Great River Federal Credit Union is headquartered in Saint Cloud and is the 18th largest credit union in the state of Minnesota. It is also the 920th largest credit union in the nation. It was established in 1948 and as of June of 2024, it had grown to 79 employees and 20,721 members at 9 locations. Great River Federal Credit Union's money market rates are 5X the national average, and it has a B health rating.
Field of Membership Restrictions
Membership in Great River Federal Credit Union is open to all U.S. citizens/residents aliens through membership in the American Consumer Council (ACC). Immediate family members of current Great River Federal Credit Union membership also qualify for member, as do the employees of nearly 40 Select Employer Groups.
See current membership details
Very Quick Account Opening
Filled out online app for GRFCU
yesterday 10 AM EST. Got call from very professional and efficient CSR at 4:25 PM EST saying they needed my drivers license. I told her I did not see where I was prompted to upload it during the app process but I could send it now. She said No, lets do a video chat. I held up my dl and she captured it from the screen. She gave the bank routing number, my new savings account number and a phone number to call when my wire transfer was complete - and we could then fund the CD. She did say the special would only last 2 weeks.This is the quickest credit union membership acquisition I have ever experienced.
Still waiting on new account status response from CFG and EFCU from over 10 days ago.
Great (Waste Of Time) Rivers FCU
I applied for their 37 mo promotional cert 4.02% the day it came out on 4/11/22. After giving all of my personal information and bank account numbers to transfer funds, and answering a bunch of bs questions in their application…btw questions were weird and unlike any other bank or fcu in the United States (how many wire transfers in a month will you do and in what average amount, how many ACH transfers and in what amount. Will you do international ACH wire transfers, and on and on and then doing a hard credit pull. I finally get a call from a rep today 4/15/22 denying me membership due to one, (yes one) inquiry on my credit report and she states I’m too high of risk. Mind you, I have never been denied a bank account, loan or credit card in my life and have a credit score over 825 since forever. The reason for the inquiry as I explained is with rising rates I’m moving money to different institutions such as theirs. The rep who tells me that I’m too high of a risk. What a freaking joke! If I’m too high of a risk then they are certainly too high of a risk if thier process is that broken. Thanks for doing me the favor and saving me the time and trouble of never having to put up with any more of their BS and waste my time with Great waste of time Rivers FCU. They aren’t worth it. I’d recommend staying away! There are a lot better FCU’s out there.
Hard Pull, Long Wait, No Way To Guarantee The 4.07 Rate
Their process to open a CD is ridiculous and credit-damaging - AND EVEN THEN THERE IS NO GUARANTEE THAT YOU CAN GET THEIR RATE You have to first apply for membership, at which point they do a hard pull on your credit, lowering your FICO score. Then they require you to open a liquid account and THEN somehow transfer funds into it (and you cannot do it online). THEN, once you have deposited your funds into your new liquid account, THEN you can apply for a CD - but at that point no one has any idea WHAT THE RATE WILL BE - by then it might be 1% - YOU CANNOT LOCK IN A RATE AT ANY POINT. So, your credit is damaged, and you have no guarantee that you can get the rate they offer now. INSANE, RIDICULOUS, STONE-AGE PROCESS that is a pure gamble. Not worth it at all if you value your credit score.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24632 |
| Year Chartered | 1948 |
| Employees | 79 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.59% |
| Return on Equity - YTD | -7.95% |
| Annual Interest Income | $7.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $352.4MM$367.5MM |
| Loans | Q2 2024vs Q2 2023 | $293.2MM$303.6MM |
| Deposits | Q2 2024vs Q2 2023 | $315.2MM$321.8MM |
| Equity Capital | Q2 2024vs Q2 2023 | $26.4MM$26.9MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $1.3MM$834K |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $2.4MM$1.3MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $79K$240K |