Greenwood Credit Union is headquartered in Warwick and is the 3rd largest credit union in the state of Rhode Island. It is also the 500th largest credit union in the nation. It was established in 1948 and as of December of 2024, it had grown to 77 employees and 60,814 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
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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
Best Bank Out There
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.
Rude, Unaccommodating, Spiteful
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
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 66594 |
| Year Chartered | 1948 |
| Employees | 77 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.56% |
| Return on Equity - YTD | 6.22% |
| Annual Interest Income | $48.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $865.5MM$868.6MM |
| Loans | Q4 2024vs Q4 2023 | $762.1MM$759.9MM |
| Deposits | Q4 2024vs Q4 2023 | $774.9MM$782.1MM |
| Equity Capital | Q4 2024vs Q4 2023 | $79.3MM$74.3MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $4.1MM$4.6MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $4.1MM$4.9MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |