Garden Savings Federal Credit Union is headquartered in Parsippany and is the 7th largest credit union in the state of New Jersey. It is also the 799th largest credit union in the nation. It was established in 1968 and as of June of 2023, it had grown to 65 employees and 26,984 members at 4 locations. Garden Savings Federal Credit Union has a B health rating.
Membership in Garden Savings Federal Credit Union is open to residents of New Jersey, New York, and Pennsylvania through membership in the American Consumer Council. Membership is also open to those who live, work, worship, attend school, volunteer, or regularly conduct business in the New Jersey cities of Newark, Elizabeth, or Jersey City. Employees of General Dynamics Advanced Information Systems, Bellco Laboratories, and more than 170 Select Employer Groups also qualify for membership. Immediate family members of anyone eligible to join, also qualify for membership.
See current membership details
And possibly deceptive at worst.
Not unlike the first poster above, I had a similar experience. Despite sending and providing all my information it took GSFCU a good 4-5 days to process my initial application.
I got a call from one of their reps to let me know i'd been approved only to then be informed the 4-year high rate CD promotion was no longer available.
I question whether it was ever really available or if it was just a bad combination of trolling for new money and/or attention.
I will not do business with this bank again and am frankly disinclined to waste much time in search of high yields when these practices are far from uncommon.
As soon as I found out about your 4.08% APY 4 year CD I have applied online on November 7th. Though I've forgot to attach my DL picture at first I had been informed of that and I had provided all the necessary information next day.
A few days later when I saw the $5 withdraw from my bank account I figured out that I became FCU member but then the high APY CD was gone already (after 7-10 days!). I've tried to find out via phone and e-mail from Jennifer Garcia (rep) if I still can have the 4.08% CD but no answer either 24 hours nor days later.
However a few days later I've got a link for funds verification process, When I went through that,on the last p age I've got informed that FCU will fund 5 year CD. It's not what I've applied for 10 days ago! At the time they had 4.08% 4 year CD and I wanted to have it,
Since it was not available anymore I had to request to cancel the transfer.
So I went through all the hassle for nothing, totally wasted my time!!!
I'm really disappointed in their application process and customer service.
Seems like if you are not a member don't even bother because until you get approved the high rate probably will be gone!
|Return on Assets - YTD||0.79%|
|Return on Equity - YTD||12.45%|
|Annual Interest Income||$10.2MM|
|Assets and Liabilities|
|Assets||Q2 2023vs Q2 2022||$426.0MM$413.0MM|
|Loans||Q2 2023vs Q2 2022||$307.6MM$278.7MM|
|Deposits||Q2 2023vs Q2 2022||$357.0MM$375.4MM|
|Equity Capital||Q2 2023vs Q2 2022||$26.8MM$27.3MM|
|Loan Loss Allowance||Q2 2023vs Q2 2022||$0$4.9MM|
|Unbacked Noncurrent Loans||Q2 2023vs Q2 2022||$2.0MM$3.2MM|
|Real Estate Owned||Q2 2023vs Q2 2022||$0$0|
Rates for Garden Savings Federal Credit Union are currently being reviewed.
|Garden Savings Federal Credit Union Locations|
|Branch Office||120 Ferry St||Newark, NJ 07105|
|Branch Office||23 Prospect St||Dover, NJ 07801|
|Branch Office||129 Littleton Rd||Parsippany, NJ 07054-1869|
|Branch Office||15 Scotland Rd||South Orange, NJ 07079|