Virginia Credit Union is headquartered in North Chesterfield and is the 3rd largest credit union in the state of Virginia. It is also the 68th largest credit union in the nation. It was established in 1928 and as of December of 2022, it had grown to 738 employees and 318,946 members at 22 locations. Virginia Credit Union's money market rates are 7X the national average, and it has a B+ 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.
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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.
Data as of Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 66836 |
| Year Chartered | 1928 |
| Employees | 738 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.99% |
| Return on Equity - YTD | 14.24% |
| Annual Interest Income | $178.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $5.09B$4.99B |
| Loans | Q4 2022vs Q4 2021 | $3.27B$2.74B |
| Deposits | Q4 2022vs Q4 2021 | $4.47B$4.29B |
| Equity Capital | Q4 2022vs Q4 2021 | $351.8MM$452.3MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $38.8MM$46.0MM |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $24.8MM$17.9MM |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$28.00K |
