Tower Federal Credit Union is headquartered in Laurel and is the 2nd largest credit union in the state of Maryland. It is also the 82nd largest credit union in the nation. It was established in 1953 and as of September of 2020, it had grown to 523 employees and 196,004 members at 18 locations. Tower Federal Credit Union has an A+ health rating.
Field of Membership Restrictions
Tower Federal Credit Union membership is open to employees, volunteers, and donors of any one of over 300 select employer groups, associations and organizations (extensive lists can be found on the credit union's website). Immediate family and household members are also eligible to join.
See current membership details
Tower Federal Credit Union
I have been banking with Tower Federal Credit Union for the past 5 years. I was lucky enough to gain membership with this credit union through a previous job that was not linked to the government. The services I have with this credit union is primary checking and savings. Although this credit union is only located in Maryland, I have the convenience of using my debit card at certain gas stations to withdraw cash free of surcharge fees. This is a great benefit to having this account. I have found their mobile app to be very easy to use and very responsive. The biggest benefit I have experienced with this banking institution over others in my past is how responsive they have been to inquiries I have placed over the past few years. There have been questions regarding address changes and direct deposit - both which were address and resolved quicker than other institutions I have dealt with. I have also acquired a refinanced auto loan with them. I understand that in the instructions it says you are not interested in this type of service offered by my bank, I wanted to include it because the refinance process was very hassle-free and the rate, of course, was cheaper than some of the big named banks. I have no intention of changing my banking needs in the future!
Credit Union with a family-feel
I joined Tower Federal Credit union a year and a half ago when my new employer told me they were members of the credit union. I opened a savings account, which does not offer a credit/debit card, because it would force me to save. The people at the bank made it very easy to open an account with them, and it took less than 10 minutes to have my account open and active. Online banking is pretty simple, however I had to memorize my account number as I could not figure out how to change my username. I thoroughly enjoy the bank, the interest rates are very competitive and they offer very tech-savvy options- a tv-teller for instance. The one drawback, and the reason I don't have a checking account with Tower, is the short business hours. Unlike most banks they do not have extended hours and are closed 2 days out of the week. Over the winter, there was a small winter storm scare as a result Tower prepared to close their branches for the day. The day of the storm, our weather was clear, and sunny. I drove out to Tower figuring that they would be open since the storm never happened, unfortunately they were still closed and gave no indication of being closed on their doors. Several other bankers were as frustrated as me when they approached the doors only to find them locked. I'm not too angry about the situation, although I could have used a warning in my email to let me know.
tfcu review
In daily banking activities, we (wife & I) are pleased with credit union service and quality. We have had same experience through small loans (car), but have found more competetive rates and loans offerred through local community banks
I like it
Excellent service, no fees to have an account, and low fees for everything else. I've been a member for almost ten years, and haven't had a single complaint. The tellers are very friendly, and managers have been quick to resolve any clerical issues. This is the way banking should be.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 8333 |
| Year Chartered | 1953 |
| Employees | 523 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.7% |
| Return on Equity - YTD | 6.04% |
| Annual Interest Income | $82.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $3.63B$3.24B |
| Loans | Q3 2020vs Q3 2019 | $2.58B$2.44B |
| Deposits | Q3 2020vs Q3 2019 | $3.16B$2.81B |
| Equity Capital | Q3 2020vs Q3 2019 | $421.0MM$398.2MM |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $19.1MM$16.1MM |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $7.7MM$12.3MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $0$0 |
