Northern Federal Credit Union is headquartered in Watertown and is the 47th largest credit union in the state of New York. It is also the 925th largest credit union in the nation. It was established in 1955 and as of December of 2013, it had grown to 84 employees and 28,439 members. Northern Federal Credit Union has a C+ health rating.
Eligible persons are those who live, work, regularly do business in, worship or attend school in Jefferson County, Lewis County, or one of the following towns in St. Lawrence County, Canton, Clare, Clifton, Colton, Dekalb, DePeyster, Edwards, Fine, Fowler, Gouverneur, Hammond, Hermon, Hopkinton, Lawrence, Macomb, Piercefield, Pitcarin and Rossie. You may also qualify via select employer groups and via immediate family. Membership requires a minimum $5 balance in the share savings account. - See Details
Do not bank with this institution unless you enjoy encountering problems every time you need information or a document. Do not deal with this institution unless you enjoy banks that add fees and rules after you have an established account. This bank is awful.
From the website, 0.5% drop accross the board, effective April 1st.....No Joke.......Not even funny!
3.76% APY* on balances up to $25,000 - (Was 4.26%)
0.75% APY* on balances from $25,001 to $50,000 - (Was 1.25%)
0.25% APY* on balances over $50,000 - (Was 0.50%)
I got an account with this bank not long ago and a friend did as well. I have found that they are rude, condescending and supervisors do not return calls. I had multiple problems with Kathy, a supervisor in Adams and tried repeatedly to contact her supervisors and they never bothered returning the calls. The bank obviously does not care about its members.
1. Charged a fee twice for less than $5 in my savings account when they shouldn't have because the account is set up for an auto loan.
2. Tried to withdraw $500 from a NFCU ATM using another banks card. Because there was a charge for this from NFCU and the daily allowed limit is only $500 it wouldn't allow the transaction. The ATM recorded that I had indeed recieved the money when I actually hadn't. They blamed it on the other bank but it was their ATMs problem. They refused to balance their ATM to find the balance was $500 because they only do it once a week; not banking standard by any means. They would not make an exception. They did find the $500+ in their ATM balance.
3. Wouldn't cash a reimbursment check for $10 because it was written on a company Key Bank check. Said I was a "new" customer, in-fact I've been one for three years. They said I could deposit it without putting a hold on it first. I did have money in my account to cover this amount.
4. Making an auto loan payment with a debit card from another bank with my wifes debit card. They ran it through and check the name on the card after the transaction. Then they told me they had to void it out because my name wasn't on the card.My wifes name is on our NFCU account though. The money was then on-hold at my other ban.
5. Every time I switch my auto insurance policy I have to bring in paperwork to prove it. In the most recent case, I provided paperwork directly from my insurance company and they told me it wasnt enough. I then had to work with their 'headquarters' or an outsouced brance in TEXAS? Two months had gone by before it got straigtened out and they were charging me $30 extra per month for a policy they bought to protect 'themselves'. After all this, I recieved a call that everything was fixed. I asked what my payment would be next month and apparently it would be $20 higher than before even though they had refunded the amount of the additional insurance. They took another two days to figure this out.
I had multiple issues with my auto loan through Northern Federal Credit Union. Every time I went to have this issue resolved, the women that I spoke with were very rude. I was told "sorry I don't know how to help you" and that was as far as their resolution went until I spoke with a manager. I would like to mention that I have never been late on any account nor I have ever overdrawn an account. This issue was finally resolved 2 years later.
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 Northern Federal Credit Union had $3.28 million in non-current loans and owned real-estate with $14.89 million in equity and loan loss allowances on hand to cover it. This gives Northern Federal Credit Union a Texas Ratio of 22.01% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Northern Federal Credit Union experienced no significant changes from 21.19% as of December 31, 2012 to 22.01% as of December 31, 2013, resulting in a negative change of 3.89%. This indicates that the balance sheet and financial strength for Northern Federal Credit Union has had no significant changes in recent periods.
In the past year, Northern Federal Credit Union has increased its total deposits by $3.97 million, resulting in 2.41% 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 Northern Federal Credit Union has shown is above average.
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. Northern Federal Credit Union has $196.84 million in assets with $14.89 million in equity, resulting in a capitalization level of 7.56%, which is below average.
|Assets and Liabilities|
|Equity Capital||$13.37 million|
|Loan Loss Allowance||$1.52 million|
|Unbacked Noncurrent Loans||$2.31 million|
|Real Estate Owned||$971,000|
|Historic Data - December 2012|
|Equity Capital||$12.83 million|
|Loan Loss Allowance||$1.16 million|
|Unbacked Noncurrent Loans||$2.31 million|
|Real Estate Owned||$798,000|
|Profit Margin - Quarterly|
|Net Interest Margin||5.05%|
|Return on Assets||0.27%|
|Return on Equity||4.01%|
|Interest Income||$10.21 million|
Sorry, we do not have rate data for Northern Federal Credit Union
|Northern Federal Credit Union Locations|
|Branch Office||145 E Main St||Gouverneur, NY 13642-1408|
|Branch Office||10924 US Route 11||Adams, NY 13605-3125|
|Branch Office||5801 Number Four Rd||Lowville, NY 13367-3331|
|Branch Office||1180 Commerce Park Dr E||Watertown, NY 13601-2277|
|Branch Office||120 Factory St||Watertown, NY 13601-1958|
|Branch Office||88 Bridge St||Carthage, NY 13619|
|Branch Office||138 Factory St||Watertown, NY 13601-1958|