Charter Oak Federal Credit Union

Overview / Commentary
1055 Hartford Turnpike
Waterford, CT 06385

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 301st largest credit union in the nation. It was established in 1939 and as of March of 2024, it had grown to 194 employees and 87,255 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.
See current membership details

Reviews (4)

Charter Oak Review

Posted by: |

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

Posted by: |

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

Posted by: |

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.


Health Grade Components

NCUA #3413
Year Chartered1939
Primary Regulator
Profit Margin
Return on Assets - YTD1.1%
Return on Equity - YTD15.74%
Annual Interest Income$13.7MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$1.58B$1.52B
LoansQ1 2024vs Q1 2023$929.4MM$938.2MM
DepositsQ1 2024vs Q1 2023$1.4B$1.36B
Equity CapitalQ1 2024vs Q1 2023$108.9MM$94.2MM
Loan Loss AllowanceQ1 2024vs Q1 2023$4.9MM$5.3MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$2.8MM$1.7MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Charter Oak Federal Credit Union Savings Account Rates

3.00%*$0$2kBright Future Savings
OTHER TIERS: 0.25% $2k+
1.50%$0-Health Savings Account
0.05%$0-Regular Shares
0.05%$0-Holiday Club Account
0.05%$0-Vacation Club Account

Charter Oak Federal Credit Union Money Market Rates

2.50%*$0$2kAccumulator Money Market Account
OTHER TIERS: 0.05% $10k+ | 0.50% $6k - $10k | 1.50% $2k - $6k
0.30%*$100k*-Jumbo Money Market Account
OTHER TIERS: 0.05% $0 - $10k | 0.10% $10k - $50k | 0.20% $50k - $100k
0.30%*$100k*-Jumbo IRA Money Market Account
OTHER TIERS: 0.05% $0 - $10k | 0.10% $10k - $50k | 0.20% $50k - $100k
0.30%*$100k*-Jumbo Business Money Market Account
OTHER TIERS: 0.05% $0 - $10k | 0.10% $10k - $50k | 0.20% $50k - $100k

Charter Oak Federal Credit Union Checking Account Rates

3.00%*$0$10kGO Checking
OTHER TIERS: 0.25% $10k+
0.30%*$250k*$2mPremier Business Checking Account
OTHER TIERS: 0.05% $0 - $25k | 0.10% $25k - $100k | 0.25% $100k - $250k
0.30%*$250k*$2mNon-Profit 501 Checking
OTHER TIERS: 0.05% $0 - $25k | 0.10% $25k - $100k | 0.25% $100k - $250k
0.30%*$250k*$2mBasic Business Checking Account
OTHER TIERS: 0.05% $0 - $25k | 0.10% $25k - $100k | 0.25% $100k - $250k
0.05%$1k-Charter Classic Checking

Charter Oak Federal Credit Union CD Rates

4.75%$1k-8 Month Share Certificate Special
4.25%$1k-30 Month Share Certificate Special
0.50%$1k-24 Month Share Certificate
0.50%$1k-36 Month Share Certificate
0.50%$1k-48 Month Share Certificate
0.50%$1k-60 Month Share Certificate
0.50%$1k-18 Month Share Certificate
0.40%$1k-12 Month Share Certificate
0.30%$1k-6 Month Share Certificate
0.15%$1k-3 Month Share Certificate
0.05%$1k-30 Day Share Certificate

Charter Oak Federal Credit Union IRA Rates

4.25%$1k-30 Month IRA Certificate Special
0.50%$1k-24 Month IRA Certificate
0.50%$1k-36 Month IRA Certificate
0.50%$1k-48 Month IRA Certificate
0.50%$1k-60 Month IRA Certificate
0.50%$1k-18 Month IRA Certificate
0.40%$1k-12 Month IRA Certificate
0.30%$1k-6 Month IRA Certificate
0.15%$1k-3 Month IRA Certificate
0.05%$1k-30 Day IRA Certificate


Hartford Area

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