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Valued Contributor


Some folks here know I am a member of EFFCU and have asked me in the past to provide some information regarding this credit union. I just ran into this:


Credit Union Times, 04/15/2009:


So it would appear that credit unions are not immune from the financial woes plaguing our banking system after all.


For those of you saying who the "h" is EFFCU: Eastern Financial Florida Credit Union of Miramar, FL has 206,744 members and assets of $1.7 billion. The credit union, opened in 1937, has 530 full time employees and 58 part time employees , or 370 members per employee, compared to a national average of 455. This ranks EFFCU 32nd in membership among all US credit unions and they are in the top 100 in assets.

Message Edited by jmbfl on 04-18-2009 08:33 PM
Message 1 of 5
Regular Contributor


they are my primary bank, gotta love the 4.05% interest in checking.... all this talk about them going bad is bogus, they have the best rate around....
Message 2 of 5
Valued Contributor


I wonder just how much longer the "High Yield Checking" program will last? Just exactly where is the money coming from to pay out 4.05% APY on those accounts?


I have a neutral opinion about this CU. They helped me immensely when I began rebuilding by financing an auto for me. The rate wasn't great and it cost me three hard inquiries, but they did do it and I didn't have to resort to "Buy Here/Pay Here", a Florida tradition. At this point I have pretty much outgrown them. I could refinance the car loan with PenFed for about half the APR. (The pre-approved offer greets me every time I log in.) But, with < two years left on the loan the savings would be minute and so I leave it with EFFCU out of respect for their assistance when I really needed it! As far as a recommendation to others is concerned, I would suggest considering the alternatives carefully.

Message 3 of 5
Senior Contributor


If they charge higher than average CU rates, wouldn't they be able to pay higher than average CU yields, unless their defaults are too high.  I believe you said PenFed would finance for "half" the rate.  The lower the loan rates, the lower the yield rates.  Just a thought Smiley Happy

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 4 of 5
Valued Contributor


1) The question was rhetorical.


2) My credit is far better now that it was then.


3) EFFCU is a very screwed up institution.


(My used auto loan from EFFCU was at that time (I believe) 8.25%. I have a pre-app offer from PenFed for a used auto loan continuously available to me at 3.99%. So that would be less that half. It just isn't enough money and the period isn't long enough to get me to do it. There also are closing costs on auto loans here in FL to be taken into account. EFFCU can have the few extra dollars as a "thank-you" for doing me a solid when I really needed it.)

Message Edited by jmbfl on 04-18-2009 08:46 PM
Message 5 of 5