Veridian Credit Union is headquartered in Waterloo and is the largest credit union in the state of Iowa. It is also the 57th largest credit union in the nation. It was established in 1934 and as of December of 2013, it had grown to 577 employees and 178,888 members. Veridian Credit Union's savings rates are 44% higher than the national average, and it has a A health rating.
Must live or work in Allamakee, Benton, Black Hawk, Boone, Bremer, Buchanan, Butler, Cedar, Cerro Gordo, Chickasaw, Clayton, Dallas, Delaware, Fayette, Floyd, Franklin, Grundy, Hardin, Iowa, Jasper, Johnson, Jones, Linn, Louisa, Madison, Marion, Marshall, Muscatine, Polk, Poweshiek, Story, Tama, Warren, Washington or Winneshiek County. - See Details
We have banked with Veridian for a number of years now, and were very happy with them in the past.
A year ago we decided to obtain a home equity loan from Veridian. When we went to close the loan, among the many pages of paperwork we were required to sign was a page agreeing to a Payment Protection insurance. We asked about it, and saw that it was grossly overpriced, and we would not have even been able to use it as my husband is self-employed. We stated that we did not want it. The loan officer said that we had to sign it to get the rate were looking at, but we could then sign another paper saying we were declining it-which we promptly did.
A year went by, and honestly I didn't think about it again. I was running through some amortization calculators online when I realized our monthly payment amount for our loan was much, much higher than it should be considering the term and rate were at.
Upon further investigation I found that they had indeed been charging us for the Payment Protection insurance for an entire year. I notified the Credit Union--they apologized and refunded the amount to us right away. However---they as of yet will not reduce our monthly payment on the loan to reflect the fact that we are not buying the Payment Protection insurance. The monthly payment is much higher than it should be for the term and rate that we are locked in with--thereby essentially making the loan be a much shorter term than stated in the loan documents.
Currently they are still advertizing heavily their "great rates" for home equity loans. If they deceptively add this to every loa--this is truly where they are making a large amount of money. BUYER BEWARE!!!!
I have been a member at Veridian since I opened my first account there. My husband has always been a member there as well. They always have wonderful service and we have never had any issues with our accounts. When we got married, we decided to stay with Veridian even though we have to drive 40 minutes to get to the nearest location! We knew we wanted to stay loyal customers in the long run. I highly recommend Veridian to anyone!
I have been a member at Veridian Credit Union for 12 years now. I opened my first Savings and Checking account here. I have been completely satisfied during my time as a member here. The staff at Veridian are always very kind and helpful. They are always polite and willing to help with anything that I need help with when I go there. I have a credit card and a car loan through Veridian and have had a few other loans over the course of time as a member there. They have excellent rates and are really accommodating. Their online banking feature is very convenient and easy to use. I do not think that I have ever had a bad experience with any aspect of service through Veridian. Even if you live far away from an actual Veridian branch, they are still very convenient and accommodating. This credit union is the best credit union ever!
I been in customer service for over fifteen years have been a manager for over half that, I have never had such bad customer service in my life!!!! Banking at this bank for fifteen years I got bad service and would not recommend Verdian credit union to anyone. I feel they do not value you or your loyalty! I had a credit card their for over four years and did not use it very often and when I did use it we would pay it off every month for the most part. I had recently lost my job and used it one time and was 33 days late, they turned me into the credit bureau and closed my credit card without even tell me!! Sent me a letter after I had paid it off, that if I didn't make a payment they would take action, so I called and talk to someone and they told me "that everything was ok, and it was paid off" not using it very much didn't use it tell months later and it was decline when I tried to purchase something not sure why I called them. They claimed that I no longer had a credit card they had closed it and reported it to the credit beruea. I was so upset no one had bother to tell me this when I called before!! When I talk to them after it was closed they stated, they were sorry I should of been told that when I called in and asked if everything was ok. YOU THINK! All they could keep telling me is that I was 33 days late in my payment, which I understand, but I would think they would value thier customers a little bit more. All because I had made one late payment that was 33 days late!! After being with a credit union as long as I had been I would never expect that! I know that I would never treat someone that way and would not expect a business to act that way if they valued their customers!
I would like to update my last review stating about the Payment Protection insurance. Today they just called me and offered to refinance my home equity loan with no closing fees at over 1% lower than my previous rate. This will obviously make my monthly payment lower than before. I feel that they have "made right" on their mistake--for which I am grateful for, and therefore wanted to update the review.
Let's say there's a man with a car loan, name of "Bob." Bob was two months behind on his loan, having little income. He is told that he must pay this $200 amount within two weeks or he will be in some vague sort of trouble. Bob gets his next paycheck via direct deposit, and goes online to pay the required amount.
This is Bob's first mistake. Having payed what he owed, his next payment due in three weeks, Bob feels as though he has satisfied the debt of which we have been speaking. This is Bob's second mistake. For he has satisfied the debt, but he assumes that the bank will share his feelings. Bob goes to work.
The next day, Bob is hungry and has all of one banana and a serving of cereal (no milk) in the house. He tries to buy groceries and his card is declined. (But yesterday, Bob thinks, I still had enough money left after the loan payment. What happened?) Bob goes to the ATM to check his balance. This is his third strike, and he is punished. His card is taken, explained by the receipt with two words: CARD HELD. Bob is displeased. He calls Veridian Credit Union and is told that he owes $100. He explains that he owed $200 yesterday, which he paid. And his loan's next due date should be in three weeks. After holding for 15 minutes, Bob is told that paying online does not update the system. That is, the system will not know he has paid two months worth of loans. The systems feelings on the matter are: "You had two loan payments to make and made one." Without checking whether the payment amount settled one payment, two payments, or the entire loan, he is flagged as delinquent and cannot use his debit card. Checking his balance at an ATM results in loss of said debit card. There is no visible way to make a complaint about the website not working. It will take a week for a new card to arrive, and Bob does not live near a branch of Veridian Credit Union; he cannot go in and get a new card himself without putting gas in his car. For which, of course, he would need his debit card.
Hello, I'm Bob. I could go hungry for a week because of Veridian Credit Union. I have no family where I live. That is not the fault of VCU. But website errors leading to my card being taken from me just may be.
Veridian is not evil. It is not an omniscient financial god. I may have been the first to encounter this bug in their website. But I have found no way to report it. And the workers at Veridian seemed aware of its existence already. And I have to leave for work in fifteen minutes without having eaten today.
In retrospect, what's the point? There are two.
First: I'm not able to buy groceries because of an error on VCU's part.
Second: That error will not be prevented from occuring in the future.
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 Veridian Credit Union had $16.92 million in non-current loans and owned real-estate with $255.56 million in equity and loan loss allowances on hand to cover it. This gives Veridian Credit Union a Texas Ratio of 6.62% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Veridian Credit Union held steady from 5.46% as of December 31, 2012 to 6.62% as of December 31, 2013, resulting in a negative change of 21.18%. This indicates that the balance sheet and financial strength for Veridian Credit Union has held steady in recent periods.
In the past year, Veridian Credit Union has increased its total deposits by $71.05 million, resulting in 3.39% 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 Veridian 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. Veridian Credit Union has $2.43 billion in assets with $255.56 million in equity, resulting in a capitalization level of 10.50%, which is above average.
|Assets and Liabilities|
|Equity Capital||$244.44 million|
|Loan Loss Allowance||$11.12 million|
|Unbacked Noncurrent Loans||$14.64 million|
|Real Estate Owned||$2.29 million|
|Historic Data - December 2012|
|Equity Capital||$228.79 million|
|Loan Loss Allowance||$9.40 million|
|Unbacked Noncurrent Loans||$14.64 million|
|Real Estate Owned||$2.11 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.52%|
|Return on Assets||0.91%|
|Return on Equity||9.09%|
|Interest Income||$82.03 million|
Always verify rates and promotions with the bank or credit union. We are not Veridian Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|0.15%||$50||-||Member Equity Savings|
|0.15%||-||-||KIRBY Children's Savings|
|0.15%||-||-||U.B.U. Teen Savings|
|0.05%||-||-||HSA Share Draft|
|0.55%||$100k||-||Premier Money Market|
|0.25%||$1k||-||Family Fund Money Market|
|0.25%||$1k||-||Traditional Money Market|
|0.35%||$50k||-||Commercial Business Checking|
|0.05%||-||-||Deluxe Business Checking|
|1.40%||$1k||-||49-60 Month CD|
|1.35%||$100k||-||39 Month Jumbo CD|
|1.20%||$1k||-||39 Month Special CD|
|1.20%||$1k||-||42-48 Month CD|
|1.15%||$100k||-||25 Month Jumbo CD|
|1.11%||$1k||-||31-41 Month CD|
|1.11%||$1k||-||30 Month Bump-Up CD|
|1.00%||$1k||-||25 Month Special CD|
|0.90%||$1k||-||25-30 Month CD|
|0.85%||$100k||-||15 Month Jumbo CD|
|0.70%||$1k||-||15 Month Special CD|
|0.70%||$1k||-||18-24 Month CD|
|0.55%||$500||-||12 Month Add-On CD|
|0.50%||$1k||-||13-17 Month CD|
|0.50%||$100k||-||7 Month Jumbo CD|
|0.50%||$100||-||12-60 Month U.B.U. CD|
|0.50%||$100||-||12-60 Month KIRBY CD|
|0.45%||$1k||-||9 Month Special CD|
|0.35%||$50||-||12 Month Starter CD|
|0.35%||$1k||-||7 Month Special CD|
|0.25%||$1k||-||1-5 Month CD|
|0.25%||$1k||-||6-12 Month CD|