Pinnacle Federal Credit Union is headquartered in Edison and is the 21st largest credit union in the state of New Jersey. It is also the 1,176th largest credit union in the nation. It was established in 1962 and as of September of 2013, it had grown to 40 employees and 21,256 members. Pinnacle Federal Credit Union has a C+ health rating.
Field of Membership Restrictions
If you work for one of Pinnacle's over (250) businesses, you can become a member of Pinnacle. Pinnacle also has a partnership with the American Consumer Council. Simply join the American Consumer Council and you'll be automatically eligible for membership. Once you are a Pinnacle member, your immediate family and household members are also eligible to join Pinnacle. - See Details
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Terrible Credit Union
I have been with Pinnacle FCU since 1993. Used to be a great Credit Union, but is 100% horrible. When I call the credit union you can clearly hear member services pick up & then hang up. They have very few people to answer calls, so you can't call the credit union if you run into any issues. I have complained about member services hanging up on calls. But no one cares or has fixed. After 8 times calling back, I finally got someone to answer. They advised phones systems & possible disgruntled employees...
Pinnacle FCU
Express mailed Pinnacle a complete package of all items which were requested. Went over every detail with the representative. On my cover sheet, requested a call or email on opening account. Seven days later, rec'd in the mail, all my items plus a form stating can't open trust account. No phone call or email regarding the subject. They had stated before you could use a trust as the beneficary. I think what got me, was no phone call or email to clear-up the item.
Change For The Worst
The Pinnacle credit union used to be a shining example of what set credit unions apart from banks. Your longevity as a member counted as much as your "credit score" does today. You were judged on your character as a member, as well as on the fine print of your balance sheet. You were considered a "valuable" member of an organization, an owner of the credit union (since it was yours), along with all the other monies that were its life blood. There was a time when the annual credit union meeting was an event attended by 1000 people and held at the Pines manor in Edison. It was a true celebration of the spirit that made the credit union great. The last meeting had less than 25 people attending and it was at the home office on a Saturday morning. Customer service was something that was a first priority many years ago, but as new managers came on board that focus changed to the bottom line and now customer service at the credit union is non-existent. Calling the credit union meant having the phone answered on the first ring and getting an answer to whatever question you might ask. Calling now is like pulling the handle on a slot machine, the odds are you won't be a winner even if you get through to a person. It's a shame that an institution that once was the center of so many members financial worlds has stooped even caring about those same people.
EZ Customer Loan Payment
Have tried numerous times to register my account. The site precludes me from making the necessary entries. I am a first time user and not impressed.
Data for Q3 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 September 30, 2013 Pinnacle Federal Credit Union had $1.88 million in non-current loans and owned real-estate with $11.56 million in equity and loan loss allowances on hand to cover it. This gives Pinnacle Federal Credit Union a Texas Ratio of 16.24% 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 Pinnacle Federal Credit Union held steady from 16.96% as of September 30, 2012 to 16.24% as of September 30, 2013, resulting in a positive change of 4.26%.This indicates that the balance sheet and financial strength for Pinnacle Federal Credit Union has held steady in recent periods.
Deposit Growth
In the past year, Pinnacle Federal Credit Union has decreased its total deposits by -$7.56 million, resulting in -5.55% 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 Pinnacle Federal Credit Union has shown is below 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. Pinnacle Federal Credit Union has $140.88 million in assets with $11.56 million in equity, resulting in a capitalization level of 8.21%, which is average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 15095 |
| Year Chartered | 1962 |
| Employees | 40 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $140.89 million |
| Loans | $122.40 million |
| Deposits | $128.68 million |
| Equity Capital | $10.73 million |
| Loan Loss Allowance | $829,000 |
| Unbacked Noncurrent Loans | $1.71 million |
| Real Estate Owned | $172,000 |
| Historic Data - September 2012 | |
|---|---|
| Assets | $149.51 million |
| Equity Capital | $11.51 million |
| Loan Loss Allowance | $1.45 million |
| Unbacked Noncurrent Loans | $1.71 million |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 2.78% |
| Return on Assets | -0.35% |
| Return on Equity | -4.66% |
| Interest Income | $4.19 million |
Always verify rates and promotions with the bank or credit union. We are not Pinnacle Federal Credit Union, we are a rate comparison website and can not provide official rates or promotions.
Pinnacle Federal Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | - | - | Youth Savings | |
| 0.05% | $100 | - | Share Savings | |
| 0.05% | $50 | - | IRA Share Savings | |
| 0.05% | $100 | - | Vacation Club | |
| 0.05% | $100 | - | Holiday Club | |
| 0.05% | $50 | - | Roth IRA Share Savings | |
| 0.05% | $50 | - | CESA Share Savings |
Pinnacle Federal Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | $20k | - | Money Market Gold Account | |
| 0.15% | $20k | - | Money Market Investment Account |
Pinnacle Federal Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.05% | - | - | Choice Checking | |
| 0.05% | $100 | - | Premier Checking 55 Plus |
Pinnacle Federal Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.00% | $500 | - | 60 Month CD | |
| 0.75% | $500 | - | 48 Month CD | |
| 0.60% | $500 | - | 36 Month CD | |
| 0.50% | $500 | - | 24 Month CD | |
| 0.50% | $500 | - | 24 Month Youth CD | |
| 0.30% | $500 | - | 18 Month CD | |
| 0.25% | $500 | - | 12 Month CD | |
| 0.20% | $500 | - | 6 Month CD |
Pinnacle Federal Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.00% | $500 | - | 60 Month IRA | |
| 1.00% | $500 | - | 60 Month Roth IRA | |
| 1.00% | $500 | - | 60 Month CESA | |
| 0.75% | $500 | - | 48 Month IRA | |
| 0.75% | $500 | - | 48 Month Roth IRA | |
| 0.75% | $500 | - | 48 Month CESA | |
| 0.60% | $500 | - | 24 Month Youth IRA | |
| 0.60% | $500 | - | 36 Month IRA | |
| 0.60% | $500 | - | 24 Month Youth Roth IRA | |
| 0.60% | $500 | - | 36 Month Roth IRA | |
| 0.60% | $500 | - | 24 Month Youth CESA | |
| 0.60% | $500 | - | 36 Month CESA | |
| 0.50% | $500 | - | 18 Month IRA | |
| 0.50% | $500 | - | 24 Month IRA | |
| 0.50% | $500 | - | 18 Month Roth IRA | |
| 0.50% | $500 | - | 24 Month Roth IRA | |
| 0.50% | $500 | - | 18 Month CESA | |
| 0.50% | $500 | - | 24 Month CESA | |
| 0.25% | $500 | - | 12 Month IRA | |
| 0.25% | $500 | - | 12 Month Roth IRA | |
| 0.25% | $500 | - | 12 Month CESA | |
| 0.20% | $500 | - | 6 Month IRA | |
| 0.20% | $500 | - | 6 Month Roth IRA | |
| 0.20% | $500 | - | 6 Month CESA |
| Pinnacle Federal Credit Union Locations | ||
|---|---|---|
| Branch Office | 3C Buckingham Dr | Manchester, NJ 08759 |
| Branch Office | 135 Raritan Center Pkwy | Edison, NJ 08837 |