Charter Oak Federal Credit Union is headquartered in Waterford and is the 3rd largest credit union in the state of Connecticut. It is also the 299th largest credit union in the nation. It was established in 1939 and as of June of 2023, it had grown to 196 employees and 86,454 members at 15 locations. Charter Oak Federal Credit Union has a B health rating.
Field of Membership Restrictions
Membership in Charter Oak Federal Credit Union is open to those who live, work, worship, attend school, or volunteer in the Connecticut counties of New London or Windham.
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Charter Oak Review
I went in just for free checking and got more than that for free. As long as I did direct deposit and had a minimum of a few thousand, I was able to get a huge interested return as gold member. Also, the mortgage rates offered to be were unbeatable compared to the big banks. The only thing I did not like and enjoyed is is mobile and website interface. It was great overall.
Unacceptably Rude Niantic Branch Management
I joined the Niantic Branch in mid-2019. Initially I had good experiences with the Branch. Unfortunately post covid i have watched the branch's service window narrow.
Lobby hours have been cut and Saturday hours have been eliminated at this branch. The 1990s era atm machines are so antiquated that we are unable to deposit checks and cash directly, but have to deposit them in an envelope and then wait until an employee opens them at a later date and inputs them manually. This can mean days before the customer has access to their cash deposit.
In addition the online banking system is at best wonky. I registered a trip to Europe with the online banking system - so that I could insure access to funds while I was aboard. While in Europe my card was declined EVERY time I attempted to use it despite registering my trip with the bank. Luckily my other credit and bank cards did not have this issue.
The final straw - the Online Check submission system caused a 10 day delay on a check from a household brand name Financial Services Company. Thinking this must be a mistake i visited branch in person to obtain help in this matter. Rather than attempting to help me with the problem caused by their faulty system - I was treated as a nuisance - dismissed by the incredibly rude manager who would not bother to speak with me nor even look at me or acknowledge my issue.
I then visited the main branch of the COFCU and spoke with management there. They addressed my issue an were able to effect a solution within a few minutes.
I was a big fan of Charter Oak Federal Credit union, but unfortunately the rude and neglectful service I experienced from the "manager" of my local branch has driven me to bank elsewhere.
Pretty Bad
I do wonder how they stay in business, I’m not sure the branch managers would be able to graduate high school. I had one decide to call the check writer to “verify” a check. Would you want to take some random guy’s word? Another time I overheard one asking another employee how do you get into the bank when the front door is locked. Guess you don’t need to worry about them stealing your money.
Anyways my favorite is how they like to do 7 business day holds on cashiers check. I’ll repeat that, 7 business days, which unless you come in on Monday or Tuesday becomes 2 weeks aka half a month, for something as good as cash. They claim it is for your protection. Yes I need protection from my own money. I hate when people lie to your face.
Would Not Recomend
I have had a checking account with this credit union for about five years. Every time I had made a check deposit in person, there has been an issue. One instance they kept me waiting for over twenty minutes because there was no manager to approve the check deposit (!). Their hold policies seem to be whatever the person doing the deposit feels like holding. They once held my payroll bonus check for over 15 days., even when presented with the corresponding pay stub. plan on closing this account as the last local bank check i deposited they held for ten business days. Not consistent on their policies. Oh, and by the way I have never bounced a check or deposited a bad check.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 3413 |
| Year Chartered | 1939 |
| Employees | 196 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.01% |
| Return on Equity - YTD | 16.92% |
| Annual Interest Income | $23.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $1.53B$1.57B |
| Loans | Q2 2023vs Q2 2022 | $934.4MM$888.6MM |
| Deposits | Q2 2023vs Q2 2022 | $1.38B$1.43B |
| Equity Capital | Q2 2023vs Q2 2022 | $91.6MM$93.0MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$7.7MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $1.6MM$1.4MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
