Northwest Federal Credit Union is headquartered in Herndon and is the 5th largest credit union in the state of Virginia. It is also the 89th largest credit union in the nation. It was established in 1947 and as of June of 2022, it had grown to 602 employees and 268,281 members at 11 locations. Northwest Federal Credit Union has a B+ health rating.
Membership in Northwest Federal Credit Union is open to anyone by joining the Florida Literacy Coalition ($10 membership fee). Membership is also open to employees of the Central Intelligence Agency, the National Reconnaissance Office, office of the Director of National Intelligence, personnel assigned or detailed to the Department of Homeland Security and people retired from these agencies and to employees of member companies and members of partner organizations.
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I have very good experience with NWFCU add-on CD. whenever you have some extra money, you can deposit it into the CD. I use internet online banking. However, they have partners in my area where I can do deposits, such as checks or cash. You can transfer or deposit money in your savings account, and transfer them to your add-on CD. Even though there normally is a hold on your check, the representative can waive it since the money stays in the Credit Union. I am very happy with their customer service too, very nice and helpful. Unfortunately their add-on CD promotion CD rate has gone. However, they still have 2-year add-on CD with 1.51% APY.
I've been trying to open a $50,000 cd at this Credit Union. I've so far invested almost 2hrs yesterday. And still it isn't done. I've been on hold trying to contact them for over 1hour so far. I would definitely discourage anyone to do business with them. Customer service is nonexistent . UPDATE: We did finally connect with customer service. Must have been a glitch with there incoming calls. I received an apology which was greatly appreciated. However, your website is just not that user friendly for new accounts. Needs some tweaking for sure.
North West Federal Credit Union is the best banking institution or credit union that I have ever dealt with. They are very knowledgeable about their products and offerings and I always feel welcome when I go. I get the best interest on my student savings account and the best of all is that it compounds daily! At my other bank I do not receive the attention I get like here. One thing I would say for them to do better on is their online customer service. Once I ordered a new card for my checking account and did not receive it for over two months. That is just unacceptable! I really like their checking also because they do not charge me for overdraft fees. Another thing I would like to see is if they had more branches so I would be able to access them more often. Overall, I have been extremely satisfied with their savings and checking accounts that I have open at the credit union, and I plan to do more business with them in the future.
|Return on Assets - YTD||0.44%|
|Return on Equity - YTD||5.05%|
|Annual Interest Income||$52.6MM|
|Assets and Liabilities|
|Assets||Q2 2022vs Q2 2021||$4.22B$4.39B|
|Loans||Q2 2022vs Q2 2021||$2.69B$2.19B|
|Deposits||Q2 2022vs Q2 2021||$3.63B$3.56B|
|Equity Capital||Q2 2022vs Q2 2021||$369.2MM$439.6MM|
|Loan Loss Allowance||Q2 2022vs Q2 2021||$8.8MM$14.2MM|
|Unbacked Noncurrent Loans||Q2 2022vs Q2 2021||$6.8MM$11.2MM|
|Real Estate Owned||Q2 2022vs Q2 2021||$0$0|
Rates for Northwest Federal Credit Union are currently being reviewed.