1 star ratingAverage User Rating:
1 star rating based on 9 reviews.

PrimeWay Federal Credit Union

PrimeWay Federal Credit Union Locations
3303 Main St
Houston, TX 77052
713-799-6200
www.primewayfcu.com

NCUA


PrimeWay Federal Credit Union is headquartered in Houston and is the 41st largest credit union in the state of Texas. It is also the 498th largest credit union in the nation. It was established in 1937 and as of December of 2012, it had grown to 129 employees and 50,233 members. PrimeWay Federal Credit Union has a 4-star health rating.

Related Posts

2.50% 5-Year CD At Primeway Federal Credit Union In Houston (Forum) - 10/26/2010

PrimeWay's 5-year CD is fairly competitive with a 2.50% APY as of 10/26/2010. Rates on the shorter terms are much less competitive. According to the disclosure, the early withdrawal penalty is 180 days of interest for the terms over 1 year. From the cre

3.80% 60-Month CD Continues at PrimeWay Federal Credit Union in Houston - Local Only - 11/30/2009

PrimeWay Federal Credit Union continues to offer two competitive long-term certificate rates: 3.80% APY for a 5-year term and 3.29% APY for a 4-year term. Minimum deposit is $500. These are also available in an IRA certificate. Elite and Premier Checking...

3.80% 60-Month CD at PrimeWay Federal Credit Union in Houston - Local Only - 9/25/2009

PrimeWay Federal Credit Union is offering two competitive long-term certificate rates: 3.80% APY for a 5-year term and 3.29% APY for a 4-year term. Minimum deposit is $500. These are also available in an IRA certificate. Elite and Premier Checking...

4.32% 6-Month CD at PrimeWay FCU in Houston - 11/10/2008

Update 12/08/08: This CD special seems to have ended early. It's no longer listed at the credit union's website.PrimeWay Federal Credit Union is offering a promotion with two competitive share certificates: 4.32% APY for a 6-month term and 4.06% APY for...

2008




See Rates for: Checking | Savings | Money Market | CD | IRA

PrimeWay Federal Credit Union Checking Account Rates

ApyMinMaxProduct
0.05%$1k-Premier Checking Share Draft
0.05%--Elite Checking Share Draft

PrimeWay Federal Credit Union Savings Account Rates

ApyMinMaxProduct
0.30%--Tax Advantaged Savings IRA
0.30%--Tax Advantaged Savings Roth IRA
0.30%--Tax Advantaged Savings CESA
0.05%$100-Primary Shares
0.05%$100-Christmas Club

PrimeWay Federal Credit Union Money Market Rates

ApyMinMaxProduct
0.30%$75k-Money Market Account

PrimeWay Federal Credit Union CD Rates

ApyMinMaxProduct
1.00%$500-60 Month Share Certificate
0.75%$500-48 Month Share Certificate
0.50%$500-36 Month Share Certificate
0.35%$500-24 Month Share Certificate
0.35%$75k-12 Month Share Certificate Jumbo
0.25%$500$75k12 Month Share Certificate
0.25%$75k-6 Month Share Certificate Jumbo
0.25%$250-12 Month Youth Club Certificate
0.15%$500$75k6 Month Share Certificate

PrimeWay Federal Credit Union IRA Rates

ApyMinMaxProduct
1.00%$500-60 Month IRA Share Certificate
1.00%$500-60 Month Roth IRA Share Certificate
1.00%$500-60 Month CESA Share Certificate
0.75%$500-48 Month IRA Share Certificate
0.75%$500-48 Month Roth IRA Share Certificate
0.75%$500-48 Month CESA Share Certificate
0.50%$500-36 Month IRA Share Certificate
0.50%$500-36 Month Roth IRA Share Certificate
0.50%$500-36 Month CESA Share Certificate
0.35%$500-24 Month IRA Share Certificate
0.35%$75k-12 Month IRA Share Certificate Jumbo
0.35%$75k-12 Month Roth IRA Share Certificate Jumbo
0.35%$500-24 Month Roth IRA Share Certificate
0.35%$75k-12 Month CESA Share Certificate Jumbo
0.35%$500-24 Month CESA Share Certificate
0.25%$500$75k12 Month IRA Share Certificate
0.25%$75k-6 Month IRA Share Certificate Jumbo
0.25%$75k-6 Month Roth IRA Share Certificate Jumbo
0.25%$500$75k12 Month Roth IRA Share Certificate
0.25%$75k-6 Month CESA Share Certificate Jumbo
0.25%$500$75k12 Month CESA Share Certificate
0.15%$500$75k6 Month IRA Share Certificate
0.15%$500$75k6 Month Roth IRA Share Certificate
0.15%$500$75k6 Month CESA Share Certificate

Rates updated: 5/16/2013

Data for Q4 2012


Institution Statistics


PRIMEWAY
NCUA #2131
BankRate ReportView
Year Chartered1937
Employees129
Primary Regulator

Assets and Liabilities

Assets$417.76 million
Loans$229.45 million
Deposits$385.28 million
Equity Capital$27.87 million
Loan Loss Allowance$2.07 million
Unbacked Noncurrent Loans$2.80 million
Real Estate Owned$863,000

Historic Data - December 2011

Assets$398.37 million
Equity Capital$30.11 million
Loan Loss Allowance$2.76 million
Unbacked Noncurrent Loans$6.05 million
Real Estate Owned$886,000

Profit Margin - Quarterly

Net Interest Margin4.74%
Return on Assets-0.13%
Return on Equity-1.88%
Interest Income$15.38 million
Non-Interest Income$9.67 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio4
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, 2012 PrimeWay Federal Credit Union had $3.66 million in non-current loans and owned real-estate with $29.94 million in equity and loan loss allowances on hand to cover it. This gives PrimeWay Federal Credit Union a Texas Ratio of 12.24% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend5
The Texas Ratio for PrimeWay Federal Credit Union decreased significantly from 21.09% as of December 31, 2011 to 12.24% as of December 31, 2012, resulting in a positive change of 41.96%.This indicates that the balance sheet and financial strength for PrimeWay Federal Credit Union has improved significantly in recent periods.
Deposit Growth5
In the past year, PrimeWay Federal Credit Union has increased its total deposits by $22.26 million, resulting in 6.13% 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 PrimeWay Federal Credit Union has shown is excellent.
Capitalization2
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. PrimeWay Federal Credit Union has $417.76 million in assets with $29.94 million in equity, resulting in a capitalization level of 7.17%, which is below average.
Write Review

This Place Is A Joke!
1 stars - kaylap87 - Friday, May 4, 2012 - 10:56 AM

If I could rate this zero stars I would. My husband was member of Texas One for MANY years.. and then Primeway bought them out. We never really had any problems with Texas One. He had a truck financed through them and paid off the truck over 2 years ago. When Primeway took over, they are now reporting on our credit EVERY QUARTER that we are OVER 120 DAYS LATE. Excuse me, but please enlighten me on how we are late on something that has been paid off for two years. Ontop of that, since we are "delinquent" on an account that is paid off, we are not able to use our account to make any purchases. ABSOLUTELY RIDICULOUS. We have repeatedly talked to people about this issue and every time we get the same old "oh my gosh we are so sorry we will take care of this immediately" and then by the time the next quarterly update comes in its the same BS. Definitely closing our account down with them and will NEVER go back to them again. Primeway is a joke.

8

Idiots!!!!!!!!!!!!
1 stars - Dutchy - Monday, June 4, 2012 - 3:42 PM

Having been a customer with Cameron Credit Union, then Texas One and now Primeway for 28 yrs. consecutively  I will be running as fast as I can from this bunch of IDIOTS. I was a victim of a purse theft. Without going into laborious detail the bank has now victimized me again by not shutting my account down immediately. I am now left with trying to submit fraud charges to Telecheck and the police because the theives have been writing $2500.00 checks on my account! Any other institution would have taken immediate action but the branch manager couldn't be bothered to meet with me in person ( I was told she was indeed in the building). This is not the way I expect my money and myself to be treated. They have broken a trust.

6

Check Your New Debit Card BEFORE You Leave The Credit Union
1 stars - BHarris - Thursday, July 5, 2012 - 1:51 PM

Make sure you tell the credit union to activate your debit card by phone on their end before you leave the credit union.  Stand there and watch them do it.  Otherwise you will send your college student living in a different city where there is NO PW credit union a worthless debit card. 

They will need to get through a weekend with $10 cash, no gas in their car, and no campus cafeterias open to eat.  They will be forced to borrow money from other college students who also have NO MONEY...and hope that someone will kindly feed them.    And to rub salt in the wounds PW refused to overnight a fully activated debit card to my son. Why?  they don't send debit cards to a PO box. Okay - I get that however I am a long time customer, I eat lunch with the credit union president - they knew my son was away at school.  When a student lives on campus in a dorm they will NEVER have a street address.   

5

Never Have An Account Or Policy With Primeway
1 stars - outragedtexan - Wednesday, June 20, 2012 - 11:25 AM

First off I have had a auto loan since 2008 and now all of a sudden Primeway wants to try to repo my vehicle. I have made all of my payments on time and the only problem on my part is having liability insurance. So they take it upon themselves to start charging me an extra $1000 a year to my account to pay for their insurance that does not even cover me. Ever since Primeway has taken over my auto loan I have had nothing but problems. If you ever get a chance to have another company deal with your account or loan take that offer immediately and stay far away from this crappy company. This place is the biggest joke I have ever come across. I will never do business with these people again.

4

Deceptive Holds On Checking Account Cause Fees.
1 stars - pissedofftexan - Wednesday, May 16, 2012 - 11:57 AM

I have been a member of Primeway for several years.  Always kept my loans and accounts in good standing.  Things recently have been a little tight.  A hold on some transactions in your checking account will cause an over draft fee, even when your balance shows positive.  The algorithm they use to run the accounts and withdrawals and fees, in my opinion is very deceptive, and is to benefit the credit union to make money off of fees.

4

They Dont Help You!!
1 stars - Dmtiki - Wednesday, July 11, 2012 - 6:42 PM

After being withTexas One CU for 9 yrs I was informed they will become PrimewayCU. I hated this news and predicted headache in the future. Sure of enough I was right. First thing they did was removed the $750 courtesy pay feature (this is AFTER I opted-IN due to the new overdraft law) I had with TexasOne for years which I probably used once or twice & immediately paid back.  They said denied due to checking account inactivity. Also, I had an auto loan which converted with Primeway which I had no problem with skip a payment option being approved thru Texas One before. Soon after the merge I requested a deferment of payment on my loan due to financial difficulties and was denied. They stated they had different requirements/guidelines from TexasOne and that I have maxed out on deferments. So I then requested my payment history from the initiation of my loan because I felt like it was a discrepancy . The rep said she will call me back with results. I never got a call so I called back in a week. Another rep said she will mail or I pick up at local branch because records are archived. (They didnt have access to old records at TexasOne). It took almost 4 wks before I got records in the mail and it still didnt include all years of payment history. At this point I was frustrated & just continued to make my payments as scheduled & could not wait till I was done. Now my loan is paid in full & they no longer have me as a customer and will not be referred to because they didnt help me when I needed them & bad service, regardless of the fact I had good checking/payment history all those years. I miss Texas One  :(

3

Close Your Account When Your Finished!!
2 stars - cowgirlcory - Monday, December 12, 2011 - 2:07 PM

I financed my car through PW and everything was fine. Once my car was paid off, they would send me statements about how much was in my acct, $39 and some change. I called them to ask where it came from. Apparently, they put $25 in your account to keep it open throughout your loan, the difference was interest. They take back the $25 when you close. I thought I would leave it open to accrue interest insted of getting a check for $14. Now, almost a year later, they take out $10/mo for a 'non active' fee, then another $4 for a 'below $25' fee! When I tried to call and have them close it, they told me to fax the request, so i did. A month later (yesterday), another statement with the above deducted. I called again today, ready to raise heck, but the service lady was nice and said 'no problem, we will close your acct'. Lets see what next month brings...

3

Stauy Away From This Place!!!!
1 stars - a_rowghani - Tuesday, August 9, 2011 - 10:27 AM

My loan was taken over by Prime Way and ever since the customer service is absolutely atrosious!! In the 4 1/2 years ive been paying my loan, I have NEVER been late!!! NOT 1 SINGLE LATE PAYMENT!!! After I lost my job, I was unable to make payments fo a few months. Once I got back on my feet, I was told that they could not waive 1 late fee from my acct. Now I know it is my responsibility to make my payments on time but geezzz!!! Over 55 on time payments and couldnt get 1 single fee waived!! These guys care more about there $22 fee than a lifetime repeat customer!! Once my loan is complete in the next few months, I will NEVER use them or refer anyone to them again!! I would advise anyone thinking of acquiring a loan with them to seriously weigh your options because theyre Customer Service is the poorest Ive ever seen!

3

Customer Service Rep Buffy
1 stars - customerservrep - Monday, April 15, 2013 - 5:05 PM

spoke with buffy today the rudest rep i have spoken in the time of being with the company since i was 19 open when i was with prucare clinic..ask her for my balance she gave to me after after being asked if kept a check register advised do not it for personal reasons. advised could go online andvise her if she knew gov. had access to computers..i then ask for super and she advised none available advised wld hold she advised not on her online i advise her i was a customer serv rep and had been for over 30yr she then hung up. i cld back and was thrown back in to the que (call system..she cld back and advised sorry call drop advise i cld tell drop call vs disconnect she then dropped me into her supervisor mail box..she did not ever give operator #  and i was advised that she was only buffy there   well thank god and i'll see if supervisor has any customer service skills

1