Southwest Airlines Federal Credit Union is headquartered in Dallas and is the 43rd largest credit union in the state of Texas. It is also the 496th largest credit union in the nation. It was established in 1975 and as of March of 2021, it had grown to 105 employees and 57,756 members. Southwest Airlines Federal Credit Union 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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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!!
SWACU RCA Changes
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.
NOTE:
Updated Revision for my previous reviews--
1. Rate dropped to (2.75%, $25K); no longer worth my effort to meet the 15 (>= $5) debit card transactions requirement, especially with the disappearance of online Google Pay that I used heavily in the past.
2. Customer Service is still superb, they waived some fees for us out of courtesy, even though it was our oversight/fault!
3. I bailed out from our original ten Luv Reward Checking accounts; mainly due to rate decrease and difficulties to meet the $5 x 15 (debit card transactions) x 20 (accounts) monthly requirements.
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.
Data as of Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 22157 |
| Year Chartered | 1975 |
| Employees | 105 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.68% |
| Return on Equity - YTD | 7.72% |
| Annual Interest Income | $6.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $784.1MM$623.7MM |
| Loans | Q1 2021vs Q1 2020 | $447.1MM$448.6MM |
| Deposits | Q1 2021vs Q1 2020 | $708.9MM$551.1MM |
| Equity Capital | Q1 2021vs Q1 2020 | $68.5MM$66.8MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $2.8MM$3.1MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $1.1MM$3.3MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $0$278.00K |