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 276th largest credit union in the nation. It was established in 1939 and as of December of 2020, it had grown to 201 employees and 81,491 members at 16 locations. Charter Oak Federal Credit Union has an A health rating.
Field of Membership Restrictions
Membership in Charter Oak Federal Credit Union is open to those who live, work, attend school, volunteer, or worship in New London and Windham Counties in Connecticut.
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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.
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 Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 3413 |
| Year Chartered | 1939 |
| Employees | 201 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.5% |
| Return on Equity - YTD | 5.42% |
| Annual Interest Income | $38.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $1.41B$1.18B |
| Loans | Q4 2020vs Q4 2019 | $858.1MM$907.6MM |
| Deposits | Q4 2020vs Q4 2019 | $1.19B$937.7MM |
| Equity Capital | Q4 2020vs Q4 2019 | $127.1MM$117.0MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $6.5MM$5.2MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $4.7MM$3.8MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $0$0 |
