Tower Federal Credit Union is headquartered in Laurel and is the 3rd largest credit union in the state of Maryland. It is also the 91st largest credit union in the nation. It was established in 1953 and as of March of 2025, it had grown to 606 employees and 220,418 members at 16 locations. Tower Federal Credit Union's money market rates are 6X the national average, and it boasts 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 Is An Awful Bank
I went to sell my car and the Original title still have a lien on it, although it's been paid off for years. tower issued me a lien release that did Not contain the original lien cost and date, which Maryland MVA requires, they should know this being a Maryland formed bank. i then had to go back to tower and delay my sale to get a correct and true lien release that the Maryland MVA would accept with the title. Annoying, this incompetence is why im leaving.
this is the second time dealing with their incompetence. a few years ago i was tryign to purchase an R32 GTR Skyline (car from japan). i informed tower of this and they said they would approve me for the loan - $25k, nothing crazy. hoop after hoop they made me jump through, delaying the purchase for a month. i had to get an appraisal done of the vehicle which came back at $37,000.... $12k more than i was buying it for. after about 4 weeks of jumping through hoops, answering all their questions and having no debt with a 750 credit score, they told me they would not be interested in giving me a loan. screw this bank, find another credit union. you'll thank me later
one more instance, while overseas on a mil base i couldnt send tower an email USING THEIR OWN APP since they said the server isnt secure. i was on a US military base. due to the time change i couldnt call them, tower talk 24 is a joke, you can talk to a robot 24 hours a day which is no different than literally any other bank, it's 2021 after all.
just dont use this place. they'll waste you're time, string you along just to screw you
TFCU IS NOT WORTH IT And RELIABLE
PLEASE STAY AWAY from this type of situation. TFCU IS NOT WORTH IT AND RELIABLE.
I came across TFCU via credit karma and looks very promising so I applied for a car refinance and the process went through 3rd party (MotoRefi). My credit report was pulled by TFCU and then I submitted all document to 3rd party (MotoRefi) site. The 3rd party did not approve or process my file because they wanted my wife's credit to be pulled and reason for that our both name was in the registration.The loan amount was $5600 only. I called TFCU and they said that they did not require my wife's credit and I mentioned same to MotoRefi. I spent 3 to 4 weeks to find out a way and logical explanation but no answer. They said it's a rule. There was no point for me to pull my wife's credit just for $5600 amount. Very frustrated from both TFCU and MotoRefi. I just wasted my time and there's one hard enquiry in my report.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 8333 |
| Year Chartered | 1953 |
| Employees | 606 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.09% |
| Return on Equity - YTD | 8.74% |
| Annual Interest Income | $58MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $4.71B$4.72B |
| Loans | Q1 2025vs Q1 2024 | $3.5B$3.3B |
| Deposits | Q1 2025vs Q1 2024 | $4.1B$3.91B |
| Equity Capital | Q1 2025vs Q1 2024 | $578.2MM$491MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $34MM$34.5MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $7.9MM$5.7MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |
