which caused it to be towed. The reviewer stated that the credit union’s app showed that their account was current the entire time.
Older issues found in the review archives for CommunityAmerica Credit Union show concerns regarding how account managers and loan officers interact with consumers. There is a general consensus that employees either don’t present information accurately or fail to disclose unusual terms and conditions, like opening a savings account at the same time as an auto loan.
CACU Has Several Five-Star Ratings to Consider
Although several negative reviews are available for CommunityAmerica Credit Union, there are about an equal number of positive experiences. Customers have had success stopping fraudulent charges, setting up new accounts, and receiving prompt responses to their potential concerns.
Several reviewers have stated that CACU offers one of the best banking experiences they’ve ever had.
The difference between the good and poor reviews tends to be the expectations involved for a potential resolution. When an account is mismanaged or the paperwork isn’t read correctly, the reviewer tends to blame the credit union for the outcome.
Even in the complaint where the app said the car payment wasn’t due, a common-sense consumer would ask questions about not needing to pay an expected monthly obligation. CACU offered to pay for one-third of the towing fees.
Pros and Cons of Working with a Credit Union
If you’re considering working with CommunityAmerica Credit Union or a similar institution, there are a few advantages and disadvantages to consider.
| List of the Pros of a Credit Union | List of the Cons of a Credit Union |
| Members have access to higher deposit yields and lower borrowing rates, including on mortgages and share certificates. | Credit unions require memberships. You must meet the eligibility requirements to use their services or products. Most are lenient, but some are based on where you live or work. |
| Fewer fees are charged since these institutions are exempt from federal taxes. | Online-only banks often provide higher APYs and lower interest rates on loans since credit unions still need to manage the overhead costs of managing local branches. |
| Most credit unions have a product lineup that rivals what you’ll find at any bank. That includes auto loans, credit cards, money market accounts, and different versions of checking and savings. | There can be limited accessibility, especially for members who move away from the primary service area. You can still use the services while living out of state, but in-person visits are still necessary for some services. |
| Members receive insured deposits when the institution is part of the NCUA – the National Credit Union Administration. The fund protects up to $250,000 per depositor. | Some credit unions don’t offer as many products or services as banks or larger institutions. That includes mobile banking or the incorporation of P2P options like Zelle. |
| A credit union emphasizes education and personalized services. Most are local or regional, ensuring community knowledge translates into better results for everyone. | You don’t get to avoid all fees. Your debit card might offer ATM refunds or other benefits, but these items are typically capped. Some charge the same costs as a traditional bank. |
What to Do About CommunityAmerica Credit Union’s Rates
The rates found at CACU are reasonable, especially considering the competition it provides to smaller institutions that provide more personalized services. Several negative reviews are worth seeing, but the overall experience is worthwhile for those looking for lower loan costs, a higher APY, or a closer relationship.
The only time I’ve ever had an account at a bank was when I went to college. There was one down the street from my dorm, so I thought it’d be convenient to keep my account there. It wasn’t much, about $8,000, but it felt like a lot to me.
I had to pay fees to start my savings and checking accounts. Since I didn’t have a job, there wasn’t a direct deposit option. That meant another expense. I also had to make a specific number of withdrawals or transactions to avoid a $20 maintenance fee.
I kept my account there for 18 months. There were times when I’d walk in, withdraw $20 from savings, then deposit it later that day to avoid the fee. It was a hassle!
Once a credit union opened a branch a little further away, I took my money there. I didn’t have to manage those fees ever again.
There will always be great and terrible experiences found in today’s online reviews of any credit union, including CACU. The key to a successful result is to build a relationship with the people there.
When I walk into my credit union, everyone knows my name. They greet me. It makes a difference!
