ELCA Federal Credit Union
ELCA Federal Credit Union is headquartered in Chicago and is the 91st largest credit union in the state of Illinois. It is also the 2,966th largest credit union in the nation. It was established in 2015 and as of December of 2024, it had grown to 6 employees and 2,316 members at 1 location. ELCA Federal Credit Union has a B+ health rating.
Field of Membership Restrictions
The ELCA Federal Credit Union is a separate entity from the ELCA churchwide organization. ELCA sponsorship allows the credit union to serve the members and ministries of the ELCA
See current membership details
ELCA Credit Union In Downhill Spiral
The ELCA Federal Credit Union once offered good interest with low fees and good customer service. The fees are still low. Everything has slipped. The interest rates are now well below competitive products. The customer service is much weaker and the credit union, now entirely virtual, is no longer customer-friendly or convenient. There is no support for Zelle. There are substantial delays for large deposits. And when you try to get customer support, you are promised contact that never happens. I finally got fed up and wanted to close my account. The only way to do that was to fill out an online form, after which the credit union promised to contact me. There was no contact. In its arrogance, the ELCA Federal Credit Union closed my account pre-emptively, denying me access to the money that remained, and apparently put a check in the mail. I only found out about this by calling them to ask what happened. There was no apology or even any response to a long letter of complaint that I filed, to the email address provided. This was a people-friendly place that now sadly has lost its concern for customers.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24866 |
| Year Chartered | 2015 |
| Employees | 6 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.22% |
| Return on Equity - YTD | 1.8% |
| Annual Interest Income | $1.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $27.9MM$24.4MM |
| Loans | Q4 2024vs Q4 2023 | $12.5MM$12.7MM |
| Deposits | Q4 2024vs Q4 2023 | $24.5MM$21MM |
| Equity Capital | Q4 2024vs Q4 2023 | $3.2MM$3.1MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $144K$151K |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $33K$121K |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |