Cobalt Credit Union is headquartered in Papillion and is the largest credit union in the state of Nebraska. It is also the 353rd largest credit union in the nation. It was established in 1946 and as of December of 2020, it had grown to 235 employees and 108,996 members at 30 locations. Cobalt Credit Union has an A health rating.
Field of Membership Restrictions
Membership in Cobalt Credit Union is open to those who live, work, attend school, or worship in the Nebraska counties of Cass, Dodge, Douglas, Lancaster, Sarpy, Saunders, or Washington, or the Iowa counties of Carroll, Crawford, Harrison, Ida, Mills, Monona, Pottawattamie, Sac, or Shelby. Employees/retirees of SpartanNash and their immediate family qualify for membership, as do immediate family members of current Cobalt Credit Union members.
See current membership details
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Reward Checking Account Changes As Of Apr 1, 2012
It's not yet on SAC's web site but per an email from them changes are a coming to their reward checking account:
mportant Notice: These Changes will be effective April 1st, 2012
Balance Changes:
SAC FCU's High Yield Checking rate of 3.01% Annual Percentage Yield will be paid on balances up to $15,000 (Currently up to $25,000). Rate is 0.15% APY on balances over $15,000. 0.10% APY applies to all balances if qualifications are not met.
Qualifications Changes Effective April 1st, 2012:
- High Yield Checking Accounts opened on or after April 1st, 2012 will require a direct deposit to the account to qualify for the 3.01% APY Interest Rate. Accounts opened prior to April 1, 2012 do not require direct deposit.
- Make 12 Debit Card Transactions with net debit card transactions totaling a minimum of $120 per month. Currently there is not a dollar limit requirement on total debit transactions. This will apply to both existing and new accounts.
- Enroll and Receive Electronic Statements (No Change).
SAC Credit Union
I was in the military for over 20 years, and starting out (in Upper Michigan), it was the nearest bank to where I lived (on a military installation). As such, it was my bank of choice and we've been a member ever since. While the savings and checking accounts were nothing special, the customer service was outstanding. If ever there was a problem, it was immediately resolved with little more effort on my part other than to bring it to their attention. In fact, one situation that comes to mind is: we had gone in to the local branch to transfer some money from savings to checking, and the individual at the bank indicated that the money had been transferred and was available for use. From the bank, we immediately went to the commissary (grocery store on base) and shopped for groceries. Due to some oversight on the part of the bank, the money was not, in fact, available for immediate use, and it resulted in an overdrawn account. Now, this, in the eyes of the military, is "financial irresponsibility", and it is taken very seriously and can have repercussions for a military member. When I went back to the bank and inquired as to what had happened, the readily admitted their mistake and provided me with a letter from the bank manager indicating that it was not an error on my fault so that I would not get in trouble with my superiors.
Great overall
SAC is a great credit union. I've been banking with them for over 20 years, and they are always coming out with something new or staying competitive. They have great rates on their accounts, and are very competitive. The only thing I don't like is their lack of mobile access, and their online services are pretty lacking overall. No way to open up new accounts or CDs through their website. It seems like you still need to do this in person for some reason. Also there is no way to do anything like online check scanning so you still need to go to a bank or an ATM to deposit a check, if you still get those things. I will stay with this credit union but I wish they would get some better tech.
Extremely Disappointed!
I have belonged to Cobalt Credit Union, which was previously SAC Credit Union, since 1995, when it served only the Offutt AFB community, and military retirees. At that time, it was awesome, and I trusted it with all my financial needs. The staff was extrmely competent, professional and courteous. Then, it opened its doors to anyone with a pulse and built an ostentatious building near 370 and 72nd St. I had the opportunity over a year ago to visit this building while discussing our mortgage. The monsterous building was virtually empty and it took forever to find anyone to discuss our mortgage. The person was finally located, however, she had a rude, laxidasical attitude. This was our first experience with the new staff since it opened its membership to everyone.
We recently decided we had enough with Cobalt and decided to pay off our mortgage. After attempting to handle the issue online, and finally on the phone without success, we decided to visit the facility once again today. Again, the facility was virtually empty. All of the cubicles were empty and the only persons, other that three females conversing in the main lobby, were the Branch Manager and two tellers. The teller and Branch Manager attempted for quite some time to locate someone to help us. While waiting, I purposefully watched the three females engaged in discussion. Uncomfortable, the three finally dispersed and went to their respective areas, two of which were in the empty cubicles. They continued to watch me to see if I continued watching them. Still, 80% of the cubicles remained vacant.
The Branch Manager was finally able to reach someone on the phone who gave her our payoff. We concluded our business there and left. After viewing the lack of stewardship for the funds of the patrons and constructing a monsterous facility that was obviously constructed to demonstrate unneeded opulence, we will be closing all of our accounts and discontinuing any affiliation with Cobalt. This is a sad statement of an organization that faithfully served the Offutt community for so long.
Data as of Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24917 |
| Year Chartered | 1946 |
| Employees | 235 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.18% |
| Return on Equity - YTD | 2.04% |
| Annual Interest Income | $39.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020 | $1.08B |
| Loans | Q4 2020 | $892.2MM |
| Deposits | Q4 2020 | $878.5MM |
| Equity Capital | Q4 2020 | $96.1MM |
| Loan Loss Allowance | Q4 2020 | $9.3MM |
| Unbacked Noncurrent Loans | Q4 2020 | $3.5MM |
| Real Estate Owned | Q4 2020 | $0 |
