Southwest Airlines Federal Credit Union is headquartered in Dallas and is the 57th largest credit union in the state of Texas. It is also the 673rd largest credit union in the nation. It was established in 1975 and as of December of 2013, it had grown to 83 employees and 39,583 members. Southwest Airlines Federal Credit Union's savings rates are 92% higher than the national average, and it boasts a A+ health rating.
There are two ways to become a member: through your employer or through a family member. Southwest Airlines Federal Credit Union has over 150 Select Employee Groups (SEG) that offer credit union membership eligibility to their employees and members. You can also be eligible via immediate family. This includes spouses, brothers/sisters, parents, grandparents, children, and grandchildren. Membership requires a minimum balance of $5 in the share savings account. - See Details
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.
The only reason for the one star is for the rewards checking with 4% int. The customer service is marginal at best. They make mistake after mistake when handling new accounts. There home website even hides contact phone numbers, I guess so you wont call them. Three times we notified swacu that we would be traveling out of country and using our debit card only to have it denied. Worst financial institution I've ever had. But like I said where else can you get 4%.
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!
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.
They told me when i get a secured credit card to rebuild my credit history. But I found out they don't report it unless I default or fail to pay. rebuild you credit?? how does this work in my favor??
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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.
This place could be so good, but they mess it up with inconsistency in policies and service.
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 Southwest Airlines Federal Credit Union had $1.02 million in non-current loans and owned real-estate with $41.18 million in equity and loan loss allowances on hand to cover it. This gives Southwest Airlines Federal Credit Union a Texas Ratio of 2.49% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Southwest Airlines Federal Credit Union experienced no significant changes from 2.62% as of December 31, 2012 to 2.49% as of December 31, 2013, resulting in a positive change of 5.13%.This indicates that the balance sheet and financial strength for Southwest Airlines Federal Credit Union has had no significant changes in recent periods.
In the past year, Southwest Airlines Federal Credit Union has increased its total deposits by $33.46 million, resulting in 14.5% 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.
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 $307.12 million in assets with $41.18 million in equity, resulting in a capitalization level of 13.41%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$39.57 million|
|Loan Loss Allowance||$1.62 million|
|Unbacked Noncurrent Loans||$884,000|
|Real Estate Owned||$140,000|
|Historic Data - December 2012|
|Equity Capital||$34.96 million|
|Loan Loss Allowance||$1.78 million|
|Unbacked Noncurrent Loans||$884,000|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||5.36%|
|Return on Assets||1.35%|
|Return on Equity||10.46%|
|Interest Income||$14.14 million|
Always verify rates and promotions with the bank or credit union. We are not Southwest Airlines Federal Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|1.00%||-||-||Roth IRA Savings|
|0.30%||$50k||-||LUV Fund (Money Market)|
|4.00%||-||$25k||LUV Reward Checking|
|0.10%||-||-||LUV Reward Checking|
|1.59%||$75k||-||48 Month Mega Jumbo CD|
|1.54%||$25k||$75k||48 Month Jumbo CD|
|1.44%||$1k||$25k||48 Month CD|
|1.39%||$75k||-||36 Month Mega Jumbo CD|
|1.34%||$25k||$75k||36 Month Jumbo CD|
|1.24%||$1k||$25k||36 Month CD|
|1.09%||$75k||-||24 Month Mega Jumbo CD|
|1.09%||$75k||-||30 Month Mega Jumbo CD|
|1.04%||$25k||$75k||24 Month Jumbo CD|
|1.04%||$25k||$75k||30 Month Jumbo CD|
|1.00%||$1k||$25k||24 Month CD|
|1.00%||$1k||$25k||30 Month CD|
|0.85%||$75k||-||12 Month Mega Jumbo CD|
|0.85%||$75k||-||18 Month Mega Jumbo CD|
|0.80%||$25k||$75k||12 Month Jumbo CD|
|0.80%||$25k||$75k||18 Month Jumbo CD|
|0.70%||$1k||$25k||12 Month CD|
|0.70%||$1k||$25k||18 Month CD|
|0.50%||$75k||-||6 Month Mega Jumbo CD|
|0.45%||$25k||$75k||6 Month Jumbo CD|
|0.40%||$1k||$25k||6 Month CD|
|1.59%||$75k||-||48 Month Mega Jumbo IRA (Traditional,Roth,CESA)|
|1.54%||$25k||$75k||48 Month Jumbo IRA (Traditional,Roth,CESA)|
|1.44%||$1k||$25k||48 Month IRA (Traditional,Roth,CESA)|
|1.39%||$75k||-||36 Month Mega Jumbo IRA (Traditional,Roth,CESA)|
|1.34%||$25k||$75k||36 Month Jumbo IRA (Traditional,Roth,CESA)|
|1.24%||$1k||$25k||36 Month IRA (Traditional,Roth,CESA)|
|1.09%||$75k||-||24 Month Mega Jumbo IRA (Traditional,Roth,CESA)|
|1.09%||$75k||-||30 Month Mega Jumbo IRA (Traditional,Roth,CESA)|
|1.04%||$25k||$75k||24 Month Jumbo IRA (Traditional,Roth,CESA)|
|1.04%||$25k||$75k||30 Month Jumbo IRA (Traditional,Roth,CESA)|
|1.00%||$1k||$25k||24 Month IRA (Traditional,Roth,CESA)|
|1.00%||$1k||$25k||30 Month IRA (Traditional,Roth,CESA)|
|0.85%||$75k||-||12 Month Mega Jumbo IRA (Traditional,Roth,CESA)|
|0.85%||$75k||-||18 Month Mega Jumbo IRA (Traditional,Roth,CESA)|
|0.80%||$25k||$75k||12 Month Jumbo IRA (Traditional,Roth,CESA)|
|0.80%||$25k||$75k||18 Month Jumbo IRA (Traditional,Roth,CESA)|
|0.70%||$1k||$25k||12 Month IRA (Traditional,Roth,CESA)|
|0.70%||$1k||$25k||18 Month IRA (Traditional,Roth,CESA)|
|0.50%||$75k||-||6 Month Mega Jumbo IRA (Traditional,Roth,CESA)|
|0.45%||$25k||$75k||6 Month Jumbo IRA (Traditional,Roth,CESA)|
|0.40%||$1k||$25k||6 Month IRA (Traditional,Roth,CESA)|
|Southwest Airlines Federal Credit Union Locations|
|Branch Office||801 W Euless Blvd Ste 104||Euless, TX 76040-4438|
|Branch Office||2330 E Jones Ave Ste 6||Phoenix, AZ 85040-1472|
|Branch Office||2424 Gus Thomasson Rd Ste B||Mesquite, TX 75150-5368|
|Branch Office||2430 Shorecrest Dr||Dallas, TX 75235|
|Branch Office||8441 Gulf Fwy Ste 103||Houston, TX 77017-5064|