EFCU Financial


Overview / Commentary
225-214-6800
10719 Airline Hwy
Baton Rouge, LA 70816-4213

EFCU Financial is headquartered in Baton Rouge and is the 3rd largest credit union in the state of Louisiana. It is also the 406th largest credit union in the nation. It was established in 1934 and as of September of 2024, it had grown to 132 employees and 67,571 members at 8 locations. EFCU Financial has an A health rating.

Field of Membership Restrictions

Membership in EFCU Financial is open to those who live, work, worship, or attend school in the Louisiana parishes of Ascension, East Baton Rouge, East Feliciana, Feliciana, Livingston, Point Coupee, St. Helena, West Baton Rouge, or West Iberville. Immediate family or household members of an existing EFCU member are also eligible to join.
See current membership details

Related Posts

EFCU Cuts Rates... Again (not even waiting unti 10/1) - 9/28/2024

EFCU slashed their rates early anticipating a Fed cut so when the Fed cut their rates in mid-Sept EFCU didn't cut any more, as they had already slashed their rates by a lot beforehand. But yesterday (9/27) they cut their rates even further, by .10%. 18- 24- and 30- 4.65 -> 4.55 ($500) 4.75 -> 4.65 (100k)

EFCU Lowers Rates Again -- This Time In The Middle Of The Month - 3/14/2024

EFCU usually changes their rates at the start of each month -- but not this time. After lowering their rates back in Jan, when March started, they kept the Jan and Feb rates -- the PDF showed rates valid from 3/1/24 to 3/31/24. But that all changed after only 10 days. Suddenly, on 3/11, new rates were posted, and they lowered yet again -- in the middle of the month, which is unusual for them. Take it as a warning that you can't count on places that traditionally only change at the start of each month to always do so, especially when rates are going down. And of course, take those "good until" dates with a grain of salt (as we all know). Rates can, and sadly do, change at any time. Example: 18mo: 5.00 -> 4.75 24mo: 5.00 -> 4.75 12mo: 5.25 -> 5.00 6 mo: 5.25 -> 5.00 (note that as with all EFCU rates, quoted rates are actually APR, so the APY will be slightly higher). I like EFCU, but there's now nothing to encourage deposits there.

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This Place Does It The Right Way.

Posted by: |

If you're eligible to join EFCU, do so. They're a great Credit Union that does business the right way.

One nice thing about EFCU that I hope they never change, is that EFCU's advertised savings rates are actually the APR not APY: Most places that advertise savings rates advertise the rate you'll get at maturity only if you keep the dividends in the CD to compound. But EFCU's advertised rates are what you'd get if you take the dividends out -- if you decide to keep the dividends IN the CD, you'll get a higher rate than EFCU's advertised rate. (If you see a place advertising a "4% CD", most places will offer you a CD with a "rate" of 3.93% that will TURN INTO 4% if you keep the dividends in the CD each month to compound, rather than taking them out every month. EFCU does it the honest way: if EFCU offers a "4% CD", that's their base rate, not the compounded rate, so you'll get the 4% even if you take the dividends out--and if you keep the dividends IN the CD, you'll get something like 4.07% instead, on that "4% CD"). That's the honest way to do it.

Their penalty for breaking a CD early is very decent as well: For terms up to 5 years it's 180 days (less for short term ones). The penalty applies to IRA CDs as well, but of course there's no penalty on mandatory RMD withdrawals.

If you're interested in an IRA, there's currently one person who handles most of the IRA stuff, but she's easily reachable (not always the case at many other credit unions!), knows her stuff, and is easy to work with.

EFCU's website doesn't have many features, but their CSR agents are always good. ACH transfers can indeed be set up on their website (there are amount limits for ACHs initiated from EFCU's website, but not if it's pulled/initiated from another place).

I have no idea if this will change, but before I switched to electronic statements, they even sent me out paper statements for free (no fee).

While rates can change at any time, EFCU usually updates their rates at the beginning of each month.

EFCU may not have a lot of fancy bells and whisltes, but they're a good, solid credit union, they do things the right way, they have great rates, and their fees and penalties (like a CD early withdrawal penalty) are reasonable.

If you're eligible to join them, I'd definitely do so.

Solid Credit Union

Posted by: |

EFCU tries to provide good customer service to its membership as well as high deposit rates.

Hard (Pull) To Join.

Posted by: |

Yet another land mine to explode in your face when seeking just to become a member. Find another place unless strong reasons exist to join here. The deposit rates might be one and I was tempted until asking about credit check against non-borrowing applicants. WHY are CU's so fortified against the remote possibility that a depositor might cause a problem someday? Applicants already face soft pulls.

Did Not Complete The Application

Posted by: |

The account application was asking many questions unrelated to a typical bank account application. I stopped halfway through the application because I did not feel comfortable giving out irrelevant personal information.

VIEW MORE REVIEWS

Health

Health Grade Components

Overall
NCUA #13
Year Chartered1934
Employees132
Primary Regulator
Profit Margin
Return on Assets - YTD0.89%
Return on Equity - YTD10.79%
Annual Interest Income$42.3MM
Assets and Liabilities
AssetsQ3 2024vs Q3 2023$1.13B$975.5MM
LoansQ3 2024vs Q3 2023$990.2MM$885.5MM
DepositsQ3 2024vs Q3 2023$973.4MM$852.8MM
Equity CapitalQ3 2024vs Q3 2023$90.3MM$80.5MM
Loan Loss AllowanceQ3 2024vs Q3 2023$3.2MM$3.1MM
Unbacked Noncurrent LoansQ3 2024vs Q3 2023$3.4MM$2.8MM
Real Estate OwnedQ3 2024vs Q3 2023$0$0
Rates

Rates for EFCU Financial are currently being reviewed.

Locations


EFCU Financial Locations
Branch Office7822 Magnolia Beach RdDenham Springs, LA 70726
Branch Office3861 Scenic HwyBaton Rouge, LA 70805
Branch Office15026 Market StBaton Rouge, LA 70817
Branch Office1804 Church StZachary, LA 70791
Branch Office1508 S Burnside AveGonzales, LA 70737-4405
Branch Office17235 Old Jefferson HwyPrairieville, LA 70769
Branch Office3663 Monterrey DrBaton Rouge, LA 70814-2920
Branch Office9210 Perkins RdBaton Rouge, LA 70810

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