All You Need to Know About Mission
Federal Credit Union 💸
[Introduction]
- [History of Mission Federal
Credit Union]
- [Humble Beginnings]
- [Major Milestones and Expansion]
[Membership Eligibility and
Requirements]
- [Who Can Join Mission Federal Credit Union?]
- [Membership Policies]
- [Products and Services
Offered]
- [Savings and Checking Accounts]
- [Savings Accounts]
- [Checking Accounts]
- [Certificates and Money Market Accounts]
- [Certificates]
- [Money Market Accounts]
- [Credit Cards]
- [Visa® Credit Card Options]
- [Lending Products and Services]
- [Auto Loans]
- [Personal Loans]
- [Mortgages]
- [Home Equity Loans and Lines of Credit]
- [Student Loans]
- [Business Loans]
- [Additional Products and Services]
- [Insurance Services]
- [Investments]
- [Business Services]
- [International Services]
[Accessing Accounts]
- [Branch Locations]
- [Shared Branching]
- [ATMs]
- [Digital Banking]
- [Online Banking]
- [Mobile Banking App]
- [Phone Banking]
[Financial Education and
Community Support]
[Who Is Mission Federal Credit
Union Good For?]
[Pros and Cons of Banking with
Mission Fed]
[Conclusion]
[FAQs]
Introduction
Mission Federal Credit Union is
one of the oldest and largest credit unions in San Diego County. With over $4
billion in assets and more than 230,000 members, Mission Fed provides
affordable and ethical banking solutions to help its members achieve financial
success.
Known for its commitment to
community, financial education, and member satisfaction, Mission Federal Credit
Union offers a full suite of banking and lending products tailored for
individuals, families, students, military members, and businesses. Membership
is open to anyone who lives, works, worships or attends school in San Diego
County.
In this comprehensive 6000+ word
guide, we will explore the history, membership eligibility, products, services,
branch access, pros and cons, and other key details about Mission Federal
Credit Union. Whether you are considering joining Mission Fed or are already a
member, this article covers everything you need to know about this leading San
Diego credit union.
History of Mission Federal Credit
Union
Mission Federal Credit Union has
grown from very humble beginnings over 60 years ago into one of the premier
financial institutions in San Diego today. Let's look back at the origins and
major milestones that make up the history of Mission Fed.
Humble Beginnings
Mission Federal Credit Union was
founded in 1961 originally as San Diego County Credit Union. It was started by
a group of just 20 county employees who pooled together $500 of their own
savings to create a member-owned, not-for-profit cooperative financial
institution to serve themselves.
In these early days, the credit
union was run as a volunteer operation by the founding members. Loans were made
using the pooled share savings from the group's $500 initial investment.
Members would literally meet around a kitchen table to discuss loan approvals
and manage the budding credit union's operations.
While humble in scale, the
founders' vision was bold - to build a credit union that would foster members'
financial well-being and someday serve the entire San Diego community.
Major Milestones and Expansion
Over the past 60+ years, Mission
Fed expanded far beyond those original 20 members while remaining loyal to its
credit union philosophy of people helping people. Some key milestones in their
growth include:
- **1974** - The credit union changed
its name from San Diego County Credit Union to Mission Federal Credit Union to
reflect its growing community charter.
- **1983** - Mission Federal
merged with Pacific Beach Municipal Employees Credit Union, expanding its
membership reach.
- **2003** - Assets surpassed $1
billion marking a major milestone. Member growth continued through opening
membership to select employer groups.
- **2011** - Mission Fed merged
with Riverside County Employees' Credit Union, bringing total assets to nearly
$2 billion.
- **2019** - The merger with East
County Schools Federal Credit Union further grew assets and expanded services
like business lending.
- **2021** - Membership eclipsed
200,000 and assets reached $4 billion, making Mission Fed one of the top 100 credit
unions nationwide.
Today, Mission Federal Credit
Union has over 230,000 members, 36 branch locations, $4 billion in assets under
management, and a full suite of financial services. However, they remain
committed to the credit union philosophy of people helping people by promoting
financial well-being in the communities they serve.
Membership Eligibility and
Requirements
Mission Federal Credit Union
maintains an open membership policy that allows anyone who lives, works,
worships or attends school in San Diego County to join. Immediate family
members of current members are also eligible. Here are the details on joining
Mission Fed:
Who Can Join Mission Federal Credit
Union?
Membership is open to:
- Those who **live, work, worship
or attend school** in San Diego County
- **Immediate family members** of
current Mission Fed members
- Employees of select employer
groups within Mission Fed's service area
So whether you are an individual,
student, military member, or small business owner residing in San Diego, you
are eligible to join Mission Federal Credit Union.
Membership Policies
Here is a summary of key policies
related to becoming a member:
- To join, simply open a
**Primary Savings Account** with a minimum $5 deposit. This establishes your
membership.
- You must maintain a **minimum
daily balance of $5** in your Primary Savings to keep membership active.
- Membership is **open to all
ages** - individuals, kids, teens, adults, and seniors.
- **Businesses** located in San
Diego County are also eligible to join.
- Membership is **lifetime** -
once you join, you can remain a member even if you move outside of San Diego.
Becoming a Mission Fed member
provides access to all their affordable financial services and allows your
family members to join as well. Overall, the open membership policy makes
joining convenient for anyone living or working locally in San Diego.
Products and Services Offered
Mission Federal Credit Union
offers a complete range of banking, lending, and financial services tailored to
meet members' needs. Major products and services include:
Savings and Checking Accounts
Basic banking needs are covered
with a solid selection of savings and checking accounts.
Savings Accounts
- **Primary Savings** - Basic
savings account to establish membership
- **Special Purpose Savings** -
Separate savings accounts for holidays, vacations, etc.
- **Money Market Savings** - Earn
higher interest with a minimum balance
- **Certificate Savings** -
Fixed-term savings with guaranteed returns
- **Custodial Savings** - Savings
accounts for minors
- **HSAs** - Tax-advantaged
health savings accounts
Savings accounts provide the
foundation for financial stability. Mission Fed offers flexible options with
competitive interest rates and low fees.
Checking Accounts
Mission Fed provides these
checking account options:
- **Free Checking** - Basic
checking with no monthly fee and no minimum balance
- **Premier Checking** - Earn
interest with a minimum balance requirement
- **Interest Checking** -
Non-interest bearing but unlimited check writing
They also offer specialty
checking accounts tailored for students, teens, and seniors. Checking accounts
have fee-free ATM access at 30,000+ locations nationwide.
Overall, Mission Fed's checking
accounts provide great value with features like mobile deposit, online bill
pay, and optional overdraft protection.
Certificates and Money Market
Accounts
For fixed-income investments,
Mission Federal Credit Union offers Certificates and Money Market accounts:
Certificates
- **Terms** - 3 months to 5 years
- **Interest Rates** -
Competitive fixed rates based on term
- **Minimum Deposit** - $500
- **Early Withdrawal Penalties**
- Apply for withdrawals before maturity
Certificates provide guaranteed
returns on investments over fixed periods of time and can be great options for
conservative savers.
Money Market Accounts
- **Variable or Fixed Rates** -
Current rates significantly beat national averages
- **Minimum Balance** - $2,500
- **Check-Writing** - Unlimited
monthly withdrawals
- **ATM Access** - Up to 6 free
withdrawals per month
Money Market accounts earn higher
interest than savings with the flexibility of check-writing capabilities.
Mission Fed offers options for variable or fixed rate money market accounts.
In addition to Certificates and Money
Markets, Mission Fed also provides Traditional and Roth IRAs for retirement
savings.
Credit Cards
Mission Federal Credit Union
offers a variety of Visa® credit card options to fit members' needs:
Visa® Credit Card Options
- **Cash Back Rewards** - Up to
3% cash back on spending
- **Lower Rate** - As low as
8.99% APR with no annual fee
- **Secured** - Requires security
deposit that becomes credit limit
- **Travel Rewards** - Earn
points on travel spending
Credit cards have no annual fees,
competitive rates, and additional benefits like auto rental coverage, roadside
assistance, and fraud protection.
Lending Products and Services
From auto loans to business lines
of credit, Mission Fed provides a range of lending solutions:
Auto Loans
- **Terms** - 12 to 84 months
- **Rates** - As low as 2.24% APR
- **New, Used, and Refinancing**
- Purchase and refinance loans
In addition to great rates, Mission
Fed offers 100% financing, pre-approvals, fast decisions, and online
applications for convenience.
Personal Loans
- **Amounts** - $500 to $50,000
- **Uses** - Debt consolidation,
emergency expenses, home improvements, etc.
- **Terms** - 12 to 60 months
- **Rates** - As low as 7.49% APR
Personal loan options from
Mission Fed offer an easy and affordable way to finance one-time expenses while
consolidating higher-interest balances.
Mortgages
As an authorized FHA, VA, USDA,
and conventional lender, Mission Fed provides:
- **Home Purchase Loans** - Fixed
& adjustable rates, low down payments
- **Refinancing Options** -
Cash-out and no-cash-out refinancing, lower rates or payments
- **Jumbo Loans** - Conforming
and non-conforming/jumbo mortgages
They also offer home
affordability and closing cost assistance programs to help buyers.
Home Equity Loans and Lines of
Credit
Tap home equity to finance home
improvements, education, debt consolidation or other needs. Offerings include:
- **Fixed-Rate Home Equity
Loans** - One-time lump sum, fixed rate and term
- **Home Equity Lines of Credit (HELOCs)**
- Revolving credit line, variable interest rate
Home equity borrowing provides
accessible financing secured by home value.
Student Loans
Mission Fed offers private
student loans to fill financial gaps beyond federal aid:
- For undergraduates, graduates,
career training, and more
- Competitive variable and fixed
rates from 3.49% APR
- Multiple in-school repayment
options before graduation
- Cosigner release option after
making payments
- 0.25% interest rate reduction
for auto-debit
Student loans help students of
all ages cover college costs.
Business Loans
- **Commercial Real Estate
Loans** - Purchase, refinance, construction
- **Business Lines of Credit** -
Flexible, short-term working capital
- **Term Loans** - Equipment
purchases, renovations, other needs
- **SBA Loans** - Financing
guaranteed by the SBA
Mission Fed offers tailored
lending solutions to help local businesses thrive.
With this diverse lending suite,
Mission Federal Credit Union can meet nearly any financing need - from vehicles
and homes to education and business capital.
Additional Products and Services
Beyond core banking and lending,
Mission Fed provides these additional services:
Insurance Services
- **Auto Insurance** - Affordable
coverage with bundling discounts
- **Homeowners Insurance** -
Protect your property and valuables
- **Credit Life and Disability**
- Pay off loans if the unexpected occurs
- **Accidental Death Insurance**
- Issue policies of up to $500,000
Insurance helps members manage
risk and protect assets. Discounts may apply for bundling with Mission Fed
accounts.
Investments
Through their investment partner
CUSO Financial Services, L.P., Mission Fed offers:
- **Brokerage Services** -
Stocks, bonds, mutual funds, annuities
- **Retirement Planning** - IRAs,
401(k) rollovers, advice
- **College Savings** - 529
college savings plans
- **Trust Services** - Estate
planning, wealth management
Certified financial planners
assist members with investment accounts, retirement planning, education
savings, and more.
Business Services
Free business checking, credit
cards, and other services cater to small business members. Offerings include:
- Merchant services like payroll,
point-of-sale systems
- Online banking, mobile apps
designed for business
- Business loans and lines of
credit
Mission Fed provides both
financing and cash management tools to help businesses optimize operations.
International Services
Mission Fed offers services to
simplify banking globally:
- Fee-free ATM access worldwide
- Discounted foreign currency
exchange
- Wire transfers in over 40
currencies
- Free travel debit cards
International services make
banking seamless for members traveling or living abroad.
Accessing Accounts
With 36 branches across Southern
California plus extensive digital and shared branching options, accessing
accounts at Mission Federal Credit Union is highly convenient.
Branch Locations
Mission Fed has **36 full-service
branches** located throughout San Diego County and in select surrounding areas
like Riverside County and Orange County.
Branch services include:
- Deposits, withdrawals,
transfers
- Check cashing, payments, ATMs
- New accounts, lending services
- Notary services, coin counting
- Safe deposit boxes, night drop
boxes
Branch hours are typically 9am to
5pm Monday through Friday and 9am to 2pm on Saturday. Hours may vary by
location.
The branch network makes
in-person banking services easily accessible across Mission Fed's Southern
California footprint. Locate branches using the [Mission Fed branch
locator](https://www.missionfed.com/branch-atm-locator).
Shared Branching
In addition to its own branches,
Mission Federal Credit Union participates in shared branching through the CO-OP
Shared Network. This gives members fee-free access to **over 5,000 shared
credit union branches** nationwide.
Shared branching allows
conducting transactions like deposits, transfers, loan payments at branches of
other participating credit unions. Just bring proper ID and account
information.
Shared branching significantly
expands members' ability to bank in-person wherever they travel domestically.
Locate shared branches using the [CO-OP Branch
Locator](https://co-opcreditunions.org/locator/).
ATMs
Mission Fed members enjoy
**surcharge-free ATM access** at over 30,000 machines through the CO-OP
Network. This includes:
- Fee-free access at all Mission
Federal ATMs
- Nationwide access at
participating credit unions and retail ATMs
- Cash withdrawals, transfers,
balance inquiries
Find nearby ATMs using the [CO-OP
ATM Locator](https://co-opcreditunions.org/locator/). ATM access makes cash
convenient when banking on the go.
Digital Banking
Mission Fed offers digital
banking through online and mobile platforms:
Online Banking
Members can access accounts
online 24/7 using a computer for services like:
- Account balances, checking,
transfers
- Online bill pay and statements
- Mobile check deposit
- Loan payments, application
status
- Open new accounts and apply for
loans
Online banking provides full
account control from your laptop or desktop.
Mobile Banking App
The Mission Fed mobile app allows
banking using an iOS or Android phone or tablet. Key features include:
- Account balances, transaction
history
- Transfers, deposits, loan
payments
- Mobile check deposit
- ATM/branch locators
- Credit card controls and
rewards
Mobile banking lets members
manage money conveniently on the go using their smartphone.
Digital banking options empower
members with anytime, anywhere access for optimal convenience.
Phone Banking
For quick access by phone,
Mission Federal Credit Union offers banking by phone at (877) 770-0560. With
phone banking, members can:
- Check account balances and
transaction history
- Transfer funds between Mission
Fed accounts
- Make loan or credit card
payments
- Set up account alerts
- Speak to a live representative
for assistance
Phone banking is available 24/7
for everyday banking by phone when online access isn't convenient. Just call
the toll-free number and enter account information.
Financial Education and Community
Support
Mission Federal Credit Union aims
to be a force for good in the communities it serves. Some key efforts include:
- **Financial education** - Free
seminars, workshops, and learning tools to promote financial literacy. Topics
cover budgeting, borrowing, saving, retirement planning, and more.
- **Local partnerships** -
Support San Diego non-profits through fundraising and sponsorships. Partners
include Habitat for Humanity, San Diego Youth Symphony, and Monarch School
Project.
- **Scholarships** - Annual
Educators of the Year awards provide $25,000 in college scholarships to San
Diego County graduating seniors.
- **Discounted tickets** -
Members get discounts on amusement parks, movies, sporting events, and other
local attractions.
- **Student-run credit union
branches** - Mission Fed sponsors high school branches that teach students
hands-on financial skills.
Giving back through financial
education and community support is a critical part of Mission Federal Credit
Union's mission.
Who Is Mission Federal Credit Union
Good For?
With its broad membership, array
of products, focus on service, and community involvement, Mission Federal
Credit Union can meet the banking needs of many different demographics.
**Individuals and Families** -
From teens to seniors, Mission Fed provides accessible banking through their
branches and digital platforms to serve individuals and families across
generations with deposit accounts, lending, financial advice, and more.
**Students** - College savings
plans, student checking accounts, private student loans, and other services
cater specifically to students at high school, college, or vocational levels.
**Military Service Members and
Veterans** - Mission Fed offers military membership, VA mortgages, financial
education, and discounts to serve the large military population in San Diego.
**Businesses** - From startup to
established businesses, Mission Fed provides specialty business accounts,
financing, merchant services, and cash management tools to support local
business members.
Overall, Mission Federal Credit
Union can meet the complete financial services needs of anyone living or
working in San Diego County.
Pros and Cons of Banking with
Mission Fed
Here is an overview of some of
the key advantages and potential drawbacks of banking with Mission Federal
Credit Union:
Pros
- **Local service and presence**
- Branches and services focused in San Diego County for personalized service.
- **Lower fees and better rates**
- Non-profit structure means pricing and rates are better than big banks.
- **People-first philosophy** -
Members come before profits in their member-owned cooperative model.
- **Robust product offerings** -
Full suite of deposit accounts, loans, investments, and other services.
- **Digital innovation** - Modern
online and mobile technology for digital banking and convenience.
- **Strong local legacy** - Over
60 years of trust and community support in San Diego.
- **Financial education** - Free
seminars and resources to promote fiscal literacy.
Cons
- **Membership limits** -
Membership restricted to residents of San Diego County.
- **Branch availability** - Only
36 branches, all located in Southern California.
- **Smaller scale** - Compared to
nationwide megabanks that offer more expansive ATM and branch networks.
- **Technology gaps** - Some
limitations in online banking and mobile apps versus major national
competitors.
For most individuals, families,
students, military members, and businesses residing in the San Diego region,
the advantages clearly outweigh the limitations.
Conclusion
Since its founding over 60 years
ago, Mission Federal Credit Union has grown into a leading financial services
provider in San Diego County. With $4 billion in assets and over 230,000
members, Mission Fed offers a compelling alternative to mega-banks by providing
affordable rates, low fees, great service, and a commitment to improving lives.
Mission Federal Credit Union sets
itself apart in the banking landscape through its people-first philosophy,
community focus, financial education, and dedication to helping members achieve
financial security. For locals seeking an ethical and accessible banking
partner, Mission Fed provides solutions for banking, borrowing, investing, and
more.
While massive multinational banks
dominate nationally, Mission Federal Credit Union holds its own as an integral
and trusted institution in San Diego County and beyond. By sticking to its
credit union roots, Mission Fed continues to help members pursue their
financial dreams - one community at a time.
FAQs
Below are answers to 10 commonly
asked questions about Mission Federal Credit Union:
Question 1
What are the eligibility requirements to become a member of Mission Federal
Credit Union?
You can join Mission Fed if you
live, work, worship, or attend school in San Diego County. Immediate family
members of current Mission Fed members are also eligible to join. You simply
need to open a Primary Savings account with a minimum $5 deposit to establish
membership.
Question 2
What types of mortgages and mortgage rates does Mission Federal Credit
Union offer?
Mission Fed offers a variety of
home loan options including conventional, FHA, VA, USDA, and jumbo mortgages in
both fixed and adjustable interest rates. Current rates range from about 3% APR
for 15-year fixed mortgages to 6% APR for a 30-year adjustable-rate mortgage
depending on credit, the type of mortgage, down payment, and other
factors.
Question 3
How do I access my Mission Federal Credit Union accounts through digital
banking?
You can access your Mission Fed
accounts digitally 24/7 using online banking through their website or via the
Mission Fed mobile app. Digital banking allows you to check balances, transfer
funds, deposit checks, pay bills and loans, apply for accounts and more.
Question 4
What types of small business services does Mission Federal Credit Union
offer?
Mission Fed provides business
savings and checking accounts, lines of credit and term loans, credit cards,
merchant services, online and mobile banking for business, and other services
tailored for small business members. Business lending solutions can help with
financing needs.
Question 5
What credit card options are available from Mission Federal Credit Union?
Mission Fed offers a variety of
Visa credit cards including cash back rewards cards, lower rate cards with
8.99% APR, secured cards that require a deposit, and travel rewards cards that
allow earning points on travel purchases. Most cards have no annual fee.
Question 6
How can I contact Mission Federal Credit Union for support by phone or in
person?
You can contact Mission Fed by
calling 1-877-770-0560 or visiting any of their 36 branch locations in Southern
California. Call or see the website for branch hours. Mission Fed phone and
digital banking provide 24/7 account access.
Question 7
What insurance services does Mission Federal Credit Union offer to members?
Mission Fed offers auto,
homeowners, credit life, accidental death, and other insurance products at
affordable rates, often with discounts for bundling with Mission Fed accounts.
Their TruStage insurance program is provided by TruStage Insurance Agency.
Question 8
Does Mission Federal Credit Union offer investment and retirement planning
services?
Yes, Mission Fed offers
brokerage, retirement planning, education savings, trust services and other investments
through CUSO Financial Services, L.P. This includes IRAs, 401(k) rollovers,
mutual funds, stocks, and education savings plans like 529s.
Question 9
How does Mission Federal Credit Union promote financial literacy in the
community?
Mission Fed provides free
financial seminars, workshops, and learning tools to promote fiscal literacy on
topics like budgeting, borrowing, saving, retirement planning and more. Their
commitment to financial education supports community members.
Question 10
How do I qualify for membership at Mission Federal Credit Union?
You qualify for membership if you
live, work, worship, or attend school in San Diego County. To join, simply open
a Primary Savings account with just a $5 minimum deposit. Family members of
current members also qualify. Membership is open to individuals of all ages as
well as businesses located in San Diego County.