Orion Federal Credit Union


Overview / Commentary
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 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

Orion Federal Credit Union Premium Checking Nationally Available - 2/14/2019

Orion Federal Credit Union's (Tennessee) nationally available Premium Checking account now earns 4.00% APY on qualifying balances up to $30k.

4% APY On Checking Up To $30,000 Nationwide - 2/11/2019

https://orionfcu.com/checking/#premiumchecking This is available nationwide per CSR and if you continue to end of eligibility there is option to select from dropdown list organizations that you can choose to donate $10.00 that meets their requirements. There are qualifying activities noted at link above, basically 8 debit card transactions without pin and electronic deposits totaling $500 each month.

Orion Federal Credit Union Premium Checking Now Earns 4.00% APY - 12/26/2018

Orion Federal Credit Union (AR/MS/TN) has raised the rate on its Premium Checking to 4.00% APY and increased the qualifying balance cap to $30k.

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Great Credit Union

Posted by: RonJ | Dec 11, 2018

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.

Multiple Accounts

Posted by: elarh | Sep 13, 2019

As of 10/7, Orion will no longer allow multiple accounts for one customer. All but first premium checking account will be converted to an Orion Checking account (no monthly fee, 0.05% APY dividend)

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.

This Bank Has No Digital Security In Place

Posted by: daisuke | Feb 22, 2019

I opened an account here. I had access to the account for a few days and then could not login. It is difficult to reach them by phone but finally got through. They told me the account was locked because I had not sent in copies of my driver's license, SS card, and proof of address. I told them no one had asked me to. They said that this was how the tell you - when you call about your locked account! They want you to email digital copies of these documents in color as attachments. I explained that this was not secure and exposed the sender to identity theft. They remained adamant. I am reporting the to the NCUA, National Credit Union Association. Any bank which does not understand that email attachments are not secure clearly has no one there to ensure their online system is secure. If you have an account here, you should close it. It is a disaster waiting to happen.

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Health

Health Grade Components

Overall
NCUA #24831
Year Chartered1957
Employees203
Primary Regulator
Profit Margin
Return on Assets - YTD1.02%
Return on Equity - YTD8.93%
Annual Interest Income$16.9MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$928.3MM$788.6MM
LoansQ2 2019vs Q2 2018$706.5MM$694.1MM
DepositsQ2 2019vs Q2 2018$794.0MM$661.8MM
Equity CapitalQ2 2019vs Q2 2018$102.4MM$93.6MM
Loan Loss AllowanceQ2 2019vs Q2 2018$4.1MM$3.5MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$3.0MM$1.9MM
Real Estate OwnedQ2 2019vs Q2 2018$137.00K$141.00K
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
0.25%--IRA Share Account
0.05%--Miscellaneous Shares
0.05%--Christmas Club
0.05%--Primary Share Accounts

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
4.00%*-$30kPremium Checking
OTHER TIERS: 0.05% $30k+
0.05%--Orion Checking

Orion Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW 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

APYMINMAXACCOUNT NAMEVIEW 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
Locations

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