Blue Federal Credit Union is headquartered in Cheyenne and is the largest credit union in the state of Wyoming. It is also the 289th largest credit union in the nation. It was established in 1951 and as of December of 2019, it had grown to 253 employees and 89,960 members at 14 locations. Blue Federal Credit Union has an A health rating.
Membership in Blue Federal Credit Union is open to anyone through joining the Blue Foundation ($5 opening deposit is your donation). Membership is also open to employees and base contractors at F. E. Warren Air Force Base, or through select employee groups.
See current membership details
We became members of Blue FCU recently after our previous credit union merged with this group. I was a little anxious about the merger because of the necessity to be able to access funds and be able to pay bills. I was pleasantly surprised, first by the volume of information that was sent out to prior to the merger, and secondly because the merger seemed to go off without a hitch. We didn't experience any interruption in banking service during the merger process. I was able to easily switch my direct deposit as well as my direct withdrawal bills over to the Blue FCU information. For me, a bank is successful if I don't have to take the time to visit a branch or speak with someone. I prefer to do everything online, and am able to do this effectively and efficiently with Blue FCU. Very happy with our credit union!
As previously mentioned, the APY is a gimmick. Blue designed an impossibly complex "point" system that, in theory, could earn up to 4%. The requirement to earn said points includes being a member for several years, taking out multiple loans in addition to the debit/ACH requirements. More annoying, they have weird transfer limits on the amount one can deposit within a 3 month period (meaning it took a least 4 months to reach $10,000 from a Chase account I was eager to close). Additionally, lucrative 5% savings account is a bit of a gotcha as well, in the event you exceed the $1000 at any point in the month (including the earned APY earned on the last day) you forfeit the 5% and settle for 0.01% FOR THE WHOLE THING - not just funds over the threshold. Currently in the procss of closing the account (albeit slowly due to transfer limitations). #moveon
I have been a long standing good member of Warren and now Blue Federal for approximately twenty years. This past Friday , 3/13/20 I visited the Cheyenne Dell Range Branch to cash a payroll check. It was a sizable check from Laramie County Government with my pay stub attached.
I presented the teller with all the correct ID and documentation to alleviate any concerns of it being fraudulent. When I advised the teller I wanted to cash the check she said she was only “aloud” to give me cash for half and I could return “tomorrow” for the remainder. They were limiting “cash withdrawals per day”
At my insistence she talked with a Manager and returned to the counter a few minutes later. She now said per the Manager I could get half of it in cash today. Additionally I would be required to “ submit a written request and wait seven days to return for the other half”
If this was due to the check possibly being fraudulent it would be understandable for them to place a temporary hold on all or some of the funds. That was not the case at all. I took the check back from her and took it to the bank it was written on where I cashed it with no issues. They processed the check quickly, cashed it in full and did not charge me anything at all.
A year or so ago I wrote a $300 check to a Friend. He went to the same Blue Federal branch to cash it. He was informed they were going to charge him $5.00 to cash it because he was not also a member. A few days later I spoke with a Manager. She informed me Warren and Now Blue has “always” charged to cash members checks written to non members. Having been a member for approximately twenty years I know that is not true.
The way Blue treats it’s members and overall business practices has solidified my resolve to discontinue all financial dealings with Blue. Furthermore I will recommend other members I know do the same.
When your wondering how Blue Federal Credit Union can afford to build its WORLD HEADQUARTERS here in Cheyenne this review may assist you with some answers.
|Return on Assets - YTD||0.99%|
|Return on Equity - YTD||9.71%|
|Annual Interest Income||$48.8MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$1.15B$1.06B|
|Loans||Q4 2019vs Q4 2018||$980.1MM$908.1MM|
|Deposits||Q4 2019vs Q4 2018||$1.00B$876.1MM|
|Equity Capital||Q4 2019vs Q4 2018||$116.6MM$105.1MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$5.0MM$4.7MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$8.3MM$3.8MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$0$0|
Rates for Blue Federal Credit Union are currently being reviewed.