Empower Federal Credit Union is headquartered in Syracuse and is the 10th largest credit union in the state of New York. It is also the 128th largest credit union in the nation. It was established in 1939 and as of December of 2022, it had grown to 616 employees and 250,150 members at 29 locations. Empower Federal Credit Union's CD rates are 4X the national average, and it has a B+ health rating.
Membership in Empower Federal Credit Union is open to those who live, work, worship, or attend school in the following areas: (1) the Cities of Buffalo, Binghamton, Syracuse, and Utica; (2) the towns of Geddes, Cheektowaga, and Union; (3) Oswego County; (4) designated areas of Liverpool, Montgomery County, Village of New York Mills, City of Elmira (except census tract #5, West Elmira, and Big Flats), Village of Elmira Heights, Nedrow, and Village of Horseheads. Membership is also open to employees and members of over 300 Select Employee Groups.
See current membership details
I have never banked with a credit union until I decided to open an account at Empower. I had heard great things about them for years from friends and work colleagues. I was tired of banking with other institutions because of crazy fees and ridiculous overdraft charges. I finally had enough and decided to go in and check out Empower to see what they had to offer. I was immediately impressed with the level of professionalism and friendliness I encountered as soon as I walked into the bank! The gentleman that helped me open the account was very helpful, kind, and patient. I was also surprised to find that the requirements to sign up for an account with Empower was easy and very doable for someone like me with a limited income. Only a $50 minimum deposit and I was able to open not only a checking account, but also a savings account with no additional cost! No annual fees, respectable overdraft charges with excellent overdraft protection, and I only needed to keep a minimum balance of $25 in my savings account. I also received a several books of checks for free and free debit transactions each month! They also offered direct deposit which is very convenient because I work a lot and don't always have the time to go and cash my checks. I was also offered a line of credit with great interest rates (which I politely turned down). I was also happy to learn that they have a program in which they help new homeowners purchase houses! They also offer a wide variety of savings and investment options, I can get my taxes done for a very reasonable fee, and they even have a free coin counter in house which is great because I love turning my change into cash to put into my account! Overall my experience with Empower was and continues to be amazing! I am completely satisfied and never happier that I decided to bank with them!
Once you try this organization, you will wonder how you banked anywhere else. once upon a time I was with Solvay Bank. Terrible, especially in comparison.
My wife and I have now moved everything over to Empower, and have not regretted it one bit.
Just the savings from fees is worth it. Rates are great and the customer service is second to none.
If you qualify to bank here - do it!
Terrible response from management when there was fraud on my credit card. They were ignoring me and telling me essentially not to worry about it as if they were speaking to someone stupid would say "Oh, OK. I won't worry about it". Being patronizing and not showing me respect. Trying to get me to just let it blow over. That is so unprofessional.
Overall | |
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NCUA # | 3025 |
Year Chartered | 1939 |
Employees | 616 |
Primary Regulator |
Profit Margin | |
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Return on Assets - YTD | 1.1% |
Return on Equity - YTD | 13.48% |
Annual Interest Income | $109.5MM |
Assets and Liabilities | ||
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Assets | Q4 2022vs Q4 2021 | $3.19B$2.94B |
Loans | Q4 2022vs Q4 2021 | $2.43B$1.98B |
Deposits | Q4 2022vs Q4 2021 | $2.66B$2.56B |
Equity Capital | Q4 2022vs Q4 2021 | $255.0MM$272.6MM |
Loan Loss Allowance | Q4 2022vs Q4 2021 | $31.1MM$32.7MM |
Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $15.6MM$14.1MM |
Real Estate Owned | Q4 2022vs Q4 2021 | $0$690.00K |
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.