Third Federal Savings and Loan is headquartered in Cleveland and is the 7th largest bank in the state of Ohio. It is also the 132nd largest bank in the nation. It was established in 1938 and as of December of 2021, it had grown to 1,002 employees at 37 locations. Third Federal Savings and Loan has a B+ health rating.
We have banked at Third Federal for more than 40 years. When we bought our first house we got our mortgage through them and have used them for savings accounts, CD's and other mortgages. The customer service is great, everyone is friendly, very knowledgeable and make it easy to understand.
I love banking at this bank for many reasons. I love the attention the CSRs provide to every customer. On every visit it is like visiting with family. They are warm and welcoming and make you feel like they care about you and your family. There is ample parking so I am in and out very easily whenever I go there. If something looks suspicious on your account they alert you right away. Their rates are competitive and you are almost always guaranteed a loan at a decent rate. I have banked with this bank for many years and would not think about leaving because I am treated with dignity and respect by all employees and not just a number and I like that! This bank also supports humanity efforts and the community which is awesome.
I signed up for a CD online and got a call that their trial deposit system was not working right, so I couldn't ACH funds and I would need to mail a check or go inside a branch. What kind of bank can't figure out why their computers aren't working right? Seemed sketchy to me so I decided not to do business with them.
I started an application with Third Federal in mid April 2021 (after answering all their questions the application was submitted April 21st. They promised up front that the process would take from 45 to 60 days from start to finish.
I submitted everything they asked for the same day they asked. As others have complained, they asked for things I had already submitted - sometimes twice before.
My loan was finally approved mid June and I was sent a letter congratulating me which also said I would be contacted soon to sign documents.
It is now August 2021, well over three months later, and my loan has not closed!
If you are thinking it is just me, poor credit, bad debt, etc., well my FICO score is 850 out of 850. I have never missed a payment ever in the last fifty years. My income is great as well. To top it all off, my home currently is mortgaged with Third Federal with an equity line!
So if you are thinking about using this company, think again. Now on the fourth month of my loan process, I really wish I had gone with another company.
Overall | |
---|---|
FDIC Certificate # | 30012 |
Year Established | 1938 |
Employees | 1002 |
Primary Regulator | OCC |
Profit Margin | |
---|---|
Return on Assets - YTD | 0.5% |
Return on Equity - YTD | 5% |
Annual Interest Income | $378.7MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q4 2021vs Q4 2020 | $14.12B$14.55B |
Loans | Q4 2021vs Q4 2020 | $12.68B$13.01B |
Deposits | Q4 2021vs Q4 2020 | $9.12B$9.39B |
Equity Capital | Q4 2021vs Q4 2020 | $1.47B$1.37B |
Loan Loss Allowance | Q4 2021vs Q4 2020 | $63.6MM$70.3MM |
Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $44.2MM$50.8MM |
Real Estate Owned | Q4 2021vs Q4 2020 | $130.00K$102.00K |
Always verify rates and promotions with the bank or credit union. We are not Third Federal Savings and Loan; 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.
The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.25%* | $100k* | - | High-Yield Savings | ||
OTHER TIERS: 0.05% → $10 - $25k | 0.20% → $25k - $100k |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.20%* | $25k* | - | High-Yield Checking | ||
OTHER TIERS: 0.05% → $10 - $5k | 0.10% → $5k - $25k |