Hanscom Federal Credit Union is headquartered in Hanscom AFB and is the 5th largest credit union in the state of Massachusetts. It is also the 231st largest credit union in the nation. It was established in 1953 and as of December of 2020, it had grown to 245 employees and 91,137 members at 22 locations. Hanscom Federal Credit Union has an A health rating.
Field of Membership Restrictions
Membership in Hanscom Federal Credit Union is open anyone through joining the Nashua River Watershed Association ($35 membership fee). Membership is also open to the following: (1) active or retired military; (2) employees or retirees of any federal government agency with a duty station in Massachusetts; (3) employees of Lockheed-Martin NISC, Scansoft, and more than 100 area Select Employer Groups.
See current membership details
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Great Experience Credit Rating With HFCU
I just had a good interaction with the management at Hanson Federal Credit Union, and now I want to share this experience! When changing a loan over to HFCU, a check was marked as never received by the old loan processor. A “Stop Payment” order was issued, and a new check was mailed by HFCU. In the meantime, a negative mark was placed on my credit report by the old loan processor.
That negative mark brought my “On Time” score down only one percent (99% versus 100%) – yet that had a significant impact on my total credit score.
I contacted HFCU and asked for their assistance in straightening out exactly what happened. They immediately sent a letter for me to the old loan processor, who investigated and corrected the negative mark to four different credit reporting agencies. My credit score immediately jumped 33 points to 721, the highest I had in years!
Thank you, Hanson Federal Credit Union!
Card Problem
I had a problem recently where my bank debit card with the chip was not being read properly when I inserted it into the reader for payment. I called the customer service number and spoke to someone who said I could stop by the local branch office to have it checked, or another one could be ordered. I opted to go into into the office during my lunch our. I had to wait a few minutes before someone coluld help me. They have an odd set up - there is no customer service area. The representatives are in offices that call you in or come out to greet you. A woman called me into her office. She checked my card and indeed it was not working. She ordered a new one for me. Unfortunately, it took about a week to receive.
Consumer visit
I have been to my credit union on numerous occasions. I usually go during the lunch hours. The set up is not like the typical bank. There is no wall with tellers behind and customers on the other sides. There are 3-4 offices where they simply come out to greet you and and sit you at at a desk where you conduct your business. It can be a bit odd if you get there and there is one or two ban reps in the offices on the phone or with a customer. You end up waiting in the common area, walking around a bit uncomfortably, and peeking into offices periodically.
Friendly Credit Uniton
I opened a checking and a Thrive CD with them a month ago. Although there were some errors made they were corrected after I pointed them out. I found them to be a very friendly Credit Union.
Inconsistent And Sloppy Customer Service
I’ve been a member for about 40 years. Service was fantastic until the credit union greatly increased in size, expanded membership eligibility, and began to hire “off the street,” usually resulting in mediocre to poor customer service. Count on at least two to three errors on your account per year, some of which are major. Having to wait until someone eventually may exit an office to provide assistance isn’t customer friendly. I remain a member only because the rates are competitive.
Incompetent Customer Service
I opened a CD with this bank. Their limit is $50,000.00. If you want to open another you're out of luck. I wasted two hours (FIVE phone calls) with this bank's representatives. Each one gave me a different story. It was maddening and a total waste of time.
Persnickety
I found this credit union to be rather persnickety and, frankly, in some respects manifestly unreasonable. The interest rates are good . . . but they come at a price.
Total Waste Of Time
Has taken forever to get a response about opening an account (whereas elsewhere you get a response right away after you apply online). It seems they do not want people's money. Suggest you go elsewhere where your money can be appreciated and you get more attention
Data as of Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 9095 |
| Year Chartered | 1953 |
| Employees | 245 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.52% |
| Return on Equity - YTD | 5.38% |
| Annual Interest Income | $52.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $1.67B$1.51B |
| Loans | Q4 2020vs Q4 2019 | $1.35B$1.18B |
| Deposits | Q4 2020vs Q4 2019 | $1.48B$1.34B |
| Equity Capital | Q4 2020vs Q4 2019 | $160.1MM$150.4MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $6.7MM$6.5MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $3.1MM$5.5MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $0$87.00K |
