Orion Federal Credit Union is headquartered in Memphis and is the 7th largest credit union in the state of Tennessee. It is also the 376th largest credit union in the nation. It was established in 1957 and as of December of 2018, it had grown to 194 employees and 76,974 members at 10 locations. Orion Federal Credit Union's CD rates are 2X the national average, and it boasts 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
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2/11 - 4% APY On Checking Up To $30,000 Nationwide
Great Credit Union
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to use my debit card 16 times in any amount (8 per account) and transfer $500 to each account monthly (and that can be withdrawn immediately.
Orion FCU is great!
I highly recommend Orion Federal Credit Union. When I originally joined it was known as the Memphis Teacher's Area Credit union and it was the first banking institution I used. I have been very pleased with their service over the years. Internet banking with Orion is decent but not as versatile as it would be with one of the major banks. I do not use it as much as I have previously now that I am no longer in the Memphis area but I would highly recommend it anyone that lives there. Most of my experiences come from the Hacks Cross location but I have had a great experience with several other branches that I visited over the years.
Bumpy Ride So Far
Signed up for the 4% checking last month. The first thing I noticed is that they are not even set up to provide free checks (as promised on their website). So, you cannot use their web interface to order the free checks -- you must call a representative and do it manually.
The second thing I noticed is that they require SIGNATURE transactions, but their chip-based card does not even allow for signature transactions at most of the businesses that I frequent. My statement shows 3 different types of transactions so far, but none are identified as "SIGNATURE" transactions. I sent them an email to find out which of the transactions (if any) qualify as "SIGNATURE" transactions, and they had no answer. All they did was refer me back to their homepage.
A Little Frustrated With Them
For the 4% Premium Checking their website states: "Perform at least 8 signature-based card transactions It's easy! When using your card, choose the credit option and bypass using your PIN." I've had the account for 2 months and have never entered my pin. I usually use it at McDonalds on my way to work where they swipe my card when I place the order and that's it. The first month I had no problems but this month Orion charged me the $5.00 monthly fee and I received very little interest. When I contacted Orion they stated that I only had 7 debit transactions. When I double checked my statement and saw that I in fact had 8 the customer service rep went through them with me and one of the charges made at McDonalds (The same McDonald's I go to everyday) did not count because they state that McDonalds processed it as a pin based transaction. I explained that I have never entered my pin and they said that they have no control over how the merchant processes the transaction. Well, the only control I, the customer has, is not entering my pin which is what your website instructs me to do. Orion did credit me back the $5.00 but would not do anything about the interest. Instead of the $100.00 I thought I would receive I only received $1.24. The wording on their website is misleading.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 24831 |
| Year Chartered | 1957 |
| Employees | 194 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.37% |
| Return on Equity - YTD | 11.36% |
| Annual Interest Income | $30.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2018vs Q4 2017 | $807.7MM$715.2MM |
| Loans | Q4 2018vs Q4 2017 | $701.5MM$626.4MM |
| Deposits | Q4 2018vs Q4 2017 | $680.0MM$606.5MM |
| Equity Capital | Q4 2018vs Q4 2017 | $97.8MM$83.9MM |
| Loan Loss Allowance | Q4 2018vs Q4 2017 | $3.8MM$3.5MM |
| Unbacked Noncurrent Loans | Q4 2018vs Q4 2017 | $3.1MM$1.7MM |
| Real Estate Owned | Q4 2018vs Q4 2017 | $59.00K$0 |
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 | |
| 0.05% | - | - | Primary Business Share (Savings) |
Orion Federal Credit Union Money Market Rates
Orion Federal Credit Union Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 4.00%* | - | $30k | Premium Checking | ||
| OTHER TIERS: 0.05% → $30k+ | |||||
| 1.00% | - | $100k | Premium Business Checking | ||
| 1.00% | - | $500k | Premium Business Checking w/ Relationship | ||
| 0.05% | - | - | Orion Checking | ||
Orion Federal Credit Union CD Rates
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 |
| Collierville Branches | ||
|---|---|---|
| Branch Office | 310 New Byhalia Rd | Collierville, TN 38017-3706 |
| Cordova Branches | ||
|---|---|---|
| Branch Office | 335 S Walnut Bend Rd | Cordova, TN 38018-7216 |
| Memphis Branches | ||
|---|---|---|
| Branch Office | 3118 Covington Pike | Memphis, TN 38128-5016 |
| Branch Office | 7845 US Highway 64 | Memphis, TN 38133-4007 |
| Branch Office | 7960 Lowrance Rd | Memphis, TN 38125-2831 |
| Branch Office | 3155 Millbranch Rd | Memphis, TN 38116-1917 |
| Branch Office | 4805 American Way | Memphis, TN 38118-2412 |
| Branch Office | 641 S White Station Rd | Memphis, TN 38117-4510 |
| Branch Office | 1975 Union Ave | Memphis, TN 38104-4030 |
| Branch Office | 821 Poplar Ave | Memphis, TN 38105-4525 |