Security Service Federal Credit Union Reviews

8.9

Overall

8.8/10

Funding Speed

8.7/10

Cost

9.1/10

Experience/Reputation

9.2/10

Service and Support

8.8/10

Pros

  • Provides several business financing options, including lines of credit.
  • SBA preferred lenders.
  • Large deposit base and membership.
  • Generous rates on their One-year Future Builder certificates.
  • Over 60 years in business.

Cons

  • Not always easy to qualify for SBA Express loans.
  • Regional focus can be a pro or con depending on your needs.
  • No invoice factoring options.

Security Service Federal Credit Union Reviews

See the above info for Security Service Federal Credit Union Reviews. If you’re a current or prior ssfcu.org customer, we’d love to hear some of your insight. How was your overall experience, etc.?

Security Service Federal Credit Union Spotlight

·       Headquarters: San Antonio, Texas

·       In Business Since: 1956

·       Size: $8 billion in assets serving nearly one million customers

·       Primary Business Financing: Small Business Loans, Credit Cards, SBA loans

Security Service Federal credit union provides basic banking and lending for consumers and small businesses primarily in South Texas, Colorado and Utah. They offer different financial services including debit and credit cards, cash management, small business insurance, money transfers, automated teller machines (ATMs), merchant services, branch/online banking, and loans. Credit unions are insured by the NCUA (National Credit Union Association), not FDIC.

Security Services has grown to become the 8th largest credit union in the nation because of excellent customer service and a series of acquisitions. These include the San Antonio Air Guard Credit Union back in 1974, Kilowatt in 2007 and Family First credit union in 2011.1

Here is a list of some select general business fees at Security Service Federal (as listed January, 2019):

·       ‘Business Analyzed’ Checking Account monthly fee $25

·       Premium Business Checking Account: monthly fee $20 (waived if average monthly balance is $50,000)

·       Business Money Market monthly fee $10 (waived if daily balance remains at least $1,000)

·       Foreign Item Collection, $40 (checks and money transfers).

·       Garnishments/Levies, $50 (per order)

·       Business Savings Account: Teller withdrawal fee, $2 each (after the monthly limit of 4).

SSFCU offers a handy sheet listing all the business fees that customers could incur. We applaud their transparency and the simplicity in finding such information. These charges are all pretty standard but we never love to see a teller fee. It’s a common credit union policy that reportedly helps keep costs and fees down across the board.

What Type of Lending does Security Service Credit Union Provide?

·       Working Capital Loans

·       Term Loans ($50,000 minimums)

·       SBA loan programs (7(a) and 504 and Express)

·       Real Estate loans

·       Lines of Credit

·       Small business credit cards

·       Business Auto Loans

·       Signature Loans

A signature loan is also known as a personal loan. At Security Service, they offer signature loans up to $20,000 for an individual or $30,000 with a joint applicant. Unlike some lenders, SSFCU does not place restrictions on the fund’s use. As such, they are essentially personal loans for business, which can help launch a startup or expand an established small business.

SBA 7(a) loans are often used for business expansion, equipment purchases or to improve net working capital. 504 loans are primarily used for acquisition or construction of owner-occupied properties or real estate. Finally, SBA Express loans can basically be used for these same purposes but the loans are fast-tracked.

Express Loans can be a Godsend for many smaller businesses with immediate cash flow needs. And not all financial institutions can offer these SBA products, they must be in their preferred lending program (PLP).

Despite their fast turnaround times, 36 hours in many cases, these quick business loans may still not be fast enough. If that’s the case with your business, consider an online, fintech or asset based lending company. Online small business loans provide the fastest funding available. Specifically, names like Ondeck Capital, Kabbage loans, Loan Me or National Business Capital are among of the fastest funders (we also have reviews on these names for businesses to peruse):

·       Kabbage reviews

·       Fora Financial reviews

·       Rapid Advance reviews

·       Swift Capital reviews

·       Upstart reviews

Keep in mind, if you’re a Security Service business customer in Colorado or Utah, there is separate, required documents to complete before credit can be extended. These are located on ssfcu.org site on the “business loans” page.

Security Services Credit Union Pros and Cons

In addition to the Security Services Federal Credit Union reviews above, we emphasize their major key pros and cons:

Main Pros:

·       Provides several business financing options, including lines of credit.

·       SBA preferred lenders.

·       Large deposit base and membership.

·       Generous rates on their One-year Future Builder certificates.

·       Over 60 years in business.

 

Main Cons

·       Not always easy to qualify for SBA Express loans.

·       Regional focus can be a pro or con depending on your needs.

·       No invoice factoring options.

 

Similar Lenders to Security Service Federal Credit Union:

·       Northwest Federal Credit Union

·       National Bank of Arizona

·       United Community Bank

·       Riviera Finance

·       Middlesex Savings Bank

·       Crestmark Bank

·       Independent Bank

·       Northwest Savings Bank

·       Chemical Bank

·       Mascoma Savings Bank

·       Marine Bank and Trust

·       Union Savings Bank

 

1https://www.cutimes.com/2007/10/09/security-service-fcu-kilowatt-fcu-merger-now-official/?slreturn=20190518132448

2https://www.sba.gov/partners/lenders/7a-loan-program/types-7a-loans