Resource One Credit Union is headquartered in Dallas and is the 44th largest credit union in the state of Texas. It is also the 509th largest credit union in the nation. It was established in 1936 and as of December of 2022, it had grown to 195 employees and 71,068 members at 13 locations. Resource One Credit Union's money market rates are 7X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Resource One Credit Union is open to anyone who lives or works in northwest Harris County (Houston area) or Dallas County, Texas, or within a 10-mile radius of the Carrollton branch. Membership is also open to employees of Select Employee Groups (listed in the online membership application).
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Resource One Credit Union review
I have had had a checking and savings account with Resource One for about 8 years now, since my sophomore year of high school and have nothing but great things to say about it. Over those years I have been a klutz and lost my card numerous times. There is never any long wait, hesitation or confusion with issuing me a new card. Not only that, but there is no fees or requirements for having an account, and when opening the checking and savings accounts I was only asked to put $25 into each-very cheap compared to most! The only issue I am faced with is that there aren't very many locations at all around me, so I have to do all my communication over the phone, luckily it has always been a breeze. I highly recommend this credit union to anybody looking for great service and a genuine experience, especially for the younger crowd.
Good Rates, Poor Management
Good CD Rates but they have difficulties with the basics.
You need to open a savings account to open a CD - (which is relatively common). However, they don't know if you need to do transactions in that savings account to avoid inactivity fee. They just know that the account will be inactive after 6 months but not if there will be a fee or not in that case. :)
Asked this: "Hi. Are there any fees if i do not do any transitions in this savings around for 5 years while i wait for the CD to mature?"
Their response #1:
"You do need to do a deposit or withdrawal once every 6 months on the Savings to keep it active."
Asked about Fees again and their response #2:
"It would go dormant after not having any activity for 6 months. And you could possibly get an inactivity fee. "
:)
Fees Fees Fees
Nobody ever says anything about the costs to transfer between accounts and more, which are probably listed in the fine print somewhere....but rest assured, it's going to cost you. As if that's not bad enough, its like the left hand doesn't know what the right hand is doing. It' disturbing to get a different story every time you call or no follow-up. Guess who will pay for that? I don't have time to babysit the bank. The last straw occurred most recently, when approved for an auto loan based on good credit but forced to have auto draft. Since they don't care if I take my business elsewhere, I'll be refinancing soon, closing down all accounts AND applying for a mortgage next year elsewhere.
Bad Customer Service
I have beenwith R1CU for more than 15 years. The customer service use to be great and profesional.
Now the waiting time is longer, and you have to call like 2 or 3 times in order to find a qualified customer care rep that can help you.
I went to the branch to get a new debit card, I left and got home , I did try to use it and it was not activated. I call 214-319-3100 and in two hours nobody could resolve the issue> They gave me another number 8772053191 the person who answer the phone could not tell me why she couldnt activate my card , she told me to call back the R1CU number I did it and they transfer me back to the other number. I request to speak to a supervisor 2 hours late finally i spoke to her, she could not resolve the issue either.
By Far The Worse
Resource1 is by far the worst credit union I have had. I cancelled my accounts with them, it just wasn't worth having them. I had recurring transfers to my Resource1 account, had it cancelled and sent them notification of cancellation and withdrawal of my account balance. All for the month of August. I received the check in the month of September, I get a letter in the mail stating I owe them $25 dollars because apparently I cancelled a transfer and had the funds returned to me. But what's funny is I cancelled the transfer for the month of September. Now tell me how that adds up. The check they sent me was dated Sept 14, the transfer I cancelled was for sept 17. Poor accounting in my opinion.
Avoid At All Costs
I've been with various credit unions over the years and many moves and Resource One is by far and away the worst. I've had probably five or six straight-up arguments with staff and management before about nonsense issues that could be easily resolved. I could sit here and list things and sound mean, or you could never ever bank with these peope. Unless you want higher rates, hidden fees, terrible service, mobile bugs, disinformation, and limited locations. Just wishing someone had told me this years ago too.
Worst Credit Union I Have Been A Member Of
Their “services” are slow and misleading. Every time I visited a branch I was “greeted” by angry and unattentive tellers. They regularly made deposit and withdraw amount mistakes which they would fix in a very unprofessional manner in order to hide the mistake.their mobile services including deposits and requests to activate service take 10-15 business days and upon confrontation about this very poor service the the manger placed the blame on my shoulders for using the mobile services. I would strongly recommend banking elsewhere.
Avoid Them.
Resource One took over our credit union (in Carrollton, TX) at the beginning of the year. We had opened a savings account with the previous credit union when we were looking at taking a car loan. Apparently when Resource One took over the account they started assessing inactivity and low account balance fees of $10 per month. There is nothing left in the account now and they have closed it, after they took all my money. They said they sent out new terms and conditions. Don't remember seeing that. Ridiculous that they can basically take all the money out of your savings, just because the want too, and leave you with nothing. I will NOT be using Resource One EVER. Avoid Resource One!
Data as of Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68439 |
| Year Chartered | 1936 |
| Employees | 195 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.18% |
| Return on Equity - YTD | 2.56% |
| Annual Interest Income | $29.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $825.3MM$738.4MM |
| Loans | Q4 2022vs Q4 2021 | $632.4MM$553.1MM |
| Deposits | Q4 2022vs Q4 2021 | $721.4MM$669.8MM |
| Equity Capital | Q4 2022vs Q4 2021 | $55.8MM$57.1MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $6.1MM$5.8MM |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $5.0MM$2.2MM |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$0 |
