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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

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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

Pleased With Inova

I have had an account with Inova for quite a while. I like the 3% on the $20,000. The employees are amazing. No matter who you speak with they give you the correct answers and explain it so that there is no other meaning. Very friendly. They also will email the information.

New Requirements For INOVA 5-$51 Puchases

Begining July 1, 2014, INOVA FCU no longer require 15 signature based purchases per monthly cycle. The new requirement is five signature based purchases, at least $51.00 each.

Slow Slow Slow

They move like turtles and show no sense of urgency. As a business manager I depend on them to be quick and accurate so I can return to work in a timely manner. The location I bank with has multiple. Businesses that deposit and purchase change with them daily, yet they never have their drawers stocked and I always have to wait for staff to get someone to help them get money from the vault. I was driving all the way to Goshen to drop and getting back to my store in Elkhart faster than coming here (Elkhart Ave) but due to my current responsibilities I have to stay closer to town. I would highly appreciate any efforts to improve service and urgency!



Data for Q1 2014

Institution Health


Texas Ratio


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 INOVA Federal Credit Union had $3.45 million in non-current loans and owned real-estate with $24.94 million in equity and loan loss allowances on hand to cover it. This gives INOVA Federal Credit Union a Texas Ratio of 13.85% 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 increased slightly from 8.37% as of March 31, 2013 to 13.85% as of March 31, 2014, resulting in a negative change of 65.58%. This indicates that the balance sheet and financial strength for INOVA Federal Credit Union has declined slightly in recent periods.

Deposit Growth


In the past year, INOVA Federal Credit Union has increased its total deposits by $9.4 million, resulting in 3.78% 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 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. INOVA Federal Credit Union has $303.83 million in assets with $24.94 million in equity, resulting in a capitalization level of 8.21%, which is average.

Institution Statistics

NCUA #4968
Year Chartered1942
Primary Regulator
Assets and Liabilities
Assets$303.83 million
Loans$245.61 million
Deposits$257.70 million
Equity Capital$22.68 million
Loan Loss Allowance$2.26 million
Unbacked Noncurrent Loans$2.90 million
Real Estate Owned$559,000
Historic Data - March 2013
Assets$288.80 million
Equity Capital$21.50 million
Loan Loss Allowance$1.95 million
Unbacked Noncurrent Loans$2.90 million
Real Estate Owned$531,000
Profit Margin - Quarterly
Net Interest Margin0.95%
Return on Assets0.04%
Return on Equity0.58%
Interest Income$2.86 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%$500k-Diamond Money Market
0.45%$100k-Platinum Money Market
0.40%$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 - Qualifying
0.35%$100k-Business Ovation Checking
0.15%--Ovation Checking - Non Qualifying

INOVA Federal Credit Union CD Rates

1.60%$200-6 Year CD
1.55%$200-5 Year CD
1.50%$200-4 Year CD
1.50%$200-6 Year Step-Up CD
1.45%$200-5 Year Step-Up CD
1.40%$200-4 Year Step-Up CD
1.05%$200-61 Day CD
1.00%$200-31 Day CD
0.65%$200-3 Year CD
0.55%$200-3 Year Step-Up CD
0.45%$200-30 Month CD
0.35%$200-2 Year CD
0.35%$200-30 Month Step-Up CD
0.30%$200-18 Month CD
0.27%$200-14 Month CD
0.25%$200-1 Year CD
0.25%$200-2 Year Step-Up CD
0.20%$200-7 Month CD
0.20%$200-18 Month Step-Up CD
0.17%$200-14 Month Step-Up CD
0.15%$200-6 Month CD
0.15%$200-6 Month Step-Up CD
0.15%$200-1 Year Step-Up CD
0.14%$200-5 Month CD
0.10%$200-91 Day CD
0.10%$200-7 Month Step-Up CD
0.10%$200-91 Day Step-Up CD
0.05%$200-5 Month Step-Up CD
0.05%$200-30 Day CD

INOVA Federal Credit Union IRA Rates

1.70%$200-6 Year IRA
1.65%$200-5 Year IRA
1.60%$200-4 Year IRA
1.60%$200-6 Year Step-Up IRA
1.55%$200-5 Year Step-Up IRA
1.50%$200-4 Year Step-Up IRA
0.75%$200-3 Year IRA
0.65%$200-3 Year Step-Up IRA
0.55%$200-30 Month IRA
0.45%$200-2 Year IRA
0.45%$200-30 Month Step-Up IRA
0.40%$200-18 Month IRA
0.37%$200-14 Month IRA
0.35%$200-1 Year IRA
0.35%$200-2 Year Step-Up IRA
0.30%$200-7 Month IRA
0.30%$200-18 Month Step-Up IRA
0.27%$200-14 Month Step-Up IRA
0.25%$200-6 Month IRA
0.25%$200-1 Year Step-Up IRA
0.24%$200-5 Month IRA
0.20%$200-91 Day IRA
0.20%$200-91 Day Step-Up IRA
0.20%$200-7 Month Step-Up IRA
0.15%$200-6 Month Step-Up IRA
0.14%$200-5 Month Step-Up IRA

INOVA Federal Credit Union Locations
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