Teachers Federal Credit Union is headquartered in Hauppauge and is the 2nd largest credit union in the state of New York. It is also the 21st largest credit union in the nation. It was established in 1952 and as of March of 2014, it had grown to 505 employees and 237,902 members. Teachers Federal Credit Union's money market rates are 14% higher than the national average, and it has a A health rating.
TFCU offers financial services to all people and businesses located in Nassau and Suffolk Counties. Membership is open to those who live, work (or regularly conduct business in), worship, or attend school in and businesses and other legal entities located in Nassau County, New York, or the following portions of Suffolk County, New York can join TFCU: Town of Huntington; Town of Babylon; Town of Smithtown; Town of Islip; Town of Brookhaven; the Poospatuck Reservation; Town of Riverhead; or Town of Southold. Once you become a TFCU member, your family members are also eligible to join, too, and enjoy the complete range of financial products and services we offer. TFCU will continue to serve all current members and their families. - See Details
Teachers Federal Credit Union is an amazing credit union. I have been using them for most of my money for the past 5 years. The rates are excellent, and the fees are extremely low. They have CDs which seem to be fairly average, and a money market account with decent yeilds. One of the best features of this bank is the low minimum, it was $1 when I first started, and I believe it still is. Still, if you keep at least $5000, they give you great benefits like free checking. The service is pretty good, they have always been nice and courteous. They are allied to a large number of other credit unions, so it's easy to get your money wherever you are, and there are a number of free ATMs. It's not just for teachers anymore! I heartily recommend Teachers, especially if you are closeby to a branch. If you go to Stony Brook University, you definitely should have an account at teachers.
Teachers Federal Credit Union is a great bank and institution. Their tellers are always friendly and professional and I have never had a bad experience going into one of their many branches throughout Long Island. Teachers products are not only incredibly competitive but also very comprehensive covering all of your personal financing needs. I would highly recommend this company to both family and friends.
As I was a student in Long Island, where this credit union is operating, I was in a financial hardship and did not have access to credit due to the fact that I had no credit history. Major banks were not willing to work with me in this regard. I approached a TFCU branch and explained my situation. They were able to help me by offering me a low credit limit card with a nominal monetary deposit. This came in hand, and after 6 months of on time payments, they contacted me and offered to refund my deposit and increased my credit limit 2-fold.
What was also great about TFCU is that they had a representative operating on campus! Along with a 24/7 ATM machine that charges no fees to use it. I recommend TFCU for anyone in my situation who is just starting out.
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 Teachers Federal Credit Union had $9.3 million in non-current loans and owned real-estate with $497.89 million in equity and loan loss allowances on hand to cover it. This gives Teachers Federal Credit Union a Texas Ratio of 1.87% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Teachers Federal Credit Union decreased slightly from 2.14% as of March 31, 2013 to 1.87% as of March 31, 2014, resulting in a positive change of 12.93%.This indicates that the balance sheet and financial strength for Teachers Federal Credit Union has improved slightly in recent periods.
In the past year, Teachers Federal Credit Union has increased its total deposits by $61.45 million, resulting in 1.4% 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 Teachers Federal Credit Union has shown is above average.
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. Teachers Federal Credit Union has $4.96 billion in assets with $497.89 million in equity, resulting in a capitalization level of 10.05%, which is above average.
|Assets and Liabilities|
|Equity Capital||$470.23 million|
|Loan Loss Allowance||$27.66 million|
|Unbacked Noncurrent Loans||$9.10 million|
|Real Estate Owned||$194,000|
|Historic Data - March 2013|
|Equity Capital||$438.49 million|
|Loan Loss Allowance||$26.88 million|
|Unbacked Noncurrent Loans||$9.10 million|
|Real Estate Owned||$156,000|
|Profit Margin - Quarterly|
|Net Interest Margin||0.78%|
|Return on Assets||0.58%|
|Return on Equity||6.1%|
|Interest Income||$28.12 million|
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|0.30%||$50||-||Roth IRA Savings|
|0.30%||$50||-||Coverdell Education Savings Account|
|0.50%||$100k||-||Tiered Money Market|
|1.60%||$1k||-||60 Month CD|
|1.45%||$1k||-||48 Month CD|
|1.35%||$1k||-||36 Month CD|
|1.10%||$1k||-||30 Month CD|
|1.05%||$1k||-||24 Month CD|
|1.00%||$100k||-||16 Month Jumbo CD|
|1.00%||$1k||-||16 Month CD|
|0.60%||$100k||-||12 Month Jumbo CD|
|0.60%||$1k||-||12 Month CD|
|0.55%||$100k||-||8 Month Jumbo CD|
|0.45%||$100k||-||6 Month Jumbo CD|
|0.45%||$1k||-||6 Month CD|
|0.35%||$100k||-||3 Month Jumbo CD|
|0.35%||$1k||-||3 Month CD|
|0.30%||$100k||-||1 Month Jumbo CD|
|0.30%||$100k||-||2 Month Jumbo CD|
|1.60%||$1k||-||60 Month Traditional IRA|
|1.60%||$500||-||60 Month CESA|
|1.45%||$1k||-||48 Month Traditional IRA|
|1.45%||$500||-||48 Month CESA|
|1.35%||$1k||-||36 Month Traditional IRA|
|1.35%||$500||-||36 Month CESA|
|1.10%||$1k||-||30 Month Traditional IRA|
|1.10%||$500||-||30 Month CESA|
|1.05%||$1k||-||24 Month Traditional IRA|
|1.05%||$500||-||24 Month CESA|
|1.00%||$1k||-||16 Month Traditional IRA|
|1.00%||$500||-||16 Month CESA|
|0.60%||$1k||-||12 Month Traditional IRA|
|0.60%||$500||-||12 Month CESA|
|0.45%||$1k||-||6 Month Traditional IRA|
|0.45%||$500||-||6 Month CESA|
|0.35%||$1k||-||3 Month Traditional IRA|
|0.35%||$500||-||3 Month CESA|