Apple Federal Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1956 |
| Headquarters | Fairfax , United States |
Area served | United States |
| Products | Financial services, wealth management, insurance |
Number of employees | 530 (2024) |
| Parent | Apple Financial Services, LLC |
The Apple Federal Credit Union (Apple FCU) is a credit union in the United States, established in 1956 and headquartered in Fairfax, Virginia. It operates under a charter issued and supervised by the National Credit Union Administration (NCUA). As of September 2023, Apple FCU serves more than 240,000 members and manages assets surpassing $4 billion, placing it above 90% of federal credit unions nationwide in size.
Organization and employees
Apple FCU is governed by a volunteer board elected from its membership base and functions under an NCUA-issued charter. The credit union owns Apple Financial Services, LLC, which provides services related to wealth management and insurance.
By January 2024, the organization employed close to 530 individuals across its main office and branch locations. In 2023, Apple FCU earned recognition as a "Top Workplace" by the Washington Post and was ranked first among Virginia credit unions in Forbes’ 2018 "Best-In-State Credit Unions" list, based on customer reviews.
Mergers and acquisitions
Apple FCU has broadened its service area beyond its initial charter through several mergers. In 2011, it expanded into Prince William County by merging with Synergy One Federal Credit Union located in Manassas, VA. The 2013 merger with Vantria Federal Credit Union of Springfield, VA extended Apple FCU’s community charter to encompass all of Fairfax County. Following the NCUA's directive in 2015, Apple FCU absorbed Winchester Community Federal Credit Union after its CEO admitted to embezzling over $1 million, thereby acquiring a Frederick County community charter.
2018 class action lawsuit
In August 2018, Apple FCU was subject to a class action lawsuit concerning allegations of excessive overdraft fees. The matter was resolved in December 2019 when Apple FCU consented to pay up to $2.7 million to affected members.