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757-930-2425
12626 Nettles Dr
Newport News, VA 23606

Virginia Educators Credit Union is headquartered in NEWPORT NEWS and is the 63rd largest credit union in the state of Virginia. It is also the 2,124th largest credit union in the nation. It was established in 1954 and as of December of 2013, it had grown to 16 employees and 8,067 members. Virginia Educators Credit Union has a B+ health rating.

Field of Membership Restrictions

Must be a student or a person engaged in educational service in Newport News, Williamsburg or in the counties of Isle of Wight, York, James City, Gloucester or Mathews. - See Details

Reviews (2)

Customer Service Does Not Allow A 5 Star Rating

It is extremely difficult to reach someone at VECU and when you do finally reach someone you are disconnected constantly. This makes paying bills or working out payment extremely difficult. I have also had some very bad experiences with the customer service representatives who were very rude and not very helpful. 

Horrible Bank

This is the worst banking institution i have ever dealt with. You can only call during certain hours for help (& thats even w/a debit card -their help is not 24/7, VECU will only help you when it is convenient for them). If you want to change your address you can only do that by going inside their office (you cant change your address online or over the phone, you either go inside the office or print out an online form fill it out get it notarized & mail it in). If there is a fraud allert (which no one will tell you when you call, you actually have to mention "hey is there a fraud alert on my account") you cant call the bank to release the hold, you actually have to call an outsourced company (like, hang up w/the bank then dial another number) & the outsourced company releases the hold. VECU charges you every time you use your debit card as a debit card (but apparently other banking institutions are also doing that). Their customer service skills are seriously lacking, and all of my friends that use this 'credit union' report the same problems.



Health

Data for Q4 2013

Institution Health

B+
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Virginia Educators Credit Union has a relatively low asset base.

Texas Ratio

GRADE:
A+

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 Virginia Educators Credit Union had $218,000 in non-current loans and owned real-estate with $6.76 million in equity and loan loss allowances on hand to cover it. This gives Virginia Educators Credit Union a Texas Ratio of 3.23% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Virginia Educators Credit Union decreased dramatically from 6.99% as of December 31, 2012 to 3.23% as of December 31, 2013, resulting in a positive change of 53.84%.This indicates that the balance sheet and financial strength for Virginia Educators Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Virginia Educators Credit Union has increased its total deposits by $1.26 million, resulting in 2.59% 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 Virginia Educators Credit Union has shown is above average.

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. Virginia Educators Credit Union has $57.16 million in assets with $6.76 million in equity, resulting in a capitalization level of 11.82%, which is excellent.

Institution Statistics

Overall
NCUA #66700
Year Chartered1954
Employees16
Primary Regulator
Assets and Liabilities
Assets$57.16 million
Loans$22.29 million
Deposits$50.06 million
Equity Capital$6.61 million
Loan Loss Allowance$149,000
Unbacked Noncurrent Loans$218,000
Real Estate Owned$0
Historic Data - December 2012
Assets$55.87 million
Equity Capital$6.60 million
Loan Loss Allowance$187,000
Unbacked Noncurrent Loans$218,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin6.76%
Return on Assets0.03%
Return on Equity0.26%
Interest Income$1.69 million
Rates
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Virginia Educators Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.50%$200-Prime Share
0.50%$200-Vacation Club/Summer Reserve
0.50%$200-Holiday Club
0.50%$200-All Purpose Club
0.50%$200-VUTMA
0.50%--Loot Owl Youth
0.25%$200-Traditional IRA
0.25%$200-Educational IRA

Virginia Educators Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$2,500-Share Draft

Virginia Educators Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.31%$1k-60 Month Share Certificate
0.80%$1k-48 Month Share Certificate
0.55%$1k-36 Month Share Certificate
0.35%$1k-24 Month Share Certificate
0.20%$1k-12 Month Share Certificate
0.15%$1k-6 Month Share Certificate

Virginia Educators Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.31%$1k-60 Month IRA Certificate
1.31%$1k-60 Month Roth IRA Certificate
1.31%$1k-60 Month CESA Certificate
0.80%$1k-48 Month IRA Certificate
0.80%$1k-48 Month Roth IRA Certificate
0.80%$1k-48 Month CESA Certificate
0.55%$1k-36 Month IRA Certificate
0.55%$1k-36 Month Roth IRA Certificate
0.55%$1k-36 Month CESA Certificate
0.35%$1k-24 Month IRA Certificate
0.35%$1k-24 Month Roth IRA Certificate
0.35%$1k-24 Month CESA Certificate
0.20%$1k-12 Month IRA Certificate
0.20%$1k-12 Month Roth IRA Certificate
0.20%$1k-12 Month CESA Certificate
Locations


Virginia Educators Credit Union Locations
Branch Office12368 Warwick Blvd Unit 106Newport News, VA 23606
Branch Office812 Main StNewport News, VA 23605
Branch Office12626 Nettles DrNewport News, VA 23606