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First New England Federal Credit Union

Based on 4 reviews
Overview / Commentary
860-282-0001
616 Burnside Ave
East Hartford, CT 06108

First New England Federal Credit Union is headquartered in East Hartford and is the 20th largest credit union in the state of Connecticut. It is also the 1,783rd largest credit union in the nation. It was established in 1938 and as of March of 2014, it had grown to 28 employees and 10,560 members. First New England Federal Credit Union has a C+ health rating.

Field of Membership Restrictions

There are a few different ways you can be eligible for membership. An immediate family member who is currently a First New England Federal member can make you eligible. You may also qualify through your current employer or association. If you live, or work in Vernon community you are eligible for membership. Become Friends of the Lucy Robbins Welles Library, and qualify for First New England Federal Credit Union membership. Or, you may contact Member Relationship Team and see if you are eligible. - See Details

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Reviews (4)

Low Rates And Excellent Service

We have been using First New England for over 25 years.  We just got a new loan to consolidate some older loans.  We are always impressed with the service that we get here.  Everything is explained well and set up for online payments that make it so easy and convenient. If you have good credit, they always have the lowest rates around. Thank you Cindy for all you do.  We will never get a loan anywhere else!
Lorraine & Tom Tuller

Rewards Checking

If you opened a rewards checking account when rates were better, close it now! They charged me a $10 fee for not meeting the ACH requirement, and they didn't even send me a disclosure ahead of time that stated such! Their site still maintains it is a "free" checking account when the requirements aren't met, but obviously there's strings to that.

What kind of financial institution changes the rules without fully notifying customers of the change and allowing them full access to those rules? FNEFCU would fit into that category.

Stay Away ! Far Away!

Had a rewards checking account that fell into disuse.

To keep it active, I would write a check for a few dollars once a year.

It had a balance of approx $350.

The other day I found out that, despite "activity" they began charging me $15 a month

for the past 2 years. My $350 turned into $50.

They basically stole my money.

When I pointed out to them that their REWARDS checking account disclosure said

"No service charges" and something to the effect that if you didn't maintain the Rewards Checking account

activity level, they would revert the account to a FREE CHECKING account, they told me "to bad"

Can you imagine having $200 stolen from you without so much as a letter, e-mail, phone call?

Nothing!

They said that they were "planning" on notifying people in this situation in the future.

Stay away !

Stay far awy!

 



Health

Data for Q1 2014

Institution Health

C+
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. First New England Federal Credit Union has a relatively low asset base.

Texas Ratio

GRADE:
C+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 First New England Federal Credit Union had $1.86 million in non-current loans and owned real-estate with $7.66 million in equity and loan loss allowances on hand to cover it. This gives First New England Federal Credit Union a Texas Ratio of 24.22% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C-

The Texas Ratio for First New England Federal Credit Union increased slightly from 18.76% as of March 31, 2013 to 24.22% as of March 31, 2014, resulting in a negative change of 29.08%. This indicates that the balance sheet and financial strength for First New England Federal Credit Union has declined slightly in recent periods.

Deposit Growth

GRADE:
C+

In the past year, First New England Federal Credit Union has decreased its total deposits by $-621,000, resulting in -0.95% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth First New England Federal Credit Union has shown is average.

Capitalization

GRADE:
B

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. First New England Federal Credit Union has $78.32 million in assets with $7.66 million in equity, resulting in a capitalization level of 9.77%, which is above average.

Institution Statistics

Overall
NCUA #2601
Year Chartered1938
Employees28
Primary Regulator
Assets and Liabilities
Assets$78.32 million
Loans$55.71 million
Deposits$64.68 million
Equity Capital$6.92 million
Loan Loss Allowance$738,000
Unbacked Noncurrent Loans$1.62 million
Real Estate Owned$232,000
Historic Data - March 2013
Assets$80.21 million
Equity Capital$6.77 million
Loan Loss Allowance$734,000
Unbacked Noncurrent Loans$1.62 million
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.07%
Return on Assets-0.59%
Return on Equity-6.65%
Interest Income$665,000
Rates

Always verify rates and promotions with the bank or credit union. We are not First New England Federal Credit Union, we are a rate comparison website and can not provide official rates or promotions.

First New England Federal Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.30%--IRA Money Maximizer - General
0.30%$50k-Roth Maximizer - General
0.30%--IRA Money Maximizer - Relationship
0.30%$50k-Roth Maximizer - Relationship
0.10%--Prime Share Savings - General
0.10%--Prime Share Savings - Relationship

First New England Federal Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.30%$50k-Advantage Maximizer - Relationship
0.20%$50k-Money Maximizer - General
0.20%$50k-Money Maximizer - Relationship

First New England Federal Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
2.02%-$15kRewards Checking (Relationship) - Qualifying
1.00%-$15kRewards Checking (General) - Qualifying
0.20%$40k$50kPlatinum Rewards Checking (Relationship) - Qualifying
0.05%--Rewards Checking (General) - Non Qualifying
0.05%--Rewards Checking (Relationship) - Non Qualifying

First New England Federal Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
2.00%$1k-60 Month CD - Relationship
1.50%$1k-48 Month CD - Relationship
1.25%$1k-36 Month CD - Relationship
0.88%$1k-60 Month CD - General
0.64%$1k-48 Month CD - General
0.50%$1k-24 Month CD - Relationship
0.45%$1k-18 Month CD - Relationship
0.44%$1k-36 Month CD - General
0.30%$1k-12 Month CD - Relationship
0.25%$1k-24 Month CD - General
0.25%$1k-6 Month CD - Relationship
0.20%$1k-18 Month CD - General
0.10%$1k-12 Month CD - General
0.05%$1k-6 Month CD - General

First New England Federal Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
2.00%$1k-60 Month IRA CD - Relationship
1.50%$1k-48 Month IRA CD - Relationship
1.25%$1k-36 Month IRA CD - Relationship
0.88%$1k-60 Month IRA CD - General
0.64%$1k-48 Month IRA CD - General
0.60%$1k-9 Month IRA CD Special - Relationship
0.50%$1k-24 Month IRA CD - Relationship
0.45%$1k-18 Month IRA CD - Relationship
0.44%$1k-36 Month IRA CD - General
0.30%$1k-12 Month IRA CD - Relationship
0.25%$1k-6 Month IRA CD - Relationship
0.25%$1k-24 Month IRA CD - General
0.20%$1k-18 Month IRA CD - General
0.10%$1k-12 Month IRA CD - General
0.05%$1k-6 Month IRA CD - General
Locations


First New England Federal Credit Union Locations
Branch Office616 Burnside AveEast Hartford, CT 06108
Branch Office60 Hyde AveVernon, CT 06066-4503
Branch Office234 Market SqNewington, CT 06111