Franklin Mint Federal Credit Union (FMFCU)
Franklin Mint Federal Credit Union (FMFCU) is headquartered in Chadds Ford and is the 10th largest credit union in the state of Pennsylvania. It is also the 277th largest credit union in the nation. It was established in 1970 and as of December of 2019, it had grown to 339 employees and 111,159 members at 36 locations. Franklin Mint Federal Credit Union (FMFCU) has a B+ health rating.
Field of Membership Restrictions
Membership in Franklin Mint Federal Credit Union is open to those who live, work, worship, attend school, or volunteer in the City of West Chester, the Borough of West Chester, specific areas in Norristown, southeastern Delaware County (PA), or northern New Castle County (DE). Membership is also open to anyone who is associated with the Credit Union's partnered organizations or members of the FMFCU Foundation.
See current membership details
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Franklin Mint Federal Credit Union
Working with the local branches of the franklin mint credit union has been great. They really compete against larger banks by offering low rates, small fees (if any) and the ability to hold a savings account without having to keep a minimum balance within the account. Working with FMFCU has allowed me to save money that I would have likely lost in typical bank fees and put more of those funds to a savings account. The staff are always polite and friendly as well and are always willing to help with any questions regarding current accounts or opening a new account. I will continue to bank with this company as they have treated me like a valuable customer.
Franklin Mint Federal Credit Union -- a very good starter
I've been using Franklin Mint Federal Credit Union (FMFCU) as my primary bank for a little over a decade and it's been a positive experience overall. Back when I made an account there, its savings interest rates were around 7% for amounts up to $500 for its Super Saver accounts and around 3% for its larger Vacation/Holiday accounts (up to $2500), though the rates dropped off to less than 0.2% past those limits. Those were great interest rates even then. In the last few years, the interest rates on those accounts have dropped to 1.99%, which is still great for a bank/credit union during an era where extremely low interest rates are the norm. FMFCU's customer service is pretty good, though the ability to withdraw cash surcharge-free suffers if you travel outside of the Philadelphia area at all. FMFCU's web experience is acceptable and does what you need it to do, though it's nothing special. Its mobile app is not particularly good, however, and when I want to check my balances on my phone, I usually use the mobile web version instead of the app. My experience is positive overall. The one big complaint I have is the lack of the ability to send/deposit checks through the mobile app, but given its poor design, that might not be in the cards.
Franklin Mint Provides a Great Customer Experience
I have been a long time member of Franklin Mint Federal Credit Union, and there has never been a day that I have regretted my decision. While many friends and family complain about their high banking fees, Franklin Mint has always been kind and understanding in my dealings with them. Their customer service has always been stellar as well, although I'll admit most of the time their banking experience is so seamless that I do not have to contact them directly very often. If you're in the market for opening a new account or want to get away from big banks, they are a great opportunity to do so.
Took Fees Over A 3 Year Period For Nonuse, Refused Refund
I've used FMFCU for fifteen years and only had two issues over that time. They inaccurately calculated the payout on a savings bond and then were very rude when asking for it back. I let it go because the money was rightfully theirs and assumed they were frustrated they made a mistake.
More recently they took fees from me for not using their bill pay service, they did this over a 3 year period but refused to refund the full balance. I am disgusted between the incompetence and the blatant disregard for customers. I have moved my funds out and will not be returning.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 20042 |
| Year Chartered | 1970 |
| Employees | 339 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.56% |
| Return on Equity - YTD | 6.75% |
| Annual Interest Income | $51.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $1.19B$1.09B |
| Loans | Q4 2019vs Q4 2018 | $948.2MM$905.2MM |
| Deposits | Q4 2019vs Q4 2018 | $1.07B$978.9MM |
| Equity Capital | Q4 2019vs Q4 2018 | $97.9MM$89.9MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $9.0MM$7.9MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $10.5MM$9.4MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $437.00K$257.00K |
