University Federal Credit Union

Overview / Commentary

www.ufcu.org

512-467-8080

8303 N Mo Pac Expy
Austin, TX 78759

University Federal Credit Union is headquartered in Austin and is the 8^th largest credit union in the state of Texas. It is also the 111^th 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.

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

University FCU 4 Year Rate Drops From 5% To 3.25% - 4/6/2023

Well this four year rate dropped from 5% to 3.25% earlier this week. That along with the ALL IN 4 year CD rates and the NASA FCU 49 month CD rates obliterated. I was trying to fill in a 4 year step with funds that became available on Monday and Tuesday. But all the 4 year CDs I was considering were gone. I decided to switch to the next best thing available to me and that is the 35 month Credit Human CD at 5.5% to fill in my last 3 year step. I transferred the money to CH via ACH in two steps since the money was available in my hub account over two consecutive days. The first became available today. I moved that half into the 35 month. Now I have the next half available tonight but more likely tomorrow. I called CH and they said rate changes happen on Friday. So I may be out of luck on the back half of this one. Rates are plummeting. Any chance we get another bite at the apple on 4 and 5 years?

University Fed Credit Union Offers Rate-Leading 48-Month CD Nationwide - 2/20/2023

University Federal Credit Union (easy membership) 48-month Fixed CD has a rate-leading APY following an increase of 200 bps. $1k minimum opening deposit.

View all posts from:

2023
2019
2018
Earlier

4/6 - University FCU 4 Year Rate Drops From 5% To 3.25%
2/20 - University Fed Credit Union Offers Rate-Leading 48-Month CD Nationwide

4/10 - University Federal Credit Union Offers Top 60-Month Jumbo CD Rate

10/27 - Early Saver 12-Month Certificate, 3.15% APY, $20,000 Max

8/10/11 - Texas Credit Union Plans Airport Check-In Style Branches
4/6/11 - New Higher CD Rates at University FCU in Texas - Easy Membership
1/18/11 - Competitive Long-Term CD Rates at University FCU in Texas - Easy Membership
11/14/10 - Top Long-Term CD and IRA CD Rates at University FCU in Texas - Easy Membership - Update
8/16/10 - Top Long-Term CD and IRA CD Rates at University FCU in Texas - Easy Membership
3/22/08 - EXPIRED: 4.60% 60-Month / 4.20% 12-Month CD at a Texas CU - Easy Membership (University).

Reviews (21)

Great service

Posted by: andersonlowe | May 29, 2018

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.

Comment

Relatively Easy To Open CD & Membership Savings Account

Posted by: JeffinEasternFL | Mar 21, 2023

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.

Lousy Membership Application Process & Service

Posted by: jlgayh76 | Apr 7, 2023

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!

Comment

So Ridiculous

Posted by: Agoss820 | Sep 5, 2023

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.

Comment

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Health

Data as of Q2 2023

Learn why bank health matters

Health Grade Components

Overall
NCUA #	1367
Year Chartered	1936
Employees	799
Primary Regulator

Profit Margin
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