Redstone Federal Credit Union was granted its charter by the United States government in 1951. Redstone Federal began with eleven members and $55 in assets. The money that was used to start Redstone was not stored in a safe or vault but in a shoebox. Redstone Federal Credit Union’s first office was located on a U.S. Army post known as Redstone Arsenal and only serviced Arsenal employees.
Redstone Federal in the US
Today, Redstone Federal Credit Union is the largest credit union in the state of Alabama. It ranks nationally among the top 40 credit unions in the United States. It is lead by its President and CEO, Joseph H. Newberry. Redstone Federal Credit Union is a not-for-profit member owned and operated credit union. It has over 2.6 billion in assets and well over 310,000 members. Redstone Federal Credit Union has 20 branches located in Huntsville and its surrounding areas. It also has over 85 ATM Satellite Stations including Alabama’s first Xtreme ATM and a Mobile ATM.
Redstone Federal CU, as of 2007, achieved a 5-Star rating for 54 consecutive quarters by Bauer Financial Inc., a company that has been analyzing, reporting, and rating the financial condition of the nation’s banking industry since 1983. This 5-Star rating signifies Redstone Federal as one of the safest credit unions in the nation. Redstone Federal further achieved honors by garnering a spot in the category of Exceptional Performance of Credit Unions. Redstone Federal Credit Union is not only one of the leading credit unions in Alabama but they are a member of the Better Business Bureau. Redstone Federal has its charter with the National Credit Union Administration and is an Equal Opportunity Lender.
Redstone Federal and its Credit Union Credentials
Redstone FCU offers a wide array of products and services. Redstone Federal offers checking, savings, business banking, insurance, investments, education, and electronic services. Redstone Federal offers a free basic checking account with no minimum balance requirements as well as a free checking account geared towards ages 55 and above with free personal checks, free traveler’s checks, and free money orders.
Redstone offers the Mpower Account exclusively for young adults ages 13-18. The Mpower Account is a savings and checking account that helps teach young adults about financial responsibility. They also offer traditional savings accounts, Christmas Club Account, as well as IRA’s. Redstone Federal business solutions services range from online banking, business loans, and business visa.
Redstone Federal also offers a full range of insurance products that includes homeowners insurance, life insurance, health insurance, automobile insurance, and small business insurance, just to name a few. Along with insurance, investments are handled through Redstone Brokerage Services. Redstone Federal has a full service real estate department that offers mortgage loans and home equity lines of credit.
Redstone FCU’s Commitment to Members
Redstone Federal Credit Union also takes part in the BALANCE Financial Fitness Program. BALANCE is a financial counseling service offered free of charge to members of Redstone Federal Credit Union. BALANCE counselors help members by working and teaching them how to avoid or resolve financial crises. BALANCE counselors also teach members how to develop budgets to reach their financial goals.