My Credit Union (MN) is headquartered in Bloomington and is the 15th largest credit union in the state of Minnesota. It is also the 883rd largest credit union in the nation. It was established in 1957 and as of December of 2024, it had grown to 74 employees and 23,691 members at 4 locations. My Credit Union (MN) has an A health rating.
Field of Membership Restrictions
My Credit Union is open to businesses and other legal entities, or anyone who lives, works, volunteers, or goes to school in the Minnesota counties of Dakota, Hennepin, or Scott. Employees or volunteers of any one of the credit union's Select Employee Group is also eligible for membership. (A list of SEGs is posted on the credit union's website)
See current membership details
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Broken Website, Useless Customer Support
All I am trying to do is pay off my car loan. I have the money so it should be easy, right? WRONG!
In order to login to the website I need a 2-stage verification email but their email system has been broken for 2 days. I can only get logged in by doing a forgot password every single time I want to login because that is the only email that will send.
In order to pay off my remaining balance I need the 2-stage authentication email to send. In order to set 2-stage as a text I need the 2-stage email to send. In order to disable 2-stage authentication I need the 2-stage email to send.
You'd think they'd be aware of this and be able to turn off or change the 2-stage via phone call but they won't even admit the emails are broken. Their response was "The emails are delayed" and that all I had to do was wait for them to come through. Not a single one of the 20-50 2-stage emails that were sent have gone through in over 24 hours.
They won't even let me pay off the amount over the phone and they said I had to bring cash, in person, to pay it off. Who carries around 5,000$ in cash?
35-Year Member Abandoning A Sinking Ship
I've been a member of Richfield/Bloomington Credit Union for over 35 years and am shopping for a new credit union or bank. They used to be personable and professional, but now it seems like I can never talk to the same person twice, except the one man who sounds really young and is really very rude. The rest just sound pretty young and are condescending. There is one other exception: the one (and only one) person who handles IRA's, and only works part time. One would think that a financial institution with three branch locations would have more than one person who could assist with IRA transactions other than deposits, and that the person would be available more than about 12 to 18 hours a week. At least she seems to be very knowledgeable, and tries to be friendly while she is being helpful -- but she still defaults to paper copy of everything and either in-person or mailed through the unreliable postal service.
The last straw should have been a few years ago, when I cashed some US Savings Bonds, and someone made a clerical error processing one of them, so the Credit Union withdrew the entire amount of all the bonds from my account and froze all of my accounts, causing checks to bounce and automatic payments to be rejected, but they still accepted new deposits, which they also froze. For over two days, I couldn't even use my credit card to put gas in my car. After 10 days they figured it out and unfroze the rest of my accounts, but I had to fight with them to get refunded all the non-sufficient funds fees that they had charged me, and they refused to help me straighten things out with any of the creditors with which they caused me trouble. And every time I called about the situation, I had to explain everything all over again, and repeat over and over that it wasn't my fault that they couldn't process a savings bond, nor that they took back the proceeds for the entire batch of bonds, nor that they froze all of my accounts. Prior to this, I had not even used overdraft protection for over ten years. By the way, when they reversed the deposit and froze my accounts, they didn't even bother to send me any notifications, except through the website notifications, of which I was also locked out for at least two days, and when they resolved the problem, they didn't notify me at all -- I had to call back again to find out.
In spring of 2020, they switched to a new credit card processing company, and the new one is even worse than the one that they switched from. The on-line interface is even less user-friendly and more tedious to use. Preauthorizations stay on the pending transactions list up to two weeks after the final transaction is posted to the account.
But the final straw is that today, in this era of instant check processing electronically, I was informed that they are still putting a ten day hold on my paper payroll checks, because my employer has not started my direct deposit yet. And I must actually go to the credit union, or mail in the checks, because the mobile app will not process checks over $500!
This was after the young woman on the phone insulted my intelligence because I found over a dozen variations of name of the mobile app, but not the one for the credit union. After spending all that time to finally find, install, and activate the app, I realized that it was all a waste of time because it will not process checks over $500! Those must be brought or mailed to the credit union for processing.
And it was today I learned that they changed their name to "My Credit Union." What in the world were they thinking when they adopted that name???
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 60125 |
| Year Chartered | 1957 |
| Employees | 74 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.18% |
| Return on Equity - YTD | 1.97% |
| Annual Interest Income | $15.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $376.6MM$386.3MM |
| Loans | Q4 2024vs Q4 2023 | $321MM$333.7MM |
| Deposits | Q4 2024vs Q4 2023 | $330.2MM$329.1MM |
| Equity Capital | Q4 2024vs Q4 2023 | $35.2MM$34.3MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $1.1MM$1.7MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $1.2MM$1.2MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$209K |