Hughes Federal Credit Union is headquartered in Tucson and is the 5th largest credit union in the state of Arizona. It is also the 235th largest credit union in the nation. It was established in 1951 and as of December of 2019, it had grown to 260 employees and 131,706 members at 8 locations. Hughes Federal Credit Union's money market rates are 70% 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 CU
Just Kudos to Jennifer T who helped me set up
a 36 mo jumbo CD. I had applied and was approved
the day before a rate change. She was very personable and the rate was honored. The set up
took a few days not due to inefficiency but to
their thoroughness--one of the question had to
do with an event 40 years ago!--so I guess if you
do not remember events in your past that can
lead to frustrations and denial of your application.
Very competitive for CD's.
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.
Great Rates And Experience.
I opened several CD accounts at Hughes in August. (Regular, IRA, and Roth). If they continue their 3 year promotion I may open another.Their rates are excellent. I like that there's a representative assigned to me for personal contact by phone or e-mail and she usually gets back to me within a day with good communication to my many questions. I like their excellent health rating. Their website is good. When I couldn't find maturity dates.my representative let me know quickly. To add POD beneficiaries they mailed a form that I had to have notarized and mail back. I don't mind the added security. I'm guessing that they're fairly inundated with customers due to their promotion right now which is understandable. I find that if you're chasing the best rates in the country you have to be a little more patient due to that.
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.
Stuck In The Dark Ages
In trying to transfer my CD funds from Hughes to another credit union, Hughes refused to accept my request by either fax or by secure email from their website. They insisted on hardcopy requests by US Mail. Even asking for a supervisor/manager to override this policy, I was again refused. This is the 21st Century now. This is on top of their co-mingling of my IRA and personal funds against my specific instructions to not do so. Clueless people, a clueless organization, customer-unfriendly policies. Caveat Emptor.
Awful Process To Open An Account
They make it very difficult to set up and fund an account. I filled out the application, provided copies of drivers licenses, provided all the additional info they asked for in multiple requests, and that still wasn't good enough. It's like I was asking them to send me money... it was a nightmare dealing with them. I canceled my application and will never deal with them again.
Horrible Customer Service
Called to open an account. Over 10 minutes on hold, got a third party vendor who knew nothing, said she could take a message for bank to call me back, then hung up on me when I tried to ask more questions.
Another Questionable Institution?
Happy to do the very first review. After collecting all my information during the application time they simply sent me a cold message (not even bothering calling) that they cannot open a savings account! How ridiculous and such a waste of time. Do not bother.
Follow up from previous review above: they are still ridiculous, I applied to open an account for a 2nd time (based on their advise), account still not opened after 1 week. Obviously they do not need my money or any one else's for that matter. Blaming a "3rd party" for the call center experience is also a ridiculous and simply pathetic excuse (and obviously they have not improved that). I suggested to them that if they cannot handle new applications they should not then allow people to apply - it is a simple as that!
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 7531 |
| Year Chartered | 1951 |
| Employees | 260 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.78% |
| Return on Equity - YTD | 8.31% |
| Annual Interest Income | $58.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $1.39B$1.14B |
| Loans | Q4 2019vs Q4 2018 | $1.01B$1.05B |
| Deposits | Q4 2019vs Q4 2018 | $1.25B$1.02B |
| Equity Capital | Q4 2019vs Q4 2018 | $128.0MM$117.4MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $13.4MM$14.7MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $5.9MM$7.2MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $0$0 |