Southwest Airlines Federal Credit Union (SWACU) is a non-profit financial institution that serves the employees of Southwest Airlines and their families. It was founded in 1975 by a group of Southwest Airlines employees who wanted to create a cooperative and member-owned organization that would provide them with affordable and convenient financial solutions. Today, SWACU has over 50,000 members and more than $700 million in assets.
Membership
Membership in SWACU is exclusive to the employees of Southwest Airlines and their families. This includes current and retired employees, as well as their spouses, children, parents, siblings, grandparents, and grandchildren. Members can join SWACU by opening a regular savings account with a minimum deposit of $5. Once they become members, they can enjoy all the benefits and services that SWACU offers.
Products and Services
SWACU offers a wide range of financial products and services to its members. These include:
Savings Accounts
SWACU offers several savings account options to help members save for their short-term and long-term goals. These include the regular savings account, which is the basic membership account; the money market account, which offers higher interest rates and tiered dividends; the holiday club account, which helps members save for holiday expenses; and the individual retirement account (IRA), which helps members save for retirement.
Checking Accounts
SWACU offers two checking account options to suit different needs and preferences. These include the free checking account, which has no monthly maintenance fees, no minimum balance requirements, and unlimited check writing; and the rewards checking account, which offers cashback rewards on debit card purchases, ATM fee refunds, and other perks.
Loans
SWACU offers several loan options to help members finance their personal, auto, home, and education needs. These include personal loans, which can be used for any purpose; auto loans, which offer competitive rates and terms for new and used vehicles; home loans, which include mortgages, home equity loans, and home improvement loans; and credit cards, which offer low interest rates and no annual fees.
Online and Mobile Banking
SWACU offers online and mobile banking services to allow members to access and manage their accounts from anywhere, at any time. Members can use SWACU’s website or mobile app to check their account balances, transfer funds, pay bills, deposit checks, apply for loans, and more. Members can also use SWACU’s online banking platform to access financial tools such as budgeting tools, financial calculators, and financial education resources.
Investment Services
SWACU offers investment services through its partnership with CUSO Financial Services, L.P., a registered broker-dealer that provides comprehensive investment solutions. Members can work with a licensed financial advisor to create a personalized investment plan based on their goals, risk tolerance, and time horizon. Members can also access a variety of investment products such as mutual funds, stocks, bonds, annuities, and more.
Insurance Services
SWACU offers insurance services through its partnership with SWBC Insurance Partners, a leading provider of insurance products and services. Members can get quotes for auto insurance, home insurance, life insurance, health insurance, pet insurance, travel insurance, and more. Members can also benefit from discounts and savings on insurance premiums through SWBC’s group buying power.
Benefits of Membership
Membership in SWACU comes with several benefits that make it a better choice than traditional banks and other financial institutions. These include:
Lower Fees and Rates
As a non-profit organization, SWACU operates on the principle of “people helping people”. This means that SWACU does not charge excessive fees or interest rates to its members. Instead, it passes on the savings to its members in the form of lower fees and rates on its products and services. For example, SWACU does not charge monthly maintenance fees on its savings or checking accounts; it does not charge origination fees or prepayment penalties on its loans; it does not charge annual fees on its credit cards; and it offers competitive interest rates on its deposits and loans.
Personalized Service
As a smaller, member-owned organization, SWACU values each member as an individual. This means that SWACU provides personalized service and attention to its members. Members can work with a dedicated representative who knows them by name and understands their financial needs and goals. Members can also contact SWACU by phone, email, or chat anytime they have questions or concerns. In addition, members can visit any of SWACU’s branches or shared branches across the country to receive face-to-face service.
Community Involvement
As a socially responsible organization, SWACU is committed to giving back to the community. The credit union supports several local charities and organizations that align with its mission and values. For example, SWACU sponsors the Southwest Airlines LUV Classic Golf Tournament, which raises funds for children’s charities; SWACU participates in the Credit Unions for Kids program, which supports the Children’s Miracle Network Hospitals; SWACU donates to the Southwest Airlines Employee Catastrophic Assistance Charity, which helps employees and their families in times of crisis; and SWACU encourages its members to get involved in community service projects such as blood drives, food drives, and volunteer work.
Conclusion
Southwest Airlines Federal Credit Union is a non-profit financial institution that offers a wide range of financial products and services to its members. With lower fees and rates, personalized service, and a commitment to community involvement, SWACU is a great choice for employees of Southwest Airlines and their families who want to achieve their financial goals and dreams.
