Overview / Commentary
575 Broadway
Albany, NY 12207

SEFCU is headquartered in Albany and is the 7th largest credit union in the state of New York. It is also the 55th largest credit union in the nation. It was established in 1934 and as of December of 2020, it had grown to 901 employees and 358,905 members at 45 locations. SEFCU has an A health rating.

Field of Membership Restrictions

Membership in SEFCU is open to those who are employees (current or retired), member, or volunteer of a participating SEFCU member group or live, work, attend school, or worship in one of these cities or towns: Albany, Amherst, Barker - Binghamton, Barton, Berkshire, Binghamton, Buffalo, Candor, Cohoes, Colesville, Conklin, Dickinson, Green Island, Kirkwood, Lisle, Lackawanna, Maine, Mechanicville, Montgomery County, Nichols, Nanticoke, Otsego County, Rensselaer, Richford, Sanford, Schenectady, Spencer, Syracuse, Triangle, Troy, Union or Watervliet. Membership is also open to employees of the state of New York, New York Power Authority, and over 1,000 Select Employer Groups.
See current membership details

Reviews (3)


Posted by: |

SEFCU (State Employees Federal Credit Union) is a small credit union with branches around upstate New York. I have three accounts there because they are a pleasure to work with. At my old credit union, I used to bounce checks regularly -- because they held all of my deposits for days (including my state paycheck!), but debited any outgoing checks in milliseconds. So they collected tons of fees. My financial habits haven't changed, but I've never had to pay an overdraft fee at SEFCU because they apply the same timing to incoming and outgoing checks. The credit union offers a full range of checking, savings, CDs and loans with competitive rates. None of my accounts are large, but the employees at SEFCU treat me with respect. At the branch I visit most often, the tellers greet me by my first name before I get to the counter. ATMs are conveniently located and do not charge any fees. Some branches have coin-counting machines, with the option of depositing some or all of the coin total directly into your account -- this is quick and convenient if you accumulate pennies and nickels like I do.

Competent and Easy Banking

It was very easy to open new accounts with SEFCU when I first moved to this area. My husband and I went in person to the branch and they quickly sat us down with an employee to discuss what types of account we needed. I believe all we needed to bring was our photo IDs and either $25 or $50 to open the checking account. They gave us a few starter checks and got us set up to do online banking that day. Their online banking system looks just like the old credit union where we used to live. I liked that it was familiar and sort of standardized between different companies. I can view my accounts, download transaction histories or get bank statements, and transfer money between our checking and savings account easily. Mostly we use direct deposit and online banking, but when I have gone into the branch or through the drive-thru, the employees have always been very friendly and efficient with my transaction.

SEFCU is a great credit union.

Posted by: |

SEFCU (State Employee's Federal Credit Union) has met all of my banking needs completely while avoiding the hassles that accompanying using a big bank. Formerly open to only NYS employees, the credit union has expanded and is better than ever. Their online account management site and mobile app are modern and seamless, and allow for all the modern features you love such as automatic payments, online transfers via your cellphone, and statement viewing. The customer service is outstanding, no waiting in line as tellers take forever to do the most menial tasks. I've heard a rumor that SEFCU pays it's tellers quite a bit more than the average bank or credit union, and I feel it shows. I have become quite close to several tellers there who know me by first name and are quite lovely people. I fully recommend this credit union. Quick tip, if you are a New York State employee, SEFCU will have your direct deposit a full business day before every other bank and credit union.


Health Grade Components

NCUA #51
Year Chartered1934
Primary Regulator
Profit Margin
Return on Assets - YTD0.55%
Return on Equity - YTD7.53%
Annual Interest Income$132.2MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$4.84B$4.06B
LoansQ4 2020vs Q4 2019$2.66B$2.57B
DepositsQ4 2020vs Q4 2019$4.44B$3.68B
Equity CapitalQ4 2020vs Q4 2019$349.5MM$322.5MM
Loan Loss AllowanceQ4 2020vs Q4 2019$39.6MM$30.7MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$16.3MM$22.2MM
Real Estate OwnedQ4 2020vs Q4 2019$3.9MM$4.7MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

SEFCU Savings Account Rates

0.35%*$250k*-Preferred Plus Savings
OTHER TIERS: 0.05% Up to $2.5k | 0.10% $2.5k - $25k | 0.15% $25k - $50k | 0.20% $50k - $100k | 0.25% $100k - $250k
0.20%*$50k*-Preferred Savings
OTHER TIERS: 0.05% Up to $2.5k | 0.10% $2.5k - $25k | 0.15% $25k - $50k
0.20%*$50k*-IRA Share
OTHER TIERS: 0.05% Up to $2.5k | 0.10% $2.5k - $25k | 0.15% $25k - $50k
0.20%*$50k*-Roth IRA Share
OTHER TIERS: 0.05% Up to $2.5k | 0.10% $2.5k - $25k | 0.15% $25k - $50k
0.05%$1-Holiday Savings Club
0.05%$25-Mint Share
0.05%$25-Boomer Club
0.05%$25-Smart Sense
0.05%$25-Owner's Choice
0.05%$250-Campus Connect Savings
0.05%$25-School Banking Program Fee-Free Savings


0.75%$500-48 Month CD
0.75%$500-60 Month CD
0.60%$500-24 Month CD
0.60%$500-30 Month CD
0.60%$100-24 Month Smart Sense Savings Add-On CD
0.60%$500-36 Month CD
0.60%$500-24 Month HSA
0.60%$100-36 Month Smart Sense Savings Add-On CD
0.60%$500-36 Month HSA
0.45%$500-18 Month CD
0.45%$500-18 Month Risk-Free Share CD
0.45%$100-18 Month Smart Sense Savings Add-On CD
0.45%$500-18 Month HSA
0.40%$500-12 Month CD
0.40%$500-15 Month CD
0.40%$500-12 Month HSA
0.15%$500-3 Month CD
0.15%$500-6 Month CD
0.15%$500-9 Month CD
0.15%$500-10 Month CD
0.15%$500-6 Month HSA


0.75%$500-48 Month IRA
0.75%$500-60 Month IRA
0.75%$500-48 Month Education IRA (Coverdell)
0.75%$500-60 Month Education IRA (Coverdell)
0.60%$500-24 Month IRA
0.60%$500-36 Month IRA
0.60%$500-24 Month Education IRA (Coverdell)
0.60%$500-36 Month Education IRA (Coverdell)
0.60%$500-24 Month Add-On IRA
0.60%$500-24 Month Add-On Education IRA (Coverdell)
0.45%$500-18 Month IRA
0.45%$500-18 Month Education IRA (Coverdell)
0.40%$500-12 Month IRA
0.40%$500-12 Month Education IRA (Coverdell)
0.40%$500-15 Month IRA
0.40%$500-15 Month Education IRA (Coverdell)
0.15%$500-6 Month IRA
0.15%$500-6 Month Education IRA (Coverdell)
0.15%$500-10 Month IRA
0.15%$500-10 Month Education IRA (Coverdell)


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