First founded for the benefit of Grumman Aircraft Engineering Corporation’s employees in 1941, Bethpage Federal Credit Union has grown to become one of the largest credit unions in the Northeast. Still headquartered in Bethpage, New York, Bethpage FCU has opened its field of membership to anyone who opens a savings account. Although its branch locations are all in Long Island or New York City, Bethpage FCU’s co-op network includes Shared Service Centers nationwide. It is also able to serve its nationwide membership through convenient online and mobile banking options.
In addition to its required regular savings accounts, Bethpage FCU offers a variety of personal deposit accounts, including savings accounts for children, young adults, and special purposes. Its free checking accounts feature free online and mobile banking, free online bill pay, and free mobile check deposit, as well as a free debit card.
Bethpage’s money market accounts yield tiered interest rates, depending on how much money is in the account. Terms for Bethpage’s Certificates of Deposit (CDs) range from 6 to 60 months, with a very low minimum initial deposit. Also, at the time of this writing, the credit union offers a 39-month bump-up certificate – which includes the one-time possibility of increasing the interest rate during the certificate’s term. Bethpage also provides a “Certificate Portfolio,” which helps members to create their own “CD ladder,” in which funds are deposited simultaneously into multiple CDs with increasing term lengths, in order to provide ready access to a portion of the funds as each CD matures. As for Individual Retirement Accounts (IRAs), Bethpage offers both traditional and Roth IRA CDs with very low minimum initial deposits. The terms for these IRA CDs also range from 6 to 60 months.
Bethpage FCU also offers a range of business depository banking products, including business checking accounts, business savings accounts, business CDs, and business money market accounts. The business savings account can be used as an overdraft protection measure for a business checking account. Business CD terms range from 3 to 60 months, and Bethpage allows businesses to use funds in these certificate accounts as collateral for loans. Finally, Bethpage’s business money market accounts have three dividend tiers, depending upon the account balance.
Bethpage Federal Credit Union is open to everyone in Connecticut, New Jersey, and New York, with a $5 minimum share account.
See current membership details
I have been banking at Bethpage Federal Credit Union for over 15 years. My experience at the credit union is that the customer service is excellent and all of the employees are willing to help. Their rates are extremely competitive from deposit rates to mortgage rates. I could not find better mortgage rates through one of the big banks. If there is one thing I would change it would be the online banking. The online banking is very antiquated and not as advanced as some of the bigger banks such as Chase and TD Bank. It takes some getting used to to navigate the online banking but once you get the hang of it its not too bad. The credit union also has no ATM fees from the credit union when using an ATM that is not the credit unions. For example if I were to use my ATM card at a chase ATM, I would only be charged the Chase fee and not the credit union fee.
I have trusted my money to Bethpage Federal Credit Union for a number of years now without any incident or worry. I first approached my local branch not knowing very much about investing; the employees were friendly, not intimidating, and knowledgeable. They answered all of the questions I had and helped me open several accounts that made sense for me. Their rates are competitive, and I ended up opening a CD with the option to upgrade (once) to a higher rate if/when it became available. I feel secure and well taken care of by Bethpage.
Bethpage credit union has a competitive interest rate. That is the only reason I even joined up with them after previously being with TD Bank. TD Bank gave around .01 interest whereas Bethpage was giving 1%
I would be getting the interest every month at the end of the month but they gave me so many issues the first month. I would be asking them if I am going to receive the money and they kept giving me conflicting answers. It was very frustrating but in the end I did get the interest and i have been getting the interest ever since then. Their app is okay but it can be a bit glitchy. The app is better used with mint or something else. overall it is good if you want better interest than typical banks
This bank is great unless you run into a problem- Then all hell happens. During Covid pandemic - while I was trying to keep my life together my bank account was hacked and Bethpage allowed fraudulent charges to be processed for 6 months. I checked my account numerous times but bc the charges were scattered and few throughout the day it was hard to detect. I didn't notice until 6 moths later - $7000 was taken little by little all charges from another state - without any alert or warning. Bethpage only refunded me half the amount - and said it was my responsibility too. I have never experienced this before - I am suing them for the rest of MY money - that I, as a client have entrusted them to protect. I think it is very convenient for Bethpage to charge members such a high price/penalty for a breach to their own system. It gives them zero incentive to make their system better. Their customer service was HORRENDOUS! I moved my mortgage and left Bethpage forever-
|Return on Assets - YTD||1.56%|
|Return on Equity - YTD||17.79%|
|Annual Interest Income||$283.8MM|
|Assets and Liabilities|
|Assets||Q4 2021vs Q4 2020||$11.47B$10.38B|
|Loans||Q4 2021vs Q4 2020||$6.69B$6.34B|
|Deposits||Q4 2021vs Q4 2020||$10.07B$9.18B|
|Equity Capital||Q4 2021vs Q4 2020||$992.2MM$884.3MM|
|Loan Loss Allowance||Q4 2021vs Q4 2020||$77.6MM$100.2MM|
|Unbacked Noncurrent Loans||Q4 2021vs Q4 2020||$91.9MM$114.1MM|
|Real Estate Owned||Q4 2021vs Q4 2020||$261.00K$261.00K|
Rates for Bethpage Federal Credit Union are currently being reviewed.