Orlando Harmon
Orion Federal Credit Union, headquartered in Memphis, Tennessee, offers checking accounts with Premium and Free options. The former has a tiered interest system that rewards members with higher balances, while the latter is a no-fee, no-minimum-balance option. As a credit union, Orion is member-owned, which means it is focused on people over profits. Orion's checking accounts are insured by the National Credit Union Administration (NCUA) and the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the US government.
| Characteristics | Values |
|---|---|
| Checking Account Options | Premium and Free Checking |
| Premium Checking APY | 5% on balances up to $10,000, up to 5% on higher balances |
| Free Checking | No fees, no minimum balance |
| Insured by | NCUA |
| NCUA Insurance Coverage | Deposits insured up to at least $250,000 per individual depositor |
| Membership | Open to anyone who donates $10 to one of five organizations through the credit union |
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What You'll Learn
Checking account options at Orion Federal Credit Union
Checking accounts at Orion Federal Credit Union, now known as Orion Financial, are insured by the NCUA. The credit union offers two main checking account options: Premium Checking and Free Checking.
Premium Checking
Orion's Premium Checking account offers one of the highest returns on your balance with a tiered interest system. The more your balance grows, the more you are rewarded. You can earn 5% APY on balances up to $10,000, and up to 5% APY on higher balances. To qualify for the Premium Perks, you must meet certain monthly qualifiers, such as spending at least $500 on your Orion debit or credit card. When these qualifiers are not met, the dividend rate and corresponding APY are 0.01% on the entire balance.
Free Checking
The Free Checking account is a straightforward and hassle-free option with no fees and no minimum balance requirements. It provides flexibility and convenience, supporting your financial journey.
In addition to checking accounts, Orion Financial also offers a range of other services, including loans, credit cards, and financial education. Their commitment to redefining the future of banking involves providing personalized services that cater to their customers' unique financial needs.
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NCUA insurance and its benefits
The National Credit Union Share Insurance Fund (NCUA) is a US government agency that was established by Congress in 1970 to provide insurance for member share accounts at federally insured credit unions. The NCUA's Share Insurance Fund insures individual accounts at federally insured credit unions up to $250,000, and a member's interest in all joint accounts combined is insured for the same amount. The fund also separately protects IRA and KEOGH retirement accounts up to $250,000 and provides additional coverage for trust accounts.
The NCUA insurance is automatically provided to credit union members when they join a federally insured credit union. Federally insured credit unions are required to display the official NCUA insurance sign at each teller station, where insured account deposits are normally received, and on their websites. The NCUA insurance is backed by the full faith and credit of the United States government, and no one has ever lost insured deposits at a federally insured credit union.
Orion Federal Credit Union, for example, offers checking accounts that are NCUA-insured. Its Premium Checking account offers a tiered interest system that rewards members with higher balances, while its Free Checking account offers no fees and no minimum balance requirements.
The benefits of NCUA insurance include the security of knowing that your deposits are insured and that you will not lose your insured funds. The insurance coverage is provided automatically when joining a federally insured credit union, so members can be confident that their money is protected. The NCUA also provides resources and tools, such as the Share Insurance Estimator, to help members understand and calculate their insurance coverage.
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Orion Federal Credit Union's financial services
Orion Federal Credit Union, now known as Orion Financial, offers a range of financial services to its customers. The company is headquartered in Memphis, Tennessee, and is the 7th largest credit union in the state, with 67,939 members across 11 locations as of December 2024.
Orion Financial provides financial education and guidance to individuals, families, and businesses on their journey towards financial independence. The company offers a range of checking account options, including Premium and Free Checking accounts. The Premium Checking account offers tiered interest rates, rewarding customers with higher interest as their balance grows. On balances up to $10,000, customers can earn 5% APY, while higher balances can also earn up to 5% APY. The Free Checking account, on the other hand, offers no fees and no minimum balance requirements, providing a straightforward and flexible option for customers.
In addition to checking accounts, Orion Financial also offers credit cards with benefits such as 0% introductory APR for six months on purchases and balance transfers made within the first 90 days. The standard APR ranges from 13.24% to 17.99%, depending on the customer's credit history. The company also provides online banking and mobile app services, allowing customers to manage their accounts and access their finances securely from anywhere.
Orion Financial's services are available to residents of Tennessee, Arkansas, and Mississippi. Membership is also open to individuals outside of these areas through donations to specific organizations. The credit union's CD rates are reportedly 4 times the national average, and it has a B+ health rating.
While the company offers these financial services, it is important to note that there are some customer reviews that highlight strict rules and penalty charges for not meeting certain qualifiers or requirements.
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Membership requirements at Orion Federal Credit Union
Membership at Orion Federal Credit Union is open to anyone through volunteering to donate $10 to one of five organisations: Habitat for Humanity Greater Memphis, Hope House, Porter-Leath, Ronald McDonald House, and Wolf River Conservancy.
Orion Federal Credit Union's membership is also open to residents of certain counties in Tennessee, Mississippi, and Arkansas. In Tennessee, residents of Shelby, Tipton, and Fayette Counties can join. In Mississippi, residents of Desoto and Marshall Counties are eligible. And in Arkansas, residents of Crittendon and Mississippi Counties can become members.
Orion Federal Credit Union also allows people to qualify for membership based on where they work, go to school, or volunteer.
The credit union offers Premium and Free Checking options, with no fees and no minimum balance for the latter.
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Customer reviews of Orion Federal Credit Union
Reviews on Glassdoor indicate that employees also have a mixed experience at the company. Some employees report that the company has a "friendly staff" and that the "overall training is good", while others describe the company as having "amazingly unprofessional behaviour" and a lack of room for advancement.
On Yelp, Orion Federal Credit Union has an average rating of 1.5 from 41 reviews, indicating that most customers are generally dissatisfied. Several customers have reported issues with the company's customer service, with one reviewer stating that they were given a "Notice of Adverse Action" when applying. Another reviewer expressed disappointment that the company did not provide requested financial literacy information.
BBB Complaints also show a range of experiences, with some customers reporting issues with password validation and unexpected increases in interest rates, while others report that their issues were resolved to their satisfaction.
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Frequently asked questions
Yes, Orion Federal Credit Union is insured by the National Credit Union Administration (NCUA) and the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the US government.
Credit union members have never lost insured savings at federally insured credit unions. The NCUA provides insurance for member share accounts, similar to the Federal Deposit Insurance Corporation (FDIC) for bank accounts.
The NCUA insurance covers up to $250,000 per individual depositor.
The NCUA insurance covers member share accounts, which include individual, joint, retirement, and trust accounts. It is important to note that money in investment accounts is not insured.
You can verify that your Orion Federal Credit Union checking account is NCUA-insured by reviewing the terms and conditions of your account or by contacting Orion Federal Credit Union directly.
