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
11/25 - First Orion Eliminates Multiple Accounts, Now They Drop The Rate
11/25 - Orion FCU Reduces Premium Checking Rate
11/25 - On 12/1/19, Rate Drops To 3%, Balance Cap Drops To $15,000
9/13 - Multiple Accounts
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
Declining Rates
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
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
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!
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 24831 |
| Year Chartered | 1957 |
| Employees | 206 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.83% |
| Return on Equity - YTD | 7.52% |
| Annual Interest Income | $25.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $946.6MM$810.5MM |
| Loans | Q3 2019vs Q3 2018 | $723.1MM$722.6MM |
| Deposits | Q3 2019vs Q3 2018 | $818.4MM$656.9MM |
| Equity Capital | Q3 2019vs Q3 2018 | $103.7MM$96.4MM |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $4.4MM$3.4MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $3.4MM$2.8MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $54.00K$65.00K |
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.
First Orion Eliminates Multiple Accounts, Now They Drop The Rate
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
"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
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)."
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 | |
|---|---|---|---|---|---|
| 3.00%* | - | $15k | Premium Checking | ||
| OTHER TIERS: 1.00% → $250k+ | 1.50% → $100k - $250k | 2.01% → $15k - $100k | |||||
| 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 |
