Fort Knox Federal Credit Union primarily serves areas of north central Kentucky. However, its field of membership now includes members of American Consumer Council which is free and open to anyone. Credit union membership requires a $10 one-time fee and a minimum $5 balance in the share savings account.
If you are employed by any of our Select Employer Groups or live, work, worship, attend school or regularly do business in Boyle, Breckenridge, Grayson, Hart, LaRue, Meade, Nelson or Taylor County, then you and your family are eligible for membership with Fort Knox Federal Credit Union! Relatives of any person who can be a member may also join our Credit Union. Moving to Fort Knox? If you are Active Duty Military, Reserve, or Guard, a civil service employee, or a contractor attached to the post, you are eligible. Also, if you are retired military or civil service receiving benefits on Fort Knox you may join. If you do not meet any of these eligibility criteria, you may qualify for membership by joining the American Consumer Council --it's free!The initial requirement for membership is only $15, of which $5 represents one share in the Credit Union, and the remaining $10 covers your one-time-only membership fee. - See Details
Recently I was informed by credit union provider of identity protection my coverage had been cancelled. When I ask the representative with Identity Secure who authorized the cancellation I was told to contact the financial institution where I purchased the service. I contacted the credit union and spoke to a representative regarding the cancellation without my authorization and why the fee for service was still being deducted from my account. The representative would not provide the information I requested. I commend the credit union for refunding the fees, however I believe there is a communication problem between the credit union and identity protection provider.
Like many other consumers intent on protecting their credit and identity, I recently placed a fraud alert on my credit report. Fraud alerts are an added layer of protection that forces lendors and banks to contact you and verify certain details before opening accounts in your name. I have since opened three accounts, and yes, it means waiting a day or two for the bank to receive my driver's license, etc, to verify that I am who I say I am, but it is fine, and I can rest assured that nobody can just walk into a bank and immediately open an account in my name.
But when I applied for a Ft. Knox account, the website said "withdrawn" loan status. Nobody called me or emailed me or anything. When I called, the agent said that I had to wait 6 months to apply again because there was fraud on my credit. I explained that it wasn't fraud; it was a fraud alert I had placed. She didn't seem to know the difference. She spoke to a supervisor, then came back and said the same thing, suggesting that she had no way of verifying who placed the alert. I asked to speak to a supervisor and she said that wasn't possible. I asked another question and she never bothered to answer. Several minutes of dead silence and the call was over.
When fraud alerts were set up, they were never intended to be used by banks in this way. If you are a smart consumer, financially savvy, and eager to protect your identity, don't apply to this bank. Their policies about fraud alerts (which the agent herself admitted, were not written down) are backwards. I honestly think this bank assumes there is fraud on my account. The board at this bank needs to revisit its policies and training for supervisors and agents. I plan to follow up with the NCUA to ensure that no other customer experiences the same trouble just because they were trying to protect their credit.
Does not offer ACH - you must wire in money and they charge $3 for incoming wires. Outgoing wires are $12. Reduces their APY somewhat. Not great service in my opinion.
In response to: Does Not Offer ACH. If you set up bill pay with them one can ACH out. If one goes to a CU that is a shared member( go to cuservicecenter.com) one can ACH in with a check from your bank or if you belong to a CU that is shared, one can ACH all day long.
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 Fort Knox Federal Credit Union had $3.42 million in non-current loans and owned real-estate with $167.69 million in equity and loan loss allowances on hand to cover it. This gives Fort Knox Federal Credit Union a Texas Ratio of 2.04% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Fort Knox Federal Credit Union experienced no significant changes from 1.79% as of December 31, 2012 to 2.04% as of December 31, 2013, resulting in a negative change of 13.79%. This indicates that the balance sheet and financial strength for Fort Knox Federal Credit Union has had no significant changes in recent periods.
In the past year, Fort Knox Federal Credit Union has increased its total deposits by $40.31 million, resulting in 4.4% 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 Fort Knox 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. Fort Knox Federal Credit Union has $1.12 billion in assets with $167.69 million in equity, resulting in a capitalization level of 14.97%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$156.80 million|
|Loan Loss Allowance||$10.90 million|
|Unbacked Noncurrent Loans||$3.07 million|
|Real Estate Owned||$349,000|
|Historic Data - December 2012|
|Equity Capital||$143.19 million|
|Loan Loss Allowance||$10.21 million|
|Unbacked Noncurrent Loans||$3.07 million|
|Real Estate Owned||$462,000|
|Profit Margin - Quarterly|
|Net Interest Margin||3.91%|
|Return on Assets||1.26%|
|Return on Equity||9.02%|
|Interest Income||$37.80 million|
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|0.60%||$250k||-||Money Market Account|
|1.85%||$500||-||46 Month CD Special|
|1.45%||$500||-||59 Month CD|
|1.30%||$500||-||48 Month CD|
|1.10%||$500||-||36 Month CD|
|1.00%||$500||-||14 Month CD Special|
|0.80%||$500||-||30 Month CD|
|0.70%||$500||-||24 Month CD|
|0.60%||$500||-||18 Month CD|
|0.50%||$500||-||9 Month CD Special|
|0.40%||$500||-||12 Month CD|
|0.25%||$500||-||6 Month CD|
|0.15%||$500||-||3 Month CD|