Olean Area Federal Credit Union

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 839th largest credit union in the nation. It was established in 1972 and as of June of 2021, it had grown to 70 employees and 19,389 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 attends school in Cattaraugus or Allegany Counties, New York, or McKean or Potter Counties, Pennsylvania. Businesses and organizations in those counties are also eligible. Immediate family and household members of current members also qualify for membership.
See current membership details

Related Posts

Olean Area Federal Credit Union Has Competitive 14-Month CD Special - 2/8/2021

Olean Area Federal Credit Union (western NY and NW PA) is currently offering a 14-month CD Special earning a top rate. Minimum opening deposit is $500.

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: |

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 - YTD0.88%
Return on Equity - YTD6.56%
Annual Interest Income$4.7MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$373.7MM$341.3MM
LoansQ2 2021vs Q2 2020$177.2MM$183.9MM
DepositsQ2 2021vs Q2 2020$321.6MM$290.2MM
Equity CapitalQ2 2021vs Q2 2020$50.2MM$49.3MM
Loan Loss AllowanceQ2 2021vs Q2 2020$2.7MM$2.8MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$275.00K$381.00K
Real Estate OwnedQ2 2021vs Q2 2020$0$60.00K
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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

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

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

OTHER TIERS: 0.10% $10k+

Olean Area Federal Credit Union CD Rates

0.75%$25-12 Month Lucky Saver CD
0.75%$500-27 Month CD Special
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
0.30%$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

0.75%$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
0.30%$500-12-23 Month IRA
0.20%$500-6-11 Month IRA
0.10%$500-2-5 Month IRA

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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