3 star ratingAverage User Rating:
3 star rating based on 5 reviews.

Southwest Airlines Federal Credit Union

Southwest Airlines Federal Credit Union Locations
2430 Shorecrest Dr
Dallas, TX 75235
(214) 357-5577
www.swacu.org

NCUA


Southwest Airlines Federal Credit Union is headquartered in Dallas and is the 62nd largest credit union in the state of Texas. It is also the 721st largest credit union in the nation. It was established in 1975 and as of December of 2012, it had grown to 85 employees and 37,510 members. Southwest Airlines Federal Credit Union's savings rates are 92% higher than the national average, and it boasts a 5-star health rating.

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

Southwest Airlines Federal Credit Union Checking Account Rates

ApyMinMaxProduct
4.00%-$25kLUV Reward Checking
0.50%--Checking

Southwest Airlines Federal Credit Union Savings Account Rates

ApyMinMaxProduct
1.00%--IRA Savings
1.00%--Roth IRA Savings
1.00%--CESA Savings
0.25%--Regular Savings

Southwest Airlines Federal Credit Union Money Market Rates

ApyMinMaxProduct
0.40%$50k-LUV Fund (Money Market)

Southwest Airlines Federal Credit Union CD Rates

ApyMinMaxProduct
1.74%$75k-48 Month Mega Jumbo CD
1.69%$25k$75k48 Month Jumbo CD
1.59%$1k$25k48 Month CD
1.54%$75k-36 Month Mega Jumbo CD
1.49%$25k$75k36 Month Jumbo CD
1.39%$1k$25k36 Month CD
1.24%$75k-24 Month Mega Jumbo CD
1.24%$75k-30 Month Mega Jumbo CD
1.19%$25k$75k24 Month Jumbo CD
1.19%$25k$75k30 Month Jumbo CD
1.15%$1k$25k24 Month CD
1.15%$1k$25k30 Month CD
1.00%$75k-12 Month Mega Jumbo CD
1.00%$75k-18 Month Mega Jumbo CD
0.95%$25k$75k12 Month Jumbo CD
0.95%$25k$75k18 Month Jumbo CD
0.85%$1k$25k12 Month CD
0.85%$1k$25k18 Month CD
0.65%$75k-6 Month Mega Jumbo CD
0.60%$25k$75k6 Month Jumbo CD
0.55%$1k$25k6 Month CD

Southwest Airlines Federal Credit Union IRA Rates

ApyMinMaxProduct
1.74%$75k-48 Month Mega Jumbo IRA
1.74%$75k-48 Month Mega Jumbo Roth IRA
1.74%$75k-48 Month Mega Jumbo CESA
1.69%$25k$75k48 Month Jumbo IRA
1.69%$25k$75k48 Month Jumbo Roth IRA
1.69%$25k$75k48 Month Jumbo CESA
1.59%$1k$25k48 Month IRA
1.59%$1k$25k48 Month Roth IRA
1.59%$1k$25k48 Month CESA
1.54%$75k-36 Month Mega Jumbo IRA
1.54%$75k-36 Month Mega Jumbo Roth IRA
1.54%$75k-36 Month Mega Jumbo CESA
1.49%$25k$75k36 Month Jumbo IRA
1.49%$25k$75k36 Month Jumbo Roth IRA
1.49%$25k$75k36 Month Jumbo CESA
1.39%$1k$25k36 Month IRA
1.39%$1k$25k36 Month Roth IRA
1.39%$1k$25k36 Month CESA
1.24%$75k-24 Month Mega Jumbo IRA
1.24%$75k-30 Month Mega Jumbo IRA
1.24%$75k-24 Month Mega Jumbo Roth IRA
1.24%$75k-30 Month Mega Jumbo Roth IRA
1.24%$75k-24 Month Mega Jumbo CESA
1.24%$75k-30 Month Mega Jumbo CESA
1.19%$25k$75k24 Month Jumbo IRA
1.19%$25k$75k30 Month Jumbo IRA
1.19%$25k$75k24 Month Jumbo Roth IRA
1.19%$25k$75k30 Month Jumbo Roth IRA
1.19%$25k$75k24 Month Jumbo CESA
1.19%$25k$75k30 Month Jumbo CESA
1.15%$1k$25k24 Month IRA
1.15%$1k$25k30 Month IRA
1.15%$1k$25k24 Month Roth IRA
1.15%$1k$25k30 Month Roth IRA
1.15%$1k$25k24 Month CESA
1.15%$1k$25k30 Month CESA
1.00%$75k-12 Month Mega Jumbo IRA
1.00%$75k-18 Month Mega Jumbo IRA
1.00%$75k-12 Month Mega Jumbo Roth IRA
1.00%$75k-18 Month Mega Jumbo Roth IRA
1.00%$75k-12 Month Mega Jumbo CESA
1.00%$75k-18 Month Mega Jumbo CESA
0.95%$25k$75k12 Month Jumbo IRA
0.95%$25k$75k18 Month Jumbo IRA
0.95%$25k$75k12 Month Jumbo Roth IRA
0.95%$25k$75k18 Month Jumbo Roth IRA
0.95%$25k$75k12 Month Jumbo CESA
0.95%$25k$75k18 Month Jumbo CESA
0.85%$1k$25k12 Month IRA
0.85%$1k$25k18 Month IRA
0.85%$1k$25k12 Month Roth IRA
0.85%$1k$25k18 Month Roth IRA
0.85%$1k$25k12 Month CESA
0.85%$1k$25k18 Month CESA
0.65%$75k-6 Month Mega Jumbo IRA
0.65%$75k-6 Month Mega Jumbo Roth IRA
0.65%$75k-6 Month Mega Jumbo CESA
0.60%$25k$75k6 Month Jumbo IRA
0.60%$25k$75k6 Month Jumbo Roth IRA
0.60%$25k$75k6 Month Jumbo CESA
0.55%$1k$25k6 Month IRA
0.55%$1k$25k6 Month Roth IRA
0.55%$1k$25k6 Month CESA

Rates updated: 5/19/2013

Data for Q4 2012


Institution Statistics


SOUTHWEST AIRLINES
NCUA #22157
BankRate ReportView
Year Chartered1975
Employees85
Primary Regulator

Assets and Liabilities

Assets$268.55 million
Loans$178.71 million
Deposits$230.75 million
Equity Capital$34.96 million
Loan Loss Allowance$1.78 million
Unbacked Noncurrent Loans$963,000

Historic Data - December 2011

Assets$228.66 million
Equity Capital$32.49 million
Loan Loss Allowance$2.32 million
Unbacked Noncurrent Loans$581,000

Profit Margin - Quarterly

Net Interest Margin5.4%
Return on Assets1.36%
Return on Equity10.47%
Interest Income$12.61 million
Non-Interest Income$5.93 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio5
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 Southwest Airlines Federal Credit Union had $963,000 in non-current loans and owned real-estate with $36.74 million in equity and loan loss allowances on hand to cover it. This gives Southwest Airlines Federal Credit Union a Texas Ratio of 2.62% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Southwest Airlines Federal Credit Union held steady from 1.67% as of December 31, 2011 to 2.62% as of December 31, 2012, resulting in a negative change of 57.03%. This indicates that the balance sheet and financial strength for Southwest Airlines Federal Credit Union has held steady in recent periods.
Deposit Growth5
In the past year, Southwest Airlines Federal Credit Union has increased its total deposits by $37.57 million, resulting in 19.45% 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 Southwest Airlines Federal Credit Union has shown is excellent.
Capitalization5
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. Southwest Airlines Federal Credit Union has $268.55 million in assets with $36.74 million in equity, resulting in a capitalization level of 13.68%, which is excellent.
Write Review

Worst Credit Union
1 stars - timkostyk - Saturday, February 5, 2011 - 3:47 PM

In the three weeks since I have openned checking accounts with Southwest Airlines Credit Union I have had every conceivable error and issue occur. 1st they some how goofed up my Debit card orders and actually didn't even order pin numbers for half of the debit cards.  Next they goofed up the ordering of checks.  Both the checks and debit card orders had to be cancelled and reordered. This next part you will really like. Unless you go directly to the actual credit union you can not deposit a check in person. Now imagine the credit union branch doesn't even have a ATM and they are not open on the weekend. I have had accounts in credit unions before, this one is the worst.

4

Getting Increasingly Frustrated With This Company.
2 stars - tiffers22 - Friday, September 30, 2011 - 5:44 PM

When we began banking with Southwest Airlines Federal Credit Union, we loved them -the service was great -we were happy to be out of an actual bank and with a credit union.  

Then we went to Mexico... I called prior to our departure to tell them that we were going to Mexico, this way we would not have any issues using our debit cards.  The said it would not be a problem.  However, when we arrived in Mexico, our cards would not work.  When I called, they informed me that our cards would never work outside the country because of the increased fraud risk.  Understandable, but if we had known this prior to our departure, it would have been helpful.

Today, our debit cards expire and we have not received new ones.  Somewhat my fault for not calling earlier to address this situation, but I kept thinking they were on their way.  I called this morning to see what the ETA might be and was informed they were sent on August 15 and must be lost in the mail.  I immediately asked for those cards to be cancelled and reissued.  They said it would take up to 10 days to get the cards, not happy with that response, we called back asking if there was anything additional that could be done, we were informed there was not and that there was no supervisor who could help us.  We called a different branch and they said they would reissue the cards and they would send them overnight.  What they failed to tell us this time was that the cards we currently have would be de-activated immediately.  This was a huge inconvenience since we are going into the weekend with no cash and now unable to get cash since we do not live in a city where a branch exists.

Overall, I am highly disappointed in the fact that in two instances they have failed to give us all the information we needed.  It’s even more disappointing that they have the name Southwest Airlines in their title since some of the best customer service I have ever received has been with that airline!

2

Best Credit Union
5 stars - creditunionfan - Wednesday, March 9, 2011 - 10:44 AM

I think Southwest Airlines Credit Union is great and I love this checking account! I have been a member of 5 different credit unions and this one is by far the best. The employees are really helpful and care about the members.

2

Southwest Is OK
4 stars - csmith777 - Friday, November 9, 2012 - 8:54 PM

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1

This Bank Is In The Stone Ages
2 stars - JustMe - Tuesday, November 15, 2011 - 10:40 AM

I called to find out how to change my debit card pin because I didn't want the one they sent. They said I had to come into the branch to have an employee change it so I went in the next day. The teller said there are only two employees who can change the pin numbers and they're both out for the day but if I left the new pin with him, he would make sure it was changed by 10:00am the next day. Two weeks later, it still wasn't changed so I called and told the person who answered the phone of the problem. She said she could change the pin right away so to give her the new pin. I gave it to her and she said, "Oh, it looks like both of the ladies who can change it are away from their desks, I'll have them change it and give you a call back." Did she not just tell me that SHE could change it right away?

I got a call the next day that it has been changed so now I have to do something about this issue since I don't feel it's appropriate for all of these people to have my pin, and to change it, I still have to give it to a branch employee. I guess they never heard of that new fangled machine where account holders enter their SECRET pin.

Also, this credit union doesn't have an ATM machine and is not open on weekends. They have a slot to drop transactions into, but when I make a transaction, I don't want to drop it in a slot. I give it two stars because they still have 4% for rewards checking.

ETA: I almost forgot, in order to use their free billpay, you have to agree to: " Bill Pay service is FREE as long as it is used to make bill payments, however, if you do not make a minimum of four bill payments each month after sixty (60) consecutive calendar days your Bill Payment access will be removed." It would be nice to be able to pay one or two bills as needed.

1