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401-739-4600
2669 Post Rd
Warwick, RI 02886-3039

Greenwood Credit Union is headquartered in Warwick and is the 3rd largest credit union in the state of Rhode Island. It is also the 562nd largest credit union in the nation. It was established in 1948 and as of March of 2014, it had grown to 51 employees and 51,241 members. Greenwood Credit Union has a A health rating.

Field of Membership Restrictions

Greenwood Credit Union membership is open to everyone. - See Details

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Reviews (2)

Terrible Customer Service And Banking Practices All Around

I have my current car loan through Greenwood and I've had nothing but trouble with them.  There was a banking error or their part, that went unoticed for over three months.  My orginial account info was factored incorrectly.  When it was finally noticed on their end, I was informed I had to pay the back-due amount and I had to do so immediately.  I was then informed the Credit Bureau had to be notified of my "lack of payment" beyond thirty days.  Again, this was completely an error on their part, and yet, my credit score was affected!

As far as their Customer Services skills, they leave must to be desired.  I've worked in Customer Service my entire life, and therefore, I understand it can be difficult to deal with upset customers.  During one of my phone conversations, I was spoken to in a condesending tone and was passed along from one person to the next.  A second conversation, on a different day, I returned a missed phone call to the bank.  Upon informing them I was returning a missed phone call I was given all of my current account information.  NOT once did they varify any account information!!!  I was given account balances, amount due on my auto loan and past payment history.  They didn't ask for so much as how to spell my last name before providing all of my account information and details, including acount number!!!  Last I checked, there was a serious fraud problem in this country, perhaps, they should be a little more diligant with verifying information. 

Finally, as if they haven't already been difficult enough, I requested that I be sent paper copies of all statements via the mail.  This was done directly after my first negative encounter, where I was informed to pay up for their mistakes.  It has been three months and yet, not a single bank statement has come in the mail.  But I recieve their newsletters, so I'm sure they have the correct contact information!!  When I requested this a second time, I was informed I could do online banking.  I informed them, I understood, and would still like paper statements instead of online.  Again, nothing has come in from Greenwood!! 

I would not advise anyone to do business with Greenwood until they change their banking and customer service practices!! 

Allways there to help

I go to Greenwood Cedit Union several times i any givin months and every time I get a warm welcome like it was my first time. I have been with Greenwood for about four years now and I have had nothing but the best service. Both my wife and I have several account with Greenwood and always feel like they have my best interest in mind 24/7.
In 2004 my wife had left her purse in a taxi while on vacation and we were in fear of our banks accounts being used. After several hours trying to locate her purse without any luck my wife had called Greenwood regarding the bankcard(Debt Card)and the checkbook being lost. The wonderful person at the bank was very reassuring to my wife that our account would be frozen and that they would take care of ordering all of the new cards. The worst thing to ever happen on vacation had happen to us but Greenwood was quick to act and stop our day from getting any worse.
After returning from our two week vacation the people at Greenwood had already ordered all our new cards and checkbook and had them waiting for us upon our return home.



Health

Data for Q1 2014

Institution Health

A

Texas Ratio

GRADE:
A+

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 Greenwood Credit Union had $774,000 in non-current loans and owned real-estate with $36.69 million in equity and loan loss allowances on hand to cover it. This gives Greenwood Credit Union a Texas Ratio of 2.11% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Greenwood Credit Union experienced no significant changes from 1.75% as of March 31, 2013 to 2.11% as of March 31, 2014, resulting in a negative change of 20.66%. This indicates that the balance sheet and financial strength for Greenwood Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Greenwood Credit Union has increased its total deposits by $6.28 million, resulting in 1.87% 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 Greenwood Credit Union has shown is above average.

Capitalization

GRADE:
C+

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. Greenwood Credit Union has $392.92 million in assets with $36.69 million in equity, resulting in a capitalization level of 9.34%, which is average.

Institution Statistics

Overall
NCUA #66594
Year Chartered1948
Employees51
Primary Regulator
Assets and Liabilities
Assets$392.92 million
Loans$267.99 million
Deposits$342.71 million
Equity Capital$35.45 million
Loan Loss Allowance$1.24 million
Unbacked Noncurrent Loans$703,000
Real Estate Owned$71,000
Historic Data - March 2013
Assets$370.97 million
Equity Capital$33.38 million
Loan Loss Allowance$1.80 million
Unbacked Noncurrent Loans$703,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.01%
Return on Assets0.5%
Return on Equity5.49%
Interest Income$3.16 million
Rates
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Greenwood Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.50%$25-Share 1 Savings
0.50%--Holiday Club Account
0.50%--Vacation Club Account
0.50%$100-Day-to-Day IRA
0.50%$100-Day-to-Day Roth IRA
0.50%$100-Day-to-Day Education IRA
0.50%--Deposit Savings

Greenwood Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$1k-Interest Checking Account

Greenwood Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
2.10%$1k-60 Month CD
1.75%$1k-48 Month CD
1.25%$1k-36 Month CD
0.80%$1k-24 Month CD
0.75%$1k-18 Month CD
0.65%$1k-15 Month CD
0.60%$1k-12 Month CD
0.50%$1k-3 Month CD
0.50%$1k-6 Month CD

Greenwood Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
2.10%$100-60 Month IRA Certificate
1.75%$100-48 Month IRA Certificate
1.25%$100-36 Month IRA Certificate
0.80%$100-24 Month IRA Certificate
0.75%$1k-18 Month IRA Certificate
0.65%$100-15 Month IRA Certificate
0.60%$100-12 Month IRA Certificate
0.50%$100-3 Month IRA Certificate
0.50%$100-6 Month IRA Certificate
Locations


Greenwood Credit Union Locations
Branch Office2669 Post RdWarwick, RI 02886-3039