Communitywide Federal Credit Union is headquartered in South Bend and is the 18th largest credit union in the state of Indiana. It is also the 537th largest credit union in the nation. It was established in 1967 and as of June of 2023, it had grown to 82 employees and 68,559 members at 11 locations. Communitywide Federal Credit Union's CD rates are 6X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in CommunityWide Federal Credit Union is open to members of the Michiana Goodwill Boosters, the Marine Corps League of St. Joseph Valley, or Habitat for Humanity Helpers. Membership is also open to those who work in Adams Engineering Company, Syscon International, and over 40 other Select Employer Groups.
See current membership details
Related Posts
7/2 - CommunityWide Federal Credit Union Ups CD Rates
7/1 - Rate Increases On Savings, Funds, And High Rate Accounts
6/3 - CommunityWide Federal Credit Union Ups Short-Term CD Rates
6/18 - CommunityWide Federal Credit Union Offers Competitive 6-Month CD
4/10 - Communitywide FCU Quarterly High Rate Acct Drops To 1.50%
6/22/18 - CommunityWide Federal Credit Union Ups 60-Month CD APY
2/9/16 - They Are Currently Offering Cd's At 1.5% For 17 Months And 2.0% For 24 Months.
8/22/13 - Special 1-Year CD Rate at Communitywide Federal Credit Union - Easy Membership
10/1/12 - Top 5-Year CD Rate at Communitywide Federal Credit Union - Easy Membership
12/16/09 - 2.20% CDs with Terms from 6 to 18 Months at Communitywide FCU in Indiana - Local Only
4/13/09 - 3.00% 12-Month CD at CommunityWide FCU in Indiana - Local Only
So Helpful
The operator I spoke with was Nicole, she was absolutely wonderful. I was very stressed and Nicole put me at ease and helped me though the process of creating an account and setting up a payment arrangement
Too Complicated: IRA Savings Account
I inquired about the 5% APY IRA Savings account, and my review is just about this.
Depositaccount.com does not give any important details, and some information is wrong, even if it is up to date.
Communitywide's website does not give essential details, e.g. is there a Roth option. Deposit
I called several times before I got a hold of a live person. The individual was knowledgeable and was able to answer all my questions.
First of all: $2,000 is the minimum that has to be deposited when opening a IRA (Roth included) savings account.
The account opening fee is $5, plus an additional $5 for joining the Credit Union.
But their procedure is a complicated liker others: You have to have 2 accounts. What? Yes, you need to have a regular account first, and then the IRA savings will be opened in addition to it.
Funding then comes from your account, going into account #1 at Community Wide, than going into the IRA.
I suppose withdrawals would work the same way.
Behind The Times
Their rates are good but their online banking, particularly ability to transfer money in and out is atrocious.
Try To Avoid
Be warned: they do a hard credit inquiry that can damage your credit score, for opening an account. As others have mentioned it does not make sense to do a credit inquiry for investing in the bank. It should be the other way around and from that aspect they are rated B+, which is pretty low and thus a red flag.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 18336 |
| Year Chartered | 1967 |
| Employees | 82 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.86% |
| Return on Equity - YTD | 5.89% |
| Annual Interest Income | $21.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $777.6MM$689.7MM |
| Loans | Q2 2023vs Q2 2022 | $679.3MM$586.1MM |
| Deposits | Q2 2023vs Q2 2022 | $661.4MM$584.6MM |
| Equity Capital | Q2 2023vs Q2 2022 | $111.0MM$101.3MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $24.4MM$24.7MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $15.1MM$9.7MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
