Chartway Federal Credit Union


Overview / Commentary
800-678-8765
5700 Cleveland Street
Virginia Beach, VA 23462

Chartway Federal Credit Union is a full service credit union that offers a range of personal and business banking options to its members. Since its inception it has broadened its field of membership significantly and is now one of the largest credit unions in the country.

All of Chartway’s checking accounts come with a Visa Debit Card, access to the Co-Op ATM network, online banking, and an account protection program. Its saving and money market accounts offer quarterly dividend payments on interest and have minimum balance requirements.

Chartway Federal Credit Union online banking offers members the ability to perform account management tasks like fund transfers, Bill Pay, and check copy viewing. It also features a mobile app that enables remote check deposit as well as the other online banking functions.

Chartway FCU was founded in 1959 as NorVA N.A.S. Federal Credit Union before changing to its current name in 1996. It is headquartered in Virginia Beach, Virginia, and operates through multiple branch locations across several states.

Field of Membership Restrictions

Membership in Chartway Federal Credit Union is open to those who make a $10 donation to the We Promise Foundation, or live, work, worship, or attend school in an area served by one of Chartway FCU's branches.
See current membership details

Awesome And Thanks

Just did my Second mortgage with this Outstanding Financial Institution , They matched everything Navy Federal had to offer, shout out to a very helpful individual:
Jonathan Mensink Assistant Branch Manager Holland Road.

Christopher R Colbert

Had To Leave

Posted by: |

I had been with Chartway for over 10 years.

I noticed that all of my calls to them for the last few weeks were on hold for over 20 minutes to get to CS. Not during busy periods, either.

I did tell management that their staffing for LONG HOLD TIMES is something they should be seeing with me having to complain and leave.

Please post problems about extended wait times on this web site. NOT EXCEPTIONS, but consistently occurring long hold times.

Maybe we can get some attention on this issue.

Chartway FCU

If you have a Chartway CD mature, be sure to check that you have the correct amount at maturity. I gave Chartway notice 3 days before maturity that I wanted the proceeds of the CD moved into my share account so I could take it out and move the money elsewhere since Chartway's rates at this time were not so good. Imagine my surprise when I found that only1/10 of the amount of the CD had been moved. When I questioned this, after a long wait on the phone, I was told that the rest of the money was being moved to my share acct. What a surprise - when I found that nearly $1000 had been taken out. I was short about $1000. When I inquired, I was told that both errors were "systems errors". It was finally resolved by a very good and attentive customer service rep, but the fact that it happened at all I found very disturbing. So keep a close watch on your account here.
Also, although when I first went on the online account I could see the history and how much money I should have had, after the transfer to the share account, all the history vanished - so print out your history!

DO NOT JOIN FOR A CD! I Left This Credit Union They Were So Bad

Posted by: |

RUN AWAY NOW. You do NOT want this place for CDs.

Seeing the other reviews of Chartway it seems I'm not the only one who LEFT them after joining them. DO NOT JOIN THEM for a CD, you will be forced to send all your IDs and have a hard credit check done again for each and every time you open a CD, if it's your first, your second, your 4th, whatever. NO WAY. Others have posted on this, and I verified it with multiple CSRs who confirmed it. It's the reason I left them.

I had just as many problems as others (though at least I wasn't rejected for CDs like others were). Still, customer service is terrible. Just like others, they screwed up my simple CD opening and it had to be redone.

Once your CD matures you'll incur a fee for having only a savings account. You can get around this by keeping a few hundred dollars in it (at virtually zero interest, which I don't want) or opening a 2nd savings account. Except opening a 2nd savings accout, just like opening another CD, requires sending all your IDs again and another hard credit check! Dinging your credit score. NOT WORTH IT.

When my one cd with them matured I called multiple times and verified this: it does not matter if you are a member. Any new product opened, from a new savings account, to a second CD to whatever, you are treated as a stranger. You must send in all copies of IDs to provde your identity - - again - - each time - - doesn't matter how long you've been a member. That's bad enough. But then you must undergo another hard credit check - - again - - each time - - doesn't matter how long you've been a member. When I asked which agency to unfreeze I was told I must unfreeze all 3 as they can use any of the 3 major ones.

I couldn't believe it so called back multiple times, and made sure I was speaking to the right department. And on a recorded line the csr agents seemed stunned that I would question having to send IDs and do another hard credit check for simply just another cd even though I'm a member. I said it wasn't for a loan, just for another deposit product, but the agents said nope, it's required. One lady seemed absolutely indignant and said "sir, it's only obvious. It doesn't matter if you're already a member, you're asking for a new account. A new CD is a new account. A new savings account is a new account. Of course we need your IDs and to run your credit again for any new account."

That was it. Like others, I left them. What good is staying with a place when they charge you a fee if you don't have any other products but to get those products you not only have to do the whole application process as a stranger again with IDs and everything, but get a bad ding on your credit report each time you want to open a CD? NOT WORTH IT.

Ironically, leaving them was the ONLY thing that went off without a problem. I got my few dollars back in the mail but of course even that had misinformation. The csr lady informed me that in about a month I would get a final statement after closing my account, and it would come in the us mail because my online account had already been deactivated. Of course that's not what happened. In typical chartway fashion, I got nothing in the US mail. Instead, I got a email saying I had an e-statement waiting for me online for my account. I was able to log in, but as soon as I tried to read the statement, I got the message that I cannot view e-statements because I have no accounts now. Typical. Thankfully I am now DONE with them.

But do not be fooled like I was. Even a 10% rate would not get me to go back to this piece of trash outfit.

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Health

Health Grade Components

Overall
NCUA #13242
Year Chartered1959
Employees536
Primary Regulator
Profit Margin
Return on Assets - YTD0.91%
Return on Equity - YTD11.37%
Annual Interest Income$37.8MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$2.97B$2.67B
LoansQ1 2024vs Q1 2023$2.29B$2.17B
DepositsQ1 2024vs Q1 2023$2.69B$2.41B
Equity CapitalQ1 2024vs Q1 2023$235.3MM$212.4MM
Loan Loss AllowanceQ1 2024vs Q1 2023$31.3MM$30.5MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$32.8MM$18.7MM
Real Estate OwnedQ1 2024vs Q1 2023$0$62K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Chartway Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

Chartway Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%$100-Bonus Savings Special - New Money
0.25%$100-IRA Share
0.05%$100-Custom Share
0.05%$100-Prime Share
0.05%$100-Business Prime Share

Chartway Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.50%*$1m*-Money Market Plus w/Checking
OTHER TIERS: 2.50% $100k - $500k | 4.00% $500k - $1m
0.60%*$50k*$100kMoney Market
OTHER TIERS: 0.25% $2.5k - $5k | 0.35% $100k+ | 0.40% $5k - $10k | 0.50% $10k - $25k | 0.55% $25k - $50k

Chartway Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%*$0$15kHigh-Yield Checking
OTHER TIERS: 0.05% $15k+
0.05%*$10k*-LifePlus Checking
OTHER TIERS: 0.02% $1.5k - $10k

Chartway Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.10%$500-13 Month Promo Share Certificate - New Money
5.10%$100-13 Month Promo Share Certificate - Youth - New Money
4.75%$500-19 Month Promo CD - New Money
4.75%$100-19 Month Promo CD - Youth - New Money
4.25%$500-12 Month No Penalty Promo Share Certificate
4.25%$100-12 Month No Penalty Youth Promo Share Certificate
2.75%$500-24-35 Month Share Certificate
2.75%$500-36-47 Month Share Certificate
2.75%$500-60-71 Month Share Certificate
2.75%$500-48-59 Month Share Certificate
2.50%$500-12-17 Month Share Certificate
2.50%$500-18-23 Month Share Certificate
0.70%$500-6-11 Month Share Certificate

Chartway Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.75%$500-24-35 Month IRA
2.75%$500-36-47 Month IRA
2.75%$500-60-71 Month IRA
2.75%$500-48-59 Month IRA
2.50%$500-12-17 Month IRA
2.50%$500-18-23 Month IRA
0.70%$500-6-11 Month IRA
Locations

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