Essential Credit Union

Essential Credit Union


Overview / Commentary
888-369-2207
2370 Towne Center Blvd
Baton Rouge, LA 70806

Essential Credit Union is headquartered in Baton Rouge and is the 13th largest credit union in the state of Louisiana. It is also the 845th largest credit union in the nation. It was established in 1972 and as of March of 2024, it had grown to 105 employees and 47,525 members at 5 locations. Essential Credit Union's CD rates are 6X the national average, and it has a B health rating.

Field of Membership Restrictions

Membership in Essential Credit Union is open to those who live, work, worship, or attend school in the Louisiana parishes of Ascension, East Baton Rouge, East Feliciana, Iberville, Livingston, Pointe Coupee, St. Helena, West Baton Rouge, or West Feliciana. Members of the Louisiana Wildlife and Fisheries Foundation are also eligible for membership.
See current membership details

Reviews (2)

Horrible Experience

I have had the worst experience with this bank, specifically dealing with Ron Riley the "the committee" as he stated that he is the one that make decisions. I was default on my commercial loan by 2 payments, however, after attempting to make the whole payment, I was denied. Ron Riley claims they sent me a demand letter that I signed off making me responsible to pay my entire loan in full. This was bogus and untrue. I never signed anything and after attempting to explain my situation, this man told me that it didn't matter, but "they" were tired of my account being in default (only happened twice this year) and they just wanted me to pay the loan in full $115K or they will start foreclosure processing. They did not try to offer me any relief or simple allow me to pay my missed 2 payments. He told me that I have 30 days. It was like I was dismissed and discarded like trash. I would not recommend anyone to get a loan with this Bank as they are only concern about what benefits them and not concern about their customers. I been with this bank since 2014 starting with a balance of $144k. I've always paid my notes within 30 days. I admit since Covid, within the last year, I did have those 2 missed payments, however, I still made the payments.

BEWARE!! Bank Lets Theft Happen Thru Drive Thru

our money was never refunded to our account. We’ve done everything required as far as, filling a police report, brought copy to the bank, etc. No one can answer when the funds will be returned. The bank manager has no clue whence how long it will take. We are tired of getting no answers. This is ridiculous. He should have never been allowed to withdraw the funds thru drive thru with his face pretty much fully covered, hot as hell outside. Not to mention the passengers face was fully covered,, as well!! With the sum of money being withdrawn he should have been required to go inside the bank.
What pisses me off more than anything. The tellers whom allowed this to take place m, not one but three times. Still are employed.
When asked about their positions and if they were even reprimanded. I was told they followed procedures.
Funniest part, when entering the bank there’s a sign asking customers to please not have, hats, sunglasses and face mask on for security purposes . I’m guessing because you cannot see ones face when it’s fully covered. So why is drive thru any different ?!! We are losing business.. Our utilities are past due and will be disconnected of on 6/9/21.
The financial ruin is inevitable as of this week we will have no lights, water, our home will be placed in forcloser . Our insurance has been canceled .. etc etc etc.
We get an,I DONT KNOW. I HAVE NO IDEA answer to the question, when will the funds be returned!!!
I need answers . Tomorrow morning I will start calling and emailing , news outlets, social media and every entity or outlet to get some help/assistance . I will also retain counsel. This should have never happened . The first 1500 maybe but not 2 more times . The employees whom allowed him to withdraw the funds should have been fired. I doubt they even looked up at the screen to see if it was Kurt. Nor compared the handwriting to kurts. There’s no way they followed procedures. If so, Essentials needs to reevaluate company procedures



Health

Health Grade Components

Overall
NCUA #68736
Year Chartered1972
Employees105
Primary Regulator
Profit Margin
Return on Assets - YTD-0.08%
Return on Equity - YTD-1.03%
Annual Interest Income$4.6MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$402.1MM$383.2MM
LoansQ1 2024vs Q1 2023$310.9MM$304.1MM
DepositsQ1 2024vs Q1 2023$349.3MM$346.3MM
Equity CapitalQ1 2024vs Q1 2023$31.5MM$34.6MM
Loan Loss AllowanceQ1 2024vs Q1 2023$2.8MM$1.9MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$2MM$1.8MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Essential Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Essential Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%*$20k*-IRA Savings Account
OTHER TIERS: 0.20% $100 - $2k | 0.25% $2k - $5k | 0.30% $5k - $10k | 0.35% $10k - $20k
0.25%$5-Start-Up Account
0.20%$5-Savings Account
0.20%$5-Christmas Club
0.20%*$100k*-Business Savings Account
OTHER TIERS: 0.10% $250 - $25k | 0.15% $25k - $100k

Essential Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.10%*$25k*-Money Market Account
OTHER TIERS: 0.40% $1k - $10k | 0.60% $10k - $25k

Essential Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%*$0$10kKey Checking
OTHER TIERS: 0.50% $10k+

Essential Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%$500-12 Month Certificate Special
4.85%$500-12 Month Certificate
4.60%$500-18 Month Certificate
4.50%$500-6 Month Certificate
4.50%$500-24 Month Certificate
4.25%$500-3 Month Certificate
4.25%$500-36 Month Certificate
4.25%$500-48 Month Certificate
4.00%$500-60 Month Certificate

Essential Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.85%$500-12 Month IRA
4.60%$500-18 Month IRA
4.50%$500-24 Month IRA
4.50%$500-6 Month IRA
4.25%$500-36 Month IRA
4.25%$500-48 Month IRA
4.25%$500-3 Month IRA
4.00%$500-60 Month IRA
Locations


Essential Credit Union Locations
Branch Office21925 Highway 1Plaquemine, LA 70764-5132
Branch Office6725 Siegen Ln Suite KBaton Rouge, LA 70809
Branch Office1051 N Airline HwyGonzales, LA 70737
Branch Office28645 Walker Rd SWalker, LA 70785
Branch Office1199 Pasadena BlvdPasadena, TX 77501

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