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 291st largest credit union in the nation. It was established in 1939 and as of March of 2025, it had grown to 194 employees and 88,152 members at 15 locations. Charter Oak Federal Credit Union has a B+ health rating.
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
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.
Overall | |
---|---|
NCUA # | 3413 |
Year Chartered | 1939 |
Employees | 194 |
Primary Regulator |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.7% |
Return on Equity - YTD | 20.07% |
Annual Interest Income | $15.4MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q1 2025vs Q1 2024 | $1.66B$1.58B |
Loans | Q1 2025vs Q1 2024 | $921.2MM$929.4MM |
Deposits | Q1 2025vs Q1 2024 | $1.45B$1.4B |
Equity Capital | Q1 2025vs Q1 2024 | $138.5MM$108.9MM |
Loan Loss Allowance | Q1 2025vs Q1 2024 | $4.2MM$4.9MM |
Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $4.1MM$2.8MM |
Real Estate Owned | Q1 2025vs Q1 2024 | $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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
3.00%* | $0 | $2k | Bright Future Savings | ||
OTHER TIERS: 0.25% → $2k+ | |||||
1.50% | $0 | - | Health Savings Account | ||
0.05% | $0 | - | Regular Shares |