Chartway Federal Credit Union Info + Reviews
Chartway Federal Credit Union is our focus here. We’ll be taking a look at a lot of details about this Virginia CU. Those will include products, rates, member eligibility and a lot more.
By the time you’re finished reading, it should give you useful information to make an educated decision about working with them.
At the end, you can also add in your own personal review of this CU if you have experience with them.
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*Routing #: 251481614
*Phone #: (800) 678-8765
Locations:
They have too many branches to list all of them right here (maybe someday I’ll take care of that) but you can check out their website here to see their tool for finding one.
A Little History on Chartway Federal Credit Union
CFCU has been around since 1959 when seven workers at the Norfolk Naval Air Station (civilians) all put some money together to form a credit union. ’59 is an interesting year for one of these to be formed, since most CU’s out there were started in the mid-30s.
Today, their assets are over $2.3 billion and you can access your cash from there at over 30,000 surcharge-free ATMs nationwide since they are part of the CO-OP network.
Do They Give Back at All?
They give back a lot at CFCU. In 2020 alone, they gave over $600,000 in charitable grants that helped bring over 2,500 life-changing experiences to children.
They do more than the average credit union when it comes to giving back.
Membership Requirements at Chartway Federal Credit Union
In order to become a member at CFCU, you’ll need to meet some requirements. Those include living, working, going to school, or worshipping in an area served by one of their branches.
If you someone in your family is a member there, then you’re also in. If you or immediate family work at one of the 750 companies that offer Chartway Federal Credit Union services, then you’re in.
You can also donate $10 to their philanthropic arm, the We Promise Foundation. That will also qualify you for membership.
Their Products
It looks like Chartway Federal Credit Union mainly offers personal products. At the same time, when I searched for business offerings, their site did show results for a business prime share checking account and also business online banking enrollment.
They offer three main checking accounts: LifePlus Checking, Cash Back Checking, and their LiveNow Debit Account.
LiveNow is the basic one that can get you up and running pretty quickly. There’s no minimum balance required and no monthly maintenance fees. The only drawback is that it doesn’t look like this account pays any dividends.
Their other account, Cash Back Checking, looks pretty interesting. Basically, it gives you 3% cash back on everyday purchases as long as you make 10 or more per month. There’s also ATM reimbursement with this account, which is nice to see.
Savings accounts include IRAs, Share Certificates, Money Markets, Share Savings, and Retirement/Investment Services.
There are also a variety of loan products at CFCU. Those include auto, mortgage loans, recreational vehicle loans, home equity, and personal/student loans.
A Few Rates
(Please Note: All rates at Chartway Federal Credit Union were current at the time of publishing this and they have different rates for every state. For that reason, we’re only showing the Virginia-specific rates here)
Auto Loan Rates
| Model Year | Term | Minimum Loan Amount | APR as low as1 |
|---|---|---|---|
| New 2022 (6,000 miles or less) | 1 to 48 months | No minimum | 1.84% |
| New 2022 (6,000 miles or less) | 49 to 60 months | No minimum | 1.84% |
| New 2022 (6,000 miles or less) | 61 to 66 months | $15,000 | 1.84% |
| New 2022 (6,000 miles or less) | 67 to 72 months | $15,000 | 1.84% |
| New 2022 (6,000 miles or less) | 73 to 75 months | $20,000 | 2.59% |
| New 2022 (6,000 miles or less) | 76 to 84 months | $25,000 | 3.94% |
| Used 2022-2021 | 1 to 48 months | No minimum | 1.84% |
| Used 2022-2021 | 49 to 60 months | No minimum | 2.09% |
| Used 2022-2021 | 61 to 66 months | $15,000 | 2.34% |
| Used 2022-2021 | 67 to 72 months | $15,000 | 2.34% |
| Used 2022-2021 | 73 to 75 months | $20,000 | 2.59% |
| Used 2022-2021 | 76 to 84 months | $25,000 | 3.94% |
| 1APR as low as = Annual Percentage Rate (APR). Rates shown only available in VA and NC. Other rates subject to terms and are based on creditworthiness, therefore rates and terms may differ. Not all applicants will qualify for the lowest rate. Auto debit discount of 0.25% APR, and loan to value of less than 90% discount of 0.25% APR. Discounts may not exceed 0.75% APR. A $25,000, 60-month, 2021 auto loan at 1.84% Annual Percentage Rate (APR) will have estimated monthly payments of $436. Payment does not include applicable taxes and insurance. Rate shown with all applicable discounts. |
Mortgage Rates at Chartway Federal Credit Union
| Loan Type | Term | Rate | APR | Points |
|---|---|---|---|---|
| Fixed Rate Mortgage Purchase | 30 Years | 3.750% | 3.897% | 0.750 |
| 15 Years | 3.125% | 3.307% | 0.250 | |
| Fixed Rate Mortgage Refinance | 30 Years | 3.750% | 3.897% | 0.750 |
| 15 Years | 3.125% | 3.307% | 0.250 | |
| FHA Loan | 30 Years | 3.625% | 4.612% | 0.00 |
| 15 Years | 3.250% | 4.198% | 0.00 | |
| VA Loan | 30 Years | 4.000% | 4.189% | 0.00 |
| 15 Years | 3.500% | 3.833% | 0.00 | |
| ARM Loan | 5/1 | |||
| 5/5 | ||||
| Click here for Required Disclosures *A $250,000, 30-year mortgage loan at 4.875% APR will have estimated monthly payments of $1,323.02. Payment does not include applicable taxes and insurance. |
Personal Loan Rates at Chartway Federal Credit Union
| Term | APR (as low as)1 | Alert Me |
|---|---|---|
| Signature Loan | Up to 60 Months | 9.99% |
| Line of Credit | Revolving Account | 10.49% |
| Shared & Certificate Secured Loans | Up to 144 Months | 3% above the highest tiered rate |
| 1Annual Percentage Rate at Chartway Federal Credit Union. A $25,000, 60-month signature loan at 9.99% Annual Percentage Rate (APR) will have estimated monthly payments of $531. Payment does not include applicable taxes and insurance. |
Checking Rates
| Dividends | APY1 | Balance Requirements | |
|---|---|---|---|
| LiveNow | N/A | — | — |
| LifePlus 2 (tiered) | 0.02% | 0.02% | $1,500 – $4,999.99 |
| 0.02% | 0.02% | $5,000.00 – $9,999.99 | |
| 0.05% | 0.05% | $10,000 – $24,999.99 | |
| 0.05% | 0.05% | $25,000.00 – $49,999.99 | |
| 0.05% | 0.05% | $50,000.00 – $99,999.99 | |
| 0.05% | 0.05% | $100,000 + | |
| 1APY = Annual Percentage Yield. Fees could reduce earnings on the account (applies only to maintenance or activity fees). 2Monthly dividends are based on average daily balance. |
Chartway Federal Credit Union – Final Thoughts
What stands out the most to me about Chartway Federal Credit Union is simply how much they give back to the community. Giving back is big and they do a ton of it. Their minimum mortgage rates are a little higher than average, used auto rates are lower than average, and personal loan minimum rates are a bit higher than what I normally see. If you need business banking, take a look at some other CU’s out there in Virginia. If you’re just in the market for personal products, Chartway Federal Credit Union looks like a great community to join.
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*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.
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