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
Related Posts
3/4 - Orion Rate Dropped To 1.5% For $15K To $100K Tier
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
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to use my debit card 16 times in any amount (8 per account) and transfer $500 to each account monthly (and that can be withdrawn immediately.
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.
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.
Data as of Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24831 |
| Year Chartered | 1957 |
| Employees | 186 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.08% |
| Return on Equity - YTD | 10.14% |
| Annual Interest Income | $45.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $1.27B$1.05B |
| Loans | Q4 2022vs Q4 2021 | $1.10B$853.6MM |
| Deposits | Q4 2022vs Q4 2021 | $1.01B$913.9MM |
| Equity Capital | Q4 2022vs Q4 2021 | $133.8MM$120.3MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $6.4MM$9.4MM |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $11.0MM$2.3MM |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$0 |
