2020 Overview
General Credit Union Information
Tower is an NCUA insured institution located in Laurel, MD. It was founded in 1953 and has approximately $3244.14 millions in assets.
Who can join?
How to Become a Member
If you are employed by one of the businesses listed below or if you are a member of one of the associations, you are eligible to join Tower Federal Credit Union. Tower's membership includes companies, businesses and associations located in our primary service area.
For the list
https://www.towerfcu.org/pages/field-of-membership.html
| NCUA Insured | Yes |
| Charter Number # | # 8333 |
| Date Established | 1953 |
| Assets | $3,244.14 million |
| Loans | $2,441.10 million |
| Deposits | $2,818.69 million |
| Capital | $411.33 million |
Field of Membership Restrictions
Deposit Rates - January 25, 2020
Your Current Location: Virginia, VA 20146
| Savings and Money Market Rates (Share Account Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| Savings
|
0.45% | $5 | - | Learn More |
|
Money Market
|
0.55% | $2,500 | - | Learn More |
| Fixed IRA Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Fixed IRA
|
1.50% | $500 | - | Learn More |
| CD Rates (Share Certificate Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
|
|
1.35% | $500 | $99,999 | Learn More |
|
|
1.50% | $500 | $99,999 | Learn More |
| 24 Mo CD
|
1.60% | $500 | - | Learn More |
| 36 Mo CD
|
1.55% | $500 | - | Learn More |
|
|
1.65% | $500 | $19,999 | Learn More |
| 48 Mo CD
|
1.75% | $20,000 | - | Learn More |
|
|
1.75% | $500 | $19,999 | Learn More |
| 60 Mo CD
|
1.85% | $20,000 | - | Learn More |
| Variable IRA Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Var IRA
|
0.45% | $5 | - | Learn More |
| Int Checking Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Int Ckg
|
0.05% | $10 | - | Learn More |
Loan Rates - January 25, 2020
Your Current Location: Virginia, VA 20146
| Home Equity Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| Line of Credit | 4.75% | 4.75% | Varies | |
Compare with 0 RATE Line of Credit from Figure Home Equity Line
See All Home Equity Rates |
||||
| 10 Year Loan | 5.25% | 5.25% | $536.46 | |
| 15 Year Loan | 5.99% | 5.99% | $421.66 | |
| Auto Loan Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 3 Year | 1.99% | 1.99% | $715.96 | |
| 4 Year | 2.99% | 2.99% | $553.25 | |
| 5 Year | 2.99% | 2.99% | $449.11 |
| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 7 Year Adjustable Conforming | 3.90% | 3.25% | $1,088.02 | |
| 15 Year Fixed Jumbo | 3.18% | 3.13% | $1,742.13 | |
| 15 Year Fixed Conforming | 3.19% | 3.13% | $1,742.13 | |
| 20 Year Fixed Conforming | 3.56% | 3.38% | $1,434.53 | |
| 30 Year Fixed Jumbo | 3.53% | 3.50% | $1,122.61 | |
| 30 Year Fixed Conforming | 3.54% | 3.50% | $1,122.61 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 7 Year Adjustable Conforming | 3.90% | 3.25% | $1,088.02 | |
| 15 Year Fixed Jumbo | 3.18% | 3.13% | $1,742.13 | |
| 15 Year Fixed Conforming | 3.19% | 3.13% | $1,742.13 | |
| 20 Year Fixed Conforming | 3.56% | 3.38% | $1,434.53 | |
| 30 Year Fixed Jumbo | 3.53% | 3.50% | $1,122.61 | |
Compare with 3.384% APR and 3.375% 30-Year Fixed RATE from AimLoan.com
See All Mortgage Rates |
||||
| 30 Year Fixed Conforming | 3.54% | 3.50% | $1,122.61 | |
|
Compare with 3.384% APR and 3.375% 30-Year Fixed RATE from AimLoan.com
See All Mortgage Rates |
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Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.
Branches
Below are Tower branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Ashburn,Virginia
Tower Locations
Financial Details
Tower Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Tower. The data is provided by the NCUA. All credit unions on BestCashCow, except those specified as not NCUA-insured in the overview section above, are NCUA-insured. Depositors should be careful to remain within NCUA insurance limits.
Texas Ratio
| Tower | U.S. Average |
|---|---|
| 4.53% | 5.86 |
The Texas Ratio compares the amount of loans at risk and assets repossessed with the amount a credit union has on hand to cover any losses. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a credit union has to absorb its loan losses.
As of June 30, 2019, Tower had $17,560,649 in non-current loans and $1,815,025 in owned assets. To cover these potential losses it had $411,327,657 in net worth and $15,944,924 in loans loss reserves. That gives it a Texas Ratio of 4.53%.
Net Worth
| Tower | U.S. Average |
|---|---|
| 12.67% | 13.65% |
Tower FCU has a net worth of 12.67% versus the BestCashCow average of 13.65. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.
Frequently Asked Questions About Tower
Branches and Savings
What is Tower?
A federal credit union, registered with the NCUA under certificate #8333.
Learn more about credit unions here.
Is Tower FDIC insured?
No, credit unions are not insured by the FDIC. They are insured by the National Credit Union Administration. The insurance provisions of the NCUA are similar to, but not identical to, FDIC insurance.
Who can join Tower?
Please see Field of Membership information above for information on who is eligible to join.
How big is Tower?
Tower has total capital of $411.33 million. Full information on Tower's financial position is located above.
Who owns Tower?
Credit Unions are owned by their members.
Where are Tower branches located?
See branch locations nearby.
Are Tower ATMs Open 24/7?
Do Tower ATMs accept cash deposits?
Can Tower customers use other ATMs? What is the charge for withdrawing money from another ATM?
Does Tower have a mobile app?
Does Tower have mobile deposit?
Does Tower have quick pay?
How can Tower transfer money to other banks or credit unions?
Does Tower report to credit bureaus?
Does Tower use Chexsystems?
Does Tower use Equifax?
What is Tower's toll free phone number?
What is Tower's ACH Routing Number?
What is Tower's SWIFT code?
Where can I find Tower's wire transfer form?
What is the Tower address for deposits?
What Products Does Tower Offer
Does Tower offer home equity lines of credit and home equity loans?
Compare home equity lines of credit rates here.
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