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Overview / Commentary
358 S Elkhart Ave
Elkhart, IN 46516

Inova Federal Credit Union received its charter in 1942 with the original purpose of serving the employees of Miles Laboratories, a health care research company. It now offers a range of deposit and loan products to a wide membership base.

Inova offers a Premium Dividend Rate on its checking account if certain requirements are met and maintained. has recognized the credit union in the past for its reward checking account offering. Inova also has multiple savings and money market account programs to meet its members’ needs, including a health savings account. Its basic savings account option provides bill pay, ATM access, and direct deposit Share certificates with term lengths from 30 days to 6 years are available to members as well, and a flexible CD allows the account holder to change its interest rate once during the life of the CD. Inova’s business banking side includes many similar products and provides services like wiring transfers and escrowing management.

Inova Federal Credit Union online banking features the latest technology which give members access to a customizable home banking webpage, from which they can manage one or multiple accounts. Inova has optimized its website for mobile banking to provide members with access to their accounts from the convenience of their smartphones and tablet devices.

Inova FCU is headquartered in Elkhart, Indiana and serves its members through multiple branches located in several states throughout the country.

Field of Membership Restrictions

Membership base consists of immediate family members of existing members, household residents of existing members, eligible employees or members of Select Employer Groups (SEGs), and employees of INOVA Federal Credit Union. You may elect to join not for profit organizations such as the Elkhart River Restoration Association or Tru Direction, and be qualified for INOVA Federal Credit Union membership. Note, the credit union’s board of directors made the decision that they will no longer open up new membership to individuals residing in Pennsylvania. - See Details

Related Posts

Rare Reward Checking Rate Hike at INOVA Federal Credit Union - 6/5/2013

In today’s interest rate environment, the vast majority of rate changes have been cuts. When there’s a rate hike, it’s noteworthy, and that’s the case at INOVA Federal Credit Union . The rate of its h ...

Awful Practices And Service

- Rejected application for checking account despite 40 years of pristine credit history
- News of rejection only after one week despite frequent phone calls
- Over 3 weeks of trying, no one EVER returned a phone message pleading for help
- Large initial deposit was held 25 days with no explanation
- Stay away unless you want a month of frustration

Hard Inquiry On Experian Then Turn Down For Stupid Reasons

I have followed this webiste for many years but never registered until now to provide a review of this horrible credit union.

I applied online for their rewards chacking account.  I thought the app said it would use TransUnion to review the credit history and identity verification, but when I hit submit I saw on the screen that Experian had the questions.  I passed everything and entered my funding info.  I was contacted to provide a copy of my drivers license and then was told I was approved.

I was then sent a link to Docusign for my account documents to sign, but could never gain access and was never asked any questions on the site. After several days of hassle I found out that underwirting denied my checking account application after the initial approval.  It was for the standard iitems I see on my Experian score reasons - too many inquiries, too recent time for account opened etc.  My score is still above 750 so I was ticked off.  I have started my complaint process with their management for taking a hard hit on a different bureau and a turn down that would be for a lending scenario or credit card scenario.  

I should have avoided the company after reading all the negative reviews on here and other websites.  Avoid this credit union and find another one.  I have mulitiple RCA's but needed an extra and with a higher rate.  This was a waste of time and an inquiry.

Applications Approved Online Then Denied Without Real Explanations

I applied online for a checking account, and after doing a hard pull on my credit report, their web system told me I was approved and even invited me to apply for their credit card for which it said I was pre-approved. So I went ahead with the credit card application. After about a week, however, I received a letter telling me that my applications were in fact all denied. They listed factors based on my credit report, which are all factual criteria (i.e., numbers) their computer system should clearly have been able to evaluate. In addition my FICA score varies from 750 to 770 month to month, not that bad at all so that they would think I'm a risk even for a checking account... I was of course quite annoyed and tried to contact them for a review of my application. Each time the person answering my phone calls, emails, or online chat said they needed to talk to the actual underwriter and promised to call me back the same day, which never happen. The people there were polite but it appears that INOVA does not really care about its customers. I was able to get them to reply by filing a complaint with BBB, but apparently because INOVA has paid fees to become an accredited business, BBB was satisfied with this response from them:

"Applicant applied online for membership with INOVA FCU and for a Visa account. Instant application approval or denial is based on specific criteria. Every instant approval is then thoroughly reviewed by an Underwriter based on all the applicants' information. Upon additional review of the information, INOVA stands behind its decision to deny the applicant. INOVA also reviews credit for every checking account request as those accounts also create a risk for loss. INOVA apologizes for any inconvenience applicant had with member service and those issues will be addressed."

No specific answers to any questions that were asked.. The unwillingness to disclose any more information on their criteria makes one believe that their underwriters work rather subjectively. And yes it's OK to do a credit check to assess risk, but they could either use a soft pull or ChexSystems like the vast majority of banks do, or at least make it clear that they are not following the norm...

To be honest, I've been always skeptical when I read negative reviews about a business, thinking that any reasonably-sized company will inevitably have them, and these bad experiences are what tend to be talked about more. Only when reviews of similar kind begin to repeat, will I start to really doubt the company. I left this review, just to corroborate the stories of cows and anon2 and alert future readers of this web site -- don't try opening an account with INOVA, it's not worth the time and the hard check.

Awful Experience Don't Bank With Them!!

This place is a joke!! No one will ever help you. They just sit around drinking coffee and talking on their phones!!



Data for Q4 2013

Institution Health


Texas Ratio


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 INOVA Federal Credit Union had $3.63 million in non-current loans and owned real-estate with $24.75 million in equity and loan loss allowances on hand to cover it. This gives INOVA Federal Credit Union a Texas Ratio of 14.65% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for INOVA Federal Credit Union experienced no significant changes from 10.22% as of December 31, 2012 to 14.65% as of December 31, 2013, resulting in a negative change of 43.42%. This indicates that the balance sheet and financial strength for INOVA Federal Credit Union has had no significant changes in recent periods.

Deposit Growth


In the past year, INOVA Federal Credit Union has increased its total deposits by $1.5 million, resulting in 0.63% 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 INOVA Federal Credit Union has shown is above average.



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. INOVA Federal Credit Union has $287.1 million in assets with $24.75 million in equity, resulting in a capitalization level of 8.62%, which is average.

Institution Statistics

NCUA #4968
Year Chartered1942
Primary Regulator
Assets and Liabilities
Assets$287.10 million
Loans$239.84 million
Deposits$240.77 million
Equity Capital$22.62 million
Loan Loss Allowance$2.13 million
Unbacked Noncurrent Loans$2.76 million
Real Estate Owned$869,000
Historic Data - December 2012
Assets$263.72 million
Equity Capital$21.40 million
Loan Loss Allowance$1.92 million
Unbacked Noncurrent Loans$2.76 million
Real Estate Owned$745,000
Profit Margin - Quarterly
Net Interest Margin3.86%
Return on Assets0.48%
Return on Equity6.03%
Interest Income$11.55 million

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

INOVA Federal Credit Union Savings Account Rates

0.01%--Membership Savings
0.01%--Special Savings
0.01%--Club G Savings
0.01%--Christmas Club
0.01%--Health Savings Account
0.01%--IRA Savings
0.01%--GenerationZ Special Savings
0.01%--Roth IRA Savings
0.01%--Coverdell ESA

INOVA Federal Credit Union Money Market Rates

0.50%$100k-Live Wire Money Market
0.45%$500k-Diamond Money Market
0.40%$100k-Platinum Money Market
0.35%$100k-Financial Management Account
0.35%$100k-IRA Financial Management Account
0.35%$100k-Roth IRA Financial Management Account
0.35%$100k-CESA Financial Management Account
0.30%$50k-Gold Money Market
0.10%$25k-Silver Money Market
0.05%$10k-Money Market Savings
0.05%--IRA Money Market Savings
0.05%--Roth IRA Money Market Savings
0.05%--CESA Money Market Savings

INOVA Federal Credit Union Checking Account Rates

3.00%$1,500$20kOvation Checking
0.35%$100k-Business Ovation Checking
0.15%--Ovation Checking

INOVA Federal Credit Union CD Rates

1.30%$200-5 Year CD
1.20%$200-5 Year Step-Up CD
1.15%$200-6 Year CD
1.05%$200-6 Year Step-Up CD
1.00%$200-4 Year CD
0.90%$200-4 Year Step-Up CD
0.50%$200-3 Year CD
0.40%$200-3 Year Step-Up CD
0.30%$200-30 Month CD
0.25%$200-2 Year CD
0.20%$200-14 Month CD
0.20%$200-18 Month CD
0.20%$200-30 Month Step-Up CD
0.15%$200-1 Year CD
0.15%$200-2 Year Step-Up CD
0.14%$200-7 Month CD
0.10%$200-6 Month CD
0.10%$200-7 Month Step-Up CD
0.10%$200-6 Month Step-Up CD
0.10%$200-1 Year Step-Up CD
0.10%$200-14 Month Step-Up CD
0.10%$200-18 Month Step-Up CD
0.05%$200-5 Month Step-Up CD
0.05%$200-5 Month CD
0.01%$200-91 Day CD
0.01%$200-91 Day Step-Up CD
0.01%$200-30 Day CD

INOVA Federal Credit Union IRA Rates

1.40%$200-5 Year IRA (Traditional,Roth,CESA)
1.30%$200-5 Year Step-Up IRA (Traditional,CESA,Roth)
1.25%$200-6 Year IRA (Traditional,Roth,CESA)
1.15%$200-6 Year Step-Up IRA (Traditional,CESA,Roth)
1.10%$200-4 Year IRA (Traditional,Roth,CESA)
1.00%$200-4 Year Step-Up IRA (Traditional,CESA,Roth)
0.60%$200-3 Year IRA (Traditional,Roth,CESA)
0.50%$200-3 Year Step-Up IRA (Traditional,CESA,Roth)
0.40%$200-30 Month IRA (Traditional,CESA,Roth)
0.35%$200-2 Year IRA (Traditional,Roth,CESA)
0.30%$200-14 Month IRA (Traditional,Roth,CESA)
0.30%$200-18 Month IRA (Traditional,Roth,CESA)
0.30%$200-30 Month Step-Up IRA (Traditional,CESA,Roth)
0.25%$200-1 Year IRA (Traditional,Roth,CESA)
0.25%$200-2 Year Step-Up IRA (Traditional,CESA,Roth)
0.24%$200-7 Month IRA (Traditional,Roth,CESA)
0.20%$200-6 Month IRA (Traditional,Roth,CESA)
0.20%$200-14 Month Step-Up IRA (Traditional,CESA,Roth)
0.20%$200-18 Month Step-Up IRA (Traditional,CESA,Roth)
0.15%$200-5 Month IRA (Traditional,Roth,CESA)
0.15%$200-1 Year Step-Up IRA (Traditional,CESA,Roth)
0.14%$200-7 Month Step-Up IRA (Traditional,CESA,Roth)
0.10%$200-6 Month Step-Up IRA (Traditional,CESA,Roth)
0.05%$200-5 Month Step-Up IRA (Traditional,CESA,Roth)
0.01%$200-91 Day IRA (Traditional,Roth,CESA)
0.01%$200-91 Day Step-Up IRA (Traditional,CESA,Roth)

INOVA Federal Credit Union Locations
Branch Office358 S Elkhart AveElkhart, IN 46516
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