Orion Federal Credit Union is headquartered in Memphis and is the 7th largest credit union in the state of Tennessee. It is also the 368th largest credit union in the nation. It was established in 1957 and as of March of 2019, it had grown to 197 employees and 71,821 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to use my debit card 16 times in any amount (8 per account) and transfer $500 to each account monthly (and that can be withdrawn immediately.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.
This Bank Has No Digital Security In Place
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.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 24831 |
| Year Chartered | 1957 |
| Employees | 197 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.29% |
| Return on Equity - YTD | 10.79% |
| Annual Interest Income | $8.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2019vs Q1 2018 | $867.9MM$774.0MM |
| Loans | Q1 2019vs Q1 2018 | $710.2MM$661.4MM |
| Deposits | Q1 2019vs Q1 2018 | $741.4MM$658.4MM |
| Equity Capital | Q1 2019vs Q1 2018 | $100.5MM$90.2MM |
| Loan Loss Allowance | Q1 2019vs Q1 2018 | $3.7MM$3.1MM |
| Unbacked Noncurrent Loans | Q1 2019vs Q1 2018 | $2.2MM$1.5MM |
| Real Estate Owned | Q1 2019vs Q1 2018 | $119.00K$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 |
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 |
| 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 |