Tropical Financial Credit Union is headquartered in Miramar and is the 25th largest credit union in the state of Florida. It is also the 414th largest credit union in the nation. It was established in 1935 and as of March of 2022, it had grown to 182 employees and 67,084 members at 7 locations. Tropical Financial Credit Union has an A health rating.
Field of Membership Restrictions
Membership in Tropical Financial Credit Union is open to those who live or work in the Florida counties of Broward, Collier, Hendry, Lee, Martin, Miami-Dade, Palm Beach, Sarasota, or St. Lucie. Employees of more than 300 Select Employer Groups also qualify for membership. (A complete list of SEGs is listed on the credit union's online application.)
See current membership details
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Great Customer Service
My bank representative called just to make sure everything was "ok".
Phone Experience And Contact Experience
I am writing about the recent mobile banking change.
I can't figure the improvement. First of all, if I want transaction activity on my checking account, I have to first listen to my balance. Secondly, it does not tell what kind of withdrawal was made. I liked knowing whether the withdrawal was an electronic purchase or check as it made it easier for me to trace the withdrawal. The previous mobile banking did not allow me to check transactions based on date. I always had to start at today's date and work backwards. I am not sure whether the new system addresses this issue.
My last point is not about phone banking but the fact that Tropical Financial does not allow contact by email. Why? The issue about telephone banking is one I would prefer to address in an email to technical service than in a review. Most banks allow contact by email. I don't like calling the number and getting the busy signal and having to call back.
FORCED FLOOD INSURANCE
I was going over my statements on line of my various accounts and came across a withdrawl of 1,418.09 from Allied Flood Premium,I immediately contacted my local Tropical branch and asked what this was she did some checking with Lillian Musso at the main office insurance Dept. What I was told was that I needed flood insurance because I have a HELOC with Tropical,now I have had this out since 2003 and renewed it in 2007 and only once did I get flood insurance because they threatened to take it out on me si took it out on my own had a survey done and sent them the survey showing I was almost 2 feet above the flood plain,never heard from them again until they decided to get me a policy for 1,418 dollars. I immediately went to my State Farm agent and took out the same policy for 224.00 and am now applying for a LOMA letter from Fema. they would not refund my money then after many phone calls they gave me a partial refund but wont refund 442.00 there are 2 issues here one with the Flood insurance that I am resolving with FEMA but the other is they keep telling me there ins. company sent 2 letters to me ,that is a total lie I never recvd otherwise I would have gotten my own insurance and fought it,I cant get anybody from Tropical to tell me why I wasnt notified by phone or by e-mail I accepted Tropicals request to go paperless and this is what they pulled. The person who is refusing a refund is Pete Valerioti he is the Vp. consumer lending, so much for being a customer for 32 years.,but not much longer!.If anyone reading this and thinks I have a legal lawsuit or who to complain to in the Govt. please contact me or give me some [email protected]
Tropical Review
This is my credit union. I have been a member for about 2 years and the overall experience has been pretty good. The only complaint I have with it is that the overdraft fees are a bit ridiculous for even the smallest dollar amount over drawn.
Data as of Q1 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68476 |
| Year Chartered | 1935 |
| Employees | 182 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.53% |
| Return on Equity - YTD | 6.37% |
| Annual Interest Income | $7.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $1.01B$927.3MM |
| Loans | Q1 2022vs Q1 2021 | $759.6MM$640.4MM |
| Deposits | Q1 2022vs Q1 2021 | $904.8MM$837.1MM |
| Equity Capital | Q1 2022vs Q1 2021 | $81.8MM$73.6MM |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $4.4MM$4.0MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $1.5MM$2.9MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$0 |