Kemba Credit Union is headquartered in West Chester and is the 5th largest credit union in the state of Ohio. It is also the 380th largest credit union in the nation. It was established in 1934 and as of March of 2014, it had grown to 131 employees and 78,313 members. Kemba Credit Union's savings rates are 92% higher than the national average, and it boasts a A+ health rating.
Membership is open to those who live, work, worship or attend school in one of the following Ohio counties: Brown, Butler, Clark, Clermont, Clinton, Greene, Hamilton, Highland, Miami, Montgomery, Preble and Warren. It is also available to those who live or work in the Indiana counties of Dearborn and Franklin; and to immediate family members of current credit union members. Membership is also open to anyone who lives in the Greater Cincinnati area and holds a Kroger Plus Card. - See Details
My credit union was merged into Kemba at the end of last year. The savings interest rates Kemba pays are the lowest in the Cincinnati area. Last month they paid .05% on my savings account. I looked at other credit unions in the area and all are paying between .10% and .30% on a basic savings account. Kemba has the nerve to say their rates are "competitive" so I guess being at the bottom of the list somehow makes you competitive.
Their bill payment system is horrible. You think you are paying electronically, but what happens on the back end is that Kemba is creating checks and mailing them to pay your bills! This is the 21st Century and they are still mailing checks. An electronic bill payment system should mean that 95+% of the billers receive an electronic payment and not a check. So unlike a bank when you tell it to pay a bill on April 1 it gets paid on April 1, if you tell Kemba to pay on April 1 the check may or may not arrive on time and can generate late fees! Yikes.
Then there is the issue of electronic transfers. Say I want to transfer money between financial institutions. With every other financial institution I log into my account and tell them I want to transfer money to xxx financial institution and provide the routing number and account number and it's done. Not with Kemba. Want to do an electronic transfer? You have to go in and sign a paper authorizing the transaction EACH time you want to do a transfer. So 20th Century.
So outmoded ways of doing business and lowest interest rates in the area - if not the U.S. - and I will soon be moving my account somewhere else that has modern systems and truly pays competitive interest rates.
The employees have aleays been friendly to me. My only disappointment was when they didn't want to lend me money because I didn't have much money deposited with them, although I could have provided good collateral. That was many years ago.
I have almost 25 years with this credit union and have nothing but praise for it. They were among the very first to go electronic (sometime in the late 90s). If there is anything remotely suspicious on any of my accounts, they immediately call me to verify (and all the "suspicious" activity involved either very large purchases online or online purchases from foreign countries).
They have free checking, free savings, low loans and are part of the VISA network.
Only one time did they make an error on my account, and when brought to their attention, immediately corrected it. When the TJ Max hacking attack hit the news, they immediately issued new cards to everyone who had made a purchase within the time frame of the attack.
I just love them, even though I've never been physically inside one of their buildings. The only complaint I can think of is the way they handle minor's savings accounts - they start deducting service charges after X months of inactivity - but really, that is my fault for not reading the fine print.
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 Kemba Credit Union had $1.68 million in non-current loans and owned real-estate with $78.51 million in equity and loan loss allowances on hand to cover it. This gives Kemba Credit Union a Texas Ratio of 2.13% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Kemba Credit Union decreased slightly from 2.49% as of March 31, 2013 to 2.13% as of March 31, 2014, resulting in a positive change of 14.31%.This indicates that the balance sheet and financial strength for Kemba Credit Union has improved slightly in recent periods.
In the past year, Kemba Credit Union has increased its total deposits by $18.05 million, resulting in 3.66% 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 Kemba 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. Kemba Credit Union has $599.77 million in assets with $78.51 million in equity, resulting in a capitalization level of 13.09%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$76.55 million|
|Loan Loss Allowance||$1.96 million|
|Unbacked Noncurrent Loans||$1.68 million|
|Real Estate Owned||$0|
|Historic Data - March 2013|
|Equity Capital||$69.40 million|
|Loan Loss Allowance||$1.85 million|
|Unbacked Noncurrent Loans||$1.68 million|
|Real Estate Owned||$106,000|
|Profit Margin - Quarterly|
|Net Interest Margin||0.74%|
|Return on Assets||0.86%|
|Return on Equity||6.75%|
|Interest Income||$4.55 million|
Always verify rates and promotions with the bank or credit union. We are not Kemba Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|2.50%||-||$15k||Get Green Checking - Qualifying|
|0.15%||$10k||-||Member Select Checking Plus|
|0.05%||-||-||Get Green Checking - Non Qualifying|
|2.40%||$500||-||60 Month CD|
|2.10%||$500||-||48 Month CD|
|1.70%||$500||-||36 Month CD|
|1.20%||$500||-||24 Month CD|
|1.00%||$500||-||12 Month CD|
|0.55%||$500||-||18 Month CD|
|0.30%||$500||-||6 Month CD|
|0.15%||$500||-||3 Month CD|
|2.40%||$500||-||60 Month IRA|
|2.10%||$500||-||48 Month IRA|
|1.70%||$500||-||36 Month IRA|
|1.20%||$500||-||24 Month IRA|
|1.00%||$500||-||12 Month IRA|
|0.55%||$500||-||18 Month IRA|
|0.30%||$500||-||6 Month IRA|
|0.15%||$500||-||3 Month IRA|