In 1957, Service Credit Union (SCU) was founded (as Portsmouth Air Force Base Credit Union) to serve the employees (both military and civilian) of Pease Air Force Base in Portsmouth, New Hampshire.
Today, SCU provides financial services to well over 200,000 members at more than 50 locations throughout New Hampshire, North Dakota, Massachusetts, and Germany.
In addition to loans and insurance, SCU offers a range of personal depository banking products, including checking, savings, money market, and Certificate of Deposit (CD) accounts, as well as IRA CDs. The money market accounts include varying rate tiers, depending upon the account balance. CD terms range from 3 months to 5 years. Additionally, SCU offers business checking, business savings, business money market, and business CD accounts.
Service Credit Union is open to active duty military and veterans, current/retired DoD employees, members of the American Consumer Council or the Financial Fitness Association, and members of any one of the over 300 select employer groups. Family members are also eligible to join.
See current membership details
I have had checking and savings accounts with Service for years. I've clicked on pre-approved re-finance auto buttons and saved money on 2 different auto loans. After hurricane Ian, my home owners insurance was dragging their feet and I needed to get a new roof on. I called Service Credit Union to close out a CD before maturity, they waved the early withdraw fee. They are everything I could hope for from a financial institution.
I didn't see many reviews from 2020, so I wanted to add my perspective. I discovered SCU when they opened their membership eligibility to anyone who joined the American Consumer Council. I decided to join after a lot of research of other CUs and found SCU met a lot of my financial and technology requirements.
Opening the account was very easy. I did a bit of research and selected 4 products to open: Savings (currently yielding 5% on $500, Holiday Club (currently yielding 3% on $3,000, Money Market (for the rest of my savings), and Checking (free ATM reimbursements with direct deposit).
I spent a long time researching credit unions in my area and those open nationwide. What I found was that SCU has one of the highest paying interest accounts without having to go through a lot of hoops (no need to use debit cards to get the higher rate) and they reimburse a certain amount of ATM fees with direct deposit. Additionally, SCU natively integrates with Zelle, which was important to me as I use this service a lot to pay back friends and family.
SCU participates in Shared Branching so I can go to a participating branch basically anywhere in the US.
Finally, the mobile app and online banking are both easy to use, intuitive, and I get notified via text and push notification anytime there is a deposit or withdrawal. You can't do everything on the mobile app (such as external transfers), but it's good enough for 99% of my needs.
A nice added bonus is that SCU will release your direct deposit 2 days early before your pay date.
Overall, I'm very satisfied with SCU. In summary:
(+) Deposit rates higher on average than other credit unions
(+) ATM reimbursements
(+) Shared Branch
(+) Zelle integration
(+) Mobile app/online banking
(+) External transfers
(-) 25 transaction limit per day on both credit and debit cards (discovered while trying to shop Christmas gifts, but no big deal as I can better plan next year)
Stay away from this bank! I was recommended to use this bank by a colleague at work that Service Credit Union really took good care of their customers. They couldn’t be more wrong.
At first everything was normal, I applied for membership and a credit card online and having a perfect 850 was approved. After I got the card, I wanted to apply for a small loan as well, as me and my wife are planning on fixing up the house this summer. So, after being approved for the loan, I was asked for some payroll documents and someone from the bank called me.
Now just so you know I have a very thick accent as my family, and I are from India. While on the phone the lady was very rude and treated me like I was some kind of criminal telling me my documents weren’t real. I offered to send them my bank statements showing the deposits in my account as real, but she refused.
Until they heard me on the phone, everything was going smoothly, but it’s amazing as soon I get on the phone, I am no longer good enough for this bank. Even though I have an MBA and I am the controller for a multimillion-dollar business with a six-figure income, suddenly, they shut my entire account down! I was highly embarrassed to say the least and really thought that I would never be treated like this in America, sadly I was wrong.
I am very disappointed and beyond embarrassed how this bank has treated me. Now, I don’t have any access to my accounts and my hard-earned money is stuck. I have no means to access them nor can pay the card.
|Return on Assets - YTD||0.9%|
|Return on Equity - YTD||8.51%|
|Annual Interest Income||$110.7MM|
|Assets and Liabilities|
|Assets||Q2 2023vs Q2 2022||$5.40B$5.18B|
|Loans||Q2 2023vs Q2 2022||$4.48B$3.92B|
|Deposits||Q2 2023vs Q2 2022||$4.62B$4.62B|
|Equity Capital||Q2 2023vs Q2 2022||$563.0MM$519.5MM|
|Loan Loss Allowance||Q2 2023vs Q2 2022||$27.9MM$19.4MM|
|Unbacked Noncurrent Loans||Q2 2023vs Q2 2022||$15.1MM$7.2MM|
|Real Estate Owned||Q2 2023vs Q2 2022||$0$0|
Rates for Service Credit Union are currently being reviewed.