Citadel is headquartered in Exton and is the 4th largest credit union in the state of Pennsylvania. It is also the 59th largest credit union in the nation. It was established in 1937 and as of December of 2019, it had grown to 478 employees and 215,187 members at 25 locations. Citadel has an A health rating.
Citadel membership is open to those who reside, worship, attend school or work in the following counties of Pennsylvania: Chester, Bucks, Delaware, Montgomery, Philadelphia or Lancaster. Eligibility can also be extended to family or household individuals.
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My experience with Citadel has been overwhelmingly positive. I've had a checking and savings account with them for years, and have never been unsatisfied. They do not have hidden charges or fees, and are always extremely kind when I need to go into a branch office. Their mobile app is very helpful and lets me deposit checks by taking a picture of them on my phone! I'd highly recommend this FCU.
I have banked with Citadel off and on for ten or more years and find that they are only an "OK" financial institution. The benefits of banking at Citadel is that they require that you keep a minimum of only $5 in your savings account. Compared to other financial institutions that is definitely a plus. Their customer service is friendly and they are able to explain charges you incur well. One of my gripes about Citadel is that often they don't tell you up front what charges to expect at what particular time. When you look at your statement and find a negative balance due to charges you did not know you were incurring makes you feel like you have to always check up on them, always read the fine print and then confirm it with them in person to make sure you know what is going on.
Another complaint I have with Citadel is with their online banking system. Every time I log in I must get a security code, either emailed to me or sent to me by phone just to be able to log in. After I log in, I check the box to register the computer, expecting that the next time I won't need to get a security code; however every time I log in the Citadel I must get the security code. I have accounts with other banks, one of which is an online bank. The only reason I maintain the account with Citadel is that there are times when I need to deposit cash which I can't do easily with an online bank.
If it were not for the low minimum balance I can keep and the fact that they are a brick and mortar bank, I probably would not bank with them. As it is now, I use Citadel as a conduit to transfer cash to my online bank account.
After having had a number of issues I finally had enough when they put my savings account on Hold after I had made a large transfer to said account.
Their reasoning; they weren’t sure if the account where the funds came from was mine. Rather strange given I had been making regular transfers from the same account for 8 years. Try as I may, they have a hold on my account and I cannot get to my money.
I wonder what hoops they would make somebody jump through if you dare receive money from somebody else?
The most pathetic bank I have ever dealt with ... by far.
|Return on Assets - YTD||0.97%|
|Return on Equity - YTD||10.13%|
|Annual Interest Income||$143.8MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$3.78B$3.37B|
|Loans||Q4 2019vs Q4 2018||$3.53B$3.02B|
|Deposits||Q4 2019vs Q4 2018||$3.18B$2.84B|
|Equity Capital||Q4 2019vs Q4 2018||$358.3MM$320.9MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$13.4MM$12.5MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$11.2MM$11.2MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$0$229.00K|
Rates for Citadel are currently being reviewed.