Veridian Credit Union is headquartered in Waterloo and is the 2nd largest credit union in the state of Iowa. It is also the 48th largest credit union in the nation. It was established in 1934 and as of December of 2018, it had grown to 813 employees and 226,196 members at 30 locations. Veridian Credit Union has an A health rating.
Membership is open to those who live or work in the state of Iowa, or those who live and work in Washington, Douglas, Sarpy, Saunders, Lancaster, and Cass Counties in Nebraska. Membership is also open to registered users of Dwolla.
See current membership details
I've been banking with Veridian ever since it was the John Deere Credit Union back in the early 90's. I absolutely love their service. I have on occasion, overwithdrawn my account in error and Veridian credits me back for the fees. Additionally, their money market account stayed competitive throughout the recession and only required a $1k deposit minimum. They're always pleasant to work with and their online chat feature has been operational for some time, even before most of the major big banks. I've had no issues trying to send funds to friends and family, using hte bill pay feature, or moving funds to and from accounts. Anytime I call, I'm on the phone for no more than 5min to solve my issue. Unfortunately I cannot bank in person as I currently live out of state, but the majority of my needs can be satisfied online. I would highly recommend this CU to anyone
Signed up for a Dwolla account, deposited $5 in the Veridian savings account, provided the CSR with a copy of a utility bill & notarized drivers license. Sent a check to Veridian with a note to open the CD, term, and amount. The CD was opened the same day they received the funds. Now I just have to get my beneficiaries added to the account. It took a little work but was able to get the 1.85% APY.
To make a long story short, I needed to fund a jumbo CD from two sources, an ACH transfer and a check. The rate was .35% higher than a non-jumbo, so I couldn't just ipen two CD's. I spoke with a customer service rep who told me several very important wrong things.
First, he told me the rates change every Thursday. The good rep told me they change once a month. This was a Monday, and my ACH would not arrive by Wednesday. Then he told me, that was ok because I could add to an existing CD at the original rate. I asked him at least 5 times if he was sure it was true, and he said yes, he had done it for other customers. According to him, all I had to do was send a note in asking to add the money to my existing CD.
I ended up paying $22 to overnight a check to Veridian (with a note to add it to an existing jumbo CD I had opened 2 days before).
Then I spoke with Kristen, who was fantastic. She told me I could not add to an existing CD, so they would deposit the check into my savings account and wait for the ACH to arrive in my savings account. Then I could open one new jumbo CD. Since she said the rates change once a month, there was no hurry. (She even offered to send me a copy of the policy when I expressed doubt). You can't open the jumbo online. You open a regular and they raise the rate when they process it. I told her I was nervous about that, so she said she would watch for my money and call me when it was there; and then she would open the jumbo CD over the phone. And she did just that.
When a rep tells you something that sounds too good to be true, no matter how certain they are, call and ask another person.
Two weeks ago I opened my first 15 month CD yielding 1.81%. I decided to open another one last week, but I was told that the daily/monthly limits to ACH funds from my external account were $2,500/$5,000.
Those limits are much too low for me since I planned on opening another $75,000 in CD's. As a result, I requested an increase. The increase granted was their maximum which are a daily/monthly limits of $10,000/$20,000.
Those limits are still much too low, but they refuse to increase them and told me that my only options were to PAY for a wire transfer, which I refuse out of principle to do, or to mail them a check! Unbelievable, what is this the 1980's? They are a $3 billion bank but behave like a mom and pop shop!
Veridian just lost a good customer.
|Return on Assets - YTD||1.24%|
|Return on Equity - YTD||12.66%|
|Annual Interest Income||$149.4MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$4.15B$3.56B|
|Loans||Q4 2018vs Q4 2017||$3.79B$3.12B|
|Deposits||Q4 2018vs Q4 2017||$3.44B$3.05B|
|Equity Capital||Q4 2018vs Q4 2017||$400.0MM$351.3MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$20.1MM$17.9MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$19.5MM$20.6MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$1.1MM$1.9MM|
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Rates for Veridian Credit Union are currently being reviewed.