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138 Factory St
Watertown, NY 13601-1958

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 936th largest credit union in the nation. It was established in 1955 and as of March of 2014, it had grown to 86 employees and 28,838 members. Northern Federal Credit Union's savings rates are 10X the national average, and it has a B health rating.

Field of Membership Restrictions

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

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Reviews (5)

Do Not Bank With This Institution Unless You Enjoy Encountering Problems Every Time You Need

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.

Northern Federal Credit Union - Premium Choice Checking ; Top Tier Rate Dropped From 4.26% To 3.76%

 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%)

Do Not Do Business With Them

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.

5 Isolated Incidents Explain Why NFCU Is TERRIBLE

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.

Dissatisfied Member Of NFCU

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.


Data for Q1 2014

Institution Health


Texas Ratio


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 Northern Federal Credit Union had $3.1 million in non-current loans and owned real-estate with $15 million in equity and loan loss allowances on hand to cover it. This gives Northern Federal Credit Union a Texas Ratio of 20.64% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Northern Federal Credit Union experienced no significant changes from 17.78% as of March 31, 2013 to 20.64% as of March 31, 2014, resulting in a negative change of 16.09%. This indicates that the balance sheet and financial strength for Northern Federal Credit Union has had no significant changes in recent periods.

Deposit Growth


In the past year, Northern Federal Credit Union has increased its total deposits by $6.4 million, resulting in 3.75% 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 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. Northern Federal Credit Union has $199.54 million in assets with $15 million in equity, resulting in a capitalization level of 7.52%, which is below average.

Institution Statistics

NCUA #10578
Year Chartered1955
Primary Regulator
Assets and Liabilities
Assets$199.54 million
Loans$179.82 million
Deposits$177.00 million
Equity Capital$13.47 million
Loan Loss Allowance$1.53 million
Unbacked Noncurrent Loans$2.12 million
Real Estate Owned$979,000
Historic Data - March 2013
Assets$192.31 million
Equity Capital$12.80 million
Loan Loss Allowance$1.34 million
Unbacked Noncurrent Loans$2.12 million
Real Estate Owned$1.03 million
Profit Margin - Quarterly
Net Interest Margin1.29%
Return on Assets0.21%
Return on Equity3.15%
Interest Income$2.53 million

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

Northern Federal Credit Union Savings Account Rates

5.00%-$500NEXT eSavings
0.50%$5k$10kEasy Savings Account
0.50%--IRA Savings
0.50%--Roth IRA Savings
0.50%--Coverdell Educational Savings Account
0.30%$50k-High Yield Savings
0.25%$5k-Health Savings Account
0.20%$25k-Basic Savings
0.20%$25k-Club Account

Northern Federal Credit Union Money Market Rates

0.25%$10k-Money Market

Northern Federal Credit Union Checking Account Rates

2.26%-$25kPremium Choice Checking - Qualifying
1.01%-$15kChoice Rewards Checking - Qualifying
0.25%$2,500-Ag-Growth Checking
0.10%--Choice Rewards Checking - Non Qualifying

Northern Federal Credit Union CD Rates

0.25%$500-6 Month CD - Best
0.25%$500-12 Month CD - Best
0.25%$500-18 Month CD - Best
0.25%$500-24 Month CD - Best
0.25%$500-30 Month CD - Best
0.25%$500-36 Month CD - Best
0.25%$500-60 Month CD - Best
0.25%$500-48 Month CD - Best
0.20%$500-6 Month CD - Better
0.20%$500-12 Month CD - Better
0.20%$500-18 Month CD - Better
0.20%$500-24 Month CD - Better
0.20%$500-30 Month CD - Better
0.20%$500-36 Month CD - Better
0.20%$500-48 Month CD - Better
0.20%$500-60 Month CD - Better
0.15%$500-6 Month CD - Good
0.15%$500-12 Month CD - Good
0.15%$500-18 Month CD - Good
0.15%$500-24 Month CD - Good
0.15%$500-30 Month CD - Good
0.15%$500-36 Month CD - Good
0.15%$500-48 Month CD - Good
0.15%$500-60 Month CD - Good

Northern Federal Credit Union IRA Rates

0.25%$500-6 Month IRA - Best
0.25%$500-1 Year IRA - Best
0.25%$500-18 Month IRA - Best
0.25%$500-2 Year IRA - Best
0.25%$500-30 Month IRA - Best
0.25%$500-3 Year IRA - Best
0.25%$500-4 Year IRA - Best
0.25%$500-5 Year IRA - Best
0.20%$500-6 Month IRA - Better
0.20%$500-1 Year IRA - Better
0.20%$500-18 Month IRA - Better
0.20%$500-2 Year IRA - Better
0.20%$500-30 Month IRA - Better
0.20%$500-3 Year IRA - Better
0.20%$500-4 Year IRA - Better
0.20%$500-5 Year IRA - Better
0.15%$500-6 Month IRA - Good
0.15%$500-1 Year IRA - Good
0.15%$500-18 Month IRA - Good
0.15%$500-2 Year IRA - Good
0.15%$500-30 Month IRA - Good
0.15%$500-3 Year IRA - Good
0.15%$500-4 Year IRA - Good
0.15%$500-5 Year IRA - Good

Northern Federal Credit Union Locations
Branch Office145 E Main StGouverneur, NY 13642-1408
Branch Office10924 US Route 11Adams, NY 13605-3125
Branch Office5801 Number Four RdLowville, NY 13367-3331
Branch Office1180 Commerce Park Dr EWatertown, NY 13601-2277
Branch Office120 Factory StWatertown, NY 13601-1958
Branch Office88 Bridge StCarthage, NY 13619
Branch Office138 Factory StWatertown, NY 13601-1958