This article needs additional citations for verification .(April 2013) |
Type | Credit union |
---|---|
Industry | Financial services |
Founded | 1953 |
Successor | Navy Federal Credit Union |
Headquarters | San Diego, California, United States |
Area served | Department of Defense personnel and their families |
Key people | Mary Cunningham, President/CEO William Fox, Chairman |
Products | Savings; checking; consumer loans; mortgages; credit cards; investments |
Number of employees | 200 |
Website | usafed.org |
United Services of America Federal Credit Union (often referred to as USA Federal Credit Union or USA Fed) was a credit union headquartered in San Diego, California, chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government.
As of April 2009, USA Federal Credit Union had over $600 million USD in assets, and over 61,000 members. [1]
USA Fed was one of 19 credit unions based in San Diego, California. [2]
USA Federal Credit Union began in November 1953 with ten members as N.T.C. San Diego Employees Federal Credit Union. The employee-organized federal credit union was initially formed to serve the civilian employees of the Naval Training Center San Diego. In 1955, all military personnel working at N.T.C. were added to the field of membership. As the credit union grew, the field of membership expanded internationally allowing for USA Fed's presence in the Pacific Rim.
From 2004 until 2007, the credit union marketed itself as USA Federal, unveiling a unified brand image across printed collateral materials and their online presence.
In 2008, the credit union began promoting the use of the shortened name USA Fed. [3] On March 26, 2010, USA Fed announced to members that their official web site address would be changing to usafed.org.
On September 22, 2010, USA Fed announced plans to merge with Navy Federal Credit Union, stating that joint operations would begin October 4, 2010 under the Navy Federal banner. [4]
USA Fed's field of membership was set by the NCUA. As with all credit unions, membership in USA Federal is limited to individuals sharing the common bond defined in its credit union charter. Membership in USA Fed is limited to:
USA Fed was chartered with NCUA. Like all credit unions, USA Fed was governed by a board of volunteers, elected by and from its membership.
USA Fed offered the typical suite of account services offered by most financial institutions, including savings accounts, checking accounts, IRA accounts, and certificates. The savings product is named "Share Savings" to reflect the fact that a member's initial savings deposit ($5) literally represents their share of ownership in the credit union. USA Fed also offers members consumer loans, credit cards, mortgages and home equity lines of credit, as well as some small business services. USA Fed's Credit Union Service Organization (CUSO), CUSO Financial Services, L.P. (CFS), offers more extensive investment services, online brokerage services, and insurance.
By June 30, 2010, USA Fed closed their Las Vegas, Nevada branch, one of several inherited from another credit union they absorbed years ago, bringing the total branched to 19. As of March 9, 2009, USA Fed has 20 branches and 23 ATMs, located both inside the United States (California and Nevada) and abroad (Japan and Korea).
In 1987, the Board of Directors at USA Federal established a Student Scholarship Program awarding five scholarships to college-bound high school seniors.
In 2001, following the untimely death of the USA Federal CEO, the Board renamed the Scholarship Program the Martin P. Cassell Scholarship Program in his honor.
In 2006, the Board of Directors established The CDR Timothy R. McMaster, USN, Scholarship Program in memoriam of a distinguished Board Member who provided 22 years (1984–2006) of volunteer service to USA Federal Credit Union. One scholarship will be awarded to a college-bound high school senior who is the child of an active duty military member. [5]
USA Fed was a long-time supporter of San Diego Fleet Week, where Director of Military Affairs and former prisoner-of-war, Jim Bedinger, has served in several officer positions, including Treasurer for the San Diego Fleet Week Foundation. [6]
Since 2004, USA Fed has been a sponsor of Walk on the Wild Side, [7] an event benefiting the San Diego Zoo.
The National Credit Union Administration (NCUA) is a government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks and savings institutions. The NCUA is an independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund, the NCUA operates three other funds: the NCUA Operating Fund, the Central Liquidity Facility (CLF), and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating Fund, with the Share Insurance Fund, finances the agency's operations.
Navy Federal Credit Union is an American global credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Navy Federal is the largest natural member credit union in the United States, both in asset size and in membership. As of May 2023, Navy Federal has US$161.1 billion in assets and has 12.7 million members.
Wescom Credit Union is a credit union and financial services company serving Southern California. It has $6 billion in assets and more than 200,000 members. It currently has 24 branches, both stand-alone offices and branches inside of grocery stores, as well as a CUSO called Wescom Resources Group headquartered in Pasadena, California that provides technology products and services to credit unions across the United States.
Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in McLean, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). PenFed is the nation's third largest federal credit union, with assets of $25 billion and more than 1.8 million members as of July 2018.
Security Service Federal Credit Union (SSFCU) is a credit union headquartered in San Antonio, Texas, federally chartered and federally insured by the National Credit Union Administration (NCUA). With more than $10.5 billion in assets, Security Service serves more than 800,000 members, and operates 66 locations throughout Texas, Colorado and Utah. Security Service is the largest credit union in San Antonio, Texas, and is among the largest credit unions in the United States. The credit union provides access to more than 5,000 credit union locations nationwide through the CU Service Centers shared branching network.
South Carolina Federal Credit Union is a credit union headquartered in North Charleston, South Carolina, that is supervised and insured by the National Credit Union Administration (NCUA), an agency of the U.S. government. South Carolina Federal is the largest, oldest, locally owned financial institution in the Charleston tri-county area. As of 2018, South Carolina Federal had over US$1.8 billion in assets and over 160,000 active members.
Credit unions in the United States served 100 million members, comprising 43.7% of the economically active population, in 2014. U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. The clients of the credit unions become partners of the financial institution and their presence focuses in certain neighborhoods because they center their services in one specific community. As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. Total credit union assets in the U.S. reached $1 trillion as of March 2012. Approximately 236,000 people were directly employed by credit unions per data derived from the 2012 National Credit Union Administration (NCUA) Credit Union Directory. As of 2019, there were 5,236 federally insured credit unions with 120.4 million members, and deposits of $1.22 trillion.
Treasury Department Federal Credit Union (TDFCU) is a credit union headquartered in Washington, D.C., chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government.
Stanford Federal Credit Union is a federally chartered credit union located in Palo Alto, California. It provides banking services to the Stanford community. Stanford FCU has over $3.6 billion in assets and serves over 80,000 members.
Service Federal Credit Union is the largest credit union in New Hampshire, and is chartered and regulated by the National Credit Union Administration (NCUA). As of Q4 2020, Service Credit Union has over $4.5 billion USD in assets, and more than 321,000 members worldwide. Service Credit Union operates 37 branches in New Hampshire, Massachusetts, and North Dakota; and 14 branches serving American military personnel stationed in Germany.
Global Credit Union is a credit union headquartered in Anchorage, Alaska, chartered and regulated under the authority of the National Credit Union Administration (NCUA). In the United States, Global is among the largest credit unions by assets, and it is among the 20 largest credit unions by membership.
VyStar Credit Union is a member-owned financial cooperative that is headquartered in Jacksonville, Florida. It offers a comprehensive selection of products, including deposit and loan services for consumers and businesses, as well as investments, insurance, retirement planning and financial counseling. Founded in 1952 as Jax Navy Federal Credit Union, VyStar is the largest mortgage lender and the fourth-largest financial institution in Northeast Florida. It is regulated by the Florida Office of Financial Regulation and federally insured by the National Credit Union Share Insurance (NCUSIF) offered by the National Credit Union Administration (NCUA).
Call Federal Credit Union is a federally insured, not-for-profit financial cooperative headquartered in Richmond, Virginia. It is regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government. Call Federal Credit Union is the second-largest Richmond-based credit union. As of December 31, 2022, Call Federal Credit Union had $522 million USD in assets and 30,000 members. In accordance with the Federal Credit Union Act of 1934, Call Federal Credit Union is a tax-exempt, federally chartered, federally insured, not-for-profit financial cooperative. Call Federal Credit Union accounts are insured up to $250,000 through the NCUA, which is comparable to the insurance provided to accounts at traditional banks via the Federal Deposit Insurance Corporation.
Wright-Patt Credit Union (WPCU) is a US credit union or financial cooperative headquartered in Beavercreek, Ohio. The credit union was originally headquartered in Fairborn, Ohio; however, it relocated in early 2014. WPCU is registered as a state-chartered type credit union, is the largest member-owned credit union in Ohio, and is one of the 50 largest credit unions in the United States. As of February 2022, WPCU has over $7.1 billion in assets, and over 446,000 members. WPCU is federally insured by the National Credit Union Administration (NCUA), which insures accounts in federal and most state-chartered credit unions in the United States. Deposits with Wright-Patt Credit Union are insured to $250,000.
First Entertainment Credit Union is a state-chartered, natural person (retail) credit union – a cooperative financial institution that is owned and controlled by its members and operated for the purpose of providing credit at competitive rates and other financial services to its members. Headquartered in Hollywood, California, First Entertainment Credit Union is regulated under the authority of both the California Department of Financial Protection and Innovation (DFPI) and the National Credit Union Administration (NCUA), an agency of the U.S. federal government.
Randolph-Brooks Federal Credit Union (RBFCU) is a credit union headquartered in Live Oak, Texas, chartered and regulated under the authority of the National Credit Union Administration (NCUA). RBFCU serves more than 850,000 members from a network of full-service branch locations in Texas, and has more than $14.77 billion in assets as of May 2022. It is one of the largest credit unions in the United States; and is the largest credit union in Texas, and the 11th largest credit union in the United States, based on total assets.
Frontwave Credit Union is a not-for-profit credit union that is licensed and regulated under the authority of the California Department of Financial Protection and Innovation.
AFFCU is a US credit union headquartered in San Antonio, Texas, chartered and regulated under the authority of the National Credit Union Administration (NCUA) in 1952. AFFCU's routing number for 314085504.
MAX Credit Union is a state-chartered credit union based in Montgomery, Alabama. MAX Credit Union operates 18 locations in five counties in Central and East Alabama and as of January 2021 had US$1.77 billion in assets and 116,418 member owners. MAX is ranked the 5th largest credit union in Alabama in asset size and the 212th largest credit union in the US in asset size. MAX provides consumer and commercial financial services and is regulated and insured by the National Credit Union Administration (NCUA).
The Apple Federal Credit Union is a U.S. credit union founded in 1956 and headquartered in Fairfax, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). As of February 2020, Apple FCU had more than 220,000 members and over $3 billion USD in assets, making it larger than over 90% of federal credit unions in the United States.