iTHINK Financial is headquartered in Delray Beach and is the 15th largest credit union in the state of Florida. It is also the 210th largest credit union in the nation. It was established in 1969 and as of December of 2019, it had grown to 379 employees and 94,223 members at 26 locations. iTHINK Financial has an A health rating.
iTHINK Financial is open to those who live, work, go to school or worship in the Florida counties of Brevard, Broward, Hillsborough, Indian River, Martin, Okeechobee, Osceola, Palm Beach, Pinellas, Polk, or Saint Lucie, or the Georgia counties of Bartow, Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Henry, Paulding, or Pickens. Membership is also open to immediate family of existing members, and current or retired employees of any of the more than 500 Member Companies (a list of companies are posted in the credit union's online opening process).
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My experience with IBM Southeast Employees Federal Credit Union began in 1997. During that year I made a poor decision in purchase a vehicle at a astronomical percentage rate, and had no recourse. A few months later IBM in association with the company I worked for had a promotional event. IBM was able to assist in paying of the high interest loan and help in easing the financial burden I was carrying. In addition, their customer service is fantastic and their willingness to listen to the needs of the customer in a personable way cannot be found in most banking institutions. Since then a feel a sense of gratitude in maintaining my membership with IBM.
I have been a customer with several financial institutions over the years, but I have never dealt with a financial institution that have made as many mistakes as this one. Here is just a few things that happened. When I initially opened my account I provided all the documentation requested. A few months later, I received a request to provide some of the same information. I shook that off though, then I signed up to receive my bank statements on line even though I was still getting them through the mail, lastly, when I moved I provided them with the correct address and then one day I received a 5.00 charge because my mail returned.
Who in the world charges people because their mail returned? I often wondered why they didn't send me an email instead. When I called to get the charge removed the person I spoke with was not personable and could have cared less what I had to say. She didn't offer to remove the charge and acted as if it was normal to be charged. The representatives don't have the proper attitudes and even when you get one that is nice, they are helpless to assist you. That day I made the decision to close my account.
I had a savings with close to $30,000 in it, a credit card, and a car loan with this credit union. In September of last year I made preparations to leave my company to go back to college full time. I was fully capable of making my payments without using my savings, as I had been preparing for this transition for quite some time.
I was recently in a car accident that completely totaled my car but luckily my insurance paid the entire amount I owed on the vehicle. I contacted the representative who helped me open my accounts to see about replacing my vehicle and low and behold, since I no longer had a job, I couldn't get a car! Even though I never missed a car payment or credit card payment, and I always paid over the amount!
So I kindly went to the bank and withdrew all of my money and have no plans of doing business with this credit union ever again. Had I not been hit, by no fault of my own, by someone I would still have my vehicle and would still have been payments as agreed. So it's your loss.
I had spoken to friends whom also have accounts with credit unions and they said that they had never experienced that before and it sounded like a complete lie. I didn't argue, I just got my money and left. I would not recommend this credit union under any circumstances.
I have had money within their bank for years due to my work signing an agreement with them. They have SO many hidden fees and do not clarify. One person says one thing while another says what you want to hear! They do not care about you or your money! I am closing this account for multiple reasons!
I setup several accounts with IBM SECU after the 2008 disaster, looking for a big bank alternative. Their lack of electronic deposits (at that time) caused me to close most of my accounts. They convinced me to keep a single account open with $300 in it so I could benefit from other member services and hopefully they would have the technology I was looking for over time.
Fast forward 1+ year and my account is down to $240 after they starting billing me for "lack of use" and then penalizing me for being under the minimum balance. This is obviously not a customer focused policy and amounts to theft in my mind.
A bank is supposed to be a trusted partner and provide a safe place to put your money. And for this favor, you allow them to loan your money to other borrowers (members) so they can make a profit on YOUR money. This bank, however, feels this is not good enough and if you are not spending money, or adding more money, they will drain your account to ZERO, and then charge you a penalty for hitting zero, then threaten your credit if you don't pay the penalties.
|Return on Assets - YTD||0.65%|
|Return on Equity - YTD||8.47%|
|Annual Interest Income||$61.0MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$1.53B$1.13B|
|Loans||Q4 2019vs Q4 2018||$1.26B$898.9MM|
|Deposits||Q4 2019vs Q4 2018||$1.33B$982.5MM|
|Equity Capital||Q4 2019vs Q4 2018||$118.2MM$106.7MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$9.0MM$8.0MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$6.6MM$7.9MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$448.00K$0|
Rates for iTHINK Financial are currently being reviewed.