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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 352nd largest credit union in the nation. It was established in 1957 and as of December of 2019, it had grown to 213 employees and 75,001 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 (26)

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

7

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.

8

$500 Per Month Makes Qualifying Difficult.

Posted by: |

In what world will spending $500.00 per month make it easier than using my card 8 times; I don't always need to spend $500.00 per month on a credit card; That gives me three choices. 1. buy things I don't need. 2. get 0.05% interest. 3. Withdraw my money... I will go with option 3. Goodbye Orion in late March.

7

Great Credit Union

Posted by: |

Was able to sign up for a membership even though I live in California, they even paid the fee required to do so.

Signed up for a 4% Premier Checking account on up to $30,000 and then signed up for another 4% Premier Checking account for another $30,000.

Only downside was that when you open the first account, it is an Equifax hard pull though the second account does not have a hard pull if you open it within 60 days of opening the first account.

Overall an easy way to make $2400 a year risk free and only have to use my debit card 16 times in any amount (8 per account) and transfer $500 to each account monthly (and that can be withdrawn immediately.

14
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Health
A

Data as of Q4 2019

Learn why bank health matters

Health Grade Components

Overall
NCUA #24831
Year Chartered1957
Employees213
Primary Regulator
Profit Margin
Return on Assets - YTD0.67%
Return on Equity - YTD6.07%
Annual Interest Income$34.3MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$930.2MM$807.7MM
LoansQ4 2019vs Q4 2018$774.1MM$701.5MM
DepositsQ4 2019vs Q4 2018$805.1MM$680.0MM
Equity CapitalQ4 2019vs Q4 2018$104.2MM$97.8MM
Loan Loss AllowanceQ4 2019vs Q4 2018$4.3MM$3.8MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$3.7MM$3.1MM
Real Estate OwnedQ4 2019vs Q4 2018$52.00K$59.00K
  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.

Orion Rate Dropped To 1% In March

  |  
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!
3

Orion Rate Dropped To 1.5% For $15K To $100K Tier

  |  
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.
1

3% Requirements Changing Again 4/1/20

  |  
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
4

Premium Checking Changes Qualifying Requirements For Premium Checking

  |  
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.
All signature and PIN based purchases will count toward the $500 minimum.
4

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
1.07%$500-60 Month CD
1.02%$500-48 Month CD
0.64%$500-36 Month CD
0.53%$500-24 Month CD
0.38%$500-12 Month CD
0.25%$500-6 Month CD

Orion Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.07%$500-60 Month IRA
0.64%$500-36 Month IRA
0.53%$500-24 Month IRA
0.38%$500-12 Month IRA
Locations

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