VyStar Credit Union Review 2024 | Bankrate (2024)

FAQs

What credit union is highest recommended? ›

Alliant Credit Union is fully digital and has the best APY across all accounts compared to other credit unions on our list. With a $100 minimum balance, Alliant's high-yield savings account earns 3.10% APY. Its share certificates also earn excellent rates as high as 5.20% on a 12-month jumbo certificate.

Credit unions tend to have fewer branches than traditional banks. A credit union may not be close to where you live or work, which could be a problem unless your credit union is part of a shared branch network and/or a large ATM network such as Allpoint or MoneyPass. May offer fewer products and services.

Progressive Credit Union - You must be recommended by another member. This might be the most unique credit union requirement, and it also seems to be the toughest.

Overall. VyStar Credit Union is one of the largest credit unions in Florida, offering various deposit accounts and services to hundreds of thousands of members.

The five largest credit unions are Navy Federal Credit Union, State Employees' Credit Union, PenFed Credit Union, SchoolsFirst Federal Credit Union and Boeing Employees Credit Union. The largest, Navy Federal Credit Union, has more in assets than the rest of the top five combined.

Who is the largest credit union? Navy Federal is the country's largest credit union with around $168.4 billion in total assets and 13.2 million customers at the end of 2022, according to the latest data from the NCUA.

Credit unions and banks are both insured, with most banks being insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per customer. Most credit unions are similarly insured by the National Credit Union Administration (NCUA) for up to $250,000.

National Credit Union Administration (NCUA) credit unions had five conservatorships/liquidations in 2023, and one so far in 2024. Similarly, there were five Federal Deposit Insurance Corp. (FDIC) bank failures in 2023 and one bank failure so far this year.

Some have argued that credit unions are inherently inefficient because of their one-member, one-vote governance structure.

Suncoast Credit Union

Suncoast is the largest credit union in Florida and the only one with over a million members.

How big is VyStar credit union assets? ›

VyStar Credit Union is the second-largest credit union headquartered in Florida and now serves more than 975,000 members with assets of over $14 billion. VyStar is the largest mortgage lender in Northeast Florida and a major employer in the region with over 2,000 employees across the communities it serves.

Millionaires often spread their wealth across multiple accounts and financial institutions to maximize insurance coverage. This includes a mix of checking, savings and investment accounts, both in banks and credit unions.

The outages were caused by “several issues during the conversion process,” and VyStar took the online and mobile banking platform offline “to investigate and find a resolution as quickly as possible.”

Cohen & Malad, LLP filed a class action lawsuit against Vystar Credit Union for allegedly charging multiple non-sufficient funds fees (NSF fees) on a single item presented for payment. The lawsuit alleges this practice violates the express terms of the Deposit Agreement between Vystar and its members.

VyStar is a not-for-profit financial cooperative owned by its members and governed by a volunteer Board of Directors.

Credit unions tend to have lower interest rates for loans and lower fees. Banks often have more branches and ATMs nationwide. Many credit unions have shared branches and surcharge-free ATMs provided through the CO-OP Shared Branch network.

You can have more of your money covered by federal insurance. By spreading your accounts around to different federally insured banks and credit unions, you can get access to having more of your money insured by the NCUA or the FDIC. You can better manage your money and build your savings.

SchoolsFirst Federal Credit Union

SchoolsFirst FCU is the largest credit union in California, headquartered in Santa Ana, managing $28.72 billion and serving over 1.35 million members.