Freedom Credit Union (PA) is headquartered in Warminster and is the 11th largest credit union in the state of Pennsylvania. It is also the 335th largest credit union in the nation. It was established in 1934 and as of December of 2019, it had grown to 93 employees and 70,618 members at 4 locations. Freedom Credit Union (PA)'s money market rates are 25% higher than the national average, and it has an A health rating.
Field of Membership Restrictions
Membership in Freedom Credit Union is open to any qualified individual that meets the membership criteria for the American Consumer Council and lives in the states of Pennsylvania, New Jersey, Washington D.C., Maryland, Virginia, West Virginia, or Delaware. ($8 membership fee). Membership is also open to the following: 1) those who live, work, attend school, volunteer or worship in Philadelphia, Montgomery, Delaware, Chester, or Bucks Counties in Pennsylvania; 2) employees and students of Community College of Philadelphia and over 250 area Select Employer Groups also qualify. (A complete list of groups is posted on the credit union's website)
See current membership details
Related Posts
2/14 - 18 Month CD At 3.5% APY
1/17 - Freedom Credit Union Offers 24-Month CD, 3.05% APY
I Had A TERRIFIC Experience
This is what I did
I joined Consumer Council, received the membership certificate in an email in two days, I scanned it. That same day I opened a $5 basic savings.
On Day three I made contact with natalie (215-613-0932) she handled the ach transfer (free to me) Day four: the cd already showed up pending completion. Day 5 Re-checked.... my bank had sent the funds and later that day the funds were in my 3.56 % 30 month cd. I am happy!
Persistence Pays Off
I opened the promo 30 mos CD paying 3.56% APY. It took some doing, numerous phone calls, simply because the staff was inundated with new account openings given the very attractive rate. I eventually got in touch with the right person and the ACH info was taken and transfers are underway. Online the accounts show as open pending funding.
I would say overall, for a relatively small institution, they have a good website, competent staff and they exhibited strong customer relations. For their size I'm giving them an "A".
Freedom Summary
This institution is always there to help from the people in the branch and even over the phone with their telephone teller. This allows you to do many transactions over the phone without having to go to a branch in person. Also, this institution has great rates on different deposit products and that is a main reason I am still with the credit union. Overall, I am very satisfied with the organization and I would and do recommend people to this organization. The only downside to the company is that they do not have many branches. This hinders your ability to go to them if you are in need of help, however, that is where the telephone teller comes into play and saves the reputation. The company also has a very user friendly app that makes mobile banking easy and fun. This is extremely helpful because I am around my phone more often than I am around a computer or even a branch itself.
Good CD Rates
3.50% February 15, 2019
*Limited time offer, 18-month CD and IRA CD with a 3.50% Annual Percentage Yield (APY). NEW MONEY ONLY. LIMITED TO $250,000 PER MEMBER. Minimum deposit of $500
Customer service needs improvement. Phone CS is poor. One rep threatened to charge me for her time after she put me on hold because she didn't know the answer to a question. Then gave me the wrong information.
Very Disappointed
I went in to Abington Office to open a saving account. Upcoming retirement and money to invest. The atmosphere was as blah as ever. The one lady said, "sign the clip board and have a seat" No greeting, no hello, not a smile.... nothing. I thought ok give it a chance. It didn't get much better. I told the guy in the office, you know I was looking for a community bank to invest with and based on my experience today I am glad I am not going to be banking with you. He said, sorry about that. No hand shake when I went in. Totally needs attention in all areas.
Frustration To The Nth Degree
I have been trying to open a CD with Freedom Credit Union for over one week and have encountered only frustration. You would think I were applying for a loan and not looking to place money with the institution, Never received an email asking me for proof of membership and identity. Had to call to find that out Then I submitted what was required and spoke with a CS today who cannot locate my scanned items!!! I have spent close to two hours on multiple phone calls and the account is STILL not funded. The rate is great but not worth the elevated blood pressure I am getting from this institution. Gave the CS my phone # for an update and have not heard back yet. Will look for another institution who is willing to accept my money!!!
Difficult Opening Process - Unnecessarily Cumbersome - Bad Customer Service
I was able to get a certificate opened but it was way more work than it had to be involved a fax and waiting for someone to call me back at their leisure during a limited time promotion. They are just not set up to deal with demand on a competitive product. Apparently only two people were handling the opening of certificates/funding. I tried calling the person who initially responded to me and spent hours trying to get even a voicemail to pickup. When I finally spoke to the call center they told me the person had left for the day. I had to wait an additional day to receive a call back, which I did thankfully. However, the rep did not follow my instructions on some things but I can live with results. They definitely seem overwhelmed. Just be aware it won't be fast or easy to open an account if you're not able to walk into a branch. If it weren't for very competitive savings rates, I would have gone elsewhere fast.
Antiquated Account Opening Procedures!!!!!!! ZERO Stars
I called to open the 36 month 3.04% APY CD and was told that I had to FAX a copy of my membership certificate in the American Consumer Council to them. (Membership in the ACC qualifies one to join.) I explained that I do not have a FAX machine but would gladly email the certificate.They do not accept emails. This CU has antiquated procedures and I opted to not drag myself to a UPS store to have them fax something for me.
Moreover, as a previous poster observed, you can't find this offer on their website, but the link he provided did address the offer. However, hunting around for their offer does not inspire confidence in me that they know what they are doing. This offer is good but I believe we will be seeing more such offers but from better run banks in the next couple of months, so I will wait.
Also, they did confirm the offer expires on 2/23/18. So, if you don't have a problem dealing with this rinky dink bank, you'd better jump on this offer now.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 60275 |
| Year Chartered | 1934 |
| Employees | 93 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.38% |
| Return on Equity - YTD | 12.39% |
| Annual Interest Income | $37.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $997.4MM$888.3MM |
| Loans | Q4 2019vs Q4 2018 | $683.2MM$658.5MM |
| Deposits | Q4 2019vs Q4 2018 | $882.4MM$788.9MM |
| Equity Capital | Q4 2019vs Q4 2018 | $109.9MM$94.7MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $9.1MM$7.8MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $4.5MM$3.6MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $83.00K$0 |