Chartway Federal Credit Union is a full service credit union that offers a range of personal and business banking options to its members. Since its inception it has broadened its field of membership significantly and is now one of the largest credit unions in the country.
All of Chartway’s checking accounts come with a Visa Debit Card, access to the Co-Op ATM network, online banking, and an account protection program. Its saving and money market accounts offer quarterly dividend payments on interest and have minimum balance requirements.
Chartway Federal Credit Union online banking offers members the ability to perform account management tasks like fund transfers, Bill Pay, and check copy viewing. It also features a mobile app that enables remote check deposit as well as the other online banking functions.
Chartway FCU was founded in 1959 as NorVA N.A.S. Federal Credit Union before changing to its current name in 1996. It is headquartered in Virginia Beach, Virginia, and operates through multiple branch locations across several states.
Membership is open to those who live, work, worship or go to school in a defined geographic area served by the credit union's branches. You can also be eligible if someone in your family is currently a Chartway member. And if you or your immediate family member works for one of the 750 companies who have chosen to offer Chartway’s credit union benefits to their employees, you also qualify. Furthermore, you can be eligible for membership by becoming a friend of the We Promise Foundation with a one-time $10.00 donation. Chartway membership requires a $5 minimum deposit into the Prime Share savings account. - See Details
Twenty plus year member. Have had very bad luck / circumstances with this Credit Union. Very hard to get a human on the phone, and when you do, takes an enormous amount of time to resolve issue. Recently, took 16 days to restore e account access. Then billpay went haywire. I had to go into main office, situation still not resolved to my satisfaction. I am leaving Chartway once I get twenty plus years worth of autopays and direct deposits shifted to another Credit Union.
If you are someone with lower income be very careful. Make sure that you read over all the fees and constantly check if they are creating more. Chartway has a a very bad habit of nickeling and diming you to death with odd miscellaneous fees. You have to pay for service over the phone. If you actually need a teller to do their job there is a fee. They say no overdraft fees but if you overdraft there is a fee of 27 dollars they call it something else and another 4 dollar fee attached to that. Currently there are 37 potential fees ranging from .75 cents to 180 dollars. They don’t care about their lower income clients you will only face headaches and sometimes and empty dinner table. Be careful.
I have been with Chartway Federal Credit Union since I was in high school. I have nothing but good things to say about them because I have had no problems with them. Since they are a relatively not well known bank nationwide I feel that I get more attention from them. Their customer service is top of the line and they solve any problems or questions I have promptly. If I had to say one negative thing about them it would be that they don't have a lot of branches outside the Hampton Roads area. I recently moved to Richmond, VA for graduate school and there is no Chartway branch in this area so whenever I need money from an ATM I always get charged .75 cents. I know it is not much, but I would of liked to go to a specific Chartway ATM and pull out money. Other than that bump in the road, I will probably stick with Chartway for many more years to come.
I have been a customer for over 10 years! This past year have encountered many changes poor Customer service and new fees! Just closed on a refinance after dealing with poorly trained and Uneducated employees over the last 6 months! It has been a nightmare and one that I would NOT recommend to anyone!
My son has a car loan thru Chartway and he has some trouble with the payments ( long story) and his car was repo'ed . After contacting Chartway customer service and doing a online chat i wanted to find out what was due so i could get the car back from repossession. I didnt want the pay-off amount i wanted to know what was due currently to get the loan up to date and what fees were included. I had to contact Chartway for 2 DAYS to get the correct answer. I spoke to the ladies in collections who were rude, over talked you on the phone, interrupted you and I was hung up on. After that unprofessional and inexcuseable behavior from these " ladies" i contacted the manager- "Al" . He called me back and was rude and unprofessional and argumentative with me on the phone. I did get the amt I requested after 2 days of going back and forth with the people in the collections dept. They are rude and unprofessional people that work for this company and i would like to think that not all of them are like this. I did get my son's car back but i am not sure if i will do business with them again after the way i was treated and talked to.
I was always very happy with being a Chartway Member, I've had many personal and auto loans through Chartway. However, now with all these "new" fees, I am seriously considering switching. I found out today that you are only allowed 6 transactions per month on line before you are charged a $6 fee, also if you go to a branch and use a teller to make any transactions/withdrawals more than 6 times per month again, the $6 fee is charged. I do not understand why Chartway has now decided to charge members for ridiculous fees. I'm most upset that when you use ebranch there is a maximum transaction before the fee is assessed. I often transfer money from checking into savings, if we're not using a "teller/live" person how is it fair to be charged? Also, when and where were these fees posted? This new upgrade doesn't seem member friendly.
Very unhappy customer.
I live in Rhode Island and have recently opened several CDs with Chartway at very good rates. They do require a checking account in order to receive a .25% "bonus" rate. You are NOT required, however, to actually order checks. I am extremely happy with the service I have received from the institution and highly recommend Chartway.
I have been with Chartway for a couple years and they have been very helpful. Getting support can be a challenge on their busy days, but they respond well via email and chat.
I have become a supporter of the Thrive Movement and decided to take my funds out of the mega banks that have caused so many of the worlds economic issues. Chartway is small, but they service the customer and that's what is important. When banks get too big they become greedy and thats not good for anyone.
I am slowly moving the majority of my assets into Chartway, and funding local growth.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Chartway Federal Credit Union had $22.79 million in non-current loans and owned real-estate with $165.39 million in equity and loan loss allowances on hand to cover it. This gives Chartway Federal Credit Union a Texas Ratio of 13.78% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Chartway Federal Credit Union decreased dramatically from 21.46% as of December 31, 2012 to 13.78% as of December 31, 2013, resulting in a positive change of 35.80%.This indicates that the balance sheet and financial strength for Chartway Federal Credit Union has improved dramatically in recent periods.
In the past year, Chartway Federal Credit Union has increased its total deposits by $72.13 million, resulting in 4.19% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Chartway Federal Credit Union has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Chartway Federal Credit Union has $1.96 billion in assets with $165.39 million in equity, resulting in a capitalization level of 8.43%, which is average.
|Assets and Liabilities|
|Equity Capital||$148.45 million|
|Loan Loss Allowance||$16.93 million|
|Unbacked Noncurrent Loans||$17.36 million|
|Real Estate Owned||$5.43 million|
|Historic Data - December 2012|
|Equity Capital||$141.27 million|
|Loan Loss Allowance||$13.87 million|
|Unbacked Noncurrent Loans||$17.36 million|
|Real Estate Owned||$6.43 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.93%|
|Return on Assets||0.36%|
|Return on Equity||4.81%|
|Interest Income||$57.89 million|
Always verify rates and promotions with the bank or credit union. We are not Chartway Federal Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|0.40%||$100||-||Roth IRA Share|
|0.05%||$100||-||Business Prime Share|
|0.20%||$2,500||-||Premium Value Checking|
|0.15%||$1,500||-||Interest Plus Checking|
|1.51%||$10k||-||60 Month CD|
|1.51%||$10k||-||60 Month Youth CD|
|0.95%||$10k||-||48 Month CD|
|0.95%||$10k||-||48 Month Youth CD|
|0.75%||$10k||-||36 Month CD|
|0.75%||$10k||-||36 Month Youth CD|
|0.60%||$10k||-||24 Month CD|
|0.60%||$10k||-||24 Month Youth CD|
|0.55%||$10k||-||18 Month CD|
|0.55%||$10k||-||18 Month Youth CD|
|0.45%||$10k||-||12 Month CD|
|0.45%||$10k||-||12 Month Youth CD|
|0.35%||$10k||-||6 Month CD|
|0.35%||$10k||-||6 Month Youth CD|
|0.30%||$500||-||12 Month No Penalty CD|
|0.30%||$500||-||12 Month No Penalty Youth CD|
|1.51%||$10k||-||60 Month IRA (Traditional,Roth,CESA)|
|0.95%||$10k||-||48 Month IRA (Traditional,CESA,Roth)|
|0.75%||$10k||-||36 Month IRA (Traditional,Roth,CESA)|
|0.60%||$10k||-||24 Month IRA (Traditional,Roth,CESA)|
|0.55%||$10k||-||18 Month IRA (Traditional,CESA,Roth)|
|0.45%||$10k||-||12 Month IRA (Traditional,Roth,CESA)|
|0.35%||$10k||-||6 Month IRA (Traditional,Roth,CESA)|