Greenwood Credit Union


Overview / Commentary
401-739-4600
2669 Post Rd
Warwick, RI 02886

Greenwood Credit Union is headquartered in Warwick and is the 3rd largest credit union in the state of Rhode Island. It is also the 497th largest credit union in the nation. It was established in 1948 and as of March of 2024, it had grown to 77 employees and 62,919 members at 2 locations. Greenwood Credit Union's money market rates are 9X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Greenwood Credit Union is open to anyone (regardless of residency status) by opening and maintaining a Share Account, with a minimum of a $5.00 balance
See current membership details

Reviews (3)

Best Bank Out There

Posted by: |

Although of course I respect the reviews that I’ve read, quite candidly I’m a bit surprised since I’ve consistently had the completely opposite experience. Over the five plus years that GCU has been my bank of choice for both my personal and business accounts, I continue to be amazed at the quality of their Customer Service. I’m also blown away at how a small bank finds ways to say yes while other banks, large and small simply say no.

A quick short example is that we tried without success to do a home equity loan with our current Wells Fargo mortgage. Even though thanks to their past shenanigans, I was not happy sending more business their way, it seemed to be the most straightforward approach. Mainly because we are halfway through a fifteen-year loan and of course the recent real estate boon had our home value much higher than when we purchased in 2003. To explain the one thing the critical reader may pick up on. Our original loan was not with Well’s Fargo and we refinanced our thirty year to a fifteen year eight years ago. With the recent application, Their process was drawn out and, in the end, we were rejected without a reason why and without even a formal notice.

I turned to Greenwood Credit Union, explained the situation and within two weeks had a verbal answer that of course we can do this. During this time frame they used their smallness to their advantage. The Commercial loan person spoke directly with the Home loan person and their Home equity person. Imagine that three people in an organization who actually know each other both by name and by sight and are happy to speak with each other to help the client.
This was the completely opposite scenario I experience when trying to make it happen with Wells Forget About it.

Interestingly there were two ways the re-fi could have gone even though I only knew of one since I’m certainly not a banker. Instead of going the traditional route that I expected, they gave me an alternative that in the end will save us about 10,000 over the life of the loan. Any other bank most likely would have just run with my request knowing in the end it will line their pockets rather than help my family during these challenging times.

Of course, nothing is perfect. Their strength of being small could be a challenge if you live out of the state since there is only one physical location. This one minor inconvenience really isn’t a biggie since almost everything can be done using their mobile app. Not meaning to stir the pot however I would say if you don’t look at GCU and decide to go with the big banks in many ways you deserve what you’re going to get. Specifically, you’ll be treated as a number and not a person. Just my two cents.

Need To Send A Check If Depositing Serious Money

Completed the application process for a 9 month CD only to be told that the ACH funding maximum for a CD is a pitiful $1000, any larger amounts need to be brought in physically or mailed by check. Please get with the time, absolute waste of time

Rude, Unaccommodating, Spiteful

Posted by: |

Maybe the worst experience with a bank customer service department ever. They use an answering service for customer service and they blame the need for that on the pandemic. They disable online accounts randomly if you don't log in often enough and can't seem to get them turned back on when requested. The answering service told me they were switching me to a collection agency three separate times. They also said my account was in arrears although I made the final payment a month ago on my loan and they added on some $16 fee that was never mentioned, billed or alerted. Finally they switched me to a bank employee that explained that their customer service people were actually called the collections department? Then they refused to send my title to me by registered mail even though i agreed to pay the fees they added onto my loan at the end. Don't make the mistake of using this institution. Beware



Health

Health Grade Components

Overall
NCUA #66594
Year Chartered1948
Employees77
Primary Regulator
Profit Margin
Return on Assets - YTD0.56%
Return on Equity - YTD6.48%
Annual Interest Income$11.5MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$884.4MM$794.3MM
LoansQ1 2024vs Q1 2023$767.8MM$696.9MM
DepositsQ1 2024vs Q1 2023$798.4MM$696.9MM
Equity CapitalQ1 2024vs Q1 2023$75.6MM$71.6MM
Loan Loss AllowanceQ1 2024vs Q1 2023$4.5MM$4.8MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$3.3MM$2.2MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Greenwood Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Greenwood Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.35%$25-Share 1 Savings
0.35%$100-Day to Day IRA
0.35%$1-Deposit Savings
0.35%$100-Business Share Savings
0.25%$1-Holiday Club
0.25%$1-Vacation Club

Greenwood Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%*$50k*-Premium Money Market
OTHER TIERS: 0.35% $0 - $50k
1.50%*$250k*-Business Money Market
OTHER TIERS: 0.65% $2.5k - $25k | 0.75% $25k - $100k | 0.85% $100k - $250k
1.25%*$250k*-Money Market Savings
OTHER TIERS: 0.65% $2.5k - $50k | 0.75% $50k - $150k | 0.85% $150k - $250k

Greenwood Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$1k-Greenwood Interest Checking
0.25%$100-Business Relationship Checking

Greenwood Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.25%$1k-9 Month CD
5.00%$1k-1 Year CD
4.50%$1k-6 Month CD
3.75%$1k-2 Year CD
3.75%$1k-18 Month CD
3.50%$1k-3 Year CD
3.50%$1k-4 Year CD
3.50%$1k-5 Year CD
0.50%$1k-3 Month CD

Greenwood Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.25%$1k-9 Month IRA
5.00%$1k-1 Year IRA
4.50%$1k-6 Month IRA
3.75%$1k-2 Year IRA
3.75%$1k-18 Month IRA
3.50%$1k-3 Year IRA
3.50%$1k-4 Year IRA
3.50%$1k-5 Year IRA
0.50%$1k-3 Month IRA
Locations


Greenwood Credit Union Locations
Branch Office2669 Post RdWarwick, RI 02886-3039
Corporate Office2700 Post RdWarwick, RI 02886-3003

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