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For Americans living abroad, opening and maintaining a US bank account has been a BIG problem. ACA has heard about it from its Members thousands of times.

Now ACA is delighted to provide this simple solution—the ACA-Members/SDFCU Account, developed by ACA in cooperation with the State Department Federal Credit Union (SDFCU).

ACA-Members/SDFCU Account was recently awarded the “Best International US Services Provider” at the 17th Annual International Fund & Product Awards held by International Investment Magazine.

 

What is it?

ACA has teamed up with the State Department Federal Credit Union to provide SDFCU accounts for Americans residing abroad. This is the same type of account used by Americans working at US embassies, as well as many other people around the world.  You can reside full-time or part-time abroad and still qualify. You don’t have to have an address in the US. You don’t have to be connected in any way with the Federal Government.

The ACA-Members/SDFCU account is simple to open and maintain. Everything can be done online. The most up-to-date EMV secure (Chip enabled) cards are available. 

Member “deposits” and savings – technically “shares” – are insured by the National Credit Union Insurance Fund, in a similar way to the way bank deposits are insured by the Federal Deposit Insurance Corporation.  This Fund is backed by the full faith and credit of the U.S. Government. SDFCU, like other federally chartered credit unions in the US, is regulated and supervised by the National Credit Union Administration, an independent federal agency.

A large number of financial planning and investment alternatives are available. These include “Share Certificates,” similar to Certificates of Deposit (“CD's”).  These come in a variety of forms and yield different rates.  Rates are reset monthly. Complete information is available online.

It’s easy to maintain an IRA or one of the other types of tax-advantaged deferred compensation accounts alongside your ACA-Members/SDFCU account.

SDFCU offers the opportunity to work with a certified financial counselor, if you like. This is a free service. Also, you can appoint your own investment advisor, using a power of attorney.  What this costs is a matter for you and your investment advisor to agree on.

The State Department Federal Credit Union is not affiliated with the State Department nor in any way with the US Government.  Credit unions are member-owned financial cooperatives which exist for the benefit of their customers.  Like banks, credit unions accept deposits, make loans and provide a wide array of financial services to their members.

Want more information? Go here.

Want to see our recent presentation? Go here.

 

How do you get one?

 

If you are already a member of ACA, great!

To open your ACA-Members/SDFCU account, go directly to the SDFCU website here to join and select the green "Join" button.  Proceed to join by choosing American Citizens Abroad (ACA) under the eligibility "I qualify through my relationship with one of your organizational affiliates".

 

If you're not already a member of ACA, join now

To join ACA, go to "Join Now" on the ACA website and Membership Levels and Benefits are explained there. You will receive a confirmation email upon completion of your ACA membership. Then, to open your ACA-Members/SDFCU account, go directly to the SDFCU website here to join and select the green "Join" button.  Proceed to join by choosing American Citizens Abroad (ACA) under the eligibility "I qualify through my relationship with one of your organizational affiliates".

In order to activate your ACA-Members/SDFCU account, you must be an ACA member. This will be confirmed to SDFCU by ACA.