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38 Maple St
Waynesville, NC 28786-5764

Mountain Credit Union is headquartered in Waynesville and is the 16st largest credit union in the state of North Carolina. It is also the 1,090th largest credit union in the nation. It was established in 1963 and as of March of 2014, it had grown to 51 employees and 20,350 members. Mountain Credit Union's savings rates are 2X the national average, and it boasts a A+ health rating.

Field of Membership Restrictions

Anyone who lives, works, worships or attends school in Buncombe, Cherokee, Clay, Graham, Haywood, Henderson, Jackson, Macon, Madison and Swain Counties of North Carolina is eligible to join Mountain Credit Union. Also qualified for membership are all federal employees located in the 20 western counties of North Carolina (Avery, Buncombe, Burke, Cherokee, Caldwell, Clay, Cleveland, Graham, Haywood, Henderson, Jackson, McDowell, Macon, Madison, Mitchell, Polk, Rutherford, Swain, Transylvania, and Yancey). This includes field personnel who are paid from a headquarters office located in the above counties. Additionally, anyone who works or lives on the Cherokee Indian Reservation, and family members of anyone eligible for membership also qualify Mountain Credit Union membership. - See Details

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Reviews (2)

Changes To Account

Just recieved a letter from MCU about the change in rate from 4.15 to 3.15 and change in applied max amount from $25,000 to $15,000.

Mountain Credit Union Is A Nightmare

Like many people who've grown disgusted with traditional banks, I decided to switch to my local Credit Union, in this case, Mountain Credit Union. Boy was that a mistake. I have never encountered a more inept, poorly run, Mickey Mouse financial institution in my life.

First and foremost, they have no way to verify and/or instantly exchange funds electronically with other financial institutions like traditional banks do. Their solution to this crippling deficiency is to just arbitrarily decide when to credit your account with a deposit that contains a check, and when they want to put a "hold" on the check.

There doesn't appear to be any rhyme or reason to when they decide to sit on your money for 7-10 business days. They randomly do it with in-state checks and checks in the exact same amount, written by the exact same people, that they have promptly credited your account with before.

Their latest excuse for putting a 10 day hold on an in-state, Bank of American check is "We need a Manager's approval for a $1012.00 deposited check, and we don't have a Manager this week."
Even I, as a private citizen, can call Bank of America to verify funds on a check, so why they can't is completely beyond me? Do they need a Manager to show them how to use the telephone?

Since they lack even an ordinary person's ability to verify sufficient funds are present in an in-state, Bank of America account, one can only assume that they're using a Magic 8 Ball to decide when you can actually access your deposit?

Of course if you are counting on using the funds you deposited before the next ice age sets in, they wreak total havoc on your bill paying ability by not having anything that even remotely resembles a consistent policy on deposits.

Their attitude about holding funds drawn on an in-state, BoA account for what amounts to a week or two is "Oh well, too bad. We're going let it sit and collect interest for us until we get around to clearing it....and no, there is no Manager for you to talk to."

Their "on-line banking" is even worse. It can take up to a week for the bill you paid on-line to be received by the payee, even if it is an "instant pay" system like Duke Energy's, Direct TV's, etc.

Apparently since Mountain Credit Union does not have a "relationship" with other banks or utilities... Duke Energy, Frontier, Direct TV etc. they wait until they have a large sack of payments from their on-line Banking site, put it on the back of a donkey, stroll it across the mountains while allowing the donkey to graze occasionally, then eventually tie your payment to a rock and throw it on the payee's doorstep as they amble on by.

While the idea of not supporting the "Big Banks" is nice, having a Credit Union randomly sit on both payments and deposits for weeks is completely unacceptable.

It's no wonder the big banks are thriving if all credit unions are as archaic, inconsistent, and bovine slow as Mountain Credit Union. Don't make the mistake of opening an account with'd be better off buying your own donkey.


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 Mountain Credit Union had $561,000 in non-current loans and owned real-estate with $17.11 million in equity and loan loss allowances on hand to cover it. This gives Mountain Credit Union a Texas Ratio of 3.28% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Mountain Credit Union decreased slightly from 4.41% as of March 31, 2013 to 3.28% as of March 31, 2014, resulting in a positive change of 25.63%.This indicates that the balance sheet and financial strength for Mountain Credit Union has improved slightly in recent periods.

Deposit Growth


In the past year, Mountain Credit Union has increased its total deposits by $10.61 million, resulting in 7.91% 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 Mountain 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. Mountain Credit Union has $162.18 million in assets with $17.11 million in equity, resulting in a capitalization level of 10.55%, which is above average.

Institution Statistics

NCUA #68531
Year Chartered1963
Primary Regulator
Assets and Liabilities
Assets$162.18 million
Loans$90.38 million
Deposits$144.80 million
Equity Capital$16.60 million
Loan Loss Allowance$506,000
Unbacked Noncurrent Loans$525,000
Real Estate Owned$36,000
Historic Data - March 2013
Assets$151.97 million
Equity Capital$15.35 million
Loan Loss Allowance$568,000
Unbacked Noncurrent Loans$525,000
Real Estate Owned$156,000
Profit Margin - Quarterly
Net Interest Margin1.39%
Return on Assets0.92%
Return on Equity9.01%
Interest Income$1.51 million

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

Mountain Credit Union Savings Account Rates

1.15%--Traditional IRA Account
1.15%--Roth IRA Account
1.15%--Education IRA Account
1.15%--Health Savings Account
0.20%$125-Regular Savings
0.20%--Christmas Club
0.20%--Special Savings
0.20%--Youth Savings

Mountain Credit Union Money Market Rates

0.40%$25k-Money Maket Account

Mountain Credit Union Checking Account Rates

1.75%-$15kRewards Checking - Qualifyiing
0.10%$125-Regular Checking
0.10%--Student Checking
0.10%$1,500-Business Checking
0.10%$100-Non-Profit Checking
0.05%--Rewards Checking - Non Qualifying

Mountain Credit Union CD Rates

0.50%$2,500-12 Month CD
0.40%$2,500-6 Month CD

Mountain Credit Union Locations
Branch Office38 Maple StWaynesville, NC 28786-5764
Branch Office219 Haywood StAsheville, NC 28801-2618
Branch Office721 N Main StWaynesville, NC 28786-3821
Branch Office375 Sequoyah TrailCherokee, NC 28719
Branch Office5010 Hendersonville RdFletcher, NC 28732-6606
Branch Office746 E Main StFranklin, NC 28734-2674
Branch Office1453 Sand Hill RdCandler, NC 28715
Branch Office30 Highway 107Sylva, NC 28779