Topside Federal Credit Union is headquartered in Dahlgren and is the 24th largest credit union in the state of Virginia. It is also the 719th largest credit union in the nation. It was established in 1961 and as of June of 2023, it had grown to 86 employees and 41,588 members at 4 locations. Topside Federal Credit Union's savings rates are 15X the national average, and it has a C+ health rating.
Field of Membership Restrictions
Topside Federal Credit Union is open to anyone who lives, works, worships, or goes to school in the City of Fredericksburg, Virginia. Immediate family and household members are also eligible, as well as civilian and military personnel of the U.S. Government who work for or are permanently stationed at Naval Support Activity South Potomac (NSASP)-Dahlgren, or one of its tenant commands. Membership is also open to employees and military personnel working in select areas (see field of membership) and to those who live, work, worship or attend school in Fredericksburg, Virginia.
See current membership details
Great bank, but too few locations
I started banking at NSWC Federal Credit Union many years ago since my husband worked at NSWC. Over the years, I have gotten home refinance loans and vehicle loans at the credit union, in addition to banking there. Several years ago, I took my kids in to open bank accounts. I was hoping to instill in them the concept of saving. I was thrilled by the response at the credit union. A representative spent over an hour with us not just opening their accounts but also explaining the products that the bank offers and how to responsibly save money. It was like their own personal mini savings lesson. I was really pleased, and it started my kids on the path to responsible banking. The representative really went out of her way to make it a fantastic experience for my kids, and I am pleased to say they are all saving responsibly. I know that the impact she had that day made a difference for them, and it's yet another reason I'm happy to call NSWC credit union my bank!
Profits Over People
I chose NSWFCU ( now Topside) for a personal account in 2012 as a school social worker in King George County.
I again chose NSWFCU for a business account in 2017 when I opened up a private practice to provide affordable mental health care in the community.
I did this to support local businesses. However, this credit union will not protect me as a customer and part of the community.
There was a death in our family this month, and I took time off to take care of the cremation, etc. My account was low and went into the negative due to electronic charges that I was unaware of. I was charged $32 for attempted charges as low as $5, and Topside continued to allow charges even though the account was negative.
I have over $400 in NSF fees this month from unauthorized electronic debits attempted multiple times.
I have not written bad checks that have bounced or taken advantage of Topside.
Topside ( formerly NSWFCU) has denied my request to stop charges and only allow deposits. I have only been told that there is nothing that they can do while my account is in the negative.
Like most Americans, $400 is a significant amount. This situation has led to other essential bills being unpaid.
I am disappointed that a credit union in our community will hang people out to dry in a difficult time only to make profits.
I would encourage community members and small business owners to reconsider their relationship with Topside FCU since they do not adhere to the values that keep our families safe and thriving.
Dawn Cooperstein LCSW (formerly Weisenberger )
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 14754 |
| Year Chartered | 1961 |
| Employees | 86 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.82% |
| Return on Equity - YTD | 28.1% |
| Annual Interest Income | $10.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $502.4MM$501.8MM |
| Loans | Q2 2023vs Q2 2022 | $291.8MM$252.2MM |
| Deposits | Q2 2023vs Q2 2022 | $441.8MM$465.5MM |
| Equity Capital | Q2 2023vs Q2 2022 | $14.7MM$19.7MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$1.2MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $1.4MM$595.00K |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |