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Overview / Commentary
716-372-6607
1201 Wayne St
Olean, NY 14760

Olean Area Federal Credit Union is headquartered in Olean and is the 41st largest credit union in the state of New York. It is also the 823rd largest credit union in the nation. It was established in 1972 and as of March of 2016, it had grown to 48 employees and 18,155 members at 2 locations. Olean Area Federal Credit Union's money market rates are 59% higher than the national average, and it boasts an A+ health rating.

Field of Membership Restrictions

Must live, work, worship or attend school in the City of Olean or the following Cattaraugus County townships: Ellicottville, Franklinville, Lyndon, Ischua, Humphrey, Great Valley, Little Valley, Allegany, Hinsdale, Portville, Olean, Knapp Creek or Weston Mill. Also open to employees of Heritage Cutlery, Inc., a subsidiary of Lunt Silversmiths in Bolivar, New York.
See current membership details

Reviews (1)

Great Credit Union!

Posted by: Lurch7284 | Sep 13, 2010

I've been a member for most of my life and I've always been pleased with the service.  I plan to keep my money here in the future. Great rates on auto loans!

 

That said, there are some improvements that could be made (as of 9/13/10):

1) Interest Rates seem low compared with other credit unions and banks

2) Online banking system works, but could be improved.

3) Incompatible with Mint.com

4) Poor hours for members who work normal 9-5 jobs (only open from 8:30 to 5:30 M-F)



Health
A+

Health Grade Components

Overall
NCUA #21083
Year Chartered1972
Employees48
Primary Regulator
Profit Margin
Return on Assets - YTD0.94%
Return on Equity - YTD6.83%
Annual Interest Income$2.0MM
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$260.5MM$254.9MM
LoansQ1 2016vs Q1 2015$148.5MM$150.8MM
DepositsQ1 2016vs Q1 2015$223.0MM$219.1MM
Equity CapitalQ1 2016vs Q1 2015$35.4MM$33.0MM
Loan Loss AllowanceQ1 2016vs Q1 2015$2.7MM$2.6MM
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$677.00K$683.00K
Real Estate OwnedQ1 2016vs Q1 2015$0$134.00K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Olean Area Federal 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.

Olean Area Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%$50-Variable IRA
0.75%$50-Variable CESA
0.35%*$25k*-Secondary Share Savings
OTHER TIERS: 0.20% $300 - $25k
0.35%*$25k*-Primary Savings
OTHER TIERS: 0.20% $300 - $25k
0.35%*$25k*-Christmas Savings
OTHER TIERS: 0.20% $25 - $25k
0.35%*$25k*-Youth Share Savings
OTHER TIERS: 0.20% Up to $25k

Olean Area Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.70%*$100k*-Money Market
OTHER TIERS: 0.20% $2,500 - $25k | 0.30% $25k - $50k | 0.35% $50k - $100k

Olean Area Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.25%-$10kmyDividendChecking (Premium Rate)
0.10%$10k-myDividendChecking (Standard Rate)

Olean Area Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.15%$500-60 Month CD
1.10%$500-48-59 Month CD
1.00%$25-12 Month Lucky Saver CD
1.00%$500-15 Month Special CD
1.00%$500-36-47 Month CD
0.75%$500-24-35 Month CD
0.40%$500-12-23 Month CD
0.35%$500-6-11 Month CD
0.25%$500-2-5 Month CD

Olean Area Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.15%$500-60 Month IRA
1.10%$500-48-59 Month IRA
1.00%$500-36-47 Month IRA
1.00%$500-15 Month Special IRA
0.75%$500-24-35 Month IRA
0.40%$500-12-23 Month IRA
0.35%$500-6-11 Month IRA
0.25%$500-2-5 Month IRA
Locations


Olean Area Federal Credit Union Locations
Branch Office1201 Wayne StOlean, NY 14760
Branch Office206 N Clark StOlean, NY 14760