Comprehensive Analysis Of The Alaska USA Federal Credit Union

Jan 31, 2023 By Susan Kelly

With its founding in 1948, Alaska USA Federal Credit Union has grown to become the state's largest credit union in terms of both assets and membership. Regarding credit unions, AKUSA is among the biggest in the country.

Most (57%) of the credit union's loans are used to finance automobile purchases. There are currently 69 AKUSA locations throughout Alaska, Arizona, California, and Washington. So far, 1,958 people have found employment with the credit union.

In May of 2022, we looked into the credit union industry in Alaska and found that AKUSA was one of the four best options available. If, after doing their research, eligible consumers come to the same conclusion, they should think about joining a credit union.

Who Can Be a Part of the Credit Union?

The credit union accepts membership applications from residents of the states of Alaska and Washington, San Bernardino County, California, and Maricopa County, Arizona. One of the state's most diverse groups is a member of this credit union.

Provided Goods and Services

The credit union provides its members with a wide range of conventional banking products and services, including but not limited to:

Bank Checking Accounts

You are checking in for Convenience, Checking in with Investors, and Checking in with Partners. When you have a regular direct deposit into your Convenience Checking account, there is no monthly cost for using that account type.

You can avoid the $5 monthly fee associated with Relationship Checking if your balance is $500 or greater during the statement cycle. With an Investor Checking account, you can avoid the monthly cost by keeping a minimum level of $1,000 and earning dividends on amounts over $1,000.

Accounts For Savings

A Share Savings Account or a Premium Savings Account can be opened at the credit union. You won't be charged a monthly maintenance fee if you keep at least $50 in your Share Savings account. When you deposit more than $10,000 into your Premium Savings account, your rate of return increases.

Credit Card

Among AKUSA's several credit card options, the Alaska USA Visa Credit Card stands out as the most popular. It is compatible with Apple Pay, has rates as low as 10.5% as of this writing, has no annual fee, and does not charge a fee for foreign transactions.

Auto Financing

The credit union has cheap interest rates on both new and used car purchases. For added convenience, AKUSA provides its customers with over 50,000 surcharge-free ATMs and a network of more than 5,000 shared branches. Still, Zelle is only available to credit union members at a later time.

When Compared To Other Alaska Banks, How Does AKUSA Fare?

It is only natural to weigh the advantages of joining a credit union against those of opening a bank account if you consider making the switch. We outlined the many distinctions between credit unions and banks. The three largest banks in Alaska account for 81% of all deposits made in the state.

Wells Fargo, First National Bank of Alaska, and Northrim Bank are, in order of market share, the three largest banks in Alaska. AKUSA's checking account options are competitive with those of other banks.

The Regular Price

AKUSA's monthly maintenance cost for checking accounts is a flat $5. Unlike several other checking accounts, Investor Checking requires a $1,000 minimum monthly balance to avoid a service charge.

Gains Interest

Northrim Bank's interest-bearing checking account is the only alternative option in this category. One way in which AKUSA stands apart from competing for financial institutions is by offering a high rate of interest on its Investor Checking account.

Overdraft Fees

AKUSA's overdraft costs are significantly lower than the other three banks. The overdraft fee at AKUSA is not a flat $25. No overdraft fee will be assessed if your balance drops below $5.00. A $5.00 overdraft fee is set if the account falls $5.01 to $10.00 short of the required balance. The overdraft fee starts at $10.00 and increases by $5.00 increments, up to $25.00, if the amount goes below $10.01.

ATM Benefits

The checking accounts offered by AKUSA do not have access to ATMs. However, the credit union's 50,000 fee-free ATMs are spread out across the country. In addition, only Northrim Bank provides free ATM use in conjunction with its checking accounts, unlike the other two financial institutions. The Direct Tier Flex Checking account from Northrim offers free domestic ATM withdrawals of up to $10 per month, a benefit not offered by many other banks.

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