Bayer Heritage Federal Credit Union is headquartered in New Martinsville and is the largest credit union in the state of West Virginia. It is also the 552nd largest credit union in the nation. It was established in 1957 and as of December of 2024, it had grown to 146 employees and 43,911 members at 11 locations. Bayer Heritage Federal Credit Union's CD rates are 5X the national average, and it has a C+ health rating.
Field of Membership Restrictions
Membership in Bayer Heritage Federal Credit Union is open to anyone through membership in the American Consumer Council. Also eligible are those who live, work, worship, or attend school in the West Virginia counties of Wetzel or Tyler, or in Monroe County, Ohio. Also included are specific areas in Marshall County, West Virginia; Berkeley or Charleston Counties, South Carolina; Belmont, Licking, or Muskingum Counties, Ohio; or Harris County, Texas. Membership is also open to employees of Bayer Corporation.
See current membership details
It Took Me 2 Minutes To Complete The Membership Application
With their scan the back of DL feature, it was a quick & easy application process. Let's see how long I have to wait for a response from Bayer Heritage.
Update: Since Bayer Heritage extended their 12-month CD to Dec 15, I plan to put more money into my account. Sad to read all the bad reviews, my experience with this CU has been great. My application was processed quickly & opening CDs online was an easy process. But the bad reviews and the concerns of others...don't know how to assess the value of this CU as a good place to put my money.
Slow To Raise ,And Quick To Lower Rates
They were one of the last to raise their CD rates ,but one of the first to lower their rates below their competitors.
Dont Bother With Joining Via ACC Online
This site makes it seem like "anyone can join via signing up with American Consumer Council) I did this on the ACC web site (cost $15 to join) but could not find a place to enter on their web site.
I had previously called and checked and after a 30 minute wait they told me I could do it. Today when I called they told me you had to sign up "in person" and you will be able to sign up online Dec 17th and join via the ACC and they will pay the $15 fee.
Just a coincidence that the 6.18% rate ends the same day?
Stay FAR Away. You Heard It Here First.
I tried to open a $250K IRA with Bayer Heritage, meaning I wanted to lend them MY money for a while. I was not asking to borrow THEIR money.
I do business with many banks and credit unions and have never been refused an account. I will personally vouch for All-In CU, Inova Financial, PrimeAlliance, Connexus, NASA FCU, and NavyFed among many others. Not the case with these clowns, though.
I jumped through all the hoops including downloading the ID-app and photographing myself, my license, bank statement, and property tax bill.
This was after I sent them PDFs of all the above because I didn't want to add another crappy app to my phone. However, that was not good enough for them. I had no choice but to use the app. That's the RULES, don'tcha know? So, I did that....
After engaging in that gratuitous nonsense, I was then refused membership. Why? Because ChexSystems shows multiple inquiries. Why? Because I use many banks/CUs to hold my assets (due to NCUA and FDIC insurance limits).
Keep in mind this was INQUIRIES, not delinquencies or other issues. But, you know, RULES...
Contrary to common sense, higher net worth customers who diversify their assets are apparently considered "undesirable" by Bayer Heritage. My FICO score is >820, my debt is zero, and my net worth is several $M.
There is a monetary and reputational cost to a financial institution when they hire mindless drones as front-line customer interface personnel, even if they are working for free.
This institution was very recently (and unsurprisingly) brought to its knees by a system hacker, and its management is responding by committing financial suicide.
Why pretend to have a banking business when you make zero effort, while making your customers jump through hoops for the privilege of letting you hold their money?
Heed my warning. Stay far away unless you are looking for a $1200 loan on a 1995 Toyota Tercel beater with 300K miles, in which case you may qualify as "preferred" clientele. You may be borrowing at 50% annual interest, though.
I predict this organization will soon be bankrupt and have its assets divested by NCUA. Under NO condition should you consider putting more than $250K on deposit. You WILL lose it if you do!
Feel free to contact me for further details. Click on my name and then "Send PM".
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 11836 |
| Year Chartered | 1957 |
| Employees | 146 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.28% |
| Return on Equity - YTD | 3.52% |
| Annual Interest Income | $45.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $769.2MM$857.1MM |
| Loans | Q4 2024vs Q4 2023 | $611MM$596.9MM |
| Deposits | Q4 2024vs Q4 2023 | $697.7MM$790.7MM |
| Equity Capital | Q4 2024vs Q4 2023 | $65.8MM$63.1MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $5.7MM$3.4MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $8.1MM$6.7MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$113K |
