Hughes Federal Credit Union is headquartered in Tucson and is the 5th largest credit union in the state of Arizona. It is also the 232nd largest credit union in the nation. It was established in 1951 and as of March of 2021, it had grown to 241 employees and 153,970 members at 7 locations. Hughes Federal Credit Union's money market rates are 14% higher than the national average, and it has an A health rating.
Field of Membership Restrictions
Hughes Federal Credit Union is open to anyone by making a $10 donation to one of the following community Special Interest Groups: Friends of the Oro Valley Public Library, Friends of the Pima County Public Library, Friends of Green Valley Library, or Friends of Kirk-Bear Canyon Library. Membership is also open to those who live, work, worship, or attend school in Tucson, Arizona. Employees/retirees/students of more than 800 Sponsor Companies, including Hughes Aircraft, the State of Arizona, and the University of Arizona are also eligible to join. (Complete details listed on the first page of the online membership application.)
See current membership details
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Hughes Federal Credit Union
I composed this message about a month ago, but I am not positive that it went through. I am re-entering it now. There were a series of fo-pas that happened, which resulted in Hughes reporting non-payment to my credit on at least 2 occasions. I was given the wrong information to send my online bill pay payments to. I was in fact making my payments, but Hughes never received them! Needless to say, I was super upset. During my subsequent phone calls to Cerner, a number of employees helped me, they were so kind, knowledgeable, cancelled the payments that went out to the wrong location, and I was refunded within 2-3 days. I spoken with Kristen who went to her manager Amanda and explained my situation. All employees in my file over the last couple of months, have helped me more than I can say. Amanda also ended up looking into details from a car dealership for me and involved a VP to help my situation. I know her name, but wasn't sure if I should list it. Hughes treated me like a human, like a person who was suffering, and they all went above and beyond to correct the situation. Amanda is reversing my derogatory credit marks, my husband and I were approved for a car loan, and I would recommend HFCU to ANYONE at ANYTIME! I feel that Kristen, Amanda, and everyone I spoke with deserves praise for their, beyond exceptional customer service. Not just that, but literally changing my life and my credit and my situation overall. I will stay with HFCU, hopefully forever. My opinion about Hughes and Credit Unions in general has changed for the better permanently due to my positive experiences recently with Hughes! Thank you so very much to everyone who helped me and my family to reverse every negative thing that occurred. Thank you, thank you, thank you! Hughes....YOU ROCK!!! I am happy to elaborate more for anyone who wants to contact me with further questions!
My Experience Was Five Star.
I opened two Roth IRAs in August and was so impressed with a technically advanced application process that I felt my investment would be secure at this Credit Union. The representative helping me saw that the my funds were transferred properly and in a timely manner, which is so important with IRAs. I experienced good communications by very friendly, knowledgeable and helpful people. I feel very fortunate that these CDs (great rates) became available when I had other CDs maturing.
Good But Some Different Online Procedures
Hughes had a great 3 year CD rate but it took me a while to get past my two concerns that it was not a legitimate credit union.
First, when I applied online, I entered my external bank's routing number and my account number. I expected a message that they would send two micro deposits to the external bank, but they don't do this. They just transfer the money via ACH. This caused me some concern since I look upon the micro deposits as partial proof that they are a legitimate financial institution.
Second, in order to send my money on time to get the higher rate, I was going to wire it. Their wire instructions use a third party "Catalyst Corporate Federal Credit Union" as an intermediary, which I've never experienced before.
So I Googled "Catalyst" and they are a sort of "back room" service provider to many credit unions.
Then I emailed Catalyst to confirm Hughes was a member and the answer was to contact Hughes. That was not comforting.
End of story, I found I was going to have to use the CD funds for another more immediate purpose, so I didn't fund the CD by wire.
If I lived in Tucson, and could bank in person, I'd certainly do so. But their internet procedures are just strange enough to create concerns working with them online. The reps on the phone are nice though.
Nice Customer Service And Communication
HFCU had some nice CD rates in June 2020 but, I didn't apply online until the 29th. However, they contacted me by phone AND email, explained I could wire in the monies and what credit bureau to unfreeze. They even opened the CD to get the better June rate before they even ACH'd my membership account. I was 3 time zones away but, I had the CD in less than 16 hours! Website is a bit confusing but, it works. Recommened if they continue the good rates!
Data as of Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 7531 |
| Year Chartered | 1951 |
| Employees | 241 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.83% |
| Return on Equity - YTD | 20.68% |
| Annual Interest Income | $18.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $1.77B$1.46B |
| Loans | Q1 2021vs Q1 2020 | $1.35B$1.05B |
| Deposits | Q1 2021vs Q1 2020 | $1.60B$1.32B |
| Equity Capital | Q1 2021vs Q1 2020 | $151.7MM$130.3MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $10.3MM$12.7MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $4.1MM$5.6MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $0$0 |