Rave Financial

Rave Financial


Overview / Commentary
800-892-1111
3535 Calder Ave
Beaumont, TX 77706

Rave Financial is headquartered in Beaumont and is the 31st largest credit union in the state of Texas. It is also the 407th largest credit union in the nation. It was established in 1935 and as of September of 2023, it had grown to 278 employees and 77,466 members at 12 locations. Rave Financial has an A+ health rating.

Field of Membership Restrictions

Membership in Rave Financial is open to those who live, work, worship, or attend school in the Texas counties of Chambers, Hardin, Jasper, Jefferson, Liberty, Newton, Orange, Galveston, Tyler, Harris, Polk, Montgomery, San Jacinto, Sabine, Angelina or San Augustine.
See current membership details

Reviews (3)

Some Of The Best Rates Nationwide...

Posted by: |

My wife and I just opened Roth IRA share certificates with Mobil Oil Federal Credit Union. We looked around for the best rates available and MOFCU had the top 5 year rates. We might not get rich on the 2.53% APY however its an improvement over what Pentagon Fed Credit Union was offering for renewal of the CDs.

They were very helpful in setting up the accounts but note we did go to a local office in person. It was well worth the 45 minute investment.

ADDED::
After 4 years with MOFCU, my enthusiasm has dropped like their interest rates. Our 5 year CDs will mature in 2019 which will be moved to Navy Federal Credit Union thus closing our MOFCU accounts.

Awful Experience

Posted by: |

They blocked so many nickel and dime credit card transactions due to “fraud” at the post office for a couple dollars, Exxonmobil gas stations, homedepot, a pea in the pod, and more. The after hours line is AWFUL for unblocking transactions! I HATED constantly calling them to unblock my wife and I’s cards during hours and after hours, what a nightmare

Also, there rates suck, not really better then non-credit unions. They may be setup like a credit union, but they always had higher rates and fees then most other brick and mortar banks I checked with for loans.

I banked with them for 5 years and can count on one hand the amount of overdraft fees with fingers to spare. Recently, a bill debit’d my account 3 times causing me to incur 3 late fees. Mobil refused to offer any credits. Ok, whatever, you can have the $90 total!

The website is cheap like one of there nephews in high school did it. It is atrocious to use on a Mobil phone, which I was using because their app was not any better! I could see the board, which is comprised of locals from Beaumont, saying to one another “hey does your brothers nephew taking a web design class in high school.”

Bad Management And Doesnt Want Your Business

Posted by: |

After deposit of large sum which I got from ING savings they put a 7 business day hold, after asking to see manager twice the teller told me Ok 5 days hold. Wow you would think they have seen 1000s of these checks from savings plan. Maybe they think ING wouldn't cover the check, guess I can go another week without central air, Thank MOFCU



Health
A+

Health Grade Components

Overall
NCUA #68735
Year Chartered1935
Employees278
Primary Regulator
Profit Margin
Return on Assets - YTD0.88%
Return on Equity - YTD6.82%
Annual Interest Income$31.9MM
Assets and Liabilities
AssetsQ3 2023$1.09B
LoansQ3 2023$816.5MM
DepositsQ3 2023$838.3MM
Equity CapitalQ3 2023$139.4MM
Loan Loss AllowanceQ3 2023$13MM
Unbacked Noncurrent LoansQ3 2023$4.7MM
Real Estate OwnedQ3 2023$0
Rates

Rates for Rave Financial are currently being reviewed.

Locations

Availability



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