UW Credit Union

I find it mind-blowing how easy some processes are when dealing with loans. I refinanced a 2023 Escalade with a 797 Experian score. I got an interest rate of 4.97% for 36 months. I submitted the application this morning, and by lunchtime, I was at my previous lender (bank) getting a payoff letter, and by the end of the day, the check was in the mail. They did suggest I pay for two-day air for the check to avoid extra interest on the current loan before transfer. Not to mention the 90-day 0% interest payment was the main reason I switched. I did save 3% as well.

This place pulled my credit and then turned around and denied me a car refinance loan. They could have asked for a down payment. Instead, they didn't even try to work with me. Clearly, they failed to see that despite a few charge-offs, all my payments for cards and my current loan are excellent! So, I highly recommend that unless you're wealthy, don't bother applying!

Shannon Sullivan (currently at the MATC branch) is a very amazing, inspirational, and driven associate. I am very impressed with her expertise, wisdom, and direction. She has advised me and my daughter on financial literacy. I cannot speak highly enough of her as a professional at the UW Credit Union.

Website is not user-friendly, the phone operators are not helpful, and getting answers is nearly impossible. I wish I had never applied with them. Very disappointed.

Had a checking account for a truck loan and paid off the loan. Once that loan was paid off, I didn't think I needed to do anything. Come to find out they charge you fees for not using your account thaf should be closed after loan is done. They will rip you off any chance they get! Definitely never using them or referring anyone to them again!

I have had numerous accounts with UWCU over many years. I had a small account linked to a secondary credit card, which I only use in emergencies. I am retired and do not use internet banking. Upon finally checking my account with a UWCCU employee, we discovered that the balance had fallen below a certain threshold, and for the last four years, I have been charged around $600.00 in fees. The credit union refuses to refund my money. I admit that I was negligent in not monitoring this small account. I generally trust people. I have now closed all my accounts, except for a line of credit, which they want to charge me $30.00 to close. This credit union is all about profit and not people.

They make the process of paying off credit cards with an external account difficult. Not the best customer service in my experience.

For real estate investors on the hunt for a reliable lending partner, I hope to save you both time and money with this advice: continue your search elsewhere. You'll likely be grateful later on. Here's why, based on my experience:

1. Painfully Slow Processing: Despite a user-friendly borrower portal, my experience with their lending request process was marked by frustrating delays. It took over a month for the underwriter to even glance at my application and provide a response. In a rapidly changing market, such delays are not just inconvenient; they can be financially detrimental. One would expect a more streamlined and efficient process from an institution that prides itself on professional financial services.

2. Limited Lending Options with a Catch: UW CU takes pride in offering "in-house" mortgage servicing, meaning they lend and service your loan. This is a model of operation closely aligned with the community's needs, presumably offering more tailored and flexible lending solutions. However, this is where the paradox lies: despite the promise of in-house loan servicing, their lending criteria strictly adhere to Fannie Mae guidelines. This rigid approach severely limits opportunities for borrowers, especially those with excellent credentials looking for adaptable or unconventional lending options. Despite having a 806 credit score, no late payments in 15 years, and verifiable income exceeding $180K, my application was denied due to having too many financed properties. This institution seems more geared toward supporting borrowers purchasing their first or perhaps a secondary home, rather than real estate investors aiming to expand their portfolios with the support of banking institutions in their community. It's important to note that this review is relevant to all UW CU branches since their mortgage lending department operates centrally from Madison, WI.

In summary, while the allure of in-house financing and the seemingly community-oriented facade of UW CU may appear enticing initially, the reality starkly contrasts with the agile and diverse lending solutions crucial for real estate investors. My advice remains: Keep looking. Your ideal lending partner is still out there, ready to support your growth in real estate with the right financial tools and services.

This credit union is very unethical. I opened a checking account with them in 2019. I had some financial issues and ended up maxing out two credit accounts with them. I'm not denying this. They ended up being charged off, which I take responsibility for due to my lack of control. The accounts were sold to a collection agency. I tried to set up payment arrangements with them but was told they do not do that. Then, they agreed I could send $100.00 a month for each account, but the gentleman implied I would never get them paid off. I asked if they would accept a settlement and they said no.

In the meantime, I also had a home equity line of credit which I was paying on. Then the pandemic hit, and as a teacher, I had to wait over a year for my unemployment to kick in. The credit union was charging me lots of late fees. I was working with them to try to keep current, although they had a program to help people with loans avoid 30-day late fees, which no one informed me about. After the pandemic, when I was trying to refinance, I learned about the six 30-day late marks, so I filed a report with the Better Business Bureau, and the credit union removed them. I sold my home in February of 2023, and my home equity loan was paid off, and the lien was released. Then just today, I found out that in March of 2023, when I no longer owed them money for the home equity line, they took one of the charged-off accounts that they had sold to someone else and suddenly changed the credit reporting status to say that it was now 180 days late, even though I had tried to set up a payment plan to repay them the debt.

I don't really understand how a credit union can use techniques that seem so manipulative. It was almost as if they were unhappy that I paid off my home equity line of credit, as they were not getting any more money from me. They had released the lien and then re-entered a debt onto my credit report in a way that would harm my credit score twice. I don't understand the laws regarding all of this, but it feels like this credit union purposely tried to mess with me after I had them correct previous unethical actions, such as not telling me about pandemic relief. And then, when I reported them, it seemed they wanted retaliation. I don't think anyone should use their services, as they appear to be very petty and intentionally antagonistic to retaliate against me. I hope this review helps someone avoid becoming a target of this credit union as well.

I’ve Been with uw credit union over ten years and now currently can’t wait to switch over to summit. The Customer service is now trash and they’re very hard to work with. Loyalty isn’t their thing

Just bought a used car and the dealer used UW Credit Union out of Madison WI.They showed that my credit score was 692 thru Experian -when it was 717.This hurts people like me because the loan costs me more.I will pay them back by paying off the loan in two years instead of five.Loaner beware!

This has been a great product for me. I am satisfied and will highly recommend to friends and family. There have been no problems at all.

Good financial company for all types of customers. Would like for them to be more aggressive with better rates for current customers.

Love it, it was my 1st card with a high limit. I could not be more happier.........................................................

https://www.uwcu.org/loans/home-loans/home-loan-offers/fthb/
This 1st time homebuyer discount is very shady and prey on vulnerable customers (1st time home buyers that are unfamiliar with mortgages, Lender Credits, Seller Credits etc).
My complaints:
1. I have email conversation with Loan officer referring to the $1K Discount as Lender Credit so me being a vulnerable customer believed that this Discount is as good as Lender Credit. (I learned later that it is not as good because Lender has obligation to return the value of excess Lender Credit if not used to pay for Closing Costs, while the Discount is not)
2. I believe Loan officer was malicious and has intent to deceive because I inquired why I am not getting Discount about 1 week before Closing Date but he avoided the question even though he already possess enough information that I will not be getting any Discount. I still assumed good faith transaction so I believed I am getting some Discount, but it turns out I got ZERO Discount and I was robbed the time & opportunity to rectify the situation and explore my other options.
3. Up until now the Loan officer still claims that they gave me some small amount of 1st time Homebuyer Discount even though the Closing Disclosure clearly show I got ZERO.
4. There is no mention in the website link that Discount will only be applied after all Lender/Seller Credits are exhausted. At the very least it is misleading or confusing. I believe Discount should be applied first in favor of customer as their advertisement is not clear.
No warning at all that too much Seller Credits or Lender Credits will risk getting lower or zero Discount.