University Federal Credit Union is headquartered in Austin and is the 9th largest credit union in the state of Texas. It is also the 117th largest credit union in the nation. It was established in 1936 and as of March of 2025, it had grown to 730 employees and 402,419 members at 27 locations. University Federal Credit Union's money market rates are 7X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in University Federal Credit Union is open to anyone through membership in the America Consumer Council. Membership is also open to faculty, staff, and students of more than 25 Texas schools, including the University of Texas-Austin and the University of Texas Medical Branch. Employees of eBay, Inc., Intel Corporation, and more than 175 Select Employer Groups are eligible to join, as well as members of Austin Board of REALTORS®, Texas Oil and Gas Association, and more than 30 other area organizations.
See current membership details
Relatively Easy To Open CD & Membership Savings Account
I became a member exclusively for the 5% APY 48-month CD that is currently being offered. There is no other bank or CU matching this APY rate today in the USA. (This fills a gap in my CD ladder). Online process was relatively painless to open the regular savings, a fast phone interview came within a couple days, and I wired the monies to my savings account once it was online and "active" and opened the CD online in 5 minutes. Process will take about 3-5 business days in total. Didn't see much else extraordinary in the product line to mention. The online portal seems responsive and fine. $1 cost to join comes out of the $6 initial investment to fund membership opening that remains as $5 for the life of the membership in the Regular Savings.
So Ridiculous
I've been a member for 5 years and I'm closing my accounts asap. It seems there are always hoops to jump thru to get access to your own money. Everyone is friendly but not able to help resolve real life issues.
Change In EWP
Jumbo cd 60 months at signing offered 180 ewp and no penalty for removing interest. To my dismay that was changed dramatically. If you look at UFCU 60 month fees no mention of charges on ewp or withdraws on interest. So calling them I asked about my original agreement. Three times I called just to make sure it was correct. EWP for 60 month jumbo cd is complete loss of interest. Same goes for withdrawing partial interest accrued. Bogus. Have other CD’s at other CU’s over the years and this was the first to reverse their policies. They can I guess but
this account will be closed on maturity.
DONT WASTE YOUR TIME OR MONEY!
Even 3 years ago no one could tell me anything nagative about this Credit Union because my experience had been so good. I moved to a different state and the nightmare as ensued for the last year and a half. The level of service has gone straight down the tube and expect a lot of false promises or directions on how to resolve things that are completely inaccurate. I was most recently reported to Chexsystems for a open account that I have about 4 loans through. One being a signature loan with an open balance that could have been drafted. As they have drafted many other things without consent, but of course this one works in their favor. Do yourself a favor and don't bother! It isn't worth the headache and countless hours spent on the phone.
Will Not Process ACH Debit From Funding Account
They cannot process an ACH debit to fund a new CD. They require you open a $6 saving account with a credit card and once the savings account is open then you have to send an ACH credit into this savings account which could take up to a week since micro deposits would be required to link this account as an external account at the funding source bank.
This is archaic and a deal breaker so I didn’t open the account.
Only Do Bus. In Texas.
They Declined my membership and refunded my membership fee, stipulating that they filter out non Texas residents. This is contrary to the terms of membership stipulated by them, which outlines the central requisite of being a member of Consumer Counsel.
WARNING!!!! NO POD CHANGES ALLOWED!~!!!!
i also posted this in the forum, as I'm having a bit of a meltdown right now.
I opened a 5% CD at University FCU online last week, and was not given the option to add POD's.
I called in and was told by a rep that I could add them later, that all I had to do was send in a secure message. I did so, and unbelievably, this is what I got back:
"If you are adding the new beneficiaries to your CDs, they cannot be added until the date of maturity, 5/9/2024 and 2/24/2027. I see that Frank had been added to only the XX CD. For clarification, do you want to add the names listed in your email below on a certain CD or on your account too? Since the CDs have already been opened, beneficiaries cannot be added until the date of maturity. If you wish to add them now, we would have to close the CD, assess penalties, and then open the new CD adding the beneficiaries. Beneficiaries need to added at the time the CD is opened."
I mean, WOW! I called in, and was told the SAME thing by 3 different reps. They said it was in my disclosures.
The last disclosure I have from them clearly states I CAN add or change my POD's. The reps are saying this policy was changed last year.
I am trying to get a copy of that disclosure, but so far haven't gotten it...and it's NOT on the website.
I'm freaking out.
If I can't cover my CD's with POD's for NCUA coverage, I'll have to close my account and take the loss.
It's only been open a week, so I might lose principal over this. In addition, there also seems to be a problem now with adding Charities as POD's, it appears this may no longer be allowed.
I never would have opened this CD, had I not been assured I could add POD's.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 1367 |
| Year Chartered | 1936 |
| Employees | 730 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.49% |
| Return on Equity - YTD | 5.63% |
| Annual Interest Income | $48.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $4.14B$4.16B |
| Loans | Q1 2025vs Q1 2024 | $3.03B$3.12B |
| Deposits | Q1 2025vs Q1 2024 | $3.37B$3.41B |
| Equity Capital | Q1 2025vs Q1 2024 | $350.4MM$307.1MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $38.7MM$34.1MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $25.1MM$19.4MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |
