2. Southwest Airlines Federal Credit Union

Southwest Airlines Federal Credit Union

Popular Accounts at this Credit Union

APYACCOUNT TYPEHOW THEY COMPARE
4.00%Reward Checking
2.01% - National Average
1.35%1-year CD
2.55% - Goldman Sachs Bank USA High-yield 12 Month CDAdvertisement
0.10%Savings
1.90% - American Express National Bank High Yield Savings AccountAdvertisement
View all Southwest Airlines Federal Credit Union rates »

Overview / Commentary
www.swacu.org
214-357-5577
2430 Shorecrest Dr
Dallas, TX 75235

Southwest Airlines Federal Credit Union is headquartered in Dallas and is the 44th largest credit union in the state of Texas. It is also the 520th largest credit union in the nation. It was established in 1975 and as of June of 2018, it had grown to 96 employees and 54,030 members at 4 locations. Southwest Airlines Federal Credit Union's CD rates are 61% higher than the national average, and it has an A 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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Reviews (11)

Re SWACU Changes

Posted by: Sammi Smith | Feb 18, 2018

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.
.

1

SWACU RCA Changes

Posted by: 51hh | Feb 10, 2018

After enjoying their (4%, $25K) RCA for more than eight years with multiple accounts (there is a requirement of a maximum of two RCAs per social security, but we were grandfathered to surpass such a requirement), we finally received the RCA change effective 4/1/2018:

The debit card transaction needs to be at least $5 to qualify for the RCA requirement.


Reasonable requirement change, but a real problem for us, who have "numerous" (4%, $25K) RCAs. At least they gave advance notice for us to get prepared.

5

Terrible Service

Posted by: Texrican | Jul 4, 2018

The shorcrest location in Dallas have the worst Customer Service. First time I have experienced such a bad service in the years I have been banking with them. Not helpull in completing tasks in time, long hold times when calling to then being transferred to a voice mail when representative have you on hold. The run around by the office, and tel reps are a joke. Not what it used to be anymore.

1

Misleading Reviews

Posted by: 51hh | Nov 26, 2016

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!!

3
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Health
A

Data as of Q2 2018

Learn why bank health matters

Health Grade Components

Overall
NCUA #22157
Year Chartered1975
Employees96
Primary Regulator
Profit Margin
Return on Assets - YTD0.98%
Return on Equity - YTD9.46%
Annual Interest Income$12.0MM
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$541.8MM$498.6MM
LoansQ2 2018vs Q2 2017$378.1MM$323.7MM
DepositsQ2 2018vs Q2 2017$474.7MM$441.0MM
Equity CapitalQ2 2018vs Q2 2017$56.7MM$52.0MM
Loan Loss AllowanceQ2 2018vs Q2 2017$2.4MM$2.1MM
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$2.5MM$1.9MM
Real Estate OwnedQ2 2018vs Q2 2017$0$0
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Southwest Airlines Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--IRA Savings
0.10%$100-Regular Savings

Southwest Airlines Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%*$50k*-LUV Fund (Money Market)
OTHER TIERS: 0.30% → $2k - $10k | 0.40% → $10k - $50k

Southwest Airlines Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%*-$25kLUV Reward Checking
OTHER TIERS: 0.25% → $25k+

Southwest Airlines Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%$75k-24 Month Mega Jumbo CD Special - New Money
2.25%$25k$75k24 Month Jumbo CD Special - New Money
2.20%$75k-48 Month Mega Jumbo CD
2.15%$25k$75k48 Month Jumbo CD
2.10%$1k$25k48 Month CD
2.05%$75k-36 Month Mega Jumbo CD
2.00%$25k$75k36 Month Jumbo CD
2.00%$1k$25k24 Month CD Special - New Money
1.95%$1k$25k36 Month CD
1.90%$75k-30 Month Mega Jumbo CD
1.85%$25k$75k30 Month Jumbo CD
1.80%$1k$25k30 Month CD
1.70%$75k-24 Month Mega Jumbo CD
1.65%$25k$75k24 Month Jumbo CD
1.60%$1k$25k24 Month CD
1.60%$75k-18 Month Mega Jumbo CD
1.55%$25k$75k18 Month Jumbo CD
1.50%$1k$25k18 Month CD
1.45%$75k-12 Month Mega Jumbo CD
1.40%$25k$75k12 Month Jumbo CD
1.35%$1k$25k12 Month CD
1.30%$75k-6 Month Mega Jumbo CD
1.25%$25k$75k6 Month Jumbo CD
1.20%$1k$25k6 Month CD

Southwest Airlines Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$75k-48 Month Mega Jumbo IRA
2.15%$25k$75k48 Month Jumbo IRA
2.10%$1k$25k48 Month IRA
2.05%$75k-36 Month Mega Jumbo IRA
2.00%$25k$75k36 Month Jumbo IRA
1.95%$1k$25k36 Month IRA
1.90%$75k-30 Month Mega Jumbo IRA
1.85%$25k$75k30 Month Jumbo IRA
1.80%$1k$25k30 Month IRA
1.70%$75k-24 Month Mega Jumbo IRA
1.65%$25k$75k24 Month Jumbo IRA
1.60%$75k-18 Month Mega Jumbo IRA
1.60%$1k$25k24 Month IRA
1.55%$25k$75k18 Month Jumbo IRA
1.50%$1k$25k18 Month IRA
1.45%$75k-12 Month Mega Jumbo IRA
1.40%$25k$75k12 Month Jumbo IRA
1.35%$1k$25k12 Month IRA
1.30%$75k-6 Month Mega Jumbo IRA
1.25%$25k$75k6 Month Jumbo IRA
1.20%$1k$25k6 Month IRA
Locations


Southwest Airlines Federal Credit Union Locations
Branch Office2330 E Jones Ave Ste 6Phoenix, AZ 85040-1472
Branch Office801 W Euless Blvd Ste 104Euless, TX 76040-4438
Branch Office2430 Shorecrest DrDallas, TX 75235
Branch Office8441 Gulf Fwy Ste 103Houston, TX 77017-5064

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