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214-357-5577
2430 Shorecrest Dr
Dallas, TX 75235

Southwest Airlines Federal Credit Union is headquartered in Dallas and is the 55th largest credit union in the state of Texas. It is also the 654th largest credit union in the nation. It was established in 1975 and as of March of 2014, it had grown to 90 employees and 40,350 members. Southwest Airlines Federal Credit Union's savings rates are 92% higher than the national average, and it boasts a A+ health rating.

Field of Membership Restrictions

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

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Reviews (8)

Worst Credit Union

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.

Marginal Credit Union

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%.

Getting Increasingly Frustrated With This Company.

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!

Best Credit Union

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.

Credit Reporting

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??

Southwest Is OK

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This Bank Is In The Stone Ages

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.

Spotty Service

This place could be so good, but they mess it up with inconsistency in policies and service.



Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

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 Southwest Airlines Federal Credit Union had $1.02 million in non-current loans and owned real-estate with $41.96 million in equity and loan loss allowances on hand to cover it. This gives Southwest Airlines Federal Credit Union a Texas Ratio of 2.44% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B

The Texas Ratio for Southwest Airlines Federal Credit Union decreased slightly from 2.71% as of March 31, 2013 to 2.44% as of March 31, 2014, resulting in a positive change of 10.12%.This indicates that the balance sheet and financial strength for Southwest Airlines Federal Credit Union has improved slightly in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Southwest Airlines Federal Credit Union has increased its total deposits by $37.28 million, resulting in 15.28% 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.

Capitalization

GRADE:
A+

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 $325.28 million in assets with $41.96 million in equity, resulting in a capitalization level of 12.90%, which is excellent.

Institution Statistics

Overall
NCUA #22157
Year Chartered1975
Employees90
Primary Regulator
Assets and Liabilities
Assets$325.28 million
Loans$205.04 million
Deposits$281.23 million
Equity Capital$40.35 million
Loan Loss Allowance$1.61 million
Unbacked Noncurrent Loans$1.02 million
Real Estate Owned$0
Historic Data - March 2013
Assets$283.36 million
Equity Capital$36.05 million
Loan Loss Allowance$1.51 million
Unbacked Noncurrent Loans$1.02 million
Real Estate Owned$187,000
Profit Margin - Quarterly
Net Interest Margin1.38%
Return on Assets0.96%
Return on Equity7.73%
Interest Income$3.71 million
Rates

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.

Southwest Airlines Federal Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
1.00%--IRA Savings
1.00%--Roth IRA Savings
1.00%--CESA Savings
0.10%--Regular Savings

Southwest Airlines Federal Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.30%$50k-LUV Fund (Money Market)

Southwest Airlines Federal Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
4.00%-$25kLUV Reward Checking - Qualifyiing
0.10%--LUV Reward Checking - Non Qualifying

Southwest Airlines Federal Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.59%$75k-48 Month Mega Jumbo CD
1.54%$25k$75k48 Month Jumbo CD
1.44%$1k$25k48 Month CD
1.39%$75k-36 Month Mega Jumbo CD
1.34%$25k$75k36 Month Jumbo CD
1.24%$1k$25k36 Month CD
1.09%$75k-24 Month Mega Jumbo CD
1.09%$75k-30 Month Mega Jumbo CD
1.04%$25k$75k24 Month Jumbo CD
1.04%$25k$75k30 Month Jumbo CD
1.00%$1k$25k24 Month CD
1.00%$1k$25k30 Month CD
0.85%$75k-12 Month Mega Jumbo CD
0.85%$75k-18 Month Mega Jumbo CD
0.80%$25k$75k12 Month Jumbo CD
0.80%$25k$75k18 Month Jumbo CD
0.70%$1k$25k12 Month CD
0.70%$1k$25k18 Month CD
0.50%$75k-6 Month Mega Jumbo CD
0.45%$25k$75k6 Month Jumbo CD
0.40%$1k$25k6 Month CD

Southwest Airlines Federal Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.59%$75k-48 Month Mega Jumbo IRA
1.54%$25k$75k48 Month Jumbo IRA
1.44%$1k$25k48 Month IRA
1.39%$75k-36 Month Mega Jumbo IRA
1.34%$25k$75k36 Month Jumbo IRA
1.24%$1k$25k36 Month IRA
1.09%$75k-24 Month Mega Jumbo IRA
1.09%$75k-30 Month Mega Jumbo IRA
1.04%$25k$75k24 Month Jumbo IRA
1.04%$25k$75k30 Month Jumbo IRA
1.00%$1k$25k24 Month IRA
1.00%$1k$25k30 Month IRA
0.85%$75k-12 Month Mega Jumbo IRA
0.85%$75k-18 Month Mega Jumbo IRA
0.80%$25k$75k12 Month Jumbo IRA
0.80%$25k$75k18 Month Jumbo IRA
0.70%$1k$25k12 Month IRA
0.70%$1k$25k18 Month IRA
0.50%$75k-6 Month Mega Jumbo IRA
0.45%$25k$75k6 Month Jumbo IRA
0.40%$1k$25k6 Month IRA
Locations


Southwest Airlines Federal Credit Union Locations
Branch Office801 W Euless Blvd Ste 104Euless, TX 76040-4438
Branch Office2330 E Jones Ave Ste 6Phoenix, AZ 85040-1472
Branch Office2424 Gus Thomasson Rd Ste BMesquite, TX 75150-5368
Branch Office2430 Shorecrest DrDallas, TX 75235
Branch Office8441 Gulf Fwy Ste 103Houston, TX 77017-5064