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 350th largest credit union in the nation. It was established in 1957 and as of December of 2022, it had grown to 186 employees and 71,441 members at 11 locations. Orion Federal Credit Union's CD rates are 3X 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

Great Credit Union

Posted by: |

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to use my debit card 16 times in any amount (8 per account) and transfer $500 to each account monthly (and that can be withdrawn immediately.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

Posted by: |

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

Posted by: |

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.

Customer Service

As customer service sets a new low-Orion is well below that.Been holding for 1.5 hours. For a company that has someone else collect their mortgage payments and insurance you would think they would be able to hire at least 2 people to answer phones. Pathetic! One call ahead of me for last 40 min.



Health Grade Components

NCUA #24831
Year Chartered1957
Primary Regulator
Profit Margin
Return on Assets - YTD1.08%
Return on Equity - YTD10.14%
Annual Interest Income$45.3MM
Assets and Liabilities
AssetsQ4 2022vs Q4 2021$1.27B$1.05B
LoansQ4 2022vs Q4 2021$1.10B$853.6MM
DepositsQ4 2022vs Q4 2021$1.01B$913.9MM
Equity CapitalQ4 2022vs Q4 2021$133.8MM$120.3MM
Loan Loss AllowanceQ4 2022vs Q4 2021$6.4MM$9.4MM
Unbacked Noncurrent LoansQ4 2022vs Q4 2021$11.0MM$2.3MM
Real Estate OwnedQ4 2022vs Q4 2021$0$0
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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

0.01%--Miscellaneous Shares
0.01%--Christmas Club
0.01%--Primary Share Accounts
0.01%--IRA Share Account

Orion Federal Credit Union Money Market Rates

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

5.12%*$5k*$10kPremium Checking
OTHER TIERS: 3.62% $250k+ | 3.71% $100k - $250k | 3.86% $50k - $100k | 4.32% $20k - $50k | 5.08% $10k - $20k
0.01%--Orion Checking

Orion Federal Credit Union CD Rates

3.00%$500-6 Month CD
3.00%$500-12 Month CD Special
2.50%$500-24 Month CD
2.30%$500-36 Month CD
2.25%$500-48 Month CD
1.99%$500-60 Month CD

Orion Federal Credit Union IRA Rates

3.00%$500-12 Month IRA
2.50%$500-24 Month IRA
2.30%$500-36 Month IRA
1.99%$500-60 Month IRA


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