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Orion Federal Credit Union


Overview / Commentary
orionfcu.com
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 383rd largest credit union in the nation. It was established in 1957 and as of June of 2020, it had grown to 199 employees and 72,486 members at 11 locations. Orion Federal Credit Union 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 Rate Dropped To 1% In March - 4/3/2020

Orion FCU premium checking rate dropped to 1% for amounts up to only $10k in mid-March, no notice to this customer. Disappointing for such a dramatic cut and no prior notice before doing so. Doesn't promote much loyalty!

Orion Rate Dropped To 1.5% For $15K To $100K Tier - 3/4/2020

Orion dropped the rate down to 1.5% for balances between $15,000 and $100,000. It's 0.75% on balances between $100,000.01 and $250,000.

3% Requirements Changing Again 4/1/20 - 2/29/2020

I saw this on their website: Effective April 1, 2020: Any ideas how to consistently spend $500 without buying stuff you really don't need, or wrecking your other rewards cards??? Disclosures state P2P payment services wont count. Effective April 1, 2020: To make it easier for Premium Checking members to earn 3% APY each month, we are changing the Premium Perks Qualifiers to provide flexibility in how you spend. Here is a summary of the changes taking effect: You are no longer required to have 8 transactions. Instead, spend at least $500 on your Orion debit or credit card to qualify. (note: per calendar month, based on POSTED date) All signature and PIN based purchases will count toward the $500 minimum. You still need to make the $500 deposit also. The terms are spelled out here near the bottom (pg 26): https://orionfcu.com/wp-content/uploads/2019/08/Orion-Account-Disclosures.pdf

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Reviews (30)

Pleasant And Rewarding To Do Banking With

Posted by: |

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

8

New Rules - They Will Lose A Lot Of Business

Posted by: |

Using card in store 8 times a month is doable. Spending $500 on a debit card is not doable. Will close account April 1 unless they rescind new rules.

15

Difficult To Get Money Out In A Timely Manner

Posted by: |

It was nice when it was 4% interest. They dropped it to 1% so quickly and like the previous post said they even backdated it without telling the customers. We had to find out via the abysmal amount of interest we received for March.

Also, it's so easy to transfer large sums of money in but SO HARD to get your money out of the account! I have a large chunk of money stuck in there and I'm still in the process of getting it out. Most banks let you transfer an unlimited amount whenever. Orion limits daily transfers to $2,500. Otherwise you'd have to close the account and they can only mail you a cashier's check. I called 3 days ago to close my account and I'm still waiting on paperwork to be emailed to me. What the heck? This is a first for me. Lesson learned.

7

Bad, Uncompetitive Rates

Posted by: |

Even though notice of the changes did not appear on this website, effective March 1, 2020 Orion FCU dropped its interest rate to 1.00% for account balances from $0 to $10,000.00 in deposits on its Premium Checking account. For balances between $10,000.01 and $100,000.00, it lowered the interest rate to 0.25%. Orion FCU did not notify its customers of these changes. I am promptly closing all my accounts there.

9
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Health
A

Data as of Q2 2020

Learn why bank health matters

Health Grade Components

Overall
NCUA #24831
Year Chartered1957
Employees199
Primary Regulator
Profit Margin
Return on Assets - YTD0.33%
Return on Equity - YTD2.92%
Annual Interest Income$17.1MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$936.4MM$928.3MM
LoansQ2 2020vs Q2 2019$786.0MM$706.5MM
DepositsQ2 2020vs Q2 2019$812.1MM$794.0MM
Equity CapitalQ2 2020vs Q2 2019$105.7MM$102.4MM
Loan Loss AllowanceQ2 2020vs Q2 2019$8.2MM$4.1MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$5.0MM$3.0MM
Real Estate OwnedQ2 2020vs Q2 2019$0$137.00K
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
0.01%--Miscellaneous Shares
0.01%--Christmas Club
0.01%--Primary Share Accounts
0.01%--IRA Share Account

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
1.00%*-$15kPremium Checking
OTHER TIERS: 0.01% → $250k+ | 0.05% → $100k - $250k | 0.25% → $15k - $100k
0.01%--Orion Checking

Orion Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.67%$500-60 Month CD
0.58%$500-48 Month CD
0.48%$500-36 Month CD
0.42%$500-24 Month CD
0.31%$500-12 Month CD
0.21%$500-6 Month CD

Orion Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.67%$500-60 Month IRA
0.48%$500-36 Month IRA
0.42%$500-24 Month IRA
0.31%$500-12 Month IRA
Locations

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