INSTEP Credit Union

INSTEP Credit Union

Overview / Commentary
400 Russell Ave Bldg 509
New Orleans, LA 70143

INSTEP Credit Union is headquartered in New Orleans and is the 45th largest credit union in the state of Louisiana. It is also the 2,501st largest credit union in the nation. It was established in 1948 and as of June of 2022, it had grown to 25 employees and 5,322 members at 2 locations. INSTEP Credit Union's savings rates are 25% higher than the national average, and it has an A health rating.

Field of Membership Restrictions

Membership is open to active and reserve military personnel and retirees, employees of the Federal Civil Service and members of the VFW, First District of Louisiana.
See current membership details

Reviews (2)

Awesome Bank

I have had both a Checking and Savings Accounts with this bank for 10 plus years. I have my military checks direct deposited into my Savings when I get paid and it is always a day early. There is a mobile app where you can check your account at all times and mobile checking. I like this feature! If there is any fraudulent activity on my account they send me an email to approve it or let them it was authorized. They are part of the CO-OP Shared Branch Networks so I can deposit money and access my money anywhere I go in multiple states. I just look up the network online and check the closest location. So, locations are always conveniently close to me no matter where I am located.

Disappointed Member

I have been a long term member with NAS JRB Credit Union for over 18 years. I’ve had many loans in good standings. I recently applied for a loan 7/2/2018. I was told u been approved just provide the following documentation etc. I provided it and followed up and didnt hear back for a week or two. I finally hear back with new requested documentation. I send the new documentation and follow up by email, phone calls and voicemails just to hear back a week later by email saying I will call you back tomorrow and don’t receive a call back, so I continue to call back for days and finally get in touch with the loan officer just to receive the same info we discussed the first time. This has been on going circus since early July. I have provided the requested info then I finally get a call back saying sorry it’s not going to work bc ur registration was expired on the car we’re trying to refinance for collateral. I sent in a copy of the current registration. I call to follow up about the registration and don’t hear back for a couple of days. When I finally hear back you are now there telling me sorry we can’t approve you. Why not tell me this in the beginning instead of having me provide info for 2 months and making me think I was approved just to find out months later we can’t do anything for you. This should of been brought to my attention early July not the 28 August. I felt like I was put on the back burner and was given the run around for the past 2 months. I have never had this issue with NAS JRB Credit. Either u can do it or u can’t. Don’t make me wait 2 months after you’ve told me yes I’ve been approved to tell me sorry there’s nothing we can do for you. Is this how you treat long term members of your credit union? I Will never do business with NAS JRB Credit Union again.

Additional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. INSTEP Credit Union has a relatively low asset base.

Health Grade Components

NCUA #60842
Year Chartered1948
Primary Regulator
Profit Margin
Return on Assets - YTD1.56%
Return on Equity - YTD10.35%
Annual Interest Income$1.3MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$51.8MM$46.8MM
LoansQ2 2022vs Q2 2021$34.0MM$30.3MM
DepositsQ2 2022vs Q2 2021$43.7MM$39.7MM
Equity CapitalQ2 2022vs Q2 2021$7.9MM$7.0MM
Loan Loss AllowanceQ2 2022vs Q2 2021$252.00K$167.00K
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$325.00K$216.00K
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

INSTEP Credit Union Savings Account Rates

0.80%--Youth Savings
0.80%--Teen Savings
0.65%--Christmas Club
0.65%*$20k*-IRA Share Account
OTHER TIERS: 0.45% Up to $10k | 0.55% $10k - $20k
0.65%--Back to School Savings
0.65%--Tax Deferment Savings
0.25%*$250k*-Regular Shares
OTHER TIERS: 0.07% $50 - $2.5k | 0.10% $2.5k - $10k | 0.12% $10k - $20k | 0.15% $20k - $50k | 0.17% $50k - $100k | 0.20% $100k - $250k
0.20%--Fresh Start (Credit Builder) Savings

INSTEP Credit Union Checking Account Rates

0.50%--United Checking
0.50%--Patriotic Checking

INSTEP Credit Union CD Rates

2.27%$1k$100k15 Month CD - New Money
2.04%$1k$100k10 Month CD - New Money
1.78%$1k$100k5 Month CD - New Money
1.57%*$25k*$100k3 Year CD
OTHER TIERS: 1.00% $500 - $5k | 1.31% $5k - $15k | 1.41% $15k - $25k
1.31%*$25k*$100k2 Year CD
OTHER TIERS: 0.85% $500 - $5k | 1.06% $5k - $15k | 1.16% $15k - $25k
1.06%*$25k*$100k1 Year CD
OTHER TIERS: 0.70% $500 - $5k | 0.81% $5k - $15k | 0.91% $15k - $25k
0.76%*$15k*$25k6 Month CD
OTHER TIERS: 0.56% $5k - $15k | 0.60% $500 - $5k

INSTEP Credit Union IRA Rates

2.27%$1k$100k15 Month IRA - New Money
2.04%$1k$100k10 Month IRA - New Money
1.78%$1k$100k5 Month IRA - New Money
1.57%*$25k*$100k3 Year IRA
OTHER TIERS: 1.00% $500 - $5k | 1.31% $5k - $15k | 1.41% $15k - $25k
1.31%*$25k*$100k2 Year IRA
OTHER TIERS: 0.85% $500 - $5k | 1.06% $5k - $15k | 1.16% $15k - $25k
1.06%*$25k*$100k1 Year IRA
OTHER TIERS: 0.70% $500 - $5k | 0.81% $5k - $15k | 0.91% $15k - $25k
0.76%*$15k*$25k6 Month IRA
OTHER TIERS: 0.56% $5k - $15k | 0.60% $500 - $5k

INSTEP Credit Union Locations
Branch Office400 Russell Ave Bldg 509New Orleans, LA 70143-5077
Branch Office7532 Highway 23 Suite ABelle Chasse, LA 70037

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