Greenwood Credit Union is headquartered in Warwick and is the 3rd largest credit union in the state of Rhode Island. It is also the 521st largest credit union in the nation. It was established in 1948 and as of December of 2022, it had grown to 76 employees and 86,926 members at 2 locations. Greenwood Credit Union 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
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.
Nice CU With Great Rates. Quirky, So Just Be Patient.
Please read, there's a lot of info here for those considering Greenwood CU.
Greenwood is a small 1-branch credit union that anyone in the US can join. They consistently have high CD rates.
They're a small credit union, so there ARE some quirks about them. They're not Alliant or NavyFed. But if you're patient, they offer high CD rates, are friendly, and everything will work out okay.
Their online webiste is very basic.
However, new customers can go to their webpage and immediately open up a CD of your choice (you'll automatically have a primary savings account opened as well -- which costs $5, just like with any CU). After selecting the CD you want (Length/APY) it'll ask how you want to fund the CD. You don't have to fund it right away. One option to click is "Send in a check." If you're not already a member, just choose that one to finish the form. They'll give you a week or two to send in a check to them. Or you can also ACH funds into your Greenwood savings account once it's been setup and verified and such, and simply have them do a transfer instead if you want). Instead of submitting ID documents online, you'll send everything via US Mail. You'll see a download link to download a PDF that you'll print out, fill out, and send in to them. On the form there's only room for one POD, but just attach a separate sheet if you have more than one POD (not a problem). You send everything (completed form, printed copies of requested ID documents, etc) in the US Mail.
As far as when the CD is actually "created", as far as the MATURITY date is concerned, the CD is created the moment you finish on-line. Then it becomes "funded" whenever they receive the money (either a check, or a transfer). But it won't be completed until they receive the filled-out documents.
Here's an example:
On March 10th, you go to their website and create a CD. So the Maturity date will be X number of years from March 10th (even if they don't have the funds or paperwork yet). Say they receive the funds on March 12th. Then it'll be "funded" on March 12 (the date you'll start earning interest). But it won't be complete, and you won't see it online until they receive and process the paperwork. Say they receive the paperwork on March 15th. Using these example dates above, you'll see your CD online (all finished) on March 15th, but you'll have earned interest from March 12 (the date it was funded) and the maturity date will be X number of years from March 10th (the date you applied for the CD).
It sounds weird, but in a way this is good, because it "locks in" the rate for you (even if the rate lowers between the time you open the CD and the time they receive the funding, they'll honor the original rate).
For a CD opening, they will do a credit check, but only a soft pull for a CD, not a hard pull.
Keep in mind this one quirk: even if you're already a Greenwood member, and have a few CDs, if you want to open up yet another one, you STILL have to use the same lengthy process to open up a new CD. Kind of stupid, but for good rates I don't mind going through the hoops each time.
ACH: you CANNOT initiate ACH transactions from Greenwood's side (their basic online system doesn't allow it) -- but if you initiate from ANOTHER institution, you can either send to, or pull from, your Greenwood Savings account no problem (as long as it's initiated from another institution). No fee for that on Greenwood's end.
Greenwood CSRs are very friendly on the phone, and are eager to help if you need it. Again, some things may not make sense to YOU (ie, having to go through the same full approval process to make a CD even if you're already a member) but if you just go with the flow, everything will be fine.
Misc: if you want to open up a CD for more than $100,000, it's no problem, but their online software only allows $100,000 max, so just enter that, and then when you send them the check (or call them to do a transfer after an ACH) just tell them what you want, and it's not a problem. (Say you want to open up a CD for $135,000. You'll have to select $100,000 online, but when you send the check just send a letter telling them it should be for $135,000 ... or likewise, just tell that to a CSR and it'll be fine).
They will send you a debit card for a savings account, but the debit card is NOT CO-OP!! So unless you're in Rhode Island, there will be FEES with using the ATM/Debit Card (so it's pretty useless).
However, Greenwood IS CO-OP for SHARED BRANCH. You can go into any Co-Op Shared Branch and do deposits, withdrawals, etc -- with no FEE (some CUs, like GTE, charge a fee for using Shared Branch. Greenwood does not).
So the deal with Greenwood is... it's a SMALL credit union, that has some quirks, and requires you to do a bit of extra work. But if you go with the flow, everything works out well, they're friendly, and they have great rates.
You Can Apply Online And Don't Need To Go To Their Office.
I called Greenwood and was told the entire CD application process can be completed online. Not required to go to a Greenwood bank office. The CDs are open to everyone but you need to join their union by opening a savings acct for $5.00.
My issue - You can withdraw the monthly interest but only to a Greenwood saving acct. And then you have to request for a check to be sent to you. They will not do an ACH to your local bank acct.
A Bit Deceptive Membership Process
The signup process was easy enough and the first rep I spoke with (who answered quickly) was courteous and helpful.
The deception is this: their Field of Membership page does not clearly say that an office visit to RI is necessary.
When I go to the end of the application process (after answering all the credit check questions, and starting the funding process) and had a question, I phoned. The rep basically told me that I had to go into a branch to join or no dice. Then she sounded angry at me, as though I committed a breach, and then just hung up. No apology for having a vague policy ON THEIR OWN SITE or wasting my time.
Data as of Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 66594 |
| Year Chartered | 1948 |
| Employees | 76 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.12% |
| Return on Equity - YTD | 12.2% |
| Annual Interest Income | $29.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $792.5MM$681.1MM |
| Loans | Q4 2022vs Q4 2021 | $688.7MM$577.0MM |
| Deposits | Q4 2022vs Q4 2021 | $654.9MM$602.8MM |
| Equity Capital | Q4 2022vs Q4 2021 | $71.2MM$62.5MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $3.8MM$3.0MM |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $3.5MM$1.7MM |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$0 |