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877-661-3300
30 Pond Street
Sharon, MA 02067

Sharon Credit Union is headquartered in Sharon and is the 20th largest credit union in the state of Massachusetts. It is also the 464th largest credit union in the nation. It was established in 1956 and as of December of 2013, it had grown to 64 employees and 30,253 members. Sharon Credit Union has a A health rating.

Field of Membership Restrictions

Must live or work in Norfolk, Suffolk, Middlesex, Plymouth, Barnstable or Bristol County. - See Details

Reviews (2)

Overdraft Protection Services

Be very careful with this institution when using their OPS services. Their practices are very beneficial for the institution but incredibly expensive to the consumer. When charging OPS fees ($30.00 per transaction), they use the following practices: 1) They will not recognize any deposits held for "clearance". Up to two full days. Even though the deposit check has cleared according to the issuing bank, they will not apply the funds to your account until their standard hold period. If you are close to a negative balance prior to the deposit, they will charge OPS fees on every single transaction until the end of the hold period. A cup of coffe paid with your debit card could cost you and extra $30! 2) They remove funds associated with "pending" transactions even though the institution isuing the pending transaction has not actually withdrawn the funds. This can lead to doubling or tripling your fees on the associated transactions.

Example: Saturday you have $200.00 in your account but there are 3 pending transactions: 1 each for $25.00. You then go out and spend $150.00 for dinner thinking you have a buffer of $50 or so until you get to the bank on Monday to make a deposit to create a better buffer. Pending transactions do not show on your on-line electronic statement. They are reflected on your available balance when they are communicated to your bank. The funds for the pending transactions have not been withdrawn by the institution issuing the pending transaction but Sharon Credit Union removes them from your "available" balance and charges you an OPS fee for the $150 (pending) transaction ($30). Then when the funds are actually transferred to the pending institution they charge you another $30 fee for each of the three $25 previously pending transactions. Once the first OPS fee is charged, you are down another $30 which burns the funds for one $25 pending transaction, etc. When you check your account on line Monday morning you are now out $120 simply because they remove the funds for pending transactions effectively twice. Once while pending (they remove them from your "available" balance) Then when the funds are actually withdrawn. Both situations qualify for OPS fees. Without this practice, even if you didn't get to the bank before the pending transactions were cleared, there would be only 1 OPS fee because the account never actually went negative until the last pending $25 transaction clears and the funds are actually removed from your account. And the $150 dinner was a pending transaction, too! Funds are actually still there.

This is the stuff that gets class action suits filed against banks.  

 

I Would Try Another Credit Union

Have you ever been to there Mansfield or Sharon branches? I go out of my way to go to the one in Foxboro, as they are the only FRIENDLY people that work at this bank. You would think you're dealing with BoA when trying to talk to their tellers or other departments. Overdraft protection is one of the biggest bank scams, but Sharon Credit Union is the worse! They don't treat their customers any different whether you've been there 20 years or 1 day. When you walk into their branches, and they figure out who you are and get to looking at your account, they are very petty and tend to whisper about you while you're either right in front of them or as soon as you turn your back to walk out. VERY UNPROFESSIONAL group of people to deal with. The management is even WORSE. Maybe it's the way they treat their employees that makes them all so miserable. That is why I've moved my accounts out of Sharon Credit Union and to another credit union, and I'm much happier! To all you out there feeling the same way, move your accounts, don't be afraid, try another bank. I bet you'll notice a big difference!



Health

Data for Q4 2013

Institution Health

A

Texas Ratio

GRADE:
A+

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 Sharon Credit Union had $1.87 million in non-current loans and owned real-estate with $53.94 million in equity and loan loss allowances on hand to cover it. This gives Sharon Credit Union a Texas Ratio of 3.46% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Sharon Credit Union experienced no significant changes from 3.03% as of December 31, 2012 to 3.46% as of December 31, 2013, resulting in a negative change of 14.34%. This indicates that the balance sheet and financial strength for Sharon Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Sharon Credit Union has increased its total deposits by $8.96 million, resulting in 2.24% 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 Sharon Credit Union has shown is above average.

Capitalization

GRADE:
A

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. Sharon Credit Union has $466.28 million in assets with $53.94 million in equity, resulting in a capitalization level of 11.57%, which is excellent.

Institution Statistics

Overall
NCUA #67836
Year Chartered1956
Employees64
Primary Regulator
Assets and Liabilities
Assets$466.28 million
Loans$263.83 million
Deposits$408.20 million
Equity Capital$52.82 million
Loan Loss Allowance$1.12 million
Unbacked Noncurrent Loans$1.79 million
Real Estate Owned$75,000
Historic Data - December 2012
Assets$453.80 million
Equity Capital$51.24 million
Loan Loss Allowance$1.65 million
Unbacked Noncurrent Loans$1.79 million
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin3.7%
Return on Assets0.34%
Return on Equity3%
Interest Income$11.59 million
Rates

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

Sharon Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.30%--SCU Direct Savings Account
0.15%--IRA Share Account
0.15%--Roth IRA Share Account
0.15%--Coverdell Education Savings Account
0.10%--Share Account
0.10%--Smart Saver Club for Kids
0.10%--Holiday Savings Club

Sharon Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.20%$50k-Money Market Account

Sharon Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.15%$10k-My Interest Plus Checking
0.10%$5k-My Business Checking

Sharon Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.35%$1k-60 Month CD
1.20%$1k-48 Month CD
1.15%$1k-36 Month Step Up Year 1 CD
1.15%$1k-36 Month Step Up Year 2 CD
1.15%$1k-36 Month Step Up Year 3 CD
1.05%$1k-36 Month CD
0.85%$1k-24 Month CD
0.60%$1k-18 Month CD
0.50%$1k-12 Month CD
0.30%$1k-6 Month CD
0.25%$1k-3 Month CD

Sharon Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.30%$250-60 Month IRA (Traditional,Roth,CESA)
1.15%$250-42 Month IRA (Traditional,Roth,CESA)
1.10%$1k-36 Month Step Up Year 2 IRA (Traditional,Roth,CESA)
1.10%$1k-36 Month Step Up Year 3 IRA (Traditional,Roth,CESA)
0.85%$250-30 Month IRA (Traditional,Roth,CESA)
0.55%$250-18 Month IRA (Traditional,Roth,CESA)
0.45%$250-12 Month IRA (Traditional,Roth,CESA)
Locations


Sharon Credit Union Locations
Branch Office30 Pond StSharon, MA 02067-2040
Branch Office31 N Washington StNorth Attleboro, MA 02760-1650
Branch Office121 Main StFoxboro, MA 02035-1869
Branch Office100 Forbes BlvdMansfield, MA 02048-1145
Branch Office2 Union StEast Walpole, MA 02032-1018
Branch Office42 Pond StSharon, MA 02067