New York University Credit Union
New York University Credit Union is headquartered in NEW YORK and is the 214st largest credit union in the state of New York. It is also the 4,035th largest credit union in the nation. It was established in 1982 and as of December of 2013, it had grown to 4 employees and 4,032 members. New York University Credit Union has a C+ health rating.
Field of Membership Restrictions
Must be a faculty, staff, student, alumni or retiree of the New York University community. - See Details
NYU FCU Sucks
I wanted to give credit unions a chance as well and boy what a dissapointment. I dealt mostly with the "CEO" of this credit union, a certain Mira Ness. To say she is an emberessment to the NYU community is an understatement.
We wanted to refi our mortgage since the rates have been going down lately. We submitted the application but we found a better deal (.25% better) somewhere else. Instead of attempting to match that, CEO Ness immediatelly started asking for the non-refundable application fee and underwriting fees, around $800. She then started threatening she would garnish my wages if I did not pay. Fortunatelly I am an attorney and not easily intimidated by an old hag like CEO Ness.
They would not give me a rate until I file an application so they can run a credit check. But then once you tell them you found a better deal elsewhere Ness comes in and tries to extort some money out of you. Does not make a lot of sense.
Really Disappointing
I'd very much prefer to use a credit union over a bank but had to switch back because while I don't like my bank, it is at least more convenient.
This credit union offers extremely poor customer service from both low-level staff and the people in charge; I never encountered anything but errors and poor communication from them. In addition, there are quite a number of hidden fees.
It's really too bad there is not a better alternative.
NYU Federal Credit Union - Slow, Frustrating, 19Th Century Banking Practices!
I joined the credit union in response to the backlash against the larger, commercial banks, at the height of the Occupy movement last year. It's been frustrating and often infuriating to deal with this campus branch. They still use ancient banking hours, 9-3pm, which, given our 24hr financial needs, does not make good business sense. While the ATMs are accessible on and near NYUs campus, outside of Manhattan, there are fewer interlinks, so you're still forced to use the commercial bank ATMs and are charged fees anyway. Recently I needed them to locate a disputed electronic payment and they treated me like I was imposing tasks that had never been required of a bank. Once you're tagged for being "demanding" of them, i.e., provide professional and curtious service, they tag you a trouble maker, keep you on hold when you call, or pass you around to several reps, or take days to followup with requests. I'm running back to TD Bank or Chase!! At least they pretend to be interested in you as a customer.
Great Experience, Fast And Professional
I went to the NYU Credit Union after my bank ran me through the mill about a loan against my house. I'd paid off two loans to that bank and have a very good credit rating. During that loan process, I dealt with five different people, each of which didn't know what the other had done. It was humiliating. I decided to try the NYU credit union. They were fast and professional and I got the loan in 10 days.
I don't believe in on-line reviews. People can say anything. You don't know who's talking. The cloak of anonymity makes cowards into experts and heros. But the big banks say what they want too. And I remember 2008, when the big banks dragged this country into near financial collapse. I remember the fancy excuses and long talk while thousands of heartbroken, hard working people lost their homes. That's what drew me to the credit union too.
Getting this loan was a smooth and painless experience. Mira Ness and her staff were very effecient, professional and fast moving. I got the loan I want with minimum fuss in ten days. They walked me through the process. They patiently explained everything that needed to be done. The interest rate was as competitive as my big bank. I am very pleased with it, and plan to tell my family and friends about the benefits of letting their money work in ways that benefit the people, as opposed to the very few.
I recommend this credit union highly and without reservation.
James McBride
NYU FCU - Smooth Sailing With My Refinance
I was a mortgage broker for many years and now overseeing a small banking institution. NYU FCU's processing of my home refinance was executed without a hitch; from the application to closing, the process and the people were excellent. This is coming from someone who has experienced the issues that often arise in todays mortgage application process.
NYU FCU reviewed the initial application, we had a few exchanges of documents and questions, locked the rate, appraisal and shortly there after we were ready to schedule. Took about 2 months - typical. I spoke to representatives no more than twice over the course of the loan review process. The key to a successful experience with mortgage applications is cooperation and understanding on both ends; provide the lender exactly what they ask for, and HELP the underwriter understand your financial and personal situations; do not leave it up to the underwriter to figure it out.
Rate was excellent, fees were nothing out of the ordinary. Prior to closing we had a clear understanding of the figures and it took no more than 45mins to close.
Thank you
Anthony G.
NYUFCU Four Stars In My Book
I will admit, several years ago when I joined New York University Federal Credit Union, I had some issues with the lack of services. That has dramatically changed now and I can see services here at NYUFCU that I don't see with large banking institutions. I love the online bill pay services, including payments to individuals, Smartphone services, and a few other tools which make banking a breeze no matter where I am...
Reciently, along with many others I was a victum of, "Super Storm" Sandy, and was without power and heat for a month. I lost my car in the storm as well. My insurance would not pay, I was denied help from FEMA, SBA denied me a loan and I was in rough shape.
With the help of Mira Ness and her team at New York University Federal Credit Union along with The New York Credit Union Foundation I was awarded a grant to help me with the loss. Now that's something I don't think ANY mainstream bank or financial institution would do for a customer.
Thank you Mira for all your help...
An Excellent Experience Consolidating Debt
My husband and I met with Mira Ness the CFO of NYUFCU at lunchtime. We wanted to consolidate our debt and, after checking banking rates, decided to take advantage of the NYU credit union benefit.
Our experience was nothing short of impressive and wholeheartedly met with great success. We had done our homework and arrived with all of the details for the accounts that we wanted to consolidate. Mira was immediately responsive and attentive. I had a million questions and she had a million answers, with detailed back-up. Mira handled this matter with efficiency and tact. Within a ½ hour of meeting her, we were provided with competitive rates, a plan and resolution. By the time I returned to my midtown office (a 20 minute train ride), checks had been cut and sent out to the consolidated accounts on our behalf. When we calculated the time spent on the entire transaction, we were both pleased with the efficiency of the process. We have the added carrot of receiving excellent rates, which compounds into more dollars saved.
Thank you Mira Ness for your efficiency and your dedication to customer service excellence, great rates and the good nights’ sleep that ensued!
Data for Q4 2013
Institution Health
Texas Ratio
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 December 31, 2013 New York University Credit Union had $22,000 in non-current loans and owned real-estate with $1.1 million in equity and loan loss allowances on hand to cover it. This gives New York University Credit Union a Texas Ratio of 2.01% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for New York University Credit Union decreased dramatically from 4.11% as of December 31, 2012 to 2.01% as of December 31, 2013, resulting in a positive change of 51.14%.This indicates that the balance sheet and financial strength for New York University Credit Union has improved dramatically in recent periods.
Deposit Growth
In the past year, New York University Credit Union has decreased its total deposits by $-8,000, resulting in -0.07% 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 New York University Credit Union has shown is average.
Capitalization
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. New York University Credit Union has $13.74 million in assets with $1.1 million in equity, resulting in a capitalization level of 7.98%, which is below average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 23958 |
| Year Chartered | 1982 |
| Employees | 4 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $13.74 million |
| Loans | $10.72 million |
| Deposits | $12.29 million |
| Equity Capital | $1.03 million |
| Loan Loss Allowance | $66,000 |
| Unbacked Noncurrent Loans | $22,000 |
| Real Estate Owned | $0 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $13.46 million |
| Equity Capital | $949,000 |
| Loan Loss Allowance | $49,000 |
| Unbacked Noncurrent Loans | $22,000 |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 5.47% |
| Return on Assets | 0.58% |
| Return on Equity | 7.77% |
| Interest Income | $636,000 |
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New York University Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.11% | $50 | - | IRA Share Account | |
| 0.06% | $50 | - | Holiday Club Account | |
| 0.06% | $50 | - | Vacation Club Account | |
| 0.06% | $50 | - | Share Savings Account |
New York University Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.11% | $1k | - | Money Market Account |
New York University Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.11% | $1k | - | 1 Year CD |
New York University Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.11% | $500 | - | 1 Year IRA |
| New York University Credit Union Locations | ||
|---|---|---|
| Branch Office | 14 Washington Pl | New York, NY 10003-6609 |