Hanscom Federal Credit Union


Overview / Commentary
781-698-2000
1610 Eglin St
Hanscom Afb, MA 01731

Hanscom Federal Credit Union is headquartered in Hanscom AFB and is the 6th largest credit union in the state of Massachusetts. It is also the 253rd largest credit union in the nation. It was established in 1953 and as of September of 2022, it had grown to 246 employees and 94,657 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

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!

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.

Inconsistent And Sloppy Customer Service

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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

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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!

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Health

Health Grade Components

Overall
NCUA #9095
Year Chartered1953
Employees246
Primary Regulator
Profit Margin
Return on Assets - YTD0.74%
Return on Equity - YTD8.36%
Annual Interest Income$44.2MM
Assets and Liabilities
AssetsQ3 2022vs Q3 2021$1.83B$1.77B
LoansQ3 2022vs Q3 2021$1.52B$1.41B
DepositsQ3 2022vs Q3 2021$1.64B$1.58B
Equity CapitalQ3 2022vs Q3 2021$163.4MM$170.3MM
Loan Loss AllowanceQ3 2022vs Q3 2021$5.3MM$5.7MM
Unbacked Noncurrent LoansQ3 2022vs Q3 2021$3.0MM$2.7MM
Real Estate OwnedQ3 2022vs Q3 2021$0$0
Rates

Rates for Hanscom Federal Credit Union are currently being reviewed.

Locations

Availability



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