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Olean Area Federal Credit Union

Popular Accounts at this Credit Union

2.00%Reward CheckingmyDividendChecking
1.50%5-year CD60 Month CD
0.75%1-year CD12-23 Month CD

Overview / Commentary
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 829th largest credit union in the nation. It was established in 1972 and as of March of 2017, it had grown to 52 employees and 17,802 members at 2 locations. Olean Area Federal Credit Union's money market rates are 70% higher than the national average, and it has 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 (2)

All around Winner

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

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 Grade Components

NCUA #21083
Year Chartered1972
Primary Regulator
Profit Margin
Return on Assets - YTD0.97%
Return on Equity - YTD6.82%
Annual Interest Income$2.0MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$267.8MM$260.5MM
LoansQ1 2017vs Q1 2016$155.5MM$148.5MM
DepositsQ1 2017vs Q1 2016$228.5MM$223.0MM
Equity CapitalQ1 2017vs Q1 2016$37.8MM$35.4MM
Loan Loss AllowanceQ1 2017vs Q1 2016$2.5MM$2.7MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$648.00K$677.00K
Real Estate OwnedQ1 2017vs Q1 2016$47.00K$0
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* 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

0.75%$50-Variable IRA
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

0.75%*$100k*-Money Market
OTHER TIERS: 0.25% $2,500 - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k | 0.40% $50k - $100k

Olean Area Federal Credit Union Checking Account Rates

OTHER TIERS: 0.10% Up to $10k

Olean Area Federal Credit Union CD Rates

1.60%$500-25 Month CD Special
1.50%$500-60 Month CD
1.25%$500-48-59 Month CD
1.25%$500-14 Month CD Special
1.15%$500-36-47 Month CD
1.00%$25-12 Month Lucky Saver CD
1.00%$500-24-35 Month CD
0.75%$500-12-23 Month CD
0.50%$500-6-11 Month CD
0.25%$500-2-5 Month CD

Olean Area Federal Credit Union IRA Rates

1.60%$500-25 Month IRA Special
1.50%$500-60 Month IRA
1.25%$500-48-59 Month IRA
1.25%$500-14 Month IRA Special
1.15%$500-36-47 Month IRA
1.00%$500-24-35 Month IRA
0.75%$500-12-23 Month IRA
0.50%$500-6-11 Month IRA
0.25%$500-2-5 Month IRA

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