Signature Federal Credit Union


Overview / Commentary
703-683-7300
12 Herbert St
Alexandria, VA 22305

Signature Federal Credit Union is headquartered in Alexandria and is the 26th largest credit union in the state of Virginia. It is also the 803rd largest credit union in the nation. It was established in 1970 and as of June of 2020, it had grown to 55 employees and 24,151 members at 1 location. Signature Federal Credit Union's money market rates are 14% higher than the national average, and it boasts an A+ health rating.

Field of Membership Restrictions

Signature Federal Credit Union membership is available to anyone through membership in the American Consumer Council. Membership is also open to employees of the United States Postal Service and to employees and members of several other select organizations.
See current membership details

Related Posts

High-Yield Checking Rate Drop From 3.00% To 2.00% APY After Ken's Review - 7/2/2020

Right after Ken's blog review about rewards checking accounts on July 01, the very next day Signature dropped their High-Yield checking rate as a thank you token appreciation for the review. The pattern is undeniable, when someone points out a great rate, F.I.'s will quickly drop them. I suspect the influx of new accounts being opened as the reason they lower the rates, in a attempt to slow or stop the flow of new accounts being opened. https://www.signaturefcu.org/Products/Accounts/Checking.aspx

Signature Federal Credit Union's Jumbo CDs Available Nationally - 6/6/2020

Signature Federal Credit Union's (easy membership) Jumbo CDs ($100k minimum deposit) are competitive: 1-year (1.40% APY) and 2-year (1.60% APY).

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Reviews (7)

Signatures Gives The Runaround In A Major Way, Inconsistent, Doesnt Walk The Talk

I read the comments on here before applying, and thought it might be a random bad experience. However, it appears to be a pattern of confusion, inconsistency, and not following their own rules and recommendations.

I was told, "Being a member of other credit unions does not factor into our decision when a potential member is applying for membership with us. I always encourage our members to give their other financial institutions some competition and to compare rates to see who exactly is offering the best product. I believe in what Signature FCU has to offer and am confident in our products, our rates and our ability to accommodate our members. If you have any questions regarding some of our rates and services, please do not hesitate to contact us. We thank you again for you interest in joining Signature FCU."

After I was denied joining as a new member, I was told:

"Our membership review committee has reviewed your membership application to Signature Federal Credit Union. Unfortunately, your application for membership has been denied due to a high number of recent inquiries with other financial institutions. This decision is final and cannot be overturned."

After I applied, I was told I could not join because of inquiries denoting I had joined other credit unions already. When I pointed out this inconsistency, I received no reply. Why claim that being a member of others "does not factor into our decision" then tell me that I am being denied because of a high number of recent inquiries from others Ive opened accounts!?! The representative encouraged me to give them competition, but it seems that is just lip service. To be clear, my credit score is around 800, I dont have any late payments, no record of problems, yet I get denied?!? If you aren't going to walk the talk, you need to change what you are telling people. That's not a good way to do business. I am a highly diversified rate shopper with a large amount of money in cd's all over the US. To be treated as unworthy is greatly disappointing. So much for being told they are "confident they can accommodate."

UPDATE 4-20-16
After a few weeks, I was finally able to get this opened, once Signature took another look and did the right thing afterall. It appears they do honor their word. I wish it hadn't taken so long but I am happy they did what was necessary to get me approved. Being a member of other credit unions shouldnt get one denied because that is anti-competitive.

We'll See - Unbelievable Project

Posted by: |

I've been trying to open an account for days. Something is going on there. I've jumped through hoops and more hoops. They don't seem to be able to streamline a process and just do it. It's like they are trying so hard, but over doing everything.

I was asked a long series of security questions TWICE. (The type like when you apply for a loan.) Even after telling me that I passed the first set. The first set of questions were odd and I emailed a concern about them, but that got no response. When I pointed out the email, the answer was that it was never seen.

They sent documents to sign ON the COMPUTER using your cursor, but with no heads up that they use Docusign, nor explanation of how it works. I finally figured that out on my own. You can't save a copy WITH your signature, but that doesn't seem to bother them.

I provided my driver's license and joined ACC organization to for universal membership, and funded the account. Those were the requires stated in the email I got. But...then in later step, got told to provide TWO more pieces of info, a paystub and another bank statement with my name. I minded digging up stuff after all those security questions and copy of license. I really minded that they lied and said it was because of NUCA requirements. NCUA doesn't have requirements like this. They said they wanted to "be sure of who I am" because I don't work directly for one of their organizations but I answered TWO sets of personalized security questions ALREADY and was already told that only a driver's license was needed!

So this gets my account open, and instead of an email with my data and how to go online... I get a personal phone call. Personal sounds nice, but why do I want to talk to someone at that point (at 5pm)? Especially when he starts telling me the benefits of the bank (sales pitch on an account I just opened?), and doesn't know what type of account I've signed up to open? This was the manager I'd originally spoken to, who doesn't remember my original conversation. Why not instead an email telling me what next steps are?

So with that call he tells me there was still another hoop. I got an email (not a welcome email, another hoop email) where I had to click and go to webpage to accept email statements. (They couldn't just set that up in my account since I'd signed the authorization in the application already? I have to accept it again?)

So, now I have the account number, but can't successfully enroll online. The computer's complaining that it couldn't verify the data and they'll manually check and send it to me. Instead of THEM doing anything manually, yet again, I'm being told to call them to get this set up. Good grief. Why can't they pre-check what's gone wrong? It's not a big credit union but I have to call the security dept (Probably one person)? Enough with security, I have an account, now activate it and send me enough info so it's easy.

Thinking back to the very first call where I was asking details, the person was new and didn't have a clue but guessed incorrectly at answers even after putting me on hold a couple times. When I finally asked for manager, I got different answers, that finally made sense. (And he sounded so relieved that I asked him if there was anyone he could ask.)

------
It's taken me less time to write this saga, than half the hoops so far.

It's a great rate. We'll see, if I actually ever get to use this account

....or if it becomes a project just to have it. Somehow I expect it to be.

BTW, my credit score is over 800 and I've lived in this house for 20 years and now own with mortgage. I have opened a number of banks over time. So there's nothing in my profile to explain this. Either it's that I'm female, or that this bank is always like this.

Watch Out For This Bank

They make you wait a full week just approve you for a membership. After that, they make you fund the CD by mailing them a check or getting your bank to directly wire transfer the funds to them. CIT, Live Oak, and most larger banks simply take your local banks routing number and account number and request the funds from the local bank directly.

I gave up and never funded the CD. When I asked them to close the membership they offered me, they put me through some kind maze of having to sign a document they sent me through Docusign!

They only have one branch in Alexandria. So that should tell you something.

Even though their rates are higher than the bigger banks, stick to outfits like Live Oak and CIT that will not put you through all of this. The little amount of extra money you will make with them is just not worth the hassle they are going to give you!

As Incompetent As The Postal Service

Posted by: |

This place is a gigantic FAIL in my opinion. Applied for membership to DEPOSIT money with them and my application was turned down for vague reasons that they refused to elaborate on. Totally opaque and unresponsive customer service. Email query was never answered.

I had my doubts when I filled out the membership application that had a "disclosure" rate table that was YEARS out of date. I also had to re-send them 4 documents that I laboriously uploaded during the buggy "automated" application process. There is a reason their rates are so high--they have to be to induce people to put up with their sloppy customer service.

You don't want to put your money with anyone with the slightest whiff of sloppiness--and this place stinks to high heaven.

900-DAY Penalty For Early CD Withdrawal!

Posted by: |

They are very reticent about disclosing that. What more needs to be said?

Worst Credit Union Ever!

Stay away from this credit union, they conduct illegal business practices and make their own rules and will not listen to your complaints. By far the worst credit union i have ever experienced in my life!

Awful, Just Bank Local

Don't, just don't deposit your money with this establishment. The clerks are not helpful and when you are trying to get answers, they just go silent. Waiting on hold for over an hour is pretty ridiculous also. Just as soon as I get figured out how to transfer my automatic withdrawal. Bank local people, this is a group of non caring people. Bank local.



Health
A+

Health Grade Components

Overall
NCUA #20061
Year Chartered1970
Employees55
Primary Regulator
Profit Margin
Return on Assets - YTD-0.05%
Return on Equity - YTD-0.37%
Annual Interest Income$6.7MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$350.7MM$293.2MM
LoansQ2 2020vs Q2 2019$261.2MM$247.7MM
DepositsQ2 2020vs Q2 2019$305.9MM$239.1MM
Equity CapitalQ2 2020vs Q2 2019$41.3MM$40.7MM
Loan Loss AllowanceQ2 2020vs Q2 2019$1.2MM$1.2MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$389.00K$757.00K
Real Estate OwnedQ2 2020vs Q2 2019$34.00K$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Signature Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Signature Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%--IRA Savings
0.35%$100-Holiday Club
0.35%$5-Youth Savings
0.35%$100-Vacation Club
0.35%$100-Convention Club
0.35%$100-Name Your Own Club
0.25%$100-Business Share Savings
0.25%$100-Business Holiday Savings
0.25%$100-Business Convention Savings
0.25%$100-Share Savings

Signature Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%*$50k*-Legacy Money Market
OTHER TIERS: 0.40% $500 - $10k | 0.45% $10k - $50k
0.40%*$50k*-Business Money Market Account
OTHER TIERS: 0.30% $500 - $10k | 0.35% $10k - $50k
0.40%*$50k*-Money Market Account
OTHER TIERS: 0.30% $500 - $10k | 0.35% $10k - $50k

Signature Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%-$20kHigh Yield Checking
0.15%--Youth Checking
0.10%--Legacy Checking
0.05%--Business Checking Account
0.05%--ATM Rebate Checking
0.05%--Standard Checking Account
0.05%--Student Checking
0.05%--Debit Card Points Checking

Signature Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*$50*$10kBusiness 1 Year EZ Save Certificate
OTHER TIERS: 0.10% $10k+
1.00%$50$10k1 Year EZ Save Certificate
0.80%$500-Business 5 Year Share Certificate
0.80%$500-5 Year Share Certificate
0.80%$100k-5 Year Jumbo Share Certificate
0.80%$100k-Business 5 Year Jumbo Share Certificate
0.75%$500-4 Year Share Certificate
0.75%$500-Business 4 Year Share Certificate
0.75%$100k-4 Year Jumbo Share Certificate
0.75%$100k-Business 4 Year Jumbo Share Certificate
0.70%$500-Business 3 Year Share Certificate
0.70%$500-3 Year Share Certificate
0.70%$100k-3 Year Jumbo Share Certificate
0.70%$100k-Business 3 Year Jumbo Share Certificate
0.65%$500-Business 24 Month Share Certificate
0.65%$500-24 Month Share Certificate
0.65%$100k-2 Year Jumbo Share Certificate
0.65%$100k-Business 2 Year Jumbo Share Certificate
0.60%$500-Business 18 Month Share Certificate
0.60%$500-18 Month Share Certificate
0.50%$500-Business 12 Month Share Certificate
0.50%$500-12 Month Share Certificate
0.50%$100k-1 Year Jumbo Share Certificate
0.50%$100k-Business 1 Year Jumbo Share Certificate
0.45%$500-Business 9 Month Share Certificate
0.45%$500-9 Month Share Certificate
0.35%$500-Business 6 Month Share Certificate
0.35%$500-3 Month Share Certificate
0.35%$500-6 Month Share Certificate
0.30%$500-Business 3 Month Share Certificate

Signature Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.80%$500-5 Year IRA Certificate
0.80%$100k-5 Year Jumbo IRA Certificate
0.75%$500-4 Year IRA Certificate
0.75%$100k-4 Year Jumbo IRA Certificate
0.70%$500-3 Year IRA Certificate
0.70%$100k-3 Year Jumbo IRA Certificate
0.65%$500-24 Month IRA Certificate
0.65%$100k-2 Year Jumbo IRA Certificate
0.60%$500-18 Month IRA Certificate
0.50%$500-12 Month IRA Certificate
0.50%$100k-1 Year Jumbo IRA Certificate
0.45%$500-9 Month IRA Certificate
0.35%$500-3 Month IRA Certificate
0.35%$500-6 Month IRA Certificate
Locations


Signature Federal Credit Union Locations
Branch Office12 HERBERT STAlexandria, VA 22305

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