Orion Federal Credit Union is headquartered in Memphis and is the 7th largest credit union in the state of Tennessee. It is also the 383rd largest credit union in the nation. It was established in 1957 and as of June of 2020, it had grown to 199 employees and 72,486 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
Related Posts
3/4 - Orion Rate Dropped To 1.5% For $15K To $100K Tier
2/29 - 3% Requirements Changing Again 4/1/20
2/28 - Premium Checking Changes Qualifying Requirements For Premium Checking
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
New Rules - They Will Lose A Lot Of Business
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
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.
Bad, Uncompetitive Rates
Even though notice of the changes did not appear on this website, effective March 1, 2020 Orion FCU dropped its interest rate to 1.00% for account balances from $0 to $10,000.00 in deposits on its Premium Checking account. For balances between $10,000.01 and $100,000.00, it lowered the interest rate to 0.25%. Orion FCU did not notify its customers of these changes. I am promptly closing all my accounts there.
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24831 |
| Year Chartered | 1957 |
| Employees | 199 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.33% |
| Return on Equity - YTD | 2.92% |
| Annual Interest Income | $17.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $936.4MM$928.3MM |
| Loans | Q2 2020vs Q2 2019 | $786.0MM$706.5MM |
| Deposits | Q2 2020vs Q2 2019 | $812.1MM$794.0MM |
| Equity Capital | Q2 2020vs Q2 2019 | $105.7MM$102.4MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $8.2MM$4.1MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $5.0MM$3.0MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$137.00K |
