Olean Area Federal Credit Union is headquartered in Olean and is the 39th 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 March of 2019, it had grown to 53 employees and 18,856 members at 3 locations. Olean Area Federal Credit Union's money market rates are 82% 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
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!
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
| Overall | |
|---|---|
| NCUA # | 21083 |
| Year Chartered | 1972 |
| Employees | 53 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.25% |
| Return on Equity - YTD | 8.21% |
| Annual Interest Income | $2.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2019vs Q1 2018 | $297.6MM$273.4MM |
| Loans | Q1 2019vs Q1 2018 | $172.6MM$158.5MM |
| Deposits | Q1 2019vs Q1 2018 | $251.9MM$232.6MM |
| Equity Capital | Q1 2019vs Q1 2018 | $44.9MM$40.0MM |
| Loan Loss Allowance | Q1 2019vs Q1 2018 | $2.8MM$2.4MM |
| Unbacked Noncurrent Loans | Q1 2019vs Q1 2018 | $658.00K$658.00K |
| Real Estate Owned | Q1 2019vs Q1 2018 | $140.00K$144.00K |
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
Olean Area Federal Credit Union Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.80%* | $100k* | - | Money Market | ||
| OTHER TIERS: 0.25% → $2.5k - $10k | 0.30% → $10k - $25k | 0.35% → $25k - $50k | 0.45% → $50k - $100k | |||||
Olean Area Federal Credit Union Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 2.25%* | $300* | $10k | myDividendChecking | ||
| OTHER TIERS: 0.10% → $10k+ | |||||
Olean Area Federal Credit Union CD Rates
Olean Area Federal Credit Union IRA Rates
| Olean Area Federal Credit Union Locations | ||
|---|---|---|
| Branch Office | 1201 Wayne St | Olean, NY 14760 |
| Branch Office | 206 N Clark St | Olean, NY 14760 |
| Branch Office | 180 W Main St | Allegany, NY 14706 |