Securityplus Federal Credit Union
Securityplus Federal Credit Union is headquartered in Baltimore and is the 16th largest credit union in the state of Maryland. It is also the 683rd largest credit union in the nation. It was established in 1938 and as of June of 2023, it had grown to 82 employees and 35,430 members at 5 locations. Securityplus Federal Credit Union has a B+ health rating.
Field of Membership Restrictions
Membership in Securityplus Federal Credit Union is open to anyone (regardless of residency) through membership in the American Consumer Council. Membership is also open to those who live, work, worship, or attend school in the City of Baltimore, employed by or retired from one of the credit union's sponsor groups, or are immediate family of those eligible.
See current membership details
'Customer Service' Is Non-Existent.
The fine print for the 6% CD states that it can only be opened by visiting a branch or calling 'customer service'. I challenge anyone to actually reach the mythical 'customer service' at this bank. I tried six times and each time a recorded voice said "Unable to connect this call; please try again later".
Worst Credit Union
Seems that Securityplus executives allowed a teller to copy and distribute member data to her peers outside the credit union. This resulted in over $30K in loses for members as they went to ITMs and withdrew money from member accounts. The membership was never notified, and no one knows how much data she was able to distribute and/or sell outside the credit union. They changed the access of the ITMs and fired the employee, but the data is still compromised. It was said that the employee took multiple pictures with her smartphone and texted the data out. This will result in a letter to NCUA about this. We don't know if they sent out SSN, account numbers, or all of the member data. For the past year and a half or so this credit union has been on a downward spiral regardless of how they fudge numbers. The egregious spending by the executive team and now the blatant disregard for member data. The CEO is just waiting out her contract and will leave this place in shambles. No board in their right mind would extend her contract. Don't even get me started on the COO, CXIO, or the sexual predator CIO. I am in disbelief they keep that one employed.
Attempt To Open A CD - IMPOSSIBLE
Good luck getting your CD. All I got was the runaround. Nobody knows what they are talking about. The phone number goes to a call center and they know nothing about the CD promotion. You cannot be connected to anyone who does. You have to leave a message and they will call you back within three days.
As a current member you still have to go through the application process. Most banks require your funds to be available when you open the CD. You cannot simply make a deposit into your savings account and transfer the fund to the CD. You have to establish a link with an external source. This takes time.
When I asked what is the holdup using the secure messaging system they do not answer your concerns. Your composed message simply vanishes. I tried 3x. The last message I got was "how may I assist you." And I had already explained the problem.
In all my years of banking SecurityPlus is by far the most mismanaged bank I had to deal with. If I could give this bank zero stars I would.
Terrible CU
yes, no customer service and even if you talk to someone, including a supervisor, they are completely clueless. Their systems are not working properly. And as others said, total waste of time whether you are trying to do something online or over the phone. I do not know how they can get away with such a terrible customer service but perhaps they do not really care.
Please Review Health Of SFCU Prior To Opening A CD
Taken SVB failed this week, I began paying more attention to health of banks and CU before considering opening any accounts.
Even though 6% APY sound very interesting,I would not open a CD at Securityplus Federal Credit Union for the following reason:
From DepositAccounts:
Return on Assets - YTD -0.09%
Return on Equity - YTD -1.09%
Real Estate Owned Q3 2022. $0
vs Q3 2021. $106.00K (this probably is not a red flag since the amount is relatively small)
Would NOT Recommend This Place
Their special of 6% for 50K is attractive, but not worth the hassle. WAIT TIME is horrible for customer service and then they do sloppy work. Tried the CALL ME BACK option twice, and no one ever called... EVER.
Mechanized voice Gatekeeper refused to get you connected to someone (trick: try 0#, then next prompt, 0# again. Should get you placed into the wait queue for customer service).
My recommendation: Take your dollars somewhere else. The difference on 50K between 5% and their 6% is not worth the hassle.
I'm also very much on boycotting any bank, credit union, brokerage, any business who thinks its OK to have (on average) hold times of greater than 30 minutes for customer service.
Really Rude Customer Service
Waited a total of 77 mins, trying multiple times. Really rude and bad customer service. Probably one of those outlets that are interesting collecting your personal information/data so they can sell them elsewhere. I do expect my application to be rejected.... No need to beg them to open an account 6% CD will pop-up elsewhere as the Feds will keep increasing rates.
Very Difficult To Become A Member
Among the requirements for membership are 1. a primary ID; 2. A secondary ID; and 3. a certificate from the American Consumer Council. While I joined the Am Consumer Council, as requested, I didn't receive a certificate via email, as promised. The rep at Securityplus refused to honor the paid receipt, from the Am Consumer Council, stating that I would need to request this certificate from the Am Consumer Council. These membership requirements are unreasonably rigorous and very time consuming. While their interest rate is good, my time also has value, and I will be content to settle for a lower rate from another institution.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 2769 |
| Year Chartered | 1938 |
| Employees | 82 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.68% |
| Return on Equity - YTD | 8.82% |
| Annual Interest Income | $11.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $557.2MM$525.0MM |
| Loans | Q2 2023vs Q2 2022 | $418.3MM$379.4MM |
| Deposits | Q2 2023vs Q2 2022 | $487.9MM$454.9MM |
| Equity Capital | Q2 2023vs Q2 2022 | $43.0MM$43.5MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$3.2MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $2.4MM$4.3MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |