First Tech Federal Credit Union Review

Joseph Meyer
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A Brief History of First Tech Federal Credit Union

First Tech Federal Credit Union was originally created in 1934. Over the course of 13 years, the credit union grew from 2,658 members to 47,543.

In 1947, the credit union was registered with the National Credit Union Administration under the name Blue Grass Employees Federal Credit Union.

It changed its name once again, this time becoming Credit Union 1. In 1988, Credit Union 1 of Belmont County merged with Credit Union of Cincinnati.

Almost three years later, the newly formed credit union received a charter from the NCUA and became known as Credit Union One Federal of Ohio. Eleven years later, its field of membership expanded to include larger financial institutions.

Credit Union One continues to change as do its offerings and services. Now it has both community and select membership. It serves members of some of the largest corporations in the world, including General Electric, The Boeing Company, Kroger, Key Bank and Dow Chemical.

In 2011, it changed from an Ohio-based credit union to a national credit union, shifting its operations from Oakbrook, IL, to its present home at Bank of America’s corporate campus in Douglasville, GA.

Banking with First Tech

Being a millennial in today’s market is tough when it comes to banking. When you’re 18, you think you know everything and become a bank with your hard-earned money.

But that can be a costly mistake. When I first started saving for retirement in high school, I thought it was good to invest. During college, I did the same and lost a lot of money in a failing investment.

When the time came to change banks and I decided on a financial institution my girlfriend had worked with before, I was taken aback: First Tech Federal Credit Union.

And my first reaction was to dismiss it. But I am glad I read a bit about it and tried First Tech before I decided to keep it or cut it out of my life completely.

My scepticism came from different angles. First, the initial word, "First" made me think it was some sort of charity organization. Second, the phrase "federal credit union" sounded foreign. Third, another reason why I dismissed them. They had an old website that had a comic book type format with some bizarre training modules I don’t support.

But I had to keep my sarcasm and cynicism at bay. I gave them a shot and logged onto their website. It had a fresh, new look and an elegant design that was hard to hate.

Membership Savings Account

Dividend Rewards Checking

First Tech Federal Credit Union’s Dividend Rewards Checking Account provides you with highly competitive interest rates and no monthly service fee by automatically enrolling you in eStatements, unless you choose to opt out.

Carefree Checking

The first tech federal credit union offers an online checking account that also has no monthly fee. The bank is located in Scottsdale, Arizona.

You don’t need a checking account to apply for a new credit card, but many of today’s credit card offers come with a signing bonus. When you’re comparing the top credit card offers, it’s always good idea to match them against your current checking account, and then take a look at some of the best checking accounts with no monthly fees.

Most of the times, cards with enhanced rewards are a great match for a checking account with no monthly fees.

Instant Access Savings

Carefree Savings

Odds are fair that you don’t know about this Savings account but I’d like to draw your attention to it. Even if you don’t bank at First Tech your local credit union might offer it.

This account is nothing special but it’s very convenient for hoarding savings for big purchases. It’s Free and easy to setup. It doesn’t even have a Minimum Balance to maintain.

Deposit your money with automated transfers from an ATM or Debit card or whenever you are able to.

You receive an ATM/Debit card which can be used to get cash at any ATM nationwide for no Fee.

You receive a monthly passbook that allows you to withdraw from any First Tech ATM nationwide at no cost and unlimited.

You can write checks with the passbook that can be used to pay bills and make deposits.

Since the passbook isn’t attached to a physical bank location you can deposit and withdraw money anywhere that’s convenient.

The only fees associated with the account are if you overdraw your account or your account goes dormant.

There is no minimum balance; you can use it to store or transfer any amount of your liquid cash.

Investing with First Tech Credit Union

Many credit unions don’t offer the conventional range of investment instruments, but First Tech Credit Union comes to the table with the ability to provide their members with both conventional and non-traditional investment options.

First Tech Credit Union offers a wide range of investment products including CDs, stocks, bonds, mutual funds, variable annuities, mutual funds with a guaranteed rate, and IRAs. They also provide full access to the securities markets through their involvement in the FirstTech Financial Services STAR Alliance Online Investor Service.

This allows shareholders to buy and sell stocks, funds, and options through First Tech or another First Tech-affiliated broker. Shareholders can also place trades through the First Tech Mobile App.

First Tech Credit Union provides some of the best CD rates out there. They also have competitive rates for their personal loans and mortgages.

Savings rates are good but not great. You can expect access to online bank savings with First Tech as well.

First Tech Credit Union does have a significant number of corporate services, but you’ll need to sign up on their website and call customer service to get information about fees, rates, and additional services.


Most people wrongly assume that financial institutions cater to corporations. If you are an individual looking for a loan, you might be intimidated to approach them. When you live in the Boston area, the lay of the land changes.

For instance, when you need a business loan, you can turn to First Tech Federal Credit Union. This remarkable financial institution can be your partner in almost any loan application. This post will break down all the basics about getting loan from First Tech Federal Credit Union while analyzing the key features of the institution. You will find that it can be a breeze to get a loan through this financial institution but you have to follow a few tips.

Joining First Tech Federal Credit Union

FTFCU’s Advantages

For people who are tech savvy and who want to manage their finances online, you can consider First Tech Federal Credit Union for your banking needs.

First Tech has set up a website where you can access information about upcoming deals, promotions, and other important information. I also personally like FTFCU’s Better Money Habits blog where a team of experts focuses on providing advice on saving and paying off debt. Another thing I like about the bank is their overall use of technology. It’s easy to use and has a modern interface, and it offers a lot of useful tools that make it easier and faster to access my account online.

First Tech Federal Credit Union is a good option for people who want to manage their finances on-the-go. Whether you’re a newbie or an expert, you’ll like the convenience and results that FTFCU provides. So, if you’re like me and you prefer banking services that are non-traditional, I’d definitely recommend you to try First Tech Federal Credit Union out.

Pitfalls of using First Tech Credit Union

When you are operating an organization, it is always great to keep it transparent. That is an area in which First Tech Federal Credit Union really leaves a lot to be desired. When you are looking at a bank or credit union, there is really not a lot to go on. That is because they are legally not required to disclose their rates or business practices. That is why we are offering this review. Our purpose is to help people make informed decisions about where they conduct their business.

It does make sense that First Tech offers a better deal than a lot of other financial institutions. They are the credit union for employees of the Department of Defense. They are serving the public sector, so they are able to use public funds at a discount. However, when you really look at the way they operate, their business is quite a bit different from different banks.

The biggest disadvantage First Tech offers is the lack of any sort of savings account. There is a hidden reason why they are not doing that. The public sector does not have the same sort of accountability as the private sector. Quite often savings accounts are used to make profits because most of them are insured. First Tech has no interest in revealing who its clients are because there are lucrative incentives for them to keep it a secret.

My Final Verdict for FTFCU