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Olean Area Federal Credit Union


Overview / Commentary
www.oleanareafcu.org
716-372-6607
1201 Wayne St
Olean, NY 14760

Olean Area Federal Credit Union is headquartered in Olean and is the 42nd largest credit union in the state of New York. It is also the 828th largest credit union in the nation. It was established in 1972 and as of September of 2020, it had grown to 64 employees and 19,287 members at 4 locations. Olean Area Federal Credit Union has an A+ health rating.

Field of Membership Restrictions

Olean Area Federal Credit Union is open to anyone who lives, works, worships, or goes to school in the City of Olean or the Cattaraugus County townships of Allegany, Ellicottville, Franklinville, Great Valley, Hinsdale, Humphrey, Ischua, Knapp Creek, Little Valley, Lyndon, Olean, Portville, or Weston Mills. Immediate family and household members may also join.
See current membership details

Reviews (2)

All around Winner

Posted by: |

I recently joined the OAFCU, and my experience has been nothing less than stellar from the beginning. I have used many online banking and associated apps before, and these guys take the cake. Their check deposit feature is smooth, quick and effortless. Transferring from checking and savings accounts is a breeze and easy to decipher. Everything is quick and easy, the rates and services are the best i have ever encountered. And unique to them, not personally tried yet, but you can apply for a personal loan right from the mobile site. I would recommend to anyone

1

Great Credit Union!

Posted by: |

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)

6


Health
A+

Data as of Q3 2020

Learn why bank health matters

Health Grade Components

Overall
NCUA #21083
Year Chartered1972
Employees64
Primary Regulator
Profit Margin
Return on Assets - YTD0.57%
Return on Equity - YTD3.9%
Annual Interest Income$7.8MM
Assets and Liabilities
AssetsQ3 2020vs Q3 2019$342.2MM$300.4MM
LoansQ3 2020vs Q3 2019$190.2MM$176.8MM
DepositsQ3 2020vs Q3 2019$290.9MM$252.0MM
Equity CapitalQ3 2020vs Q3 2019$49.6MM$47.4MM
Loan Loss AllowanceQ3 2020vs Q3 2019$2.9MM$2.8MM
Unbacked Noncurrent LoansQ3 2020vs Q3 2019$415.00K$767.00K
Real Estate OwnedQ3 2020vs Q3 2019$89.00K$63.00K
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
0.65%$50-Variable IRA
0.12%*$25k*-Primary Savings
OTHER TIERS: 0.05% → $300 - $10k | 0.10% → $10k - $25k
0.12%*$25k*-Christmas Savings
OTHER TIERS: 0.05% → $25 - $10k | 0.10% → $10k - $25k
0.12%*$25k*-Youth Share Savings
OTHER TIERS: 0.05% → $5 - $10k | 0.10% → $10k - $25k

Olean Area Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$100k*-Money Market
OTHER TIERS: 0.10% → $2.5k - $25k | 0.15% → $25k - $50k | 0.20% → $50k - $100k

Olean Area Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%*$300*$10kmyDividendChecking
OTHER TIERS: 0.10% → $10k+

Olean Area Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%$500-27 Month Special CD
0.75%$25-12 Month Lucky Saver CD
0.70%$500-60 Month CD
0.65%$500-48-59 Month CD
0.50%$500-36-47 Month CD
0.45%$500-24-35 Month CD
0.45%$500-9 Month Special CD
0.30%$500-12-23 Month CD
0.20%$500-6-11 Month CD
0.10%$500-2-5 Month CD

Olean Area Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%$500-27 Month IRA Special
0.70%$500-60 Month IRA
0.65%$500-48-59 Month IRA
0.50%$500-36-47 Month IRA
0.45%$500-24-35 Month IRA
0.45%$500-9 Month IRA Special
0.30%$500-12-23 Month IRA
0.20%$500-6-11 Month IRA
0.10%$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
Branch Office180 W Main StAllegany, NY 14706
Branch Office160 S Main StPortville, NY 14770

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