Addition Financial is headquartered in Lake Mary and is the 12th largest credit union in the state of Florida. It is also the 157th largest credit union in the nation. It was established in 1937 and as of June of 2023, it had grown to 540 employees and 171,544 members at 26 locations. Addition Financial's CD rates are 3X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Addition Financial is open to those who live, work, worship, volunteer, attend school or vocational training, or is an alumni of any college, university, or educational institution located in the Florida counties of Alachua, Brevard, Duval, Flagler, Hernando, Highlands, Hillsborough, Indian River, Lake, Manatee, Marion, Martin, Okeechobee, Pasco, Pinellas, Polk, Orange, Osceola, St. Johns, St. Lucie, Sarasota, Seminole, Sumter, or Volusia.
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I've been with them for years! Love them!
I really do enjoy using their services. The deposits are quick and available during the same day, usually. The Bill Pay portion is really great. I lost my debit card once and a quick visit to the branch gave me a new card within 10 minute. The customer service has always been really great and no issue has gone unresolved. I had an issue with fraud and they were not only able to stop further actions on my account, but they also created a new account for me. This saved me a lot of frustrations and anxiety. The only issue I would say is that their Non Sufficient Fees are a bit steep and they will constantly hit you with them if they occur on the same day. Sometimes they do not credit them and other times they do.
Central Florida Educator's Credit Union
The staff always greets me upon entering the branch and is very welcoming. Wait times to meet the banking representatives are brief. Very clear terms and no problems with the approval process. The bankers are clear and honest and do not misrepresent their products. With my savings account, a checking account, and a money market account, managing them online is easy. Transfering funds is very simple and typically no delay. 24/7 customer service for any problems. Once I developed a relationship with the bank other services such as IRAs and CDs are very easy to use and access. Drive-thru tellers are quick, and the branches are efficient with any account requests. As with most banks interest rates are very low, but my funds are secure and accessible whenever I need. Most branches are open on Saturday, which is very convenient.
Not So Great
CFE Federal Credit Union is, in my opinion, a below average CU. It doesn't seem to be interested in making the lives of its customers easier or taking a step into the future. I have added and now deleted the app on my phone because it was slow, and unhelpful when I was trying to complete money transfers and deposits. Their whole website could also use a huge upgrade and become more user friendly. It takes me 15 minutes or more each time I login just to find what I need. We swapped to this CU from Regions due to their "lower" checking account fees. They also have a good children's savings program that Regions did not have. The children's savings is the only part that I would say that I like about this CU and even then it's not as great as I thought it would be. Everything about this CU is sub-par in my experiences and opinion.
Misleading Promotions
They advertised a CD promotion but don't disclose the entire details to the public. After opened few CDs now this bank won't honor them as the employee didn't do his job properly to disclose was only 1 permitted per account. Any company make a mistake they take ownership and resolve it without hurting the customer. If you over draft your account your mistake the bank charges you the Overdraft fee and you have to pay for your mistake. OH NOT THEM. They will not take ownership of their mistake and I ended up paying for their mistake. Moving all my savings to a better bank. Watch it they are only for your money! they don't care for you. Last past 2 years they have declined on customer service so bad, the people working there no longer has knowledge of procedures any more.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68702 |
| Year Chartered | 1937 |
| Employees | 540 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.38% |
| Return on Equity - YTD | 4.66% |
| Annual Interest Income | $64.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $2.81B$2.68B |
| Loans | Q2 2023vs Q2 2022 | $2.05B$1.90B |
| Deposits | Q2 2023vs Q2 2022 | $2.39B$2.40B |
| Equity Capital | Q2 2023vs Q2 2022 | $227.4MM$223.8MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $19.3MM$11.0MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $15.1MM$6.3MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
