New Mexico Educators Credit Union is headquartered in ALBUQUERQUE and is the 2nd largest credit union in the state of New Mexico. It is also the 128th largest credit union in the nation. It was established in 1936 and as of December of 2013, it had grown to 330 employees and 140,240 members. New Mexico Educators Credit Union has a A health rating.
Anyone who lives, works, worships or attends school in Socorro, Taos or Valencia counties can join. Membership is also open to employees of various firms; students of various schools; and members of and volunteers for various organization that are in various parts of New Mexico. See our website for full details. - See Details
Bank puts layers of employees between customers and decision making managers. Specific issues with NMEFCU over one year of banking:
- Charged overdraft fees twice when account was not overdrawn. Bank refused to reverse charges.
- Fradulent charges on Visa debit card - Bank refunded one charge but not a second identical charge. Card services manager makes decisions based on her opinion rather than Visa or bank policies.
- Another customer's deposits of $4,000 was put in my checking and saving accounts. For some reason I stuck on the phone with the bank and on hold for 45 minutes trying to resolve the issue and convince them it was someone else's money.
- Branch and service managers have poor and even rude customer service attitudes. I've felt humiliated and degraded repeatedly when working with NM Educators Federal Credit Union.
In summary: I was very excited to swtich from a big bank to a local credit union. However, I don't feel like I have a voice with the bank or my money is safe. Oddly enough, I felt safer with the big bank. Am switching to US New Mexico Federal Credit Union - my friends are giving it good reviews.
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 New Mexico Educators Credit Union had $7.91 million in non-current loans and owned real-estate with $154.83 million in equity and loan loss allowances on hand to cover it. This gives New Mexico Educators Credit Union a Texas Ratio of 5.11% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for New Mexico Educators Credit Union experienced no significant changes from 5.04% as of December 31, 2012 to 5.11% as of December 31, 2013, resulting in a negative change of 1.35%. This indicates that the balance sheet and financial strength for New Mexico Educators Credit Union has had no significant changes in recent periods.
In the past year, New Mexico Educators Credit Union has increased its total deposits by $127.7 million, resulting in 11.42% 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 New Mexico Educators 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. New Mexico Educators Credit Union has $1.43 billion in assets with $154.83 million in equity, resulting in a capitalization level of 10.86%, which is above average.
|Assets and Liabilities|
|Equity Capital||$149.13 million|
|Loan Loss Allowance||$5.69 million|
|Unbacked Noncurrent Loans||$6.25 million|
|Real Estate Owned||$1.66 million|
|Historic Data - December 2012|
|Equity Capital||$128.54 million|
|Loan Loss Allowance||$5.12 million|
|Unbacked Noncurrent Loans||$6.25 million|
|Real Estate Owned||$1.82 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.74%|
|Return on Assets||0.84%|
|Return on Equity||8.03%|
|Interest Income||$43.01 million|
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|0.35%||-||-||Roth IRA Share|
|0.20%||$25k||-||Money Market Account|
|1.60%||$25k||-||60 Month Share Certificate|
|1.20%||$25k||-||48 Month Share Certificate|
|1.00%||$25k||-||36 Month Share Certificate|
|0.85%||$1k||-||36 Month Bump Rate Share Certificate|
|0.50%||$1k||-||24 Month Share Certificate|
|0.45%||$1k||-||18 Month Bump Rate Share Certificate|
|0.35%||$1k||-||12 Month Share Certificate|
|0.20%||$1k||-||6 Month Share Certificate|
|0.15%||$1k||-||3 Month Share Certificate|
|1.60%||$25k||-||60 Month IRA (Traditional,Roth,CESA)|
|1.20%||$25k||-||48 Month IRA (Traditional,Roth,CESA)|
|1.00%||$25k||-||36 Month IRA (Traditional,Roth,CESA)|
|0.85%||$500||-||36 Month Bump Rate IRA (Traditional,Roth,CESA)|
|0.50%||$500||-||24 Month IRA (Traditional,Roth,CESA)|
|0.45%||$500||-||18 Month Bump Rate IRA (Traditional,Roth,CESA)|
|0.35%||$500||-||12 Month IRA (Traditional,Roth,CESA)|
|0.20%||$500||-||6 Month IRA (Traditional,Roth,CESA)|
|0.15%||$500||-||3 Month IRA (Traditional,Roth,CESA)|