University Credit Union vs. Bank - Which is Better for Students?
Harvard University Edition
NerdWallet pits your university credit union against the big bank on campus and tells you who comes out on top.
Overall Winner: Harvard University Employees Credit Union. With their completely free checking, perks incentivizing good grades and fee reimbursements, HUE Credit Union is clearly superior to Bank of America. And who wouldn't love a $10 gift certificate to Felipe's?
Round 1: Fees
| Harvard University Employees Credit Union: College Life Account | Bank of America: eBanking | |
|---|---|---|
| Monthly Fee | $0 | $12, waived if you choose online statements and never go to a teller. If you go to a teller, you are charged $12 for that month |
| Fee for Out-of-Network ATM Withdrawal | $0; customer is reimbursed for the first $5 in surcharges, or if you use your debit card 12 times per month, all monthly surcharges are refunded | $2 |
| Overdraft Fee | $25 | $35 |
| Category Winner |  |  |
Round 1 Winner: Harvard University Employees Credit Union wins by a landslide. No monthly fee under any conditions, free ATM reimbursements if you use your debit card regularly and an overdraft fee that is 1/7 that of BofA.
Round 2: Accessibility and Convenience
| Harvard University Employees Credit Union: College Life Account | Bank of America: eBanking | |
|---|---|---|
| Branch Location | On-campus | On-campus |
| Number of ATMs Within 1 Mile of Campus | 6 | 3 |
| Category Winner | | |
Round 2 Winner: Harvard University Credit Union. Both the credit union and bank have ATMs on Massachusetts Avenue right next to Harvard Yard, making them both extremely convenient for students. Bank of America's other campus ATMs are located on Mt. Auburn Street and near the law school. HUE Credit Union's other campus ATMs are located at the Holyoke Center, the Murr Center, the Longwood medical campus, and at the business school.
Round 3: Bonus Perks
| Harvard University Employees Credit Union: College Life Account | Bank of America: eBanking | |
|---|---|---|
| Bonuses |
| None |
| Category Winner | | |
Round 3 Winner: Harvard University Employees Credit Union. Three refunds of accidental fees are a generous and lenient perk, particularly for students, who may be new to banking. Bank of America is down for the count; HUE credit union's perks are great for students.
