Southwest Airlines Federal Credit Union
Southwest Airlines Federal Credit Union is headquartered in Dallas and is the 45th largest credit union in the state of Texas. It is also the 525th largest credit union in the nation. It was established in 1975 and as of September of 2022, it had grown to 107 employees and 56,787 members. Southwest Airlines Federal Credit Union has a B+ health rating.
Field of Membership Restrictions
Membership in Southwest Airlines Federal Credit Union is open to employees of Southwest Airlines or another select employer or for immediate family of those eligible. (membership details are listed in the credit union's online application)
See current membership details
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Misleading Reviews
All I can say is that the high RCA rate says everything. For those who qualify, we should be grateful. On top of it, their service is not bad at all.
I do think that the bad reviews here by no means reflect what this credit union is truly about. I, for one, enjoy the credit union (for more than five years) and am very appreciative of such a profitable long-term relationship with SWACU!!
UPDATE: (4%, $25K) as of 11/1/2022. Still not good enough in this climate when most OSA/MM are approaching 4% APY, with no tedious RCA requirements. SWACU: Wake me up when you remove the $5 minimum per debit card transaction.
Re SWACU Changes
I am in the same situation as 51hh. I have 10 of their RCA's maxed out along with other RCA's scattered the countryside, so yes,it would be completely impossible for me to satisfy this new requirement. I am now in the process of looking at new options for my money. SWACU did give advanced warning, so like 51hh said, we can prepare and for that I am very grateful.
I wish they had lowered the rate rather than impose the 5.00 min., but it is what it is. I am going to call and speak with them about this and I am also going to post on their FB page my thoughts and suggestions. You think doing things like this make no difference and many times it doesn't, but every so often it does happen that enough public outcry does change an outcome. I have a RCA with a bank that a few years back made an unfavorable change to their RCA and I just started looking for a new place to move my money and never even thought about contacting them to voice my opinion. But, I guess they had enough people who did that before the change was to take place that instead they sent out notices saying that due to customer input, they had decided to not make that change, but instead make this change (they had come up with a new change~ that although wasn't as good as the original RCA~was more favorable to the customers than initial change they were going to do), so goes to show you never can tell. I am still with that bank as of today.
SWACU could lower the APY rate slightly, raise the required number of debits slightly and with the %rate they get off of each transaction plus the upfront fee they charge for each transaction to boot with the number of accounts they have with customers now that this change will not affect them in how much they spend but will insure they make a few more debit charges (bringing in a little more revenue for SWACU) and the interest pay out will be a few dollars less (again, a little more revenue for SWACU) and overall, I am positive this would be in SWACU's favor to satisfy the need for additional profit ore than the 5.00 in. debit change will produce. I am also confident no one would take their money out of SWACU for such a small change as this and it would still be lucrative enough in today's market to bring in new members. As the change stands now, I have a feeling SWACU will be seeing a lot of cash leaving out due to actual inability to meet the 5.00 min.debit charge change. I know when I look for RCA's, I look for the highest rate of course, but then I adjust that to the max. amount allowed and will pick an account with the higher max. account when there is only a small difference in APY and I never even give a look at one that requires a specified spending amount to qualify. I don't think I'm in this ballpark by myself.
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Best Credit Union
I think Southwest Airlines Credit Union is great and I love this checking account! I have been a member of 5 different credit unions and this one is by far the best. The employees are really helpful and care about the members.
Luv Reward Checking
Just for clarification, their 4% APY for Luv Reward Checking is slightly off. It is actually 3.93% APY (or 4% simple interest rate). It is confirmed by their own financial calculator and by a CSR.
It is still a great sustaining interest rate offer.
UPDATE: After a few drops of rate as well as removing of qualified RCA accounts to two per social security, SAWCU is no longer my favorite credit union; especially in view of the recent rate drop (from 3% APY to 2.75% APY) without prior notice. Nevertheless, their customer service is still superb, waiving my recent NSF fees due to multiple account conversions/closures.
UPDATE: (4%, $25K) as of 11/1/2022. Still not good enough in this climate when most OSA/MM are approaching 4% APY, with no tedious RCA requirements. SWACU: Wake me up when you remove the $5 minimum per debit card transaction.
Data as of Q3 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 22157 |
| Year Chartered | 1975 |
| Employees | 107 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.8% |
| Return on Equity - YTD | 8.19% |
| Annual Interest Income | $21.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022vs Q3 2021 | $782.2MM$785.5MM |
| Loans | Q3 2022vs Q3 2021 | $533.0MM$476.0MM |
| Deposits | Q3 2022vs Q3 2021 | $698.1MM$704.4MM |
| Equity Capital | Q3 2022vs Q3 2021 | $76.5MM$74.2MM |
| Loan Loss Allowance | Q3 2022vs Q3 2021 | $2.4MM$2.7MM |
| Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $3.0MM$1.4MM |
| Real Estate Owned | Q3 2022vs Q3 2021 | $0$0 |