Northrop Grumman Federal Credit Union is headquartered in Gardena and is the 41st largest credit union in the state of California. It is also the 281st largest credit union in the nation. It was established in 1946 and as of June of 2023, it had grown to 241 employees and 72,795 members at 27 locations. Northrop Grumman Federal Credit Union's CD rates are 5X the national average, and it has a B health rating.
Field of Membership Restrictions
Membership in Northrop Grumman Federal Credit Union is open to anyone through membership in the Southern California Historical Aircraft Foundation(SCHAF). Membership is also open to employees of Northrop Grumman subsidiaries, except those eligible for membership in another credit union sponsored by Northrop Grumman Corporation by virtue of their employment, and to employees of Metro Los Angeles County.
See current membership details
Related Posts
3/16 - Competitive 7-Year CD Rates at Northrop Grumman FCU - Easy Membership
2/21/09 - 3.96% 12-Month CD at Northrop Grumman FCU - Easy Membership
1/13/09 - High Yield CDs at Northrop Grumman FCU - Easy Membership
3/8/08 - 4.64% 15-Month CD for Current Members of Northrop Grumman FCU.
10/17/07 - High CD Rates at Northrop Grumman FCU (Easy Membership)
6/19/07 - CD Rates Remain High at Northrop Grumman FCU (Easy Membership)
5/30/07 - CD Rates Rise Again at Northrop Grumman FCU (Easy Membership)
5/15/07 - New Higher Long Term CD Rates at Northrop Grumman FCU - Easy Membership
3/12/07 - 5.71% 6-Month CD at Northrop Grumman FCU - Easy Membership
1/22/07 - High Rate CDs and Easy Membership at Northrop Grumman FCU
10/19/06 - 6.39% 36-Month CD IRA at NGFCU (Open To All)
10/16/06 - 6.19% 36-Month CD IRA at NGFCU (Open To All)
7/5/06 - 5.59% 6-Month CD at Northrop Grumman FCU (Open to All)
5/15/06 - 5.37% 6-Month CD at a Multi-State CU (Open to All)
A Way Around Membership Fee
If you join the Aviation option, it's a minimum of $50 PER YEAR as a contributor.
If you were to put $240K into a 5" year CD with them vs. 2.20% at another CU, your actual difference each year would be $94 after the $50 membership.
If you were to break the CD to go to a better rate down the road, you have to take into account this worthless contribution.
5-3-16 spoke with them today, there is a way around this $50 yearly fee, they will waive it, there's a checkbox on the application. Considering the 6 mo. EWP, this looks like one of the best bets I've seen in awhile.
Disappointed with NGFCU
Northrop Grumman Federal Credit Union was nothing like I imagined it to be. I opened a checking and savings account with them over a year ago, and to be honest I don't know why I haven't closed my accounts a long time ago. Navigating their website is not as smooth as it should be, it is very difficult to check my balance of my accounts on their website or even over the phone. Their fees seem to be higher than other credit unions I have looked into, and their customer service is not good. The last time I went to discuss a charge on my account, I was rudely interrupted by another employee running over to gossip to the woman that was helping me. They stood there for a while gossiping and ignoring me for at least 2-3 minutes.
Not Good For Relocation
I am a new NGC employee and have been with another Credit Union for 30 years and had a great experience. Because I moved to California from out of state, my old credit union could not write a loan for me here. I assumed the Northrop Grumman Federal Credit Union would be OK. Applied for the loan..no problem. The problem was getting them to return calls and providing information needed to complete the loan. Not until a week before the closing was I able to get calls returned from my loan officer to provide him the documents he needed. They daisy chain all their closing document requests. I spent over a week in a hotel room providing additional information. Most of the information was redundant to what I already provided. They are not staffed to do real business transactions. I was a relocation, so closing on time is a big deal. At this time it looks like we will be closing 7 days late. So, we need to provide temporary housing for my family and pets. They seem to think the closing date is a nice guideline. My relator also insists this has been the worst loan experience she has ever experienced in her 30 years in the industry. I was advised by my relocation company to go with another lender and I very truly regret not following their advise. Please do not make the same mistake I did.
Horrible And Thieves
Echoing other comments here, definitely one of the shadiest banks/credit unions. They first took my money and then rejected my application as they rely on the frivolous Chex system (I guess they not want people's money). I guess the expectation is to keep your accounts for ever (so to enjoy lousy rates). Wonder how they will survive in the upcoming tough financial environment with only 1,2B in assets. May be not opening an account there was a blessing in disguise :).
The Shadiest Bank Ever
Northrop Grumman Federal Credit Union is the worst bank of all time. They have the worst customer service ever. They do not deserve to have the Northrop Grumman name. I made my second to last payment on a loan last month. My receipt shows a balance of $344 and the representative told me congratulations on the remaining amount. Now, I was so excited to go pay my last payment, but they won't release my title until I pay a random $375. This amount has never shown up on any of my bills or receipts. Multiple payoff amounts have been told to us over the phone, but all of the sudden we owe a crazy payment. They are crooks and the reps don't stand by what they say. Run. Run. Run
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24292 |
| Year Chartered | 1946 |
| Employees | 241 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.03% |
| Return on Equity - YTD | 0.68% |
| Annual Interest Income | $32.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $1.66B$1.59B |
| Loans | Q2 2023vs Q2 2022 | $844.0MM$719.2MM |
| Deposits | Q2 2023vs Q2 2022 | $1.39B$1.47B |
| Equity Capital | Q2 2023vs Q2 2022 | $71.5MM$94.7MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$4.4MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $2.1MM$1.6MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
