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800-845-1614
737 Plantation Rd
Lancaster, SC 29720

Founders Federal Credit Union is headquartered in Lancaster and is the largest credit union in the state of South Carolina. It is also the 106th largest credit union in the nation. It was established in 1961 and as of March of 2014, it had grown to 509 employees and 199,169 members. Founders Federal Credit Union has a A health rating.

Field of Membership Restrictions

You are eligible if you live, work, worship, attend school or volunteer in a designated area. You also qualify for membership if your company/organization/association offers membership as a benefit; or you are retired from a Founders Federal Credit Union Business Partner. Additionally, if someone in your family or household is eligible for membership, you also qualify. - See Details

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Reviews (4)

Really Poor Business Practices

Ive tried doing business here a couple of times, and their policies and practices are just shady. You can't trust them to honor their obligations, just refusing to follow their agreements. Nickel and dime folks to death over nothing - their corporate behavior, lack of customer service, and overall dishonesty has turned me into a vocal and regular spokesman against banking here. Go to Family Trust or SCBT instead.

FIND ANOTHER Credit Union... STAY AWAY! THEY'll HIRE ANYONE WHO CAN FOG A MIRROR, They Obviously Do Not Do Personality Tests Or Background Testing Before They Hire Someone.

BEWARE: The New banking center manager in Rock Hill (Rocky)... is an idiot. When I was waiting in the lobby, I overheard him cussing when on a phone call conversation to what appeared to be a disgruntled customer. When I addressed him about the situation he became defensive and turned down my loan... I have a 697 Credit score. Obsurd to say the least.  

I tried to reach the Vice President of Founders (Darrell Bowie) several times to express my concern, he has still has not returned my calls. I have left him messages daily for over a week. I will be taking my banking elsewhere to say the least.

 

Founders Federal Credit Union Gives $10 Million

Founders Federal Credit Union, a credit union in Lancaster, South Carolina; will be giving $10million back to its members in the form of a bonus dividend. About half will go to depositors based on their interest earned and the other half will go to borrowers based on their interest paid. There’s no doubt that its 200,000 members are thrilled.

» Founders Federal Credit Union Gives $10 Million

DONT USE THIS BANK

I HAVE A CAR LOAN WITH THIS BANK AND THEY TOOK IT UPON THEMSELVES TO ALL OF A SUDDEN ADD INSURANCE TO MY ACCOUNT.  THE REASON BEING IS MY INSURANCE COMPANY SWITCHED POLICIES BACK IN APRIL AND THEY "THOUGHT" MY INSURANCE HAD LAPSED. I HAVE MY INSURANCE COMPANY TO SEND THEM THE INFORMATION AND THEY CANNOT USE THIS BECAUSE FOUNDERS NAME IS NOT ON IT. YET THEY STILL WANT TO CHARGE ME AS THOUGH I DON'T HAVE INSURANCE AND THE PROOF IS RIGHT IN FRONT OF THEM. I HAVE BEEN BANKING WITH THEM SINCE I HAVE BEEN OLD ENOUGH TO HOLD AN ACCOUNT AND NOTHING GOOD HAS EVER CAME OUT OF THEM. TODAY I DID SOMETHING THAT I HAVEN'T EVER DONE AND THAT WAS OPENED A NEW ACCOUNT AT ANOTHER BANK. PROBABLY THE BEST DECISION I EVER MADE. SO, UNLESS YOU WANT THEM TO ADJUST YOUR INFORMATION WHEN THEY ARE IN THE WRONG, I SUGGEST THAT YOU DO NOT USE THIS BANK.



Health

Data for Q1 2014

Institution Health

A

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Founders Federal Credit Union had $14.06 million in non-current loans and owned real-estate with $270.17 million in equity and loan loss allowances on hand to cover it. This gives Founders Federal Credit Union a Texas Ratio of 5.20% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Founders Federal Credit Union experienced no significant changes from 5.67% as of March 31, 2013 to 5.20% as of March 31, 2014, resulting in a positive change of 8.27%.This indicates that the balance sheet and financial strength for Founders Federal Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Founders Federal Credit Union has increased its total deposits by $19.36 million, resulting in 1.42% 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 Founders Federal Credit Union has shown is above average.

Capitalization

GRADE:
A+

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. Founders Federal Credit Union has $1.71 billion in assets with $270.17 million in equity, resulting in a capitalization level of 15.80%, which is excellent.

Institution Statistics

Overall
NCUA #24063
Year Chartered1961
Employees509
Primary Regulator
Assets and Liabilities
Assets$1.71 billion
Loans$1.24 billion
Deposits$1.38 billion
Equity Capital$252.14 million
Loan Loss Allowance$18.03 million
Unbacked Noncurrent Loans$11.04 million
Real Estate Owned$3.02 million
Historic Data - March 2013
Assets$1.67 billion
Equity Capital$246.60 million
Loan Loss Allowance$18.72 million
Unbacked Noncurrent Loans$11.04 million
Real Estate Owned$4.54 million
Profit Margin - Quarterly
Net Interest Margin1.37%
Return on Assets0.48%
Return on Equity3.23%
Interest Income$19.89 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Founders Federal Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Founders Federal Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.40%--Variable Rate IRA
0.40%--Variable Rate Roth IRA
0.40%--Variable Rate CESA
0.10%--Share/Savings
0.10%--Christmas Club

Founders Federal Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.30%$50k-Money Market Plus

Founders Federal Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.05%--Checking Account

Founders Federal Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
2.02%$500-60 Month Share Certificate
1.51%$500-48 Month Share Certificate
0.90%$500-36 - 47 Month Share Certificate
0.60%$500-24 - 35 Month Share Certificate
0.40%$500-12 - 23 Month Share Certificate
0.40%$50-12 Month Youth Certificate
0.40%$500-One Year Special Tax Certificate
0.15%$500-6 - 11 Month Share Certificate
0.10%$500-1 - 5 Month Share Certificate

Founders Federal Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
2.12%$500-60 Month IRA
1.61%$500-48 Month IRA
1.00%$500-36 - 47 Month IRA
0.70%$500-24 - 35 Month IRA
0.50%$500-12 Month IRA
Locations

Founders Federal Credit Union has 27 locations. Click to view all Founders Federal Credit Union locations.