Security Service FCU is a large, Texas-based credit that offers its members a wide range of personal and commercial products and services. It also provides home and consumer loans on the lending side of its business.
Its checking accounts range from standard and free, to interest bearing with requirements, to youth-focused accounts that come with a debit card and free checks. Security Service’s basic savings and money market accounts offer unlimited ATM transactions and have low minimum opening balance requirements. Its Club Savings account does not allow for withdrawal due to its higher rate of interest return. CDs and IRA CDs are also available in term lengths from 3 months to 7 years, and one CD account allows for penalty free withdrawals. DepositAccounts.com has recognized security Service in the past for its CD offerings. The credit union also provides access to investment and insurance products through its agents. On it business banking side, it offers many deposit accounts that are similar to its personal products. Security Service FCU also has a rewards program that gives incentives to members to both save and spend.
Security Service FCU online banking was the first credit union in the San Antonio area to implement the feature for its members. It has a network of Security Service ATMs and is also a member of the CO-OP ATM network. Its web-based banking platform provides members with the ability to perform account management functions like bill pay, paperless statements, fund transfers, and ordering checks.
Security Service FCU was chartered in 1956 and is headquartered in San Antonio, Texas. It was originally organized to serve the needs of members of the U.S. Air Force Security Service and has since expanded its membership after acquiring dozens of credit unions over the years. The credit union offers scholarship opportunities to local high school students as it seeks to provide a community-oriented atmosphere among its members.
The eligibility requirements differ based on your whether you are in Colorado, Texas or Utah. Please see credit union site for specific details. - See Details
Let's see, so I'm in the military and needed a release of lien to ship my vehicle from Texas to Hawaii. It wasn't leaving the United States, it was just leaving the continental US. I called security service, they said all I had to do was send an email summing up what I needed done to an email address they provided and I'd be good to go, and should receive the letter within 3-5 business days. I did as they said and waited. I called on the 6th business day asking what the heck. After almost an hour on hold, I talked to some lady who said that they would not give me the letter because I owed $990 in overdraft fees. I asked when did these fees occur because I had been paying my car on time, and been making double payments, for the last 2 years, and this is the first I hear of it. She says that the overdrafts were from 2 years prior, and she's not sure why they didn't show up before, and that I needed to pay the $990 before they would let me ship my car. Mind you, the loan I have on my car is current and has NOTHING to do with the $990. I'm now 3 business days away from flying out and I have to pull $990 out of thin air to do this. I ask for a payment plan, a deferement, something to help me. They pretty much said too bad, so sad. I had to take out a loan through another bank to get this paid off. I had no issue paying the overdraft fees. But they should have something alot sooner, like whenever the overdrafts were about to get charged off, not 72 hours before I hop on a plane across the ocean. The worst part was that they were totally unwilling to work with me in any way. It was their way or the highway. Period.
Next issue: Called on a Monday to get a wire transfer done, after 20 minutes on hold and being transferred to 2 people in the call center, I was fit transferred to the wire department. I was on hold another 20 minutes, so I called from my wife's phone and after 10 minutes on hold, talked to someone else in the call center who transferred me to yet another person in the call center. She informed me that the wire transfer department went home early today because it was New Years Eve, and they wouldn't be back till Wednesday, and theyre open from 8-5 central time. Outstanding (sarcasm). Called back Wednesday, approximately 2pm central time. Again, the half an hour wait, the transferring between call center people, and then was told that again, the wire transfer department had gone home early, so call back tomorrow. I asked for the direct number to the department to call them the next day, and they provide it to me, or that's what they tell me the number is to. I called at 8:05am, and the number they gave me was disconnected. I called the call center and spoke with a woman who was transferring me to the wire department, was in hold for 5 minutes, not sure how considering they had JUST opened. But, yet another call center person picked up, and she transferred me to the wire department, and I dealt with a lady who sounded like she had just woken up and hated her job. I'm so glad I'm leaving this institution. I traded in my car and got a new auto loan with a new bank just to get away from these people.Their customer service is the worst I've ever experienced in my entire LIFE. If you're military, avoid this bank at all costs and go with USAA!!! And if you're not military, go with ANYONE else but this institution.
For all potential and current SSFCU customers:
My wife and I have been banking here for 4 years using it to store some of our savings and a car loan. Someone was able to walk into the bank with a fake ID that had my name on it, go to two branches in the same day at least 4-5 times, and pull out tens of thousands of dollars. Nevermind that my wife and I have never visited any of the branches where our money was pulled out or that we only ever deposit money at the lone tree location, or that we were never alerted over the one week period this person pulled out money (were heading out for vacation and discovered this the day after we returned home) - until that is one alert employee thought the person's id looked fake.
SSFCU security protocols are a joke. ANYONE who knows you bank there can walk in with a fake id and steal your money. At Wells Fargo, Chase, or any other real bank you have to provide substantial amounts of very specific info to pull out any money. In the age of continuous security breaches, identify theft, etc... SSFCU's lack of meaningful protections for our money is grossly negligent and the height of stupidity. We will not be customers much longer...
Please be wary when obtaining a car loan from SSFCU. The staff are polite on the phone and seem helpful but there is a major disconnect between the front line and back office processing. I paid off my car loan 45-days ago at which time I called and inquired about when I would receive the title to my vehicle. I was told 10-14 business days unless I wanted to pay for expedited processing/shipping. I declined the expedited service as that was a sufficient time frame. After two weeks of not receiving my title I called once again just to verify that it had been sent - and was told that the request had been processed and I should be receiving the title any day. Two weeks later (one month after paying off my car loan) I called to check on the status and was told that it actually hadn't been sent but that they would expedite the process for me. I've now made 4 phone calls, spent nearly an hour on the phone while different departments search for my title and get no reassurance from anyone that I will get my title any time soon. I don't live in the area and feel completely helpless that SSFCU will follow through with anything they say as each time I call they tell me it has not been sent. Save yourself a nightmare on the back end, especially if you're selling a vehicle as the title will take forever to get transferred to a new owner. The people are friendly, but after a while it becomes blatantly obvious that once the conversation ends the service is totally out the window and you (consumer) will suffer. Sorry, but it's been terribly frustrating experience that I would never sign up for again.
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 Security Service Federal Credit Union had $52.66 million in non-current loans and owned real-estate with $709.67 million in equity and loan loss allowances on hand to cover it. This gives Security Service Federal Credit Union a Texas Ratio of 7.42% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Security Service Federal Credit Union decreased slightly from 8.35% as of March 31, 2013 to 7.42% as of March 31, 2014, resulting in a positive change of 11.16%.This indicates that the balance sheet and financial strength for Security Service Federal Credit Union has improved slightly in recent periods.
In the past year, Security Service Federal Credit Union has increased its total deposits by $466.68 million, resulting in 7.44% 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 Security Service 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. Security Service Federal Credit Union has $7.98 billion in assets with $709.67 million in equity, resulting in a capitalization level of 8.90%, which is average.
|Assets and Liabilities|
|Equity Capital||$651.92 million|
|Loan Loss Allowance||$57.75 million|
|Unbacked Noncurrent Loans||$46.03 million|
|Real Estate Owned||$6.63 million|
|Historic Data - March 2013|
|Equity Capital||$600.68 million|
|Loan Loss Allowance||$74.31 million|
|Unbacked Noncurrent Loans||$46.03 million|
|Real Estate Owned||$5.64 million|
|Profit Margin - Quarterly|
|Net Interest Margin||0.68%|
|Return on Assets||1.02%|
|Return on Equity||12.48%|
|Interest Income||$70.11 million|
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|0.45%||-||-||Variable Rate IRA Savings|
|0.45%||-||-||Variable Rate Roth IRA Savings|
|0.45%||-||-||Variable Rate CESA Savings|
|0.10%||-||-||Youth Savings Account|
|0.45%||$25k||-||Money Market Account|
|2.50%||$100k||-||7 Year CD|
|2.35%||$100k||-||5 Year CD|
|1.35%||$100k||-||3 Year CD|
|1.15%||$100k||-||2 Year CD|
|0.80%||$100k||-||1 Year CD|
|0.65%||$100k||-||1 Year Future Builder CD|
|0.60%||$100k||-||6 Month CD|
|0.40%||$100k||-||3 Month CD|
|2.50%||$100k||-||7 Year IRA|
|2.35%||$100k||-||5 Year IRA|
|1.35%||$100k||-||3 Year IRA|
|1.15%||$100k||-||2 Year IRA|
|1.15%||$100k||-||2 Year Roth IRA|
|0.80%||$100k||-||1 Year IRA|
|0.65%||$100k||-||1 Year Future Builder IRA|
|0.60%||$100k||-||6 Month IRA|
|0.40%||$100k||-||3 Month IRA|