Orion Federal Credit Union

Overview / Commentary
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 362nd largest credit union in the nation. It was established in 1957 and as of June of 2022, it had grown to 187 employees and 71,824 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

Great Credit Union

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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to use my debit card 16 times in any amount (8 per account) and transfer $500 to each account monthly (and that can be withdrawn immediately.

New Rules - They Will Lose A Lot Of Business

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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.

Difficult To Get Money Out In A Timely Manner

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It was nice when it was 4% interest. They dropped it to 1% so quickly and like the previous post said they even backdated it without telling the customers. We had to find out via the abysmal amount of interest we received for March.

Also, it's so easy to transfer large sums of money in but SO HARD to get your money out of the account! I have a large chunk of money stuck in there and I'm still in the process of getting it out. Most banks let you transfer an unlimited amount whenever. Orion limits daily transfers to $2,500. Otherwise you'd have to close the account and they can only mail you a cashier's check. I called 3 days ago to close my account and I'm still waiting on paperwork to be emailed to me. What the heck? This is a first for me. Lesson learned.

They Should Just Call Themselves A Bank.

They have very strict rules, and will charge penalties for not following them. They will even put your account in the negative, and hit you with an overdraft fee. Negative to them is less than $25. This is the worst credit union I ever had. The other reviews also show why you should stay away.



Health Grade Components

NCUA #24831
Year Chartered1957
Primary Regulator
Profit Margin
Return on Assets - YTD1.8%
Return on Equity - YTD15.73%
Annual Interest Income$19.3MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$1.21B$1.02B
LoansQ2 2022vs Q2 2021$1.03B$857.3MM
DepositsQ2 2022vs Q2 2021$924.2MM$891.3MM
Equity CapitalQ2 2022vs Q2 2021$130.6MM$112.5MM
Loan Loss AllowanceQ2 2022vs Q2 2021$4.4MM$10.2MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$5.9MM$1.0MM
Real Estate OwnedQ2 2022vs Q2 2021$0$54.00K

Rates for Orion Federal Credit Union are currently being reviewed.



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