University Federal Credit Union is headquartered in Austin and is the 9th largest credit union in the state of Texas. It is also the 102nd largest credit union in the nation. It was established in 1936 and as of March of 2014, it had grown to 464 employees and 176,619 members. University Federal Credit Union's CD rates are 39% higher than the national average, and it has a A health rating.
To be eligible for membership in UFCU you must: be employed by a company in our field of membership be the immediate family member of a UFCU member be enrolled in a school that is in our field of membership belong to an association that is in our field of membership If you're unable to qualify for membership based on the above list, you can join the University of Texas Longhorn Foundation - See Details
I primarily used UFCU when I was a student at UT. They have plenty of ATMs and several branches down around the UT campus. In all of my dealings with UFCU, I've found their customer service to be excellent. I have maintained an account with them over the years because it's easy to do and if I ever need a loan, they'll be one of the first places I look.
Lots of ATMs near UT's campus You can use the debit cards at other in-network credit union ATMs UFCU is not a big, for-profit bank. They don't look to rip you off in the same way Chase or BoA would. I'm told their loan terms are good, though I've never taken advantage of those myself. Great customer service Disadvantages:
Their ATM network--even when you include non-UCFU credit union ATMs--isn't huge All in all, I like UFCU quite a bit.
I've been a member of UFCU for seven years, though I have had other financial institutions until recently. They have my direct deposit, my new car auto loan, my credit card business. They are the only financial institution I use right now.
This is because I left Chase and a competitor credit union and took all that business to UFCU due to UFCU's amazing rates. The previous reviewer is 100% right that wise customers avoid for profit banks like Chase and stick to credit unions. I respectfully disagree with him about UFCU's service, aside from the loan rates. 1.3% auto loans if you qualify! Wow! 6.9% credit cards! Amazing!
Unfortunately, they have terrible customer service. My 6.9% credit card is charging 9.9%. Why? I don't know. I've never been late or gone anywhere near the max. The paperwork says 6.9% and they promise they will fix it. But they don't. My mobile app is locked out... again! I walked into the Guadalupe branch on the drag and asked them to fix it. I have my driver's license and can prove who I am, but the loan officer sneered at me for asking and said I must fix this from the internet. Do they not have internet service at their branch? I guess not, because I left that branch with the problem unresolved. Finally I did get it working a week later and could make my bill payments. Next month, the website asked me what my favorite ice cream flavor is. I had never answered that before so I thought it was establishing a security question. Nope. My wife had answered the question, and so when I guessed wrong, they locked me out of my own account.
I called their customer service and answered FIVE security questions correctly before they accepted I was who I was. I don't know why they asked me the questions, because as soon as they were done they told me they wouldn't help me. I need to go to the website to fix it. They won't do it manually. The only time they set that up is when you open the account, I guess.
That wasn't the case at Chase or the other credit union, where they would fix the problem even if that meant using their internet resources in their office. UFCU's employees seem to be more interested in socializing with their coworkers, was the impression I got on multiple occasions.
This is very frustrating because I think I'm a model member of their institution. I carry a balance, have never missed a payment, and do a ton of business with their products. But when it's time for them to do their part, they just want me to fix it on the website... which is essentially delegating their customer service job to me.
This credit union is based out of Austin, although it has locations in Galveston as well. I found the staff to be super friendly, nice and considerate. They really do seem more like they care about you than a typical bank, even though at the end of the day they are still a bank. I refinanced a few loans and ended up saving a lot. The only thing that was not very convenient was their mobile application and website. They worked fine but were not as convenient or had the same amenities as some other options, but it was only a minor problem.
I wish that I could give UFCU a 0 star rating and I completely regret joining, because I have had the worst banking experiences of my life here - worse even than Bank of America, which is notorious for their poor customer service and hidden fees.
I started my car refinance in March. It's now June. I supposedly finished the process at the end of May, but is it over yet? Of course not! When I first spoke with Janis Larrimer on the phone back in March, she was very direct, made the process seem very simple, and said after answering all of her questions I would only need to sign the paperwork. She then transferred me over to Kamille Williams, who not only asked me for the exact same documentation I had already provided to Janis but also failed to respond to my follow-up questions regarding why she needed my documentation a second time.
After her failure to respond, I contacted Janis and requested that she transfer my account to someone else who would respond to my questions in a timely manner. Janis obliged, transferring me to Ashely Maldonado. Ashley asked me for still further documentation - telling me that I was responsible for getting a copy of my loan title from Capital One, even though Janis had told me originally was that all I needed to do was sign the paperwork. Due to Capital One's failure to respond to me, it took weeks for me to find out that the state I bought my car in was a title owner state and to then find the title in my files. When I finally found it and made the requested copy, it then took even longer for me to actually get it to UFCU, because branch hours are only 9 a.m. to 5 p.m., a time period that I, like most people, am at work. While I realize that Capital One's delay was not the fault of UFCU, they should have been explicit at the beginning of the process in regards to the paperwork I needed to provide them instead of telling me that I only had to sign the paperwork in order to finish my refinance.
Between Kamille's failure to respond to me, Capital One's delay in response, and the time it took me to actually be able to get to this UFCU branch during open hours, it was already May. After I turned my signed paperwork and the requested copy of my title, I thought the process was finished. Then I got an e-mail from Ashley saying that the title department wanted still more paperwork from me and, a few days later, a call saying that they needed my actual title instead of a copy like Ashley had told me at first. I'd explained the reason for the delay in getting a copy of the title to Ashley on April 30th, but apparently even though I told her at that point that I bought my car in a title owner state it didn't occur to her to let me know that in that case UFCU would need my actual title, nor did it occur to Janis when I told her back in March that I bought my car in Michigan.
And again I had difficulty getting to the branch because it opens after I arrive at work and closes before I leave. When I finally did get to the branch, I had an incredibly poor experience with the staff there. I'm mixed race, white and Japanese, and my last name reflects my Japanese heritage. While I don't expect people unfamiliar with Japanese names to pronounce it correctly, I also don't expect people to outright laugh in my face in response to me telling them my name - yet that is what Jennifer Alfaro did when I came to turn in my title. It made me incredibly uncomfortable and was, quite frankly, pretty racist of her to do. You don't mock your customer for being a race that is different from yours. I reported the incident to anther staff person present who said she would speak with the manager, but I do not know if she followed through.
After laughing at my last name, Jennifer then seemed incredibly confused as to why I would want acknowledgement of receipt of my title and did not know how to provide it to me. I would think that it would be pretty standard to offer acknowledgement of receipt for something like an original car title - it's not like I was handing over a copy of some paperwork that could be reprinted if necessary. Eventually, though, I got her to type up a document saying that she received it.
I notified Ashley that I'd turned in my title and she sent me the final paperwork when she received it from the bank. I signed it the same day, less than an hour after she sent it. That was about a week ago, during which time I thought UFCU sent the payoff amount to Capital One, especially since they already added the loan to my list of accounts online and scheduled my first payment. But earlier today I was contacted by Capital One regarding a payment that was due AFTER I finalized the paperwork from UFCU. I, being very confused, explained that I had refinanced with UFCU and that they should have already received the payoff amount. To my surprise, UFCU hasn't sent it yet, and I have no idea when they will, because it was supposedly already done.
Learn from my mistake: Don't bank here.
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 University Federal Credit Union had $5.08 million in non-current loans and owned real-estate with $138.08 million in equity and loan loss allowances on hand to cover it. This gives University Federal Credit Union a Texas Ratio of 3.68% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for University Federal Credit Union decreased dramatically from 8.94% as of March 31, 2013 to 3.68% as of March 31, 2014, resulting in a positive change of 58.85%.This indicates that the balance sheet and financial strength for University Federal Credit Union has improved dramatically in recent periods.
In the past year, University Federal Credit Union has increased its total deposits by $99.15 million, resulting in 6.68% 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 University 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. University Federal Credit Union has $1.76 billion in assets with $138.08 million in equity, resulting in a capitalization level of 7.83%, which is below average.
|Assets and Liabilities|
|Equity Capital||$130.86 million|
|Loan Loss Allowance||$7.22 million|
|Unbacked Noncurrent Loans||$4.79 million|
|Real Estate Owned||$294,000|
|Historic Data - March 2013|
|Equity Capital||$121.08 million|
|Loan Loss Allowance||$5.36 million|
|Unbacked Noncurrent Loans||$4.79 million|
|Real Estate Owned||$7.37 million|
|Profit Margin - Quarterly|
|Net Interest Margin||1.13%|
|Return on Assets||0.72%|
|Return on Equity||9.77%|
|Interest Income||$16.16 million|
Always verify rates and promotions with the bank or credit union. We are not University Federal Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|0.25%||$100||-||Variable Rate IRA|
|0.25%||$100||-||Variable Rate Roth IRA|
|0.25%||$100||-||Variable Rate CESA|
|0.25%||$250k||-||Money Market w/ Member Rewards|
|1.25%||$100||$20k||12 Month Early Saver CD|
|1.00%||$1k||-||60 Month Regular CD|
|0.75%||$1k||-||48 Month Regular CD|
|0.50%||$1k||-||36 Month Regular CD|
|0.25%||$1k||-||24 Month Regular CD|
|0.10%||$1k||-||12 Month Regular CD|
|0.10%||$1k||-||24 Month Regular Step Up CD|
|0.05%||$1k||-||3 Month Regular CD|
|0.05%||$1k||-||6 Month Regular CD|
|1.00%||$1k||-||60 Month Regular IRA|
|0.75%||$1k||-||48 Month Regular IRA|
|0.50%||$1k||-||36 Month Regular IRA|
|0.25%||$1k||-||24 Month Regular IRA|
|0.10%||$1k||-||12 Month Regular IRA|
|0.10%||$1k||-||24 Month Step Up Regular IRA|
|0.05%||$1k||-||6 Month Regular IRA|