Redstone Federal Credit Union

Redstone Federal Credit Union
Type Credit Union
Industry Financial Services
Founded 1951
Headquarters Huntsville, Alabama, USA
Area served North Alabama/South Tennessee
Key people Joseph H. Newberry, President and CEO
Products Savings; Checking; Consumer loans; Mortgages; Credit cards; Investments
Subsidiaries Redstone Services Group, LLC

Redstone Federal Credit Union (or RFCU) is a federally chartered credit union based in Huntsville, Alabama. RFCU is Alabama’s largest credit union and is regulated and insured through the National Credit Union Administration (NCUA)[1] RFCU serves more than 320,000 members through 20 branches across North Alabama and Tennessee. RFCU has over $2.6 billion USD in assets[2]. RFCU is ranked the 39th largest credit union in the United States by assets[3] and 18th by membership[4] as of 2010.

In 2009, RFCU had a 5-Star superior rating by BauerFinancial, Inc., the nation's leading independent credit union rating and research firm. Only 17% of the nation's credit unions have held this distinction for as long as RFCU.[5]

Contents

History

On November 28, 1951, the United States Government granted RFCU its charter. Eleven individuals with assets totaling $55 started membership at RFCU. The original $55 was saved in a shoebox and the first office was located on Redstone Arsenal. The original charter served employees of Redstone Arsenal only. Today, RFCU members are located all over the world and the original $5 membership fee constitutes members' ownership in the credit union.

Services

Products and services offered by RFCU range from the typical savings and checking accounts, to Business Services for Sole Proprietorships. RFCU also has Call-24 for Telephone Banking and online banking which includes bill pay, CUAlerts, eStatements, and FinanceWorks.

The Investments & Insurance Services Division also offers a wide variety of investment and insurance services.

RFCU has a full service Real Estate department which offers a multitude of mortgage products like Adjustable Rate Mortgages, Fixed Rate, Construction, Flexible Mortgages, and HELOCs. Members may start their loan process by using an Online Mortgage Application.

RFCU participates in the BALANCE Financial Fitness Program. BALANCE is a free financial counseling service available to RFCU members. Counselors work with members to help avoid or resolve financial distress and establish personal financial control. BALANCE financial counselors help members develop customized budget plans designed to achieve unique and individual financial goals.

The RFCU website offers a wide variety of services. These services include: rates, calculators, online employment application, demonstrations and FAQs about various products and services, and security articles.

RFCU has over 85 ATMs, Alabama’s first Xtreme ATM,[6] and a Mobile ATM[7] that is utilized per community request. RFCU is part of the AFFN, CIRRUS, CO-OP, Presto! and STAR networks for domestic ATMs and the AFFN, CIRRUS, and CO-OP networks for international ATMs.

References

  1. ^ "Redstone Federal Credit Union Profile". http://www.creditunionsonline.com/credit-union-1471.html. Retrieved September 16, 2010. 
  2. ^ "Redstone Federal Credit Union Consolidated Statements of Financial Condition". https://www.redfcu.org/about_us/annualreport_2009/stmt_financial_condition.pdf. Retrieved January 28, 2010. 
  3. ^ "Top 100 U.S. Credit Unions by Asset Size". http://www.creditunionsonline.com/top100creditunions.html. Retrieved September 16, 2010. 
  4. ^ "RFCU History". https://www.redfcu.org/about_us/history.htm. Retrieved March 15, 2010. 
  5. ^ "Bauer Financial, Inc official web site". http://www.bauerfinancial.com/btc_ratings.asp. Retrieved March 15, 2010. 
  6. ^ "about RFCU’s Xtreme ATM". https://www.redfcu.org/locations/xtreme_atm.htm. Retrieved October 9, 2007. 
  7. ^ "about RFCU’s Mobile ATM". https://www.redfcu.org/locations/mobile_atm.htm. Retrieved October 9, 2007. 

External links