Orion Federal Credit Union


Overview / Commentary
901-385-5200
400 Monroe Ave
Memphis, TN 38103

Orion Federal Credit Union is headquartered in Memphis and is the 7th largest credit union in the state of Tennessee. It is also the 345th largest credit union in the nation. It was established in 1957 and as of September of 2019, it had grown to 206 employees and 74,952 members at 11 locations. Orion Federal Credit Union's CD rates are 2X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Orion Federal Credit Union is open to anyone through volunteering to donate $10 to one of five organizations through the credit union: Habitat for Humanity Greater Memphis, Hope House, Porter-Leath, Ronald McDonald House, and Wolf River Conservancy. Membership is also open to residents of Shelby, Tipton, and Fayette Counties in Tennessee; Desoto and Marshall Counties in Mississippi; and Crittendon and Mississippi Counties in Arkansas (membership details are listed in the credit union's online application).
See current membership details

Related Posts

Orion Federal Credit Union Drops Premium Checking Rate - 12/2/2019

Orion Federal Credit Union has restructured its nationally available Premium Checking account, lowering the APY to 3.00% on qualifying balances up to $15k.

First Orion Eliminates Multiple Accounts, Now They Drop The Rate - 11/25/2019

Received this today: PREMIUM CHECKING ACCOUNT UPDATE Effective December 1, 2019 Dear Member, As you have seen in the news, interest rates have once again been falling. We are writing to let you know of rate changes on your Orion Premium Checking account. We value your membership with Orion. Even though this is a variable rate account and advance notice is not required, Orion understands how important dividends are to our members, and we want you to be aware of the changes. We believe that our Premium Checking is the best checking account in the country, and even though we can no longer offer 4% APY after November 30, 2019, we hope you will agree that Premium Checking offers a great return on your deposits. Beginning December 1, 2019, the following rates will apply when you meet the Premium Perks Qualifiers: Daily Balance Range Dividend Rate Paid on the Portion Within the Range Blended APY Range $0 to $15,000.00 2.95950% 3.00% $15,000.01 to $100,000.00 2.05% 2.99% to 2.20% $100,0

Orion FCU Reduces Premium Checking Rate - 11/25/2019

Orion will change the terms of their rewards checking account effective 12/1/2019. "Premium Perks" rate is reduced from 4% to 3% APY and maximum is reduced from $30,000 to $15,000. Deposits between $15,000 and $100,000 earn 2.05%. $100,000 - 250,000 1.5%. Above $250,000 1%. Their website still lists the old terms. Notice of the change was provided to current depositors by postal mail.

View all posts from:


Pleasant And Rewarding To Do Banking With

Posted by: Rentier | Oct 15, 2019

I've became a member of this CU for the 4% Premium Checking account and moved my banking activities there as well. I've never had trouble meeting the 4% requirements since they post as signature purchases very explicitly.

Their bill pay online can be used to push payments to credit cards (I use this to pay P2's credit cards). The limit seems to be quite low, around $9,000. I also use bill pay to do ACH pushes since their ACH transfers are a measly $2,500 and take 3 days whereas the bill pay method takes 1 day and has a higher limit.

I ordered a stack of free checks to get around the bill pay and ACH transfer limits, although I had to do it over the phone.

Overall, this credit union works like business as usual. I don't live in a location with a branch either.

-1 for low transfer limits

Declining Rates

Posted by: DBourrie | Nov 26, 2019

October 2018, 4% APR Checking account up to $30,000 only 8 debit transactions per month and no limit to the number of accounts!

Effective Oct. 7, 2019, only One 4% APR Checking account per Social Security Number.

Effective Dec 1, 2019, only 3% APR up to $15,000, 2.20% APR $15,000.01-$100,000. Also "because of the high volatility of interest rates ..., we may be changing rates more frequently than in the past".

Inconsistent

Posted by: blueskies | Sep 21, 2019

A few weeks back I had a problem which I needed to get worked out with this CU. The CS lady says, sorry I can't help you. I asked to speak to a manager and she said ok and put me on hold. Then she came back on the line in a bit and said, I'm sorry but she said we cannot help you with that I said, please let me speak directly to her and she said, she just walked out the door. Really? So I asked her if she would have her call me when she returned. Sure, so left my name and number. That was the last of that.

As others have said, they reduced the multiple rewards checking account down to one. I received my notice in the mail a week or so ago. OK, it's their privilege to do what they want, but it is irritating to me that I just opened another one of these accounts about a month ago and you know they knew at the time this change was in the making. But not one word of warning - matter of fact it was, sure I can open as many of these accounts as you'd like.

I have had this happened (reduced number of accounts allowed) with other banks and credit unions before but every time it occurred with a credit union, they would honor the age old tradition of grandfathering in the accounts you already had with them. Banks on the other hand can be a hit or miss. But Orion is the first credit union not to honor the grandfather tradition.

So, yes I am very disappointed in Orion. Not only did they not try to resolve my previous problem, they showed no willingness to even bother with a very prominent unapologetic attitude. Then came the hammer with the news we're reducing you to one account, no we will not grandfather your multiple accounts in. I have several of these accounts so I'm going to have to scramble and find other avenues and of course you always lose money in the form of interest during the transitions if only due to transfer times.

Terrible And Rude Customer Service

Posted by: duckydan | Jan 3, 2020

Not only is the service from Orion awful, the customer service reps get defensive when you criticize the policies or decisions made at Orion.

It’s obvious to me this is a “customer last” organization. At the time I got a loan with them, it was through an RV dealer shopping around for me.

I will be paying this off ASAP and will never do business with them again.

Beware and stay away!

VIEW MORE REVIEWS

Health

Health Grade Components

Overall
NCUA #24831
Year Chartered1957
Employees206
Primary Regulator
Profit Margin
Return on Assets - YTD0.83%
Return on Equity - YTD7.52%
Annual Interest Income$25.5MM
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$946.6MM$810.5MM
LoansQ3 2019vs Q3 2018$723.1MM$722.6MM
DepositsQ3 2019vs Q3 2018$818.4MM$656.9MM
Equity CapitalQ3 2019vs Q3 2018$103.7MM$96.4MM
Loan Loss AllowanceQ3 2019vs Q3 2018$4.4MM$3.4MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$3.4MM$2.8MM
Real Estate OwnedQ3 2019vs Q3 2018$54.00K$65.00K
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

First Orion Eliminates Multiple Accounts, Now They Drop The Rate

weiss800   |  
Received this today:

PREMIUM CHECKING ACCOUNT UPDATE
Effective December 1, 2019
Dear Member,
As you have seen in the news, interest rates have once again been falling. We are writing to let you know of rate changes on your Orion Premium Checking account. We value your membership with Orion. Even though this is a variable rate account and advance notice is not required, Orion understands how important dividends are to our members, and we want you to be aware of the changes. We believe that our Premium Checking is the best checking account in the country, and even though we can no longer offer 4% APY after November 30, 2019, we hope you will agree that Premium Checking offers a great return on your deposits.

Beginning December 1, 2019, the following rates will apply when you meet the Premium Perks Qualifiers:

Daily Balance Range

Dividend Rate Paid on
the Portion Within the Range

Blended APY Range

$0 to $15,000.00 2.95950% 3.00%
$15,000.01 to $100,000.00 2.05% 2.99% to 2.20%
$100,000.01 to $250,000.00 1.50% 2.20% to 1.78%
> $250,000.00 1.00% 1.78% to 1.00%
If you do not meet the Premium Perks Qualifiers, the dividend rate and APY on all balances will be 0.05% for that month. Please note that the blended APY range represents the yield on the whole balance.

Orion FCU Reduces Premium Checking Rate

deo   |  
Orion will change the terms of their rewards checking account effective 12/1/2019.

"Premium Perks" rate is reduced from 4% to 3% APY and maximum is reduced from $30,000 to $15,000. Deposits between $15,000 and $100,000 earn 2.05%. $100,000 - 250,000 1.5%. Above $250,000 1%.

Their website still lists the old terms. Notice of the change was provided to current depositors by postal mail.

On 12/1/19, Rate Drops To 3%, Balance Cap Drops To $15,000

midas89   |  
On December 1st, 2019, the Rewards Account rate drops from 4% to 3% APY for balances up to $15,000 (it was originally 4% capped at $30,000, of course).

From $15,001 to $100,000, Orion will pay 2.05% APY on that portion.

From $100,001 to $250,000, Orion will pay 1.50% APY on that portion.

The 8 Signature-based debits monthly and $500 monthly deposit rules still apply.

Orion says that due to the "high volatility of interest rates in the market, we may be changing rates more frequently (without notice)."

Rates
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Always verify rates and promotions with the bank or credit union. We are not Orion Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Orion Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%--IRA Share Account
0.05%--Miscellaneous Shares
0.05%--Christmas Club
0.05%--Primary Share Accounts

Orion Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$100k*-Money Market
OTHER TIERS: 0.01% Up to $10k | 0.05% $10k - $25k | 0.10% $25k - $50k | 0.20% $50k - $100k

Orion Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%*-$15kPremium Checking
OTHER TIERS: 1.00% $250k+ | 1.50% $100k - $250k | 2.01% $15k - $100k
0.05%--Orion Checking

Orion Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.35%$500-60 Month CD
2.30%$500-48 Month CD
2.25%$500-36 Month CD
2.15%$500-24 Month CD
1.85%$500-12 Month CD
1.25%$500-6 Month CD

Orion Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.35%$500-60 Month IRA
2.25%$500-36 Month IRA
2.15%$500-24 Month IRA
1.85%$500-12 Month IRA
Locations

Availability

Memphis Area

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.