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Olean Area Federal Credit Union

Popular Accounts at this Credit Union

1.15%5-year CD60 Month CD
0.40%1-year CD12-23 Month CD
0.35%SavingsPrimary Savings

Overview / Commentary
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 819th largest credit union in the nation. It was established in 1972 and as of December of 2015, it had grown to 48 employees and 18,270 members at 2 locations. Olean Area Federal Credit Union's money market rates are 59% 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 (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 Grade Components

NCUA #21083
Year Chartered1972
Primary Regulator
Profit Margin
Return on Assets - YTD0.89%
Return on Equity - YTD6.59%
Annual Interest Income$7.9MM
Assets and Liabilities
AssetsQ4 2015vs Q4 2014$255.2MM$247.9MM
LoansQ4 2015vs Q4 2014$150.4MM$154.0MM
DepositsQ4 2015vs Q4 2014$218.6MM$212.8MM
Equity CapitalQ4 2015vs Q4 2014$34.3MM$32.2MM
Loan Loss AllowanceQ4 2015vs Q4 2014$2.6MM$2.6MM
Unbacked Noncurrent LoansQ4 2015vs Q4 2014$828.00K$1.1MM
Real Estate OwnedQ4 2015vs Q4 2014$444.00K$290.00K
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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*-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

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

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

Olean Area Federal Credit Union CD Rates

1.15%$500-60 Month CD
1.10%$500-48-59 Month CD
1.00%$500-36-47 Month CD
1.00%$500-15 Month Special CD
1.00%$25-12 Month Lucky Saver 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 Locations
Branch Office1201 Wayne StOlean, NY 14760
Branch Office206 N Clark StOlean, NY 14760