Apple federal credit union routing number

Routing Number? Please Explain This To Me Like I'm Five.

It is a number issued by the American Bankers Association that identifies the individual bank in question. It has a few different names, such as Routing Transit Number and American Bankers Association number. In order to do business in the US, all US banks must have a routing number.

Why does a bank need a routing number?

First, they need it because the law requires it. Second, they need it for practical logistical reasons. It is used to route money transfers, such as check payments or direct deposits. Without it, they are dead in the water and cannot move funds.

Where can I find this on my checks?

The routing number can be found at the bottom of the check. It may precede or follow the checking account number. This same line will also contain the check number for the check in question. These three pieces of information are needed to give each check full and unique identification for purposes of moving money between accounts.

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FedACH Routing

Fedwire Routing

A routing number is a nine digit code, used in the United States to identify the financial institution. Routing numbers are used by Federal Reserve Banks to process Fedwire funds transfers, and ACH(Automated Clearing House) direct deposits, bill payments, and other automated transfers. The routing number can be found on your check.

The routing number information on this page was updated on Feb. 28, 2022

Apple Federal Credit Union

Type	Credit union
Industry	Financial services
Founded	1 October 1956; 66 years ago
Headquarters	Fairfax, Virginia, United States
Number of locations	21
Area served	Northern Virginia
Key people	Andy Grimm (President & CEO)
Products	Savings; checking; consumer loans; mortgages; credit cards; investments; online banking
Total assets	$3,068,747 USD (1Q 2020)
Members	221,528 (1Q 2020)
Number of employees	450
Subsidiaries	Apple Financial Services (CUSO)
Website	https://www.AppleFCU.org

The Apple Federal Credit Union (also known as Apple FCU) is a U.S. credit union founded in 1956 and headquartered in Fairfax, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). As of February 2020, Apple FCU had more than 220,000 members and over $3 billion USD in assets, making it larger than over 90% of federal credit unions in the United States.[1][2]

Organization and employees[edit]

Apple FCU is chartered with NCUA, and like other credit unions, is governed by a volunteer board of directors, elected by and from its membership. Apple FCU also has a separate wholly owned subsidiary providing wealth management and insurance named Apple Financial Services, LLC.[3]

As of June 2018, the credit union had nearly 450 combined employees working at its headquarters and branches. It was listed as one of the "Best Places to Work in Virginia" in 2018 among large organizations of more than 250 employees by Virginia Business Magazine.[4] It also claimed the number one spot in Virginia in 2018 for Forbes’ "Best-In-State Credit Unions" survey of 25,000 consumers.[5]  

Mergers and acquisitions[edit]

Apple FCU has expanded its field of operations beyond its original common bond charter several times through the absorption of other credit unions. In 2011, a Prince William County community charter was added through a merger with Synergy One Federal Credit Union (Manassas, VA).[6] In 2013, a merger with Vantria Federal Credit Union (Springfield, VA) added a community charter to include all Fairfax County.[7] In 2015, Apple FCU acquired a Frederick County (VA) community charter when Winchester Community Federal Credit Union "was merged into Apple at the request of the NCUA after the federal agency placed Winchester Community into 'restricted status' " because the CEO of Winchester Community Federal Credit Union, Donna L. Jennings, had pleaded guilty to stealing more than $1 million from the organization she led.[8]

2018 class action lawsuit[edit]

In August 2018, plaintiff Jamie Liggio sued Apple Federal Credit Union for charging excessive overdraft fees.[9][10] The case was settled in December 2019 with Apple FCU agreeing to pay members up to $2,700,000.[11][12]

References[edit]

1. ^ "Credit Union Details". mapping.ncua.gov. Retrieved 12 February 2020.
2. ^ "Quarterly Data Summary Reports | National Credit Union Administration". www.ncua.gov. Retrieved 12 February 2020.
3. ^ Samaad, Michelle A. (24 July 2013). "Apple FCU Moves Investment Program to CUSO Financial". Credit Union Times. Archived from the original on 4 August 2020. Retrieved 12 February 2020.
4. ^ "2018 "Best Places to Work in Virginia" rankings". www.bestplacestoworkva.com. Retrieved 12 February 2020.
5. ^ "Apple Federal Credit Union, Union Bank & Trust recognized in Forbes survey". Virginia Business. 20 July 2018. Retrieved 12 February 2020.
6. ^ "Apple Federal Credit Union Announces Completion of Merger with Synergy One". CUInsight. Retrieved 12 February 2020.
7. ^ "Apple Federal Credit Union and Vantria Federal Credit Union Announce Merger". CUInsight. Retrieved 12 February 2020.
8. ^ Strozniak, Peter (22 December 2015). "Credit Union CEO Pleads Guilty to Stealing $1 Million". Credit Union Times. Archived from the original on 11 August 2020. Retrieved 12 February 2020.
9. ^ "Two More CUs Hit With Lawsuits Over Overdrafts". CUToday. Retrieved 12 February 2020.{{cite web}}: CS1 maint: url-status (link)
10. ^ "Two more credit unions hit with class-action suits for overdrafts". Credit Union Journal. 14 September 2018. Retrieved 12 February 2020.
11. ^ "Liggio v. Apple Federal Credit Union - Home". www.afcuoverdraftsettlement.com. Retrieved 12 February 2020.
12. ^ "Overdraft Fee Litigation Returns". Troutman Sanders LLP - Overdraft Fee Litigation Returns. Retrieved 12 February 2020.

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