Hanscom Federal Credit Union is headquartered in Hanscom AFB and is the 7th largest credit union in the state of Massachusetts. It is also the 267th largest credit union in the nation. It was established in 1953 and as of December of 2024, it had grown to 223 employees and 102,487 members at 15 locations. Hanscom Federal Credit Union's CD rates are 4X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Hanscom Federal Credit Union is open anyone by joining the Nashua River Watershed Association ($35 membership fee) or the Air Force Association ($20 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
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.
Lack Of Communication And Professionalism
I have worked with HFCU for over 3 years and have held 3 different auto loans with them. In the past the people I worked with were amazing, they were professional and communicated effectively with me. Recently I applied for an auto loan (10/22) and the atmosphere was completely different. The branch manager, Karen lacks both communication and professionalism skills when working with clients. She asked us for documentation to verify our income, but never provided a secure link for the documents. After sending this critical information to her, she proceeded to tell us she could not read two of the documents but we were able to read them clearly. We provided the same documents to her in a larger format which for some miracles reason she was able to now read. Karen never reached out to us by phone to discuss any part of the process of the loan, and claimed she did not have all email or phone numbers which were provided during the loan application process when the representative called us. We had to reach out to her to find out where we were in the process of the application, which she never did give a response to, only to denied the loan. When I reached out to her to discuss why the loan was denied and to see if there was anything we could do to obtain a loan she ignored my request. She refused to communicate with me on any platform, phone or email. Karen did not provide any type of explanation nor was she willing to work with us. Our income is high enough to support another vehicle loan without any issues, but due to the lack of professionalism I will be going to my own credit union. I will not recommend anyone use HFCU for any type of loan due to the lack of communication/professionalism. I plan to pay off my two auto loans early as to reduce the amount of interest since I am not important enough for HFCU to work with as this credit union is not important enough to receive extra money off my back. I warn you BE-WARE the only thing Karen gave me was a ding in my credit score, nothing more!
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 9095 |
| Year Chartered | 1953 |
| Employees | 223 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.13% |
| Return on Equity - YTD | 1.16% |
| Annual Interest Income | $97MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $1.82B$1.83B |
| Loans | Q4 2024vs Q4 2023 | $1.54B$1.56B |
| Deposits | Q4 2024vs Q4 2023 | $1.56B$1.57B |
| Equity Capital | Q4 2024vs Q4 2023 | $197.3MM$194.3MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $15.6MM$6.5MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $23.9MM$20.3MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $63K$0 |
