USF Federal Credit Union is headquartered in Temple Terrace and is the 23rd largest credit union in the state of Florida. It is also the 395th largest credit union in the nation. It was established in 1985 and as of June of 2023, it had grown to 186 employees and 73,418 members at 10 locations. USF Federal Credit Union's money market rates are 10X the national average, and it has a B+ health rating.
Field of Membership Restrictions
USF Federal Credit Union is open to students, faculty and staff of the University of South Florida, members of the USF Alumni Association, and affiliated organizations. Eligibility also extends to 1) immediate family and household members of current credit union members; 2) Municipal, State, and Federal Government employees, and veteran or active Military personnel stationed or working in Manatee, Sarasota, Desoto, Lee, Charlotte and Pinellas counties; 3) members of any Anabaptist congregation in the aforementioned Florida counties. (A complete list of affiliates and eligibility requirements are posted on the credit union's website)
See current membership details
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USF Federal Credit Union - A Review
I've been a member of the USF Federal Credit Union for about 25 years.
I have a savings, money market and checking account with them as well as a traditional IRA share certificate.
On the whole, I feel that they offer competitive rates.
Their mobile app is how I do most of my banking with them. I like the fact that I can do a mobile deposit of a check versus having to go over to the credit union itself.
The negatives are that there are limited ATMs in which I can deposit a check in case something goes wrong with the mobile checking option.
The customer service is average at best and it appears they are short on staff.
They recently became affiliated with Darden (?) and that is when they began to decline IMO.
Overall though, I think I will stay with them instead of looking for another bank.
Bank Elsewhere
I've been with USF FEDERAL CREDIT UNION for over 10 years. Needless to say, there have been a lot of changes, and not for the better. Their Mortgage department dropped the ball on me forgot to call me back when they said my application was in process. Wasted valuable time and cost me the lower interest rate I was hoping for. They pre-qualified me for over 100k less than I was approved for elsewhere. I'd be living in a shack if I went with them. Also, they don't process transactions in the order they were made in. They process them in a fashion that will give them the highest number of NSF Fees. My new bank won't charge an NSF fee if the account is brought up to the correct balance on the same day, and they will also waive a fee once a month should you miss that deadline. Not sure why I dealt with this credit union so long. Keep your money and bank elsewhere
Not Good, Overcharge
I have been a member for a few years, and I am now looking for a new bank. USF FCU has over charged me convenience fees. Now I understand if the account were empty, I would understand. However, they charged me when I had over $40 left in the account. This has happened twice. The first time, the reversed the charges and they blamed a computer, ok no big deal. When it happened again, they treated me like a 5 year old, explaining I was at fault, even though they charged me a convenience fee 5 times. One charge, maybe two, ok maybe I made a mistake. Charge me 5 times, that's robbery, especially when they charged me when I had money in the account. I don't know if it's their attempt to make some money or they're owned by pirates now, but that ain't right. don't bank USF Federal Credit Union.
I Wont Recommend It
I have a credit card with them. My payday is every 16, the last month I paid on the 14th, that same day they sent me an email saying that they had received my payment, to my surprise they charged me $ 27 for late payment. I wrote to them and their response was, that they take up to 3 days to make the payment and that therefore they were not going to refund the late fee. The worst company ever, I definitely don't recommend them.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24223 |
| Year Chartered | 1985 |
| Employees | 186 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.79% |
| Return on Equity - YTD | 8.96% |
| Annual Interest Income | $24.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $1.13B$1.07B |
| Loans | Q2 2023vs Q2 2022 | $963.0MM$914.2MM |
| Deposits | Q2 2023vs Q2 2022 | $929.6MM$907.8MM |
| Equity Capital | Q2 2023vs Q2 2022 | $100.7MM$93.0MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$6.9MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $6.0MM$2.9MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |