Farmers Insurance Federal Credit Union
Farmers Insurance Federal Credit Union is headquartered in Burbank and is the 44th largest credit union in the state of California. It is also the 314th largest credit union in the nation. It was established in 1936 and as of June of 2024, it had grown to 253 employees and 64,418 members at 12 locations. Farmers Insurance Federal Credit Union has a B+ health rating.
Field of Membership Restrictions
Membership in Farmers Insurance Group Federal Credit Union is open to anyone by joining or being a member of the American Consumer Council. Membership is also open to employees or agents of Farmers Insurance, Foremost, BristolWest, 21st Century, Farmers New World Life, Farmers Financial Services, and their immediate family.
See current membership details
Easy Sign Up, And Great Credit Cards!
Not sure what the issue was with the other poster but the sign up process was very easy for me. Within less than 48 hours of applying for the Crystal Visa I was approved, and had my membership established, all through email and phone.
CD Break Penalty - Complex? A What?
I called them to know what I am looking at as penalty if I require to break CD term if circumstances in life ever changes. I was told it's complex and I may loose everything, but to get principal back only. I am like list your penalty clearly on the web site or else no money from me. The term "Complex" means they wants to give you nothing back on interest. Stay away.
This Makes Me Nervous !!
The following is on their website. (Federal regulations require dividends be paid from available earnings; dividends are contingent upon this regulation) Which to me it means if they did not earn enough they won't pay the interest on the CD's we are holding. Never seen this on any other bank/CU website. I was thinking of their 5 year CD, but not now !!!
Farmer's 5.75% 36 Month Variable Share CD...BEWARE!
If you're looking to lock-in a high APY CD for 36 months, this NOT the product for you: "5.75% 36 Month Variable Share Certificate." It's not really even a CD, but more of a Saving Account with onerous restrictions. In the next 36 months, the FED is widely expected to cut interest rates on the way to their target of 2.00%! This Farmer's product will do the same. Read and understand its terms and disclosures. Then get a real CD elsewhere to lock-in today's high APYs.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 1074 |
| Year Chartered | 1936 |
| Employees | 253 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.19% |
| Return on Equity - YTD | -2.09% |
| Annual Interest Income | $52.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $1.5B$1.47B |
| Loans | Q2 2024vs Q2 2023 | $1.4B$1.38B |
| Deposits | Q2 2024vs Q2 2023 | $1.26B$1.22B |
| Equity Capital | Q2 2024vs Q2 2023 | $135.6MM$131.8MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $22MM$20.8MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $17.5MM$8.6MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |
