FedEx Credit Association: Helping you manage today and prepare for tomorrow!
Written: Sep 21 '02
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Pros: Convenient, easy way to save. Payroll deduction. Convenient locations.
Cons: I can just never seem to keep my money in there!
The Bottom Line: Convenient, reliable and friendly service. They offer a variety of loans and savings options. Payroll deduction makes it very easy to save or to make loan payments.
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| diverpam's Full Review: FEC Credit Association Federal Credit Union |
I have been a member of the FedEx Credit association for almost 19 years, ever since I started working at FedEx.
Through the years I've used them for personal signature loans and to finance a car. I've also kept a savings account with them as well as my Christmas Club account.
Convenient
I enjoy the convenience of having money taken directly from my paycheck and put into the credit association. It was a very painless way to pay off my personal loan and it was easy when I financed my car through them.
With several locations around the Memphis area (FedEx Headquarters) there is usually a branch nearby when I need to go inside or use the drive-through window.
There is a branch office in Los Angeles in the former Flying Tigers headquarters building.
Special Offers
Quite often they will work with local car dealers for specials car financing promotions, making it very convenient and offering special rates or incentives.
The only drawback I've had to financing a car with payments through payroll deduction is that the regular, ontime payments don't count on your credit history. If you're young and trying to establish a good credit history, then you shouldn't count on payroll deduction to do that.
Major Loans
The credit association also offers loans on airplanes, boats, and recreational Vehicles. The guidelines and rates vary depending whether they are new or used. You can also get a first or second mortgage with them.
You can apply for loans online for added convenience.
Share Draft Checking
Although I've never used it, they offer share-draft checking and have several ATMs available at various FedEx complexes throughout Memphis. They have 12,000 ATMs and 625 shared branch locations. (I was surprised to see this information on the bottom of my latest account statement.)
The fee for a share draft account is $6.00 per month and offer several extras, as outlined on their website.
* Free Checks
* Unlimited Check Writing
* Additional $5000 AD&D Insurance
* $25,000 Air Travel Insurance
* Free REX Setup (Remote account access)
* Free ExpressCheck Debit Card*
* 90 Day Buyer's Protection/Extended Warranty
Christmas Club
Once you sign up for a Christmas Club, it just keeps going each year unless you change it. It is very convenient not having to remember to start a new club each year. I have increased the amount taken out over the years and that required me filling out a new payroll deduction card. A very painless process.
It's also very nice having that extra cash available in early November to get a jump on the Christmas shopping season. The money is transferred automatically from your Christmas Club account into your share account the first week in November.
Family Savings Accounts
Through the years, I've had sub-accounts for my children and now my grandchildren. I am listed on the account with them and have contributions deducted from my check.
Accounts at FECCA are now insured up to $350,000. I don't think I'll ever have to worry about being over the coverage limit in my savings account.
Account statements for savings accounts are mailed quarterly.
Additional Services
You can set up your account for remote access through a secured website.
The Credit Association also offers a Visa card, as well as lines of credit.
You can purchase a Certificate of Deposit for as little as $2,500. IRAs are also available for both Roth and traditional.
Friendly, Helpful Service
I've always found the employees to be friendly and helpful. Even on those Fridays at noon when I've stupidly gone inside to get Travelers Checks (at no cost). The hourly employees get paid every Friday, so you can count on it being busy at lunch on Friday.
Never a Problem in Almost Two Decades
I've never had an inaccurate transaction or unfortunate incident with one of their employees. I can't say that for a couple of banks with whom I've done business in the past.
I highly recommend that every FedEx employee take advantage of the options provided by the FECCA.
Interest Rates (as advertised on their website)
Effective July 2, 2002, the Credit Association announced its new share rates as follows:
Share Certificates (Above $10,000)
3 mths. - 2.35%
6 mths. - 2.75%
12 mths.- 3.05%
Share Certificates (Under $10,000)
3 mths. – 2.15%
6 mths. – 2.50%
12 mths.- 2.65%
Jumbo Share Certificates (minimum $50,000)
12 mths. – 3.05%
IRA Share 2.53%
Share Savings Accounts
$0 - $99.99 0.00% APY*
$100 - $999.99 1.00% APY*
$1000 - $2999.99 1.25% APY*
$3000 or more 1.50% APY*
Christmas Club Accounts
1.25% APY*
Share Draft Accounts
.50% APY*
Money Market
$5k - $10k 1.80% projected APY*
$10,000 to $24,999 2.00% projected APY*
$25,000 or more 2.36% projected APY*
Annual Percentage Yields Based on Daily Average Balance
**All Rates Are Subject To Change
Main Memphis Area Locations
There are branches at the following locations:
* World Technical Center (FedEx Parkway, Collierville)
* World Headquarters (Hacks Cross Road)
* Airport Area (Democrat Road - drive throughs)
* Hickory Hill Area (Winchester Road - drive throughs)
Complete details can be found on their website.
http://www.fecca.com/
Recommended:
Yes
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Epinions.com ID:
diverpam
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 - Top 200 |
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Member: Pam
Location: Collierville, TN
Reviews written: 263
Trusted by: 350 members
About Me:
~~~~So many oceans...so little time!~~~~
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