skip to main content

Thank you for supporting your Orlando Federal Credit Union Board of Directors and senior management team’s strategic request to change our federal charter to a State of Florida charter.

The Conversion vote passed and was announced at a Special Member Meeting held on September 5, 2019. This conversion will be effective October 1, 2019.  "I want to take this opportunity to thank our membership for participating in the vote to allow Orlando Federal Credit Union to convert from a federally-chartered credit union to a state-chartered credit union. This conversion is an important and historical step forward as it will provide us with new opportunities for growth," said Suzanne Weinstein, President and CEO.

Important Note: All Orlando Federal Credit Union deposit accounts will continue to be federally insured by our current federal government agency, the National Credit Union Administration’s Share Insurance Fund.

Keep in mind: Once you are a member of Orlando Federal Credit Union, you are always a member, until you close your account. If you live in a different state, we will continue to serve you; in fact, we are looking to provide enhanced services for the digital channel. We also offer Shared Branching, so that you can continue to bank with us, no matter where you are.

We appreciate your business and thank you for your "YES" vote.

    Below are answers to some of the questions you may have:
  • Why did Orlando Federal Credit Union apply for a state charter?

    The Board of Directors and management have given careful consideration to the advantages and disadvantages of converting to a state charter and believe it is in the best interest of Orlando Federal for the following reasons:

    • The credit union will be governed by the Florida Office of Financial Regulations. Regulators are located in Tallahassee, and the laws and regulations are specifically designed to address the needs of Florida residents. Local rather than national focus on issues.
    • The credit union will have greater flexibility to expand beyond the current areas we serve today, positioning the credit union for the future. The federal charter limits our ability to grow into new counties.
    • Measured growth will allow us to continue to offer competitive rates on savings and loan products, as well as to continue to improve the technology and services we offer, so that we can be competitive in the marketplace.
  • What is the difference between a state and federally chartered credit union?

    Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA). Under a federal charter, growth is constrained, limiting membership expansion.

    Florida state chartered credit unions are regulated by the Florida office of Financial Regulations, which regulates all Florida state chartered credit unions and other financial institutions for compliance with the laws and regulations of the State of Florida. Additionally, state chartered credit unions must comply with rules and regulations from certain federal agencies. Credit unions that are state chartered have more flexibility to expand and grow.

  • Do members have to approve the change from a federal to a state charter?

    Yes. A notice and ballot has been sent to all eligible members. Orlando Federal Credit Union will hold a meeting of members to vote on the charter change at our Westmoreland Branch located at 1117 South Westmoreland Drive, Orlando Florida at 5:00 pm September 5, 2019. Members may also vote using the ballot and postage-paid envelope sent prior to the meeting. Ballots must be received by the date and time of the meeting.

  • When can I expect the charter conversion to happen?

    The conversion date will be shortly after the special membership meeting and vote. The proposed date is October 1, 2019.

  • Will the Credit Union's name change?

    If the request is accepted, the word “federal” will be removed from the name, and we will be known as Orlando Credit Union.

  • What other changes will take place?

    Membership will be expanded to individuals who live, work, and worship in Volusia, Brevard, Polk and Hillsborough Counties.

  • Does this impact federal insurance coverage?

    No. Credit Union deposits will continue to be federally insured by the NCUA, meaning you have up to $250,000 in protection for an individual account. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, Individual Retirement Accounts (IRAs), and trust accounts. This insurance is similar to the banks’ FDIC insurance.

  • What are the financial impacts of the charter change?

    Management is confident that the income and growth opportunities associated with the change far outweigh any costs. Specific details are included in the notice sent to eligible members.

  • Will there be any changes to my accounts or to the services I use?

    This will be a seamless transition to our members. Account numbers and passwords will not change, and our existing branch network and business hours will remain the same. It will be business as usual for all members.

  • Will new Credit/Debit/ATM cards be issued with the new credit union name?

    We will not reissue new cards at the time of the conversion. As cards expire, new cards will be issued with the new name. You can continue to use your checks and cards with the Orlando Federal Credit Union name until you need a reorder.

  • Will there be any change in Orlando Federal's rates and fees?

    Deposit and loan rates and the current fee structure will not be impacted by the charter change.

  • Will the Credit Union grow so large that I will not receive the same service I expect?

    Definitely not. The Credit Union has always had controlled growth to ensure members are receiving the same level of service they are currently receiving.

  • Will any branches and ATMs close or relocate?

    No branches will close, but a branch or ATM may occasionally relocate to better serve members in a particular area. Financial institutions routinely close or relocate branches over a period of time as the population shifts. The Credit Union has always limited branch and ATM relocations unless absolutely necessary.

  • Are there plans to build more branches?

    The credit union is continuously evaluating how to best serve the membership. Communication will be sent out as plans develop. 

  • Will my voting rights as a member change with the new charter?

    No. Member voting rights will remain the same.

  • Is the Credit Union doing this in preparation for a buyout or merger?

    No. Orlando Federal is well-positioned and strong, with no intention to merge or convert to a bank.

  • Under a state charter, can you still be a member if you move outside of the eligible service areas?

    Yes, you can still be a member if you relocate outside of Orlando Federal Credit Union’s field of membership. Once a member, always a member.

Have questions? We're here to help.