University Federal Credit Union is headquartered in Austin and is the 8th largest credit union in the state of Texas. It is also the 111th largest credit union in the nation. It was established in 1936 and as of June of 2023, it had grown to 799 employees and 366,887 members at 24 locations. University Federal Credit Union has a B health rating.
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
I have been a customer with University Federal Credit Union for over a decade, and I can say that they have been helpful and courteous every step of the way. I'll start off by saying that their savings rates are not the most competitive in the industry, but they make up for it in quality service, where you feel that you will never be scammed out of your hard-earned money. As a student and staff member at my university, UFCU offers me early deposits for my paychecks, which is very welcome. Also, they set me up with two free checking accounts, one for online purchases only, after a scam incident (that was not their fault). They have worked hard to give me options to ensure I am not a victim of a scam, and are always trying to help me with my checking account needs. They have very competitive ATM fees, and are very lenient on overdraft fees. All in all, I think this credit union is the best "bank" I have dealt with in my lifetime.
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.
This is another Credit Union that uses some sort of Star Chamber decision process to determine whether your eligible for membership!
Applied online for membership on April 1, 2023. Received email that application was being reviewed in 1-2 business days. Called Customer Service on 4/3/2023. CSR checked and said my application had been approved and would receive email regarding membership details later that day. Called on 4/4/2023 as to why no email received. CSR checked and stated that application had not been approved yet but were still looking at it.
Today on 4/7/2023, received auto email saying that application was denied and another email detailing why would be sent in 1-2 days.
Note: Their application process requires you to use your smart phone to take pictures of your DL or Passport, which is cumbersome for people who like to upload photos from their PC.
I also noticed on 4/6/2022, UFCU 4 year 5 percent CD rate disappeared off BankDeposits.com. Coincidence?
I'm puzzled as to why my and my wife's application was denied? We're not in debt, have a outstanding credit score and also a healthy networth! I'm assuming this Credit Union is using some sort of algorithm to determine whether are the type of client that will take out loans, credit cards, etc. that the can make money off! Unfortunately, I'm just a CD shopper for the best rates. I guess UFCU didn't need deposits in order to make loans to other individuals or businesses around Austin.
Overall, a pretty bad experience with UFCU! If they don't want depositors for members, maybe they should state on their application website? Would have saved me and them time for other things!
Addendum: Today is 4/13/2023. I have not received any email or correspondence as to why our application for a Share Account and CD was denied. The FCRA requires that a financial institution reveal what reason(s) they deny an application.
5/27/23: I've bumped this review up to 3 after the UFCU CSR contacted me and explained that they denied my/our application due to my wife failing to respond to an email they sent to her email address. My wife failed to read her email, so I/we have to take some blame. However, we were applying for a joint account? So no one was wanting to let me know also their was a problem with our joint application? Anyway, at this point and time I can't blame the ChexSystem officially or CU Bureaus!
|Return on Assets - YTD||0.71%|
|Return on Equity - YTD||10.24%|
|Annual Interest Income||$74.1MM|
|Assets and Liabilities|
|Assets||Q2 2023vs Q2 2022||$4.00B$3.93B|
|Loans||Q2 2023vs Q2 2022||$3.11B$2.67B|
|Deposits||Q2 2023vs Q2 2022||$3.46B$3.53B|
|Equity Capital||Q2 2023vs Q2 2022||$279.1MM$271.2MM|
|Loan Loss Allowance||Q2 2023vs Q2 2022||$0$14.7MM|
|Unbacked Noncurrent Loans||Q2 2023vs Q2 2022||$11.3MM$10.3MM|
|Real Estate Owned||Q2 2023vs Q2 2022||$0$0|
Rates for University Federal Credit Union are currently being reviewed.