In Review: University of Kentucky Federal Credit Union (UKFCU)

Updated: Feb 12

“Selected an Excellent Choice Credit Union. University of Kentucky Federal Credit Union is a well-run financial institution that operates in Lexington Kentucky and the University of Kentucky."


By: Allan R Kirby

We review Credit Unions:


Mysmallbank.com feels compelled to find the best credit unions and community banks to write a small review. These reviews are to help you learn more about community banks, possibly one that's in your area that you might be interested in. In this review we are choosing the following local Credit Union:

Name: University of Kentucky Federal Credit Union (UKFCU)

Location: Lexington

Headquartered: 1730 Alysheba Way, Lexington, KY, 40509

Contact Info: contact@ukfcu.org Telephone: 859-264-4200 or Toll Free 800-234-8528

Branches: 6

Year Established: 1937


Review:


University of Kentucky Credit Union (UKFCU) is a 6 branch full-service bank that serves alumni, students, and staff of the university as well as parts of Lexington Kentucky. Our decision to name the University of Kentucky Federal Credit Union, Excellent Choice Credit Union, was based on our own research on reviews, services offered as well as their commitment to their membership and the communities they serve. What we found was a great community credit union that provides great services such as the UKFCU senior share savings account for persons aged 54 and older that includes:

  • No minimum balance is required.

  • Monthly interest paid (with a balance of at least $100).

  • No restrictions on withdrawals or deposits.

  • Higher dividend rates than a regular Prime Share savings account.

Additionally, we also like the UKFCU credit cards which offer low rates and absolutely no hidden costs, specifically the Visa Signature and the Visa Platinum which allows you to earn CU rewards points as well as:

  • Emergency cash if your card is stolen.

  • Extended warranty protection on purchase items.

  • Low credit card interest rates.

  • Travel insurance.

We were also surprised with the free checking account, yes it's true, it's absolutely free!

The benefits of the checking account include:


No minimum balance required

No monthly service charge

24 hour ATM/Debit card access

Mobile banking

Free online bill pay

Direct deposit

Instant issue Visa debit card

Free first box of checks

Overdraft protection

e-statements available


About UKFCU

University of Kentucky Federal Credit Union currently has over $1.1 Billion in assets, 6 branches, and over 93,000 members. ibanknet. In January of 1937, a group of Agriculture College Employees from the University of Kentucky developed this idea. Together, they formed the University of Kentucky Federal Credit Union to provide themselves and their co-workers with a better place to save and borrow money.


"University of Kentucky Federal Credit Union provides financial learning through podcasts "

Greate Rates:


We found the University of Kentucky has great rates for example:


New / Used Vehicle - Terms 60 months or less As low as 2.99% APR

New / Used Vehicle - Terms 61 months or greater As low as 2.99% APR

New / Used Motorcycle As low as 6.24% APR

New / Used Boat / Jet Ski / RVAs low as 5.49% APR


"University of Kentucky was founded in 1865 by John Bryan Bowman as the Agricultural and Mechanical College of Kentucky."

We will now provide you some additional highlights of the University of Kentucky FCU credit cards well as their commitment to their community.


Visa Credit Cards:


As we had mentioned before we liked the Benefits of the UKFCU credit cards which includes:

  • Emergency cash if your card is stolen

  • Extended warranty protection on purchase items

  • Low credit card interest rates

  • Travel insurance

The following details the UKFCU credit card benefits, we do like the Visa Signature credit card.


Visa Signature

  • CU Rewards Mall with 1% Cash Back Option

  • $500,000 Travel & Accident Insurance

  • Baggage Delay

  • Warranty Manager Service*

  • Visa Travel & Emergency

  • Trip Delay – $100/day up to $300 Coverage

  • Trip Cancellation/Interruption – $3,000 Coverage

  • Rates as low as 9.74%

Visa Platinum

  • $500,000 Travel & Accident Insurance

  • Baggage Delay

  • Visa Travel & Emergency

  • CURewards Program

  • Rates as low as 7.24%

Commitment to Community:


UKFCU is committed to helping its members through Podcasts, financial tools but they are also focused on helping the community as well. First, since 2017, UKFCU employees have collected over 13,000 non-perishable food items through the annual food drives. In the past year during the pandemic, UKFCU raised over $2,100 in monetary donations - more than double our $1,000 goal! Non-perishable food items and monetary donations were given to Arbor Youth Services, Lexington Rescue Mission, and OWL.


UKFCU has a monthly draw to award a $200 scholarship to an eligible student, Learn more here.

Operation Support Our Troops


UKFCU has a unique program whereby if members have a friend or family member that is currently serving the military, they can register to have the soldier receive a care package from the credit union. One soldier will be chosen each month by the credit union, and one care package will be sent to them wherever they are stationed.


Excellent Choice Credit Union:


With good customer satisfaction, great service offerings, and credit cards plus a commitment to their community and serving members of the military, it's not hard to see why we selected this Credit Union. This is why Mysmallbank.com believes UKFCU is well deserved to receive the designation of Excellent choice, Credit Union [2]. So if you're looking for a great community-based credit union and you live or plan to live in the areas that UKFCU operates this could be a great financial institution for you.


Finally, we found that the University of Kentucky Federal CU is a federally insured credit union through NCUA [1].

Who is Eligible:


As per their website: You are eligible to join UKFCU if you fit one of these requirements:


You are eligible to become a member if you, someone in your immediate family, or anyone in your household belongs to one of our groups or organizations. For a complete list click here.


You are also eligible to become a member if you live, work, worship, or go to school in one of the highlighted areas on the map below.


Apply Now to become a member.

The following provides additional information on UKFCU services, branches as well as hours of operation.


Services Offered:


Full-Service Credit Union: Yes

Part of the CO-OP Shared Branch network: No

KUFCU Routing Number: 242176129


Personal Banking:


Free Checking

Smart Checking for Student

Senior Freedom Checking

Savings

Senior Share

Money Market Savings Accounts

Club Savings Accounts


Credit Union Loans:


Auto Loan

Home Loans

Home Equity Loans

Student Loans

Personal Loans

Boat and RV Loans


Business Banking


Business Loans

Business Credit Card


Credit Card: VISA


Credit Union Online

Online and Mobile Banking: Yes


UK Federal Credit Union Branch Locations:


Beaumont Centre Branch

940 Midnight Pass Lexington, KY 40513

Phone: 859.264.4200

Lobby & Drive-Thru Hours: Monday – Friday: 9:00 a.m. – 6:00 p.m. Saturday: 9:00 a.m. – 1:00 p.m.

Export Street Branch

1080 Export Street Lexington KY 40504

Phone: 859.264.4200

Lobby & Drive-Thru Hours: Monday – Friday: 9:00 a.m. – 6:00 p.m. Saturday: 9:00 a.m. – 1:00 p.m.

Hamburg Branch

2557 Sir Barton Way Lexington KY 40509

Phone: 859.264.4200

Lobby & Drive-Thru Hours: Monday – Friday: 9:00 a.m. – 6:00 p.m. Saturday: 9:00 a.m. – 1:00 p.m.

Reynolds Road Branch

370 Meijer Way Lexington KY 40503

Phone: 859.264.4200

Lobby & Drive-Thru Hours: Monday – Friday: 9:00 a.m. – 6:00 p.m. Saturday: 9:00 a.m. – 1:00 p.m.

Tates Creek Branch

689 Wilson Downing Rd. Lexington, KY 40517

Phone: 859.264.4200

Lobby & Drive-Thru Hours: Monday – Friday: 9:00 a.m. – 6:00 p.m. Saturday: 9:00 a.m. – 1:00 p.m.

UK Student Center Branch

160 Avenue of Champions Suite A - 210 Lexington KY 40506

Phone: 859.264.4200

Holiday Hours: Closed November 20, 2020 - January 19, 2021


(Check location for hours of service).

Fee Schedule: Yes

A partial list of Eligible Organizations

  • UK faculty and staff — both full and part-time

  • UK students — both full and part-time

  • Kentucky Community and Technology College System employees and students

  • EKU faculty, staff & students — both full and part-time

  • Pattie A. Clay Regional Medical Center employees

  • USDA Kentucky Home Economists and County Agents

  • UK Agricultural Alumni Association members

  • UK Engineering Alumni Association members

  • UK Law Alumni Association members

  • UK Medical Alumni Association members

  • UK Nursing Alumni Association members

  • Bluegrass Community and Technical College Alumni Association members

  • UK Alumni Association regular members.

  • Kentucky Medical Services Foundation employees

  • Andover Management Group employees

  • Apollo Oil Company employees

  • Aramark-EKU Dining Services employees

  • Autumn Ridge Homeowner Association members

  • A&W Restaurants, Inc. employees who work in, or are paid or supervised from Lexington, KY.

  • BACK Construction employees who work in, or are paid or supervised from Lexington, KY

  • Beaumont Residential Association members

Complete list of eligible organizations

About Community Credit Unions:


Are Community Credit Unions Better vs Banks?


Community Credit Unions are local banks that provide financial services to smaller communities and tend to be better than major banks for several reasons which include:

  1. Better rates on savings accounts and certificates of deposits.

  2. Competitive mortgage rates.

  3. Fees tend to be lower at community banks.

  4. Local deposits are used to make loans to local businesses.

  5. Community Credit Unions tend to have a better understanding of the communities they serve.

  6. Community Credit Unions tend to have a more personalized customer service experience and have higher customer satisfaction rates.

  7. Community Credit Unions provide local jobs and support local charities.

Notes:


1. The National Credit Union Administration (NCUA) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions. NCUA's standard maximum share insurance amount at $250,000.00.


2. Periodically Mysmallbank.com will name a credit union as a top choice (Top credit union) based on several criteria such as customer and employee reviews, complaints, satisfaction, growth, locations, brand, and social responsibility. We only select the best credit unions, so they must meet minimum standards of excellences (Excellent Choice) to be reviewed by Mysmallbank.com


In Review is a segment of the MySmallBank.com blog written by Allan R Kirby, who writes and produces Personal Finance articles and videos.

Disclosure: mysmallbank.com nor the author received any compensation from the mentioned credit union for this article. The article is our opinion only and is written to help readers learn more about local credit unions.

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