I opened Orion rewards Premium Checking for the 4, then 3% interest & reasonable 8 debits per month.
Got an e-mail notice March 5 stating April 1 interest would stay same, but requirement change to no minimum debit #, but amount needed to be =$500>. Not happy, but I could stretch.
THEN, with NO notice, interest retroactively dropped to 1% March 1. Found out when I printed my March statement.
Protested & was told to see Page 23 of Account Disclosure. It reads: The dividend rates and APY may change every month based on the determination of the Orion Board of Directors.
Nothing about retroactively change rates & surely a LAW about notice to depositors!
I'm looking into national oversight for credit unions to protest. Several years ago I won such a protest of being shorted interest I'd earned by the particular credit union's rules.
Did ACH transfer originating from my bank for balance minus $40. Called to cancel. They e-mailed form. I signed electronically and they sent me a check for the $40 in a few days. It was before the $2.2T rescue. It may take longer now.
I am stuck inside so I moved all my rewards checking money to a Discover Bank online savings account at 1.5%.
I will move ACH money in and out to keep my rewards accounts active. I would have done the same with Orion if they didn't charge a $5 fee. Banks change back to favorable terms sometimes. So, I keep them all open except for Orion. Also, some banks pull out of states and you will already have an account with them.
It's not worth dying for a few bucks.
In what world will spending $500.00 per month make it easier than using my card 8 times; I don't always need to spend $500.00 per month on a credit card; That gives me three choices. 1. buy things I don't need. 2. get 0.05% interest. 3. Withdraw my money... I will go with option 3. Goodbye Orion in late March.
It seems they do not understand about business so there is no need to bank with them. As others have indicated really bad, rude and argumentative customer service with long wait times when calling (more than 45 mins). It seems that they prefer to do business with only the local people. You can find other places to put your money as they no longer offer any competitive rates. In essence with all the changes they did over time they are trying to screw their customers. It's a mystery why since they will have to rely on money coming in to stay afloat. Do they realize what is coming ahead of them?
Not only is the service from Orion awful, the customer service reps get defensive when you criticize the policies or decisions made at Orion.
It’s obvious to me this is a “customer last” organization. At the time I got a loan with them, it was through an RV dealer shopping around for me.
I will be paying this off ASAP and will never do business with them again.
Beware and stay away!
October 2018, 4% APR Checking account up to $30,000 only 8 debit transactions per month and no limit to the number of accounts!
Effective Oct. 7, 2019, only One 4% APR Checking account per Social Security Number.
Effective Dec 1, 2019, only 3% APR up to $15,000, 2.20% APR $15,000.01-$100,000. Also "because of the high volatility of interest rates ..., we may be changing rates more frequently than in the past".
A few weeks back I had a problem which I needed to get worked out with this CU. The CS lady says, sorry I can't help you. I asked to speak to a manager and she said ok and put me on hold. Then she came back on the line in a bit and said, I'm sorry but she said we cannot help you with that I said, please let me speak directly to her and she said, she just walked out the door. Really? So I asked her if she would have her call me when she returned. Sure, so left my name and number. That was the last of that.
As others have said, they reduced the multiple rewards checking account down to one. I received my notice in the mail a week or so ago. OK, it's their privilege to do what they want, but it is irritating to me that I just opened another one of these accounts about a month ago and you know they knew at the time this change was in the making. But not one word of warning - matter of fact it was, sure I can open as many of these accounts as you'd like.
I have had this happened (reduced number of accounts allowed) with other banks and credit unions before but every time it occurred with a credit union, they would honor the age old tradition of grandfathering in the accounts you already had with them. Banks on the other hand can be a hit or miss. But Orion is the first credit union not to honor the grandfather tradition.
So, yes I am very disappointed in Orion. Not only did they not try to resolve my previous problem, they showed no willingness to even bother with a very prominent unapologetic attitude. Then came the hammer with the news we're reducing you to one account, no we will not grandfather your multiple accounts in. I have several of these accounts so I'm going to have to scramble and find other avenues and of course you always lose money in the form of interest during the transitions if only due to transfer times.
Poor response from manager while opening account. Did not return calls or e-mails. Had to call customer service to do his job for him. Hard to set up internet banking. Procedure wasn't clear. I thought it was me and I wasted a lot of time, only to learn from customer rep it couldn't be done for 24 hours. Took several months to get 4%. Had trouble finding companies that processed as signature transactions. Publix had counted as signature transaction for other credit unions but not for Orion. They researched it and gave me my interest. I asked if I was going to have to do that every month. Yes, if it does not come up automatically. They waived the $5 fee. The next month the same thing happened. The rep told me that it was not their responsibility to research it and they could not waive the fee. The web site was not clear that it was not identifying signature transactions. It wasn't until I finally hit a company that counted as a signature transaction that I knew how it was identified. I would have gotten my interest and not lose $5 if they had explained how they specified the difference on the web page. So far, I found Aldi, Dollar Tree, Kaiser Permanente, Subway and most fast food. I do not use it at drive thru. It is too dangerous to risk 30K. I have to constantly check if the transactions processed as signature. I am still experimenting to find new places. I do not have confidence in their inconsistent customer service, it's like they don't care and I think I am screwed if I run into a real problem. Hopefully, the auto system will run without the need for human intervention. Nice to have $30,000 at 4% with only 8 charges and $500 deposit. I don't let the balance go above $30,000. I still feel uneasy about them but greed goes a long way. I deal with larger and smaller credit unions that I have more confidence in. It's easy to follow the rules once the customer understands what they are. Hopefully, they will utilize these reviews to revise their web site, train their customer service reps and inspire management. It could be an easy fix for them. They are losing customers. Hopefully, I have worked out all my bugs or I am gone too. I waited months to write the review to give them a fair chance. It is hard to decide between 2 or 3 stars so I am giving them benefit of the doubt. It seems like things will work out. Web site transactions are working fine. Also, all the credit unions I deal with allow only 1 account per social # but you can have a secondary person on the account. That secondary person can be a primary on their own account and you can be a secondary on theirs. Starting 10/7 only 1 account per customer. The above situation counts as 1 account per person according to customer rep on 9/19/19. Very friendly rep.
MOVED out most money 11/25/19 when I got notice on interest rate changes effective 12/1/19. I hate to ever close an account but they charge $5/mo if requirements are not met. Also, they may be changing rates without notice. That doesn't sound like very ethical behavior towards existing account holders. The new rate for the month would not change on the web page until it is already in effect. The letter sounded like they are doing us a big favor to let us know about this rate change in advance. "Please note that because of the high volatility of interest rates in the market, we may be changing rates more frequently than in the past. We will not always provide a notice such as this one, but you can check our rates at www.OrionFCU.com"
I have a bad feeling about ORION because they do not plan to give advance notice. These new rates will not post on the web page until 12/1/19.
Three star customer service just went to a zero.
I don't want to look over my shoulder to cover my back. They should give us rate change notices.
TAB BANK pays 4% with a higher limit and they are doing fine. I am impressed by TAB's phone security requirements.
The senior management of this credit union should resign or be fired and allow some one else who knows the banking system to fix so many of the problems that the customers are experiencing with this credit union every day. You are not even able to handle the customer's need in your little corner of Memphis Tennessee, then you try to offer services in the whole country and after you fail miserably and overwhelmed, you try to back pedal. Earlier the management was encouraging us to open several premier checking accounts up to five account, but now telling us we can only have one premier checking account. I'll gladly close all my accounts with this terrible credit union and go where my business is appreciated and I'm offered a good customer service.
According to their website, to qualify for 4% APY, you need to have:
1. Electronic deposits totaling at least $500/mo
2. Perform at least 8 signature-based card transactions It's easy! When using your card, choose the credit option and bypass using your PIN.
Some of the transactions I made are online bill pay using my debit card without providing a pin. For some reason, these transactions didn't showed up as "signature-based" transactions. My fault? No. Yet, they used it as an excuse to disqualify me from the 4% APY. Called customer service, they said: bill pay does not qualify... REALLY??? Where does it state in the requirements above that bill pay does not qualify??? I play by the rules, but these people don't. I'm taking my money elsewhere. Thank you Orion for finding a way not to pay me.
You will get charged $5 a month on this account if somehow you don't have enough transactions. Magically I had 7, just 1 under the required limit of 8, despite the fact I used the card 12+ times and never entered the pin.
Customer service is poor. I emailed them a question regarding this and they directed me to call customer service, where I waited for 20+ min on hold until I gave them my phone to call.
Basically it is set up for you to fail. They don't want to pay the 4%. Once you don't hit the requirements you get the $5 fee and 0.01% interest rate. Their website is as antiquated as something from before the year 2000 so don't expect it to be easy to find any answers.
I wish I had listened to the other reviewers on here.
Very recently I've became a member, opened premium checking account because of the high interest rate they advertised and very shortly after I realized that I can't keep up with the requirements to get 4% interest (for once, I don't use debit card to make purchases)
Therefore I didn't have any activity on the premium checking account.
When I've got my first statement in mail I was surprised and overwhelmed with the charges they imposed.
They charged $5 Premium Checking Account Monthly Fee and on top of that, I was charged $2 for paper statement.
On 5/15/19 I called Customer Service and she said that to change to Paperless Statement I have to do through Online Banking (Why they can't do that over phone!?) I was not able to sign up for Online Banking not now neither a month ago (error message}. When I contacted them via e-mail in April I've never got any help or answer.
Today after getting very frustrated, I sent them e-mail to close my accounts.
Finally, I've got e-mail AND phone call but seems like one department doesn't know what others do.
Though you can do application online to open and close accounts you have send additional paperwork via Post Office.
Worst financial institution I've dealt with!
The only problem I had was that my account was opened as regular checking (without the 4% interest). I switched it to Premium Checking later but they paid interest at Regular Checking rates. A phone call cleared that up and I got my 4%. I have had no problems since.
Send them $500 / month and then do bill pays from this account and sit back and earn 4% interest on the balance.
1. ATMs take 2 days to process learned after 400 in fees were charged.
2. The branch manager never returns your calls
3. I was told by a teller they process your debits before credits which is illegal. I kept her information as thinking about legal advice.
4. They dont care about their customers
5. Do not get an account with them. Horrible service all around...wish never opened an account here.
I have 6 different checking and savings accounts that I have opened over time to check out the benefits of each. This at first had been one of my favorites but the more I interact with them the less I like this bank.
1. They do not have digital banking or ATMs that accept deposits up until 8:00 PM. At my other bank I am able to deposit cash and checks by 8:00 pm and have access to them the next day. This is very important feature especially for working people.
2. Their fees are unreasonable in my opinion and when you talk to an agent they cannot explain other than to say that the fees are "justified." At other banks I have had more positive interactions with representatives who are understanding where as here I am told that I am not listening.
Basically I would not recommend this bank if you are a busy working individual. Maybe once they update their policies.
For the 4% Premium Checking their website states: "Perform at least 8 signature-based card transactions It's easy! When using your card, choose the credit option and bypass using your PIN." I've had the account for 2 months and have never entered my pin. I usually use it at McDonalds on my way to work where they swipe my card when I place the order and that's it. The first month I had no problems but this month Orion charged me the $5.00 monthly fee and I received very little interest. When I contacted Orion they stated that I only had 7 debit transactions. When I double checked my statement and saw that I in fact had 8 the customer service rep went through them with me and one of the charges made at McDonalds (The same McDonald's I go to everyday) did not count because they state that McDonalds processed it as a pin based transaction. I explained that I have never entered my pin and they said that they have no control over how the merchant processes the transaction. Well, the only control I, the customer has, is not entering my pin which is what your website instructs me to do. Orion did credit me back the $5.00 but would not do anything about the interest. Instead of the $100.00 I thought I would receive I only received $1.24. The wording on their website is misleading.
Signed up for the 4% checking last month. The first thing I noticed is that they are not even set up to provide free checks (as promised on their website). So, you cannot use their web interface to order the free checks -- you must call a representative and do it manually.
The second thing I noticed is that they require SIGNATURE transactions, but their chip-based card does not even allow for signature transactions at most of the businesses that I frequent. My statement shows 3 different types of transactions so far, but none are identified as "SIGNATURE" transactions. I sent them an email to find out which of the transactions (if any) qualify as "SIGNATURE" transactions, and they had no answer. All they did was refer me back to their homepage.
As others have indicated, not worth banking with them Really bad experience with very rude, unknowledgeable and incapable staff. After you open their premium checking account you are held hostage parking your money there, as you cannot really use your debit card (as it is not working at many places) to make the 8 transactions required to receive the 4% rate. .
Do not waste a HARD equifax credit pull on this credit union. My score is over 800 and I was turned down. I suffered a Hard pull for nothing.
CALL THEM FIRST before applying. Find out what the qualification thresholds are. WILL THEY TELL YOU ?? They would not tell me.
Too many recent applications?
I opened an account here. I had access to the account for a few days and then could not login. It is difficult to reach them by phone but finally got through. They told me the account was locked because I had not sent in copies of my driver's license, SS card, and proof of address. I told them no one had asked me to. They said that this was how the tell you - when you call about your locked account! They want you to email digital copies of these documents in color as attachments. I explained that this was not secure and exposed the sender to identity theft. They remained adamant. I am reporting the to the NCUA, National Credit Union Association. Any bank which does not understand that email attachments are not secure clearly has no one there to ensure their online system is secure. If you have an account here, you should close it. It is a disaster waiting to happen.
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.
I would give them Zero stars if the system would allow it. This is the worst credit union I have ever had my money with.
Deposit sitting there ready to hit and they charged me over $300 in fees. I am beyond disgusted with this credit union.
DO NOT USE THEM - unless you want them to suck your bank account dry with their BS fees.
I highly recommend Orion Federal Credit Union. When I originally joined it was known as the Memphis Teacher's Area Credit union and it was the first banking institution I used. I have been very pleased with their service over the years. Internet banking with Orion is decent but not as versatile as it would be with one of the major banks. I do not use it as much as I have previously now that I am no longer in the Memphis area but I would highly recommend it anyone that lives there. Most of my experiences come from the Hacks Cross location but I have had a great experience with several other branches that I visited over the years.
They use the ATM's of twenty years ago (i.e., if you make an ATM deposit, you must use an envelope, even if it's cash,and it takes two days to clear; this has caused extreme problems for me as a contract worker, because I don't have direct deposit). There is no real local representation at this institution "after hours" (I almost called it a bank, for it behaves very nearly to one). After hours, you're sent to the Philippines, or some other foreign country.
The tellers are nice enough, but I met with a branch manager, and as she was talking to me, she was looking away. I was really surprised at her unprofessionalism, not to mention her poor grammar. Lastly, I have been on hold for 45 minutes as I write this, trying to report a lost debit card. Any real institution would make security a top priority. As it stands, this place calls itself a Credit Union, but there is no unity. On a corporate level, they couldn't care less about their customers.
Addendum: the operator just answered, from a 3rd party company who actually "closes down" (his words, in broken English) cards that are lost or stolen. His only job is to deactivate the card, not to issue a replacement (by asking for my personal information: really??). He just said I'd have to call Orion about this Monday. Funny, I dialed Orion's phone number tonight. I guess I wasn't talking to them.
Suffice to say that this credit union has made it nearly impossible for me to make payments on my educational line of credit by not providing me with a convenient and reasonable way to make payments on the loan since I moved out of state. The employees are unhelpful and unwilling. STAY AWAY! There are much better credit unions out there.