EdFed - The Educational Federal Credit Union
EdFed - The Educational Federal Credit Union is headquartered in Miami and is the 17th largest credit union in the state of Florida. It is also the 265th largest credit union in the nation. It was established in 1935 and as of December of 2020, it had grown to 259 employees and 87,750 members at 7 locations. EdFed - The Educational Federal Credit Union has an A+ health rating.
Field of Membership Restrictions
Membership in EdFed is open to employees and students of Miami-Dade County Public Schools, Miami-Dade College, Christ Fellowship and Academy, Dade Christian School, Mater Academy East Charter Middle/High School, The Thinking Child Christian Academy, Charter Schools Sponsored by Miami-Dade Public Schools, and Balere Language Academy. Membership is also open to employees of United Teachers of Dade and members of Alliance for Early Care & Education. Immediate family and household members are also eligible to join.
See current membership details
Great Credit Union!
This CU is a great place to do business with. The Staff is friendly and are attentive to your needs. There are Bi-Lingual staff on site. They are responsive to questions and concerns and are very competitive when it come to what they offer!
South Florida Educational Credit Union
South florida educational credit union has a very small history with me but within the month i have been there it has become my favorite credit union/ bank i have been a part of. The union is for any students or teachers from the florida's teachers union you get many benefits from being a member.One of my favorite things about this bank is they give me huge discounts on movie tickets when i buy there and sometimes free tickets for my friends !Although my fav benefit from the union is there rates on loans and credit cards guarrented the lowest apr you can find.The banks staff has always been very helpful and friendly and seem to really care about there customers ive never left without a smile on my face i would recommened anyone who is able to join to this union to join :)
Not Business Friendly
After banking at this institution for many years with substantial balances in my accounts, I inquired about opening a business checking account. I found that the SFEFCU is extremely customer unfriendly when it comes to business accounts. First, they require the customer to provide a certified copy of corporate organization documents. If you do not have a certified copy, obtaining it from the state requires a $30 fee and a two week turnaround time. No other bank I contacted requires this because they do their own homework on this issue. Second, the SFEFCU requires a copy of the company's operational agreement. The catch here is that by state law not all corporate entities are required to have an operational agreement. This means that if you want to open a business account with the SFEFCU you may need to draft such an agreement which could involve incurring legal fees. Next, the SFEFCU requires "resolution language" to open a business account. The representative I spoke to didn't even know what this is. Finally, once all the paperwork is gathered, it must be submitted to some Board at the SFEFCU. The Board can take up to two weeks to decide if your account will be approved. So to summarize, if you do not have a certified copy of your corporate documents opening a business account at the SFEFCU can take up to a month, not to mention the hassle of providing them with documentation almost no other bank requires. Seriously?
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 176 |
| Year Chartered | 1935 |
| Employees | 259 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.35% |
| Return on Equity - YTD | 2.05% |
| Annual Interest Income | $32.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $1.45B$1.18B |
| Loans | Q4 2020vs Q4 2019 | $431.2MM$286.0MM |
| Deposits | Q4 2020vs Q4 2019 | $1.19B$938.8MM |
| Equity Capital | Q4 2020vs Q4 2019 | $245.0MM$231.7MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $1.7MM$1.3MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $461.00K$618.00K |
| Real Estate Owned | Q4 2020vs Q4 2019 | $0$0 |