Virginia Credit Union

Overview / Commentary
7500 Boulder View Dr
North Chesterfield, VA 23225

Virginia Credit Union is headquartered in North Chesterfield and is the 3rd largest credit union in the state of Virginia. It is also the 67th largest credit union in the nation. It was established in 1928 and as of June of 2022, it had grown to 712 employees and 317,546 members at 22 locations. Virginia Credit Union's money market rates are 2X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Virginia Credit Union is open to anyone through membership in the Friends of the Central Rappahannock Regional Library ($10 membership fee), Friends of the Chesterfield County Public Library ($15 membership fee), or Friends of the Henrico County Public Library ($10 membership fee). Membership is also open to those who live, work, attend school or worship in Buckingham, Cumberland, Nottoway or Prince Edward Counties and the City of Richmond, Petersburg, Hopewell, or Fredericksburg and to employees and retirees of the Commonwealth of Virginia, any county, city or town government, or public school system in Virginia, any Virginia state-funded college or university, Randolph-Macon College, University of Richmond, or Virginia Union University, and employees of the credit union's Select Employer Group.
See current membership details

Great Institution

I have really enjoyed banking with Virginia Credit Union. I moved to them after being unhappy with Wells Fargo. It was very easy to become a member since a both work and live in the city of Richmond. They came to my place of employment and helped me set up my checking and savings account. At the time I was also thinking about getting a home equity loan and they were very good at helping me understand how the process works. The customer service here is amazing. They have very reasonable interest rates. For being a credit union they have many locations that are very convenient to me. I will be selling my home and purchasing a new one soon and will be getting my mortgage through them.

Virginia Credit Union

I used to bank with Virginia Credit Union. It was a nice starter account, had a bit of interest on it. However, there was no such thing as a free account unless you had a large amount in the account for the month. This was a major drawback for a student. Also, there were not many ATMs that were free to use, because the ATM network was very small and those fees add up. The idea of not using a huge corporate bank was great until the inconvenient truth set in. Also, when trying to close my account it was a hassle, because you can't do it over the phone without verifying your address for the last 3 years, down to the apartment letter. Sorry, but I don't keep track of the apartment letter I lived in years ago.

Am Moving On

I very rarely write reviews of products or services because I'm not convinced a collection of anecdotal experiences constitutes an accurate assessment of the intrinsic quality of said product or services. However when such experiences happen repeatedly it no longer is a "one off " but a trend. Such is the case for VACU. Consequently in an environment with competing financial institutions that are striving to offer high quality products and services in an customer friendly environment I have decided it is time to move on.
The financial products available to members are not necessarily competitive and charges for services mirror those of commercial banks.
There is a general lack of knowledge and level of training among the current employees that results in transmission of inaccurate and at times unhelpful information.
The lack of attention to customer service creates a number of barriers to communication and convenient seamless to member's own accounts.
The concept of a member owned credit union is good but there is nothing that I have found that distinguishes this from the array of brick and mortar or cyberspace financial institutions encountered every day. In fact in many cases they tend to be a lot more customer friendly and easier to navigate.

Poor Interest Rates

I have been a member of VACU for almost 20 years. I keep the account open because it was one of my first accounts. However, the interest rates they offer are dismal compared with other local banks in the Richmond area. I really want to use them for more services and transactions, but not until the savings, CD, and money market rates improve and are comparable with other credit unions and banks I have access to. Overall, I have had no major problems, but I did have to close my checking account because I could not deposit checks at ANY VACU ATM and no one I spoke to from the credit union could tell me why. They wanted to blame it on the check, yet they took the check when I made the deposit with a teller. I later found out my cousin had the same issue with depositing checks with no explanation from the credit union. I likely will keep at least a basic savings account open with them only because I have been with them so long, but will not use them extensively until their rates and technology improve.



Health Grade Components

NCUA #66836
Year Chartered1928
Primary Regulator
Profit Margin
Return on Assets - YTD0.81%
Return on Equity - YTD11.22%
Annual Interest Income$78.2MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$4.97B$4.89B
LoansQ2 2022vs Q2 2021$2.89B$2.74B
DepositsQ2 2022vs Q2 2021$4.37B$4.06B
Equity CapitalQ2 2022vs Q2 2021$361.8MM$428.3MM
Loan Loss AllowanceQ2 2022vs Q2 2021$42.9MM$58.5MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$17.9MM$18.7MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Virginia Credit Union Savings Account Rates

0.50%$100-Health Savings Account
0.25%*$500*-Regular Savings Account
OTHER TIERS: 0.05% $100 - $500

Virginia Credit Union Money Market Rates

1.00%*$250k*-Premium Plus Money Market
OTHER TIERS: 0.05% $100 - $25k | 0.55% $25k - $50k | 0.60% $50k - $100k | 0.75% $100k - $250k
0.70%*$250k*-Business Plus Money Market Checking
OTHER TIERS: 0.05% $100 - $25k | 0.40% $25k - $50k | 0.45% $50k - $100k | 0.55% $100k - $250k
0.50%*$10k*-Premium Money Market
OTHER TIERS: 0.05% $100 - $10k
0.35%*$1.5k*-Business Money Market Checking
OTHER TIERS: 0.05% $100 - $1.5k

Virginia Credit Union Checking Account Rates

0.20%*$5k*-Checking Plus
OTHER TIERS: 0.05% $1 - $5k
0.20%*$5k*-Extra Credit Checking (age 13-22)
OTHER TIERS: 0.05% $1 - $5k
0.20%*$5k*-Enhanced Benefit Checking
OTHER TIERS: 0.05% $1 - $5k

Virginia Credit Union CD Rates

2.56%*$100k*-60 Month CD
OTHER TIERS: 2.35% $500 - $5k | 2.36% $5k - $50k | 2.46% $50k - $1m
2.56%*$100k*-Business 60 Month CD
OTHER TIERS: 2.35% $500 - $5k | 2.36% $5k - $50k | 2.46% $50k - $1m
2.46%*$100k*-48 Month CD
OTHER TIERS: 2.25% $500 - $50k | 2.36% $50k - $1m
2.46%*$100k*-Business 48 Month CD
OTHER TIERS: 2.25% $500 - $50k | 2.36% $50k - $1m
2.36%*$100k*-36 Month CD
OTHER TIERS: 2.15% $500 - $50k | 2.26% $50k - $1m
2.36%*$100k*-Business 36 Month CD
OTHER TIERS: 2.15% $500 - $50k | 2.26% $50k - $1m
1.96%*$100k*-24 Month CD
OTHER TIERS: 1.75% $500 - $50k | 1.85% $50k - $1m
1.96%*$100k*-Business 24 Month CD
OTHER TIERS: 1.75% $500 - $50k | 1.85% $50k - $100k
1.71%*$100k*-12 Month CD
OTHER TIERS: 1.50% $500 - $50k | 1.60% $50k - $1m
1.71%*$100k*-Business 12 Month CD
OTHER TIERS: 1.50% $500 - $50k | 1.60% $50k - $100k
1.05%*$100k*-6 Month CD
OTHER TIERS: 0.85% $500 - $50k | 0.95% $50k - $1m
1.05%*$100k*-Business 6 Month CD
OTHER TIERS: 0.85% $500 - $50k | 0.95% $50k - $100k

Virginia Credit Union IRA Rates

2.56%*$100k*-60 Month IRA
OTHER TIERS: 2.35% $100 - $5k | 2.36% $5k - $50k | 2.46% $50k - $1m
2.46%*$100k*-48 Month IRA
OTHER TIERS: 2.25% $100 - $50k | 2.36% $50k - $1m
2.36%*$100k*-36 Month IRA
OTHER TIERS: 2.15% $100 - $50k | 2.26% $50k - $1m
1.96%*$100k*-24 Month IRA
OTHER TIERS: 1.75% $100 - $50k | 1.85% $50k - $1m
1.71%*$100k*-12 Month IRA
OTHER TIERS: 1.50% $100 - $50k | 1.60% $50k - $1m
1.00%*$100k*-18 Month Variable IRA
OTHER TIERS: 0.80% $100 - $50k | 0.90% $50k - $1m


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