Best Reward Credit Union is a financial cooperative that provides financial services such as lending, investment, insurance, deposit accounts, online banking, debit and credit cards, loans, security, as well as other related financial services. The Best Reward Credit Union offers these services to its eligible members.
Best Reward Credit Union operates in Ohio State and its communities. The Best Reward Credit Union has three branches in Ohio State. So here, we discuss the basic things you should know about Best Reward Credit Union in this article.
Keep reading to learn more!
Why Should I Use a Credit Union?
Why should I use a credit union instead of a bank? Well, there are a couple of reasons you should use a credit union. See some of them below:
- More savings
- Affordable loan rates
- Accounts are federally insured
- Community focus
- Excellent service
#1. More Savings
A credit union is not for profit, therefore, its major priority is rewarding its members instead of generating revenue. Additionally, the more financial services you use at your credit union, your rewards and savings will continually increase.
Checking the money market, higher interest rates on your savings, and other accounts are some savings you are qualified to enjoy. Credit unions often provide free Share Draft Checking with fewer fees. This helps you avert high maintenance costs, overdraft charges, minimum balance, and transactions.
Again, you will have access to reduced APRs and Fees on Loans, Credit Cards, and Mortgages.
#2. Affordable Loan Rates
A credit union might be your preferred option when you need loans to upgrade your vehicle, purchase a house, or for personal use. Unlike the traditional banks, credit unions offer loans at good rates with low fees. And this helps you to save more.
#3. Accounts are Federally Insured
The NCUA (National Credit Union Administration insures credit union deposit accounts). Just like the FDIC insures banks, the NCUA insures credit unions. With this, your money is safe.
#4. Community Focus
Joining a locally-focused credit union is a way to give community support. Here, every member and business is given better account rates, favorable loan terms, and other member rewards which boost economic stability.
In addition, credit unions usually partake in local community events. Examples are local charities, youth sports leagues, or events that bolster community health and stability.
#5. Excellent Service
Do you value being treated specially, then a credit union might be just what you need. They put your money and needs first and give you excellent service.
If you have needs like retirement needs, loan applications, or account opening, discuss them with an educated and professional credit union representative. It will give you personalized answers, products, and services that let you maximize your money.
Banks Vs Credit Unions: Their Differences
The relationship you have with your financial institution can partly affect your financial health. Of course, you’ll most likely want to partner with a financial institution that has your interest at heart.
And a good financial institution will provide you with your required financial products. It also helps you save via lesser fees and greater savings interest rates.
While banks and credit unions have different structures, they offer various financial products and services—Share Certificates, Share Draft Checking, IRAs, Share Savings, Loans, Credit Cards, and online access.
Therefore, credit unions are member-owned, not for profit, and they put their members first. Whereas, banks provide several financial services. However, their major focus is to generate revenue for shareholders who might not be banking in such banks.
Best Reward Credit Union: Eligibility
Only people that work, live, worship, or school in any of the following Ohio counties can have access to the Best Reward Credit Union:
- Summit
- Cuyahoga
- Medina
- Geauga
- Portage
- Lake
Additionally, the relatives (spouse, child(ren), siblings, parents, grandparents, grandchild(ren), step-parents, step-children, step-siblings, and adoptive relationships) of people who died while being members of the Best Reward Credit Union also have the membership eligibility.
Employees of the Best Reward Credit Union, the community volunteers, their immediate family members or households, as well as their organizations, are not exempted.
As a member of the Best Reward Credit Union, you must open a Regular Share Savings account and have at least a minimum balance of $5.00 to stay an active member. Keep in mind that the primary account at the Best Reward Credit Union is the Regular Share Savings.
To become an eligible member, you will be required to provide adequate identification for Identity Proof and Residency Proof. As soon as you become a member, you can enjoy every product and service they offer.
However, if you have questions concerning account opening or membership, freely reach out to the Best Reward Credit Union, Walton Hillsbranch at 440-232-9540.
Proper Identification Requirements
As part of the membership enrollment process, some documents will be required for proper identification. They’ve been grouped into two; primary and secondary documents.
Primary Documents
- Passport
- Driver’s License
- State ID Card
The above documents must be current and valid. Again, if your documents are doubtful or dubious, they may ask you to provide additional documentation.
Secondary Documents
- Credit card: must be current and valid
- Utility bill with current address
- Atm/Debit card must be current and valid
- Social Security Card must be current and valid
- Health insurance card must be recent and valid
- School ID card alongside your photograph
- Auto Insurance Card – must be current and valid
- Employer ID card – with your photograph
If your documents are doubtful or dubious, you may be asked to provide additional documentation.
Note that: Any organization or business that has an interest in providing credit union membership to its staff can reach out to the credit union’s marketing department.
Again, your membership is for a lifetime! Once you become a member, it doesn’t matter if you changed your job, moved, or retired, it still retains your membership for a lifetime.
Best Reward Credit Union: Locations
The Best Reward Credit Union has three branches in Ohio State. Here they are:
Location 1: Best Reward Credit Union, Brook Park.
5681 Smith Rd,
Brook Park, OH, 44142
Phone number: 216-367-8000
Location 2: Best Reward Credit Union, Walton Hills.
21375 Alexander Rd
Walton Hills, OH, 44146
Phone number: 440-232-9540
Location 3: Best Reward Credit Union, Highland Heights.
390 Alpha Park
Highland Heights, OH, 44143
Phone number: 440-449-8383
Services Offered by the Best Reward Credit Union
Below are the services offered by the Best Reward Credit Union:
- Online Banking
- Online Bill Pay
- Popmoney ® (Personal Payment Service)
- e-Statements
- Mobile Services & Apps
- Phone 24
- ATM & Debit Card
- Direct Deposit & Payroll Deduction
- Overdraft Protection
- Order Drafts / Checks
- Insurance Products
- GAP
- Credit Life and Credit Disability
Other services they offer include:
VISA Gift Cards
- Can be gotten in dollars from $25 to $500
- You can use them at merchants that accept VISA, as well as mail orders.
- It is safer than cash. You can easily replace it if it gets lost or stolen.
- Each Gift Card is only $4.00
- You can easily check your transaction history and balance by phone or online.
Note: You cannot use these gift cards at the ATM, they don’t offer cashback at merchants, and are not reloadable.
Money Order
- Each money order is $1.00
- The dollar amount is limitless
- Short-term solution (when you run out of personal checks)
Note: Members 60 years and above get a free money order each day.
Official Checks
- The dollar amount is limitless
- When payable to account owners, it’s free
- When payable to parties who are not account owners, it will cost $3.00
Notary/Guarantee service
- Free notary services are available to members for free (at any branch)
- Call to check if there’s any available notary service
- Come along with a valid photo ID
- Sign the document before their (Best Reward Credit Union) Notary Public
Note: ID could be State ID Card, Passport, or Driver’s License (current and valid)
Wire Transfer
If you’re a member of Best Reward Credit Union, you can visit any of their branches to easily wire money. However, if you’re unable to visit any of the branches, you can fill out the wire form and fax it to them.
Note: Domestic wire transfers will cost you $15 each and an international wire transfer will cost you $35 each.
Best Reward Credit Union Online Banking
The Best Reward Online allows you to operate and transact with your account from the comfort of your home or wherever you may be of the day. The service is free, safe, and simple to use.
Here’s a rundown of the things you can do using the Best Reward Online:
- Free registration for mobile banking
- Check your transaction history and account balances
- Online bills payment (Online Bill Pay)
- Pay other people (Popmoney®) anytime and anywhere with a mobile number or email
- Perform Account-to-Account Transfers (A2A). It allows you to do cash transfers between your credit union account and other United States financial institutions.
- Operate and Pay on your Best Reward VISA Credit Card
- Receive alerts via email
- Register for e-Statements
- Easily download your account info directly into Quicken®
Note: Your wireless carrier could charge you for services. However, terms and conditions apply.
Also, to register for Best Reward Online, you only require your member/account number and security code.
Best Reward Credit Union Customer Service
Best Reward Credit Union offers 24 hours, 7 days customer service known as Phone 24. Phone 24 is free and lets you manage your accounts.
It allows you to do:
- Validate your account balances
- Perform cash transfers between Best Reward accounts
- Pay up loans
- Verify cleared checks and drafts
- Make withdrawal requests by check or draft
- Get office hours, announcements, and rates
- Get statement info and lots more
When you contact Phone 24, your PIN by default will be the last 4 digits of your Social Security Number. Then you’ll be asked to change your PIN.
You can reach Phone 24 by phoning any branch office and choosing the Phone 24 option. Alternatively, you can call this number—800-263-8135 or the phone number of any of the branches.
Conclusion
Unlike the traditional banks, credit unions are not for profit. They are often owned by their members. Credit unions also offer a variety of services which have been mentioned in this article. And the Best Reward Credit Union is a federal credit union in Ohio State, United States of America.
FAQs
What is a major disadvantage of credit unions?
One major disadvantage of credit unions is limited locations.
Is joining a credit union worth it?
There are so many benefits you stand to gain if you join a credit union. The fact that they are not for profit and don’t pay shareholders unlike traditional banks is a good reason to join a credit union.
Which is safer, credit unions or banks?
Credit unions are as safe as banks because the NCUA insures them while the FDIC insures banks.
Can I have 2 credit union accounts?
Yes. You can have up to 2 credit union accounts.
Do credit unions give better rates?
Credit unions give higher rates on deposits and lower interest rates on loans.
