1 star ratingAverage User Rating:
1 star rating based on 6 reviews.

Grow Financial Federal Credit Union

Grow Financial Federal Credit Union Locations
9927 Delaney Lake Dr
Tampa, FL 33619
813-837-2451
www.growfinancial.org

NCUA


Grow Financial Federal Credit Union is headquartered in Tampa and is the 4th largest credit union in the state of Florida. It is also the 81st largest credit union in the nation. It was established in 1955 and as of December of 2012, it had grown to 483 employees and 156,451 members. Grow Financial Federal Credit Union has a 5-star health rating.



See Rates for: Checking | Savings | Money Market | CD

Grow Financial Federal Credit Union Checking Account Rates

ApyMinMaxProduct
3.00%-$1kGrow Student E-Checking
2.50%-$5kGrow Green Checking
0.45%$50k-Grow High-Yield Business Checking

Grow Financial Federal Credit Union Savings Account Rates

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0.40%--Roth IRA Savings Account
0.40%--Get Fit Savings
0.40%--Coverdell Education Savings Account
0.40%--Project Quince
0.40%--IRA Savings Account
0.15%--Basic Savings
0.15%--Health Savings Account
0.15%--Business Savings
0.15%--Club Savings

Grow Financial Federal Credit Union Money Market Rates

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0.45%$50k-Money Market
0.45%$50k-Business Money Market

Grow Financial Federal Credit Union CD Rates

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1.70%$500-Business 60 Month Certificate
1.60%$500-60 Month Share Certificate
1.50%$500-Business 48 - 59 Month Certificate
1.40%$500-48 - 59 Month Share Certificate
1.30%$500-Business 36 - 47 Month Certificate
1.20%$500-36 - 47 Month Share Certificate
1.10%$500-Business 30 - 35 Month Certificate
1.00%$500-30 - 35 Month Share Certificate
0.90%$500-Business 24 - 29 Month Certificate
0.80%$500-24 - 29 Month Share Certificate
0.70%$500-Business 18 - 23 Month Certificate
0.60%$500-18 - 23 Month Share Certificate
0.55%$500-Business 12 - 17 Month Certificate
0.45%$500-12 - 17 Month Share Certificate
0.40%$500-Business 6 - 11 Month Certificate
0.30%$500-6 - 11 Month Share Certificate

Rates updated: 5/24/2013

Data for Q4 2012


Institution Statistics


GROW FINANCIAL
NCUA #9976
BankRate ReportView
Year Chartered1955
Employees483
Primary Regulator

Assets and Liabilities

Assets$1.84 billion
Loans$1.21 billion
Deposits$1.65 billion
Equity Capital$185.16 million
Loan Loss Allowance$26.95 million
Unbacked Noncurrent Loans$25.72 million
Real Estate Owned$2.81 million

Historic Data - December 2011

Assets$1.73 billion
Equity Capital$170.23 million
Loan Loss Allowance$33.21 million
Unbacked Noncurrent Loans$42.87 million
Real Estate Owned$6.91 million

Profit Margin - Quarterly

Net Interest Margin5.05%
Return on Assets0.81%
Return on Equity8.05%
Interest Income$72.88 million
Non-Interest Income$30.70 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio4
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, 2012 Grow Financial Federal Credit Union had $28.54 million in non-current loans and owned real-estate with $212.11 million in equity and loan loss allowances on hand to cover it. This gives Grow Financial Federal Credit Union a Texas Ratio of 13.45% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend5
The Texas Ratio for Grow Financial Federal Credit Union decreased significantly from 24.47% as of December 31, 2011 to 13.45% as of December 31, 2012, resulting in a positive change of 45.02%.This indicates that the balance sheet and financial strength for Grow Financial Federal Credit Union has improved significantly in recent periods.
Deposit Growth5
In the past year, Grow Financial Federal Credit Union has increased its total deposits by $96.4 million, resulting in 6.22% 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 Grow Financial Federal Credit Union has shown is excellent.
Capitalization4
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. Grow Financial Federal Credit Union has $1.84 billion in assets with $212.11 million in equity, resulting in a capitalization level of 11.51%, which is above average.
Write Review

HIDDEN Fees With Grow Financial Federal Credit Union!
1 stars - robertjohnson - Wednesday, September 7, 2011 - 10:04 AM

Imagine you go into your federal credit union (Grow Financial) where you have been banking since 1986 to withdraw your money market funds, and get hit with a “very hidden” fee of $885.00! Nobody bothers to tell me about this fee, no paperwork is signed, not even is my identification checked. They did this without my knowledge or consent, by secretly going into my “checking” account to take (steal) what they have labeled as a “cash withdraw fee”. I would have never even known it was missing until checks started bouncing, or by checking my account(s) online. Luckily I did go online and was able to spot it before checks began bouncing.

 

I have gotten nowhere in my complaints with the branch manager(s), and have written the CEO ( Robert Fisher ) a letter that was received months ago and has went ignored.

 

I thought there might be some public interest in this story, with just how safe our money really is in the bank. What do you do (or can you do) when the financial institution you are trusting with your money- decides to rob you? I have contacted the NCUA and Grow just lied to them and said I was informed.

 

The reason I decided to withdraw my money in the first place was because of thier inferior service when I went to get a pre-approval for a mortgage loan. I would be happy to share more details but I'm not sure if I can list my contact info here? Please let me know if you're interested when you respond (to this thread) and I'll get back to you will complete details of what happened to me with this nightmare of a credit union.

 

Robert Johnson

11

Closing Accounts
1 stars - newbernswiss - Tuesday, June 28, 2011 - 3:53 PM

Today after many years of being a loyal customer; I am closing all of my accounts with Grow Financial. I have a excellent credit score, over 800, no late payments, or other factors that could hurt my credit. However, I am unable to get a loan from this bank. The government has bailed out banks, but the banks are making it very hard for those of us who have made our payments on time and played by the rules.  I am taking my business, loans elsewhere. With a health rating of only 3, Grow Financial will only continue to look after it's bottom line and not it's customes.

6

Disappointed
1 stars - BB - Friday, August 26, 2011 - 9:18 AM

A member since 1995 w/Credit Score of 815, no late paments and only $1,000 debt.  I stayed w/this small guy to support it, instead of Mega Banks; however, as other customers and after 45 min in waiting (several times), the FCU was unable to give me a personal loan.  Also, in the past while trying to solve claims charges, they never get back to me, and $ was not returned (only $30).   Next step: yes, I'll move with a bigger bank, despite my effort to support the little guys.

3

Terrible Loan Assisatance.
1 stars - dontusegrow - Monday, August 15, 2011 - 7:51 AM

The customer service agents just read from a prompter every time you call them. They were quick to give a loan but no help was given after years of payments and wanting to refinance. Speaking with a "manager" didn't help at all either. Managers just act like their hands are tied by "Company Policy".

Take your money to a better Credit Union and avoid the headaches.

3

GROWING TIRED OF GROW
1 stars - drumaddict29 - Tuesday, May 22, 2012 - 7:40 AM

When this was Macdill FCU it didn't seem as bad. Since becoming Grow FCU it has turned into Ebenezer Scrooge FCU.

I have been with Grow/Macdill since 98'. My whole family has been with them since the 80's.  I had many Auto Loans through them in the past with no problems. Then 2 years ago I traded in my car and let the Dealership handle the financing. I didn't go to Grow in advance.

When I was signing the contract the Finance Manager tells me that Grow Declined to finance me and that Pinellas FCU approved it. A CU that I wasn't even a member of.  Now this week I tried to get a personal loan and was thinking of also Re-financing my home loan with Grow.  The Personal loan was declined and that was it for me.

That was the last straw. 

My sister has already become tired of Grow and has left them. My parents are considering it.

I am switching my Direct Deposit and closing my account. I will never do  business with them again.

i will go to Pinellas FCU where my Auto Loan went through and see what they have to offer. 

2

Grow Financial
1 stars - mydawgz - Wednesday, August 22, 2012 - 5:59 PM

Take your money out of Grow Financial Credit Union and find another bank. They will REFUSE to help you when you really need a little help. As a professional in my community, I will tell every person that I know to not bank with Grow. You can be a great customer for several years and it means absolutely nothing to them. They deserve a zero star rating.

1