Greenwood Credit Union is headquartered in Warwick and is the 3rd largest credit union in the state of Rhode Island. It is also the 549th largest credit union in the nation. It was established in 1948 and as of September of 2013, it had grown to 56 employees and 59,822 members. Greenwood Credit Union has a A health rating.
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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!!
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 Greenwood Credit Union had $762,000 in non-current loans and owned real-estate with $36.16 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.
The Texas Ratio for Greenwood Credit Union decreased dramatically from 3.60% as of September 30, 2012 to 2.11% as of September 30, 2013, resulting in a positive change of 41.43%.This indicates that the balance sheet and financial strength for Greenwood Credit Union has improved dramatically in recent periods.
In the past year, Greenwood Credit Union has increased its total deposits by $15.08 million, resulting in 4.67% 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 excellent.
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 $387.1 million in assets with $36.16 million in equity, resulting in a capitalization level of 9.34%, which is average.
|Assets and Liabilities|
|Equity Capital||$34.49 million|
|Loan Loss Allowance||$1.67 million|
|Unbacked Noncurrent Loans||$762,000|
|Real Estate Owned||$0|
|Historic Data - September 2012|
|Equity Capital||$31.94 million|
|Loan Loss Allowance||$2.14 million|
|Unbacked Noncurrent Loans||$762,000|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||3.18%|
|Return on Assets||0.55%|
|Return on Equity||6.15%|
|Interest Income||$9.49 million|
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|0.50%||$25||-||Share 1 Savings|
|0.50%||-||-||Holiday Club Account|
|0.50%||-||-||Vacation Club Account|
|0.50%||$25||-||Day-to-Day Roth IRA|
|0.50%||$25||-||Day-to-Day Education IRA|
|0.25%||$1k||-||Interest Checking Account|
|1.80%||$1k||-||60 Month CD|
|1.40%||$1k||-||48 Month CD|
|1.00%||$1k||-||36 Month CD|
|0.80%||$1k||-||24 Month CD|
|0.65%||$1k||-||15 Month CD|
|0.50%||$1k||-||12 Month CD|
|0.40%||$1k||-||6 Month CD|
|0.30%||$1k||-||3 Month CD|
|1.80%||$100||-||5 Year IRA Certificate|
|1.80%||$100||-||5 Year Roth IRA Certificate|
|1.80%||$100||-||5 Year Education IRA Certificate|
|1.40%||$100||-||4 Year IRA Certificate|
|1.40%||$100||-||4 Year Roth IRA Certificate|
|1.40%||$100||-||4 Year Education IRA Certificate|
|1.00%||$100||-||3 Year IRA Certificate|
|1.00%||$100||-||3 Year Roth IRA Certificate|
|1.00%||$100||-||3 Year Education IRA Certificate|
|0.80%||$100||-||2 Year IRA Certificate|
|0.80%||$100||-||2 Year Roth IRA Certificate|
|0.80%||$100||-||2 Year Education IRA Certificate|
|0.65%||$100||-||15 Month IRA Certificate|
|0.65%||$100||-||15 Month Roth IRA Certificate|
|0.65%||$100||-||15 Month Education IRA Certificate|
|0.50%||$100||-||1 Year IRA Certificate|
|0.50%||$100||-||1 Year Roth IRA Certificate|
|0.50%||$100||-||1 Year Education IRA Certificate|
|0.40%||$100||-||6 Month IRA Certificate|
|0.40%||$100||-||6 Month Roth IRA Certificate|
|0.40%||$100||-||6 Month Education IRA Certificate|
|0.30%||$100||-||3 Month IRA Certificate|
|0.30%||$100||-||3 Month Roth IRA Certificate|
|0.30%||$100||-||3 Month Education IRA Certificate|
|Greenwood Credit Union Locations|
|Branch Office||2669 Post Rd||Warwick, RI 02886-3039|