Redstone Federal Credit Union is headquartered in Huntsville and is the largest credit union in the state of Alabama. It is also the 37th largest credit union in the nation. It was established in 1951 and as of September of 2020, it had grown to 1,090 employees and 569,752 members at 25 locations. Redstone Federal Credit Union's savings rates are 4X the national average, and it boasts an A+ health rating.
Field of Membership Restrictions
Membership in Redstone Federal Credit Union is open to military and civilian personnel working at Redstone Arsenal. Employees of Madison County (AL) and members of the National Guard in the Alabama counties of Limestone, Madison, or Morgan, or Lincoln County in Tennessee also qualify, as do the employees/members of more than 1,500 Membership Partner groups.
See current membership details
Great Bank
I love Redstone Federal Credit Union. They have been our bank for several years. They have good and quick service. They also offer many different options for mortgages and loans. I really like their online banking and mobile options as well.
Best Bank for local Huntsville Economy!
Red Stone Federal Credit Union is a local bank out of Huntsville, AL. It's an adorable small bank with a lot of care. Each worker helps you out as much as possible with every question or problem. A lot of them know you by name and will help you get set up with many of the bank's banking options. On top of that, Their mobile app is super easy to use and it's TREMENDOUSLY helpful. Once you get the hang of it, You may find that local businesses offer 10% discounts/cashback for using the banking card making this a wonderful experience for everyone including the local Huntsville economy. I have never felt like I needed to change banks since I became a member!
Redstone
I have been using this Credit Union for almost 12 years now. They have treated me fairly and always been helpful in resolving any problems that I have encountered while banking with them. I have overdraft protection and security notifications which have made keeping track of my money and protecting it very easy. The only draw back that I have encountered is that they have not expanded the amount of branches that they have. They are solely located in Northern Alabama which can be a problem when I am travelling or conducting business throughout the State.
My experience with redstone
Redstone Federal Credit Union is a credit union located in northern Alabama. I have been a part of the credit union for the past 5 years. Overall, it has been a good experience. I like that when I get paid I do not have to worry about whether my money will be in the account. Generally, I can see the pending deposit one to two days before it post. I enjoy that Redstone has a rewards program, every time you use your debit card, they deposit a certain amount into your account (I'm not sure of the amount). My husband and I each have account a Redstone, making it very easy for us to transfer money to each other or other people who have Redstone. The app is very convenient. I am able to check my account, authorize transfers to other people, as well as apply for other things that may be interesting to me. One thing that has been very inconvenient is the bill pay feature has never worked for me. Another thing thay has been am issue is if I deposit money at the atm, I can not put the money directly into my checking account. I hasbed yo put the money into my savings account hem transfer to my checking account, due to always getting an error message. The customer service that I experience in all of the local branches is great. They all know me by name. I feel that is important.
Redstone Federal Credit Union Review
Redstone Federal Credit Union is a small credit union that is mainly local to Huntsville, Alabama. My experience with this bank was short, only about 8 months. The overall customer service at the Bank was fantastic. However, the interest rates on their money market accounts and other savings accounts were simply not competitive. Likewise, their home loan products and car loan products were not any better than Wells Fargo. The bank simply offered me no benefits that other banks do not do better. Thus, I removed my money from the money market account that I opened at Redstone Federal Credit Union in favor of a high interest rate savings account at Ally Bank.
A Bit Slow, But Personable.
Redstone has been my alternate credit union for about a decade now. While there aren't many branches, or even free ATM's they are worth being a member of if you are local. They have an actual free checking account, with no minimum balance, and a decent interest rate on savings accounts as well.
Don't expect banking via your smartphone. There is a website, but it is... a bit clunky still. It has improved drastically, but still not up to the standards of the larger banks. On the other hand, you can talk to a human over the phone without going through an automated maze. If you have a problem they are quick to help as well.
If you need a simple small town bank they are hard to beat. No frills, but then again no random $15 "convenience" fees mysteriously showing up either. If you need a loan they are helpful, and don't drown you in paperwork either.
Not very glitzy, but more than adequate.
Fees During Covid-19 For Not Using Card Enough In Public
Redstone Fed.Credit Union is charging members a fee for not using their debit cards enough times this month despite the fact that the Gov. of AL and the Pres. of the USA has warned us to avoid public places due to the Covid-19 outbreak. You obviously care nothing about the members and we will definitely be pulling our savings, checking and money market accounts out of Redstone ASAP. GOOD RIDDANCE.
Redstone -The Walmart Of Banking
redstone credit is a local concern in a poor state -Alabama- it is run by a clique of people who practice the worst form of nepotism this side of the mafia-instead of rewarding depositors with better rates they pocket profits to the president and all the vice presidents and assorted henchmen- I went to the meridianville branch and waited in line 30 minutes to see a teller because they are too worried about profits to hire front office staff- the big boy of this dog and pony show makes a hefty six figure salary not including perks and bonuses!- if you don't mind waiting in line forever and middle of the road is good enough -as long as the owners put up with this -this is how it will be -wake up members force a change!
Data as of Q3 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 7544 |
| Year Chartered | 1951 |
| Employees | 1090 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.81% |
| Return on Equity - YTD | 7.46% |
| Annual Interest Income | $147.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $6.24B$5.32B |
| Loans | Q3 2020vs Q3 2019 | $2.76B$2.30B |
| Deposits | Q3 2020vs Q3 2019 | $5.51B$4.63B |
| Equity Capital | Q3 2020vs Q3 2019 | $668.7MM$596.6MM |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $35.1MM$27.2MM |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $10.4MM$7.3MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $131.00K$129.00K |
