University Federal Credit Union is headquartered in Austin and is the 8th largest credit union in the state of Texas. It is also the 109th largest credit union in the nation. It was established in 1936 and as of June of 2024, it had grown to 759 employees and 384,816 members at 25 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
Related Posts
2/20 - University Fed Credit Union Offers Rate-Leading 48-Month CD Nationwide
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).
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.
Lousy Membership Application Process & Service
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!
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.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 1367 |
| Year Chartered | 1936 |
| Employees | 759 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.64% |
| Return on Equity - YTD | 8.29% |
| Annual Interest Income | $90.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $4.12B$4B |
| Loans | Q2 2024vs Q2 2023 | $3.09B$3.11B |
| Deposits | Q2 2024vs Q2 2023 | $3.3B$3.46B |
| Equity Capital | Q2 2024vs Q2 2023 | $317.6MM$279.1MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $35.3MM$32.5MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $22.8MM$11.3MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |
