Redstone Federal Credit Union

Infobox_Company
company_name = Redstone Federal Credit Union
company_type = Credit Union
foundation = 1951
location = Huntsville, Alabama, USA
key_people = Joseph H. Newberry, President and CEO
area_served = North Alabama/South Tennessee
industry = Financial Services
products = Savings; Checking; Consumer loans; Mortgages; Credit cards; Investments
asset_size = profit $2B+ USD (2007)
subsid = Redstone Services Group, LLC
website = https://www.redfcu.org

Redstone Federal Credit Union (or RFCU) is Alabama’s largest, local, member-owned financial institution. Based in Huntsville, Alabama, RFCU serves more than 284,000 members and employs more than 700 people. RFCU has grown to 19 branches across North Alabama and Tennessee and will open its 20th branch in early 2008.

With over $2 billion USD in assets, RFCU is 39th nationally in assets and 18th in membership within the Credit Union industry as of May 31, 2007. [cite web|title=RFCU History|url=https://www.redfcu.org/about_us/history.htm|accessdate=October 9|accessyear=2007]

RFCU has a 5-Star rating by BauerFinancial Inc., the highest rating by the company, noting the Credit Union is safe, financially sound, and operating well above its regulatory capital requirements. By achieving this rating for 44 consecutive quarters, RFCU is one of the safest credit unions in the country. Having earned this distinction for 10 years or more, RFCU has earned a spot in an even more exclusive category of Exceptional Performance Credit Unions. [cite web|title=Bauer Financial, Inc official web site|url=http://www.bauerfinancial.com/btc_ratings.asp|accessdate=October 9|accessyear=2007]

RFCU is chartered with the National Credit Union Administration (NCUA), is an Equal Opportunity Lender, and is a member of the Better Business Bureau.

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 is a person’s ownership in the credit union.

Membership

Today, membership in RFCU is defined through one of the following ways:
* an immediate, eligible family or household member
* through an eligible organization
* through your company or selected service groups [cite web|title=about RFCU’s Service Groups|url=https://www.redfcu.org/membership/segs.htm|accessdate=October 9|accessyear=2007]

ervices

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 WorldWide Branch Online for Online Banking which includes Bill Pay, CUAlerts, and eStatements.

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 and may search for a home using a website service called CU Realty.

RFCU offers student loans and the website provides detailed information about how to qualify, links to various forms, FAQs, a glossary, and information about scholarship opportunities.

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, registration for educational seminars, and security articles.

RFCU has over 75 ATMs, Alabama’s only Xtreme ATM, [cite web|title=about RFCU’s Xtreme ATM|url=https://www.redfcu.org/locations/xtreme_atm.htm|accessdate=October 9|accessyear=2007] and a Mobile ATM [cite web|title=about RFCU’s Mobile ATM|url=https://www.redfcu.org/locations/mobile_atm.htm|accessdate=October 9|accessyear=2007] 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

External links

* [https://www.redfcu.org Official website]
* [https://www.redfcu.org/locations/locations.htm Branch and ATM locations]
* [http://www.ncua.gov/ National Credit Union Administration]