If you are searching for a type of financial institution (credit union) which provides you credit at competitive rates and as well as financial services, then you must go for the Apple Federal Credit Union or Apple FCU. Credit Union system varies worldwide in terms of total assets and an average size of the institution, volunteer operations ranging from a handful of members to institutions with assets worth several billion US dollars and hundreds and thousands of members working. “Natural-person credit unions” (also called “retail credit unions” or “consumer credit unions”) they serve individually, which is distinguished from “corporate credit unions”, that serves the other credit unions.
There are more than 220,000 members in Apple Federal Credit Union and more than $3,068,747 assets which is larger than 90% of federal credit unions in the United States. The Apple Federal Credit Union is a financial service company that was established 64 years ago on 1 October 1956.
It serves the Northern Virginia region of the United States and is headquartered in Fairfax, Virginia, United States of America. It is governed by a volunteer board of directors. The Apple FCU has chattered with the National Credit Union Administration (NCUA).
Apple Federal Credit Union (Apple FCU)
The Apple Federal Credit Union or Apple FCU was founded in 1956 and the headquarter is located in Fairfax, Virginia. Apple FCU is an industry of financial service that provides you a savings account, a transaction account, consumer loan, mortgages, credit cards, investments, online banking, and many more products. As per the reports of February 2020, the Apple FCU had a total number of 450 employees and 221,528 members. It has a total number of USD 3,068,747 assets (1Q 2020). Dr. Calanthia Tucker is the Board Chair of Apple FCU and Andy Grimm is the CEO and President serving the Northern Virginia Region.
The Apple FCU had more than 20 branches, it provides free Online and Mobile Banking services and gives access to more than 53,000 ATMs around the nation no matter where we go service will be available from Apple FCU. Apple FCU offers you the best financial service in the U.S. and its personalized service transforms banking from a chore into an experience. The Apple FCU is a not-for-profit, member-owned financial cooperative. Members of Apple FCU own an equal share of the credit union and because of this all the earnings are returned in the form of lower loan rates and have higher dividend yields.
Organization and Employees
The Apple FCU is chattered with the National Credit Union Administration (NCUA), just like the other credit unions in the United States. The Apple FCU is governed by a few volunteer board of directors who are elected by and from its membership. The Apple Federal Credit owns a subsidiary wholly that provides wealth management and insurance service named Apple Financial Services, LLC.
As of June 2018, the depository financial institution had nearly 450 combined employees performing at its headquarters and branches. It had been listed as one of the “Best Places to figure in Virginia” in 2018 among large organizations of quite 250 employees by Virginia Business Magazine. It also claimed the number one spot in Virginia in 2018 for Forbes’ “Best-In-State Credit Unions” survey of 25,000 consumers.
Apple FCU Scholarships
The Apple Federal Credit Union provides its scholarship for the high school seniors each year, that improves lives and fulfill dreams for the needy one who are eligible. Awards are given to students whose individual contributions are often demonstrated to supply a recognizable impact on his/her family, school, or community. Consideration is given to students who have unique life experiences of those who have overcome obstacles.
Application of Scholarship for four-year College
Apple awards $3,000 scholarships for 20 deserving graduates to attend a four-year college or university.
- Must be a member of Apple
- High School Graduate of Spring 2021
- 0 or higher GPA
Application of Scholarship for two-year College
Apple awards $1,500 scholarships for 10 deserving graduates to attend a two-year college or university.
- Must be a member of Apple
- High School Graduate of Spring 2021
- 5 or higher GPA
Merger and Acquisitions
Apple FCU’s field of operations has been expanded beyond its original common bond charter several times through the absorption of other credit unions. Prince William County community charter was added in 2011, through a merger with Synergy One Federal depository financial institution (Manassas, VA).
A merger with Vantria Federal Credit Union (Springfield, VA) in 2013, has added a community charter to incorporate all Fairfax County. In 2015, Apple FCU acquired a Frederick County (VA) community charter when Winchester Community Federal depository financial institution “was merged into Apple at the request of the NCUA after the agency placed Winchester Community into ‘restricted status’ ” because the CEO of Winchester Community Federal depository financial institution, Donna L. Jennings, had pleaded guilty to stealing quite $1 million from the organization she led.
Mission Statement of Apple FCU
- It provides personal caring service.
- It delivers competitive financial service.
- It acts the best for the interest of its members.
- It positively impacts the community they serve.
Class Action Lawsuit (2018)
Plaintiff Jammie Liggio sued the Apple Federal Credit Union for excessive charging of draft fees on 23rd August 2018. In December 2018 the case was settled when Apple FCU agreed to pay $2,700,000 to its members.
As a result of the settlement, the CU issued revised disclosures in April 2019 for consumer checking account holders to clarify its policy regarding authorization and settlement procedures for debit transactions, consistent with the settlement that has non-recurring open-end credit transactions. Apple Federal depository financial institution declined to comment. The institution claimed that it complied with applicable law and regulations additionally to terms of member account agreements.
As per the settlement, Apple FCU said that they don’t admit liability or wrongdoing of any kind, by the agreement or otherwise. The depository financial institution argued that it agreed to avoid incurring further expenses, inconveniences, and distractions of “burdensome and protracted litigation,” consistent with the settlement.
The settlement class includes current and former members with checking accounts at the $3 billion-asset depository financial institution. Around $943,000 of the $2.7 million was paid for the plaintiff’s attorneys’ fees and expenses. On Dec. 6 the settlement was approved.
Apple Federal Credit Union was established in 1956, and with the act of kindness it continued its legacy today and during their spend and give a challenge, Apple FCU tallied up a proportion of all spending through their debit card with the hope of donating $100,000 to four local charities and their members helped them reach $97,655 which was a proud moment for them and the numbers were so close that they round figured it to $100,000 and the funds where awarded on in the basis of member vote and it came out as: –
- Friends of Homeless Animals(68%)
- Second Story(13%)
- Capital Area Food Bank(10%)
- National Alliance of Mental Illness(9%)
Services Provided By Apple FCU
Apple Federal Credit Union provides all the services is needed for a credit union which helps their member to get the best experience. You will enjoy perks no matter which credit card you have. Few perks of VISA Platinum are, you can design your custom card, no annual charges, rates never higher than18.00% APR, VISA shopping discounts.
Simplifying the spending every day with an easy experience to pay everything from dream vacations to groceries, and even the electricity bill. And to make your checkout experience easy and better the cards are integrated into Google Pay, Samsung Pay, Apple Pay, and VISA checkout.
Apple FCU provides you different types of Credit Cards.
- VISA Platinum
- Signature Rewards
- My Rewards
- Mason Alumni
- Credit Builder
- Compare Credit Cards
- VISA Account Updater
While buying a new car from TrueCar certified dealer the participants can see savings on an average guarantee of $3,533 off MSRP. You can also secure the financing by visiting one of their Partner Dealership.
The dealer will have to complete all your loan paperwork on-the-spot while on-site financing and you get the same rate and features as in the Apple Federal Credit Union branch. Few perks for auto loans are, you can save up to 130% on financing, it provides you flexible terms up to 84 months, various options for affordable insurance. Apple FCU provides various kinds of loans
- Auto Loan
- Home Equity
- Personal Loans
- Education Loans
- New Teacher Loans
- Skip a Payment
- Motorcycle Loans
- Loan Protection
The savings account of the members represents the Apple FCU. With an initial deposit of $5, one can unlock the full line of exceptional products and services and for routine expenses or use for a rainy day fund, it is the perfect account to save.
- Money Market
- eXtras student savings
- Education SuperSaver
- Summer Pay
- Club Accounts
- Safe Deposit Box
Apple provides its members with a variety of tools for the 24/7 world, that allows us to manage money by our terms anytime and anywhere. You can visit Appstore or Playstore and search for “Apple Credit Union”.
The application has top-notch security which protects your account from identity theft and fraud and the login credential strength is an integral part of protection. It has multifactor authentication that includes a one-time access code to either a phone number or email provided during the setup. It includes many features such as TouchID verification, gains access to PayPal, money transfer to other members, mobile deposits, and many more.
- Mobile App
- Bill Pay
- Mobile Deposit
- Text Banking
- Online Banking Supports
- Telephone Banking
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Q: Can we become a member of Apple FCU other than the region of the United States?
Ans: No, you can not gain access to Apple FCU if you are not living in the United States as Apple is a local company.
Q: Is Apple Credit Union a good bank?
Ans: Yes, it is a good bank it provides you everything except for financial institutions.
Q: Is Apple Credit Union insured?
Ans: Yes, it an insured union, and the Apple savings account is secured up to $250,000 by the NCUA.