Orion Federal Credit Union is headquartered in Memphis and is the 7th largest credit union in the state of Tennessee. It is also the 349th largest credit union in the nation. It was established in 1957 and as of June of 2019, it had grown to 203 employees and 73,538 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
2/14 - Orion Federal Credit Union Premium Checking Nationally Available
2/11 - 4% APY On Checking Up To $30,000 Nationwide
Pleasant And Rewarding To Do Banking With
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
Rough Start
Poor response from manager while opening account. Did not return calls or e-mails. Had to call customer service to do his job for him. Hard to set up internet banking. Procedure wasn't clear. I thought it was me and I wasted a lot of time, only to learn from customer rep it couldn't be done for 24 hours. Took several months to get 4%. Had trouble finding companies that processed as signature transactions. Publix had counted as signature transaction for other credit unions but not for Orion. They researched it and gave me my interest. I asked if I was going to have to do that every month. Yes, if it does not come up automatically. They waived the $5 fee. The next month the same thing happened. The rep told me that it was not their responsibility to research it and they could not waive the fee. The web site was not clear that it was not identifying signature transactions. It wasn't until I finally hit a company that counted as a signature transaction that I knew how it was identified. I would have gotten my interest and not lose $5 if they had explained how they specified the difference on the web page. So far, I found Aldi, Dollar Tree, Kaiser Permanente, Subway and most fast food. I do not use it at drive thru. It is too dangerous to risk 30K. I have to constantly check if the transactions processed as signature. I am still experimenting to find new places. I do not have confidence in their inconsistent customer service, it's like they don't care and I think I am screwed if I run into a real problem. Hopefully, the auto system will run without the need for human intervention. Nice to have $30,000 at 4% with only 8 charges and $500 deposit. I don't let the balance go above $30,000. I still feel uneasy about them but greed goes a long way. I deal with larger and smaller credit unions that I have more confidence in. It's easy to follow the rules once the customer understands what they are. Hopefully, they will utilize these reviews to revise their web site, train their customer service reps and inspire management. It could be an easy fix for them. They are losing customers. Hopefully, I have worked out all my bugs or I am gone too. I waited months to write the review to give them a fair chance. It is hard to decide between 2 or 3 stars so I am giving them benefit of the doubt. It seems like things will work out. Web site transactions are working fine. Also, all the credit unions I deal with allow only 1 account per social # but you can have a secondary person on the account. That secondary person can be a primary on their own account and you can be a secondary on theirs. Starting 10/7 only 1 account per customer. The above situation counts as 1 account per person according to customer rep on 9/19/19. Very friendly rep.
Inconsistent
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.
A Very Incompetent Senior Management.
The senior management of this credit union should resign or be fired and allow some one else who knows the banking system to fix so many of the problems that the customers are experiencing with this credit union every day. You are not even able to handle the customer's need in your little corner of Memphis Tennessee, then you try to offer services in the whole country and after you fail miserably and overwhelmed, you try to back pedal. Earlier the management was encouraging us to open several premier checking accounts up to five account, but now telling us we can only have one premier checking account. I'll gladly close all my accounts with this terrible credit union and go where my business is appreciated and I'm offered a good customer service.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 24831 |
| Year Chartered | 1957 |
| Employees | 203 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.02% |
| Return on Equity - YTD | 8.93% |
| Annual Interest Income | $16.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $928.3MM$788.6MM |
| Loans | Q2 2019vs Q2 2018 | $706.5MM$694.1MM |
| Deposits | Q2 2019vs Q2 2018 | $794.0MM$661.8MM |
| Equity Capital | Q2 2019vs Q2 2018 | $102.4MM$93.6MM |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $4.1MM$3.5MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $3.0MM$1.9MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $137.00K$141.00K |
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.
Multiple Accounts
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
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 4.00%* | - | $30k | Premium Checking | ||
| OTHER TIERS: 0.05% → $30k+ | |||||
| 0.05% | - | - | Orion Checking | ||
Orion Federal Credit Union CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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 |
