United Nations Federal Credit Union
United Nations Federal Credit Union is headquartered in Long Island City and is the 4th largest credit union in the state of New York. It is also the 30th largest credit union in the nation. It was established in 1947 and as of September of 2018, it had grown to 573 employees and 130,812 members at 4 locations. United Nations Federal Credit Union has an A health rating.
Field of Membership Restrictions
Membership is open to residents of the United States who are members of the United Nations Association of the USA ($25 membership fee) or Friends of Kilimanjaro Initiative ($10 yearly membership fee). Membership is also open to employees, consultants, and retirees of the United Nations and affiliated agencies.
See current membership details
Chip & PIN!
UNFCU was the first bank/CU in the country to issue chip & PIN cards, which are really good for international travel. I ran into a problem when I didn't have one of those cards, so I joined UNFCU specifically to get their Azure Visa.
Joining took a bit longer than I would have expected. As the previous review advised, you have to join the UN Association of the USA (UNA-USA) and then you can join the CU. As I recall, it took a month to approve my accounts, and they're not set up to take electronic payment from my bank's bill pay system.
I'm glad I'm a member because I joined for a chip & PIN card instead of a chip & signature card, but I am not likely to ever use this as more than a place to get that card. There is an account inactivity fee, so set up your savings account to receive a nominal direct deposit from payroll or do a scheduled transfer from another bank to keep the account active.
Service OK
The credit union recently expanded their membership to members of the UN friends Association which anyone can join. Their account opening process is by mail or fax. The have better than average rates on deposits and loans. The only have 3 offices (2 in New York and 1 in Wash D.C.. They are unique in that they make mortgage loans outside of the US and they lend to Non US residents. Online banking is fine. I currently only have a savings account paying .35%. They have no annual fee VISA cards with rates that can be in the single digits based on your credit score.
UNFCU Is Really Terrible
The customer service is the most bureaucratic that I have ever encountered. Nothing is customer oriented. Opening an account was arduous, getting responses was difficult, being put on hold for 10 minutes was routine, and finally closing an account was nutty. After answering 4 security questions, closing an account for a small amount of money(under $100) took 3 emails and sending a secure signed document back. This after they dunned me for "account inactivity". Used to be , you put your money in an institution and they were happy when you left it there. Now they find ways to take it.
Poor Customer Service, Broken Online Services
I tried to join UNFCU a couple of times, and finally jumped through all the right hoops a couple of months ago. The process was very slow, and when I tried to follow up on any holdups, I encountered my first taste of UNFCU customer service. I have not had a single positive interaction with them, which is one of the reasons I'll be closing my account. Also, their online integration to Quicken (for Mac at least) is broken, and you have to download the transactions manually. Unfortunately, that section of their website is also broken, so you can't download the transactions. When I inquired about it, they said that their I.t. people knew about the issue, and had no ETA for resolution. I used my debit card for small purchases to get the higher interest rate, and they weren't being deducted from the available balance, and I was told that they do not show pending transactions.
Their poor customer service, wonky online systems, and extremely slow processes make this a very unattractive CU to do business with. There are CUs with better product offerings, systems, and customer service that I'd recommend giving your business to.
Update: I requested a copy of my ChexSystems report, and UNFCU pulled it FOUR times when I joined. I have no negative items, but much like credit inquiries, Chex INQs can cause issues when opening other accounts down the road. Something to be careful of if you choose to join this CU.
If You Are After Chip And PIN, Look Elsewhere
Don't bother. The only reason I joined was to get their credit card with PIN priority, as I travel a lot and having a credit card with rewards, no international fees, and true PIN priory would be highly beneficial to me personally. Something as simple as a credit card application was needlessly time consuming and required gratuitous financial disclosures. Even with a credit score upwards of 800 and proving income that would certainly meet minimal requirements, I was asked to disclose 5 years worth of tax documentation and send copies of recent pay stubs. I understand a lender has to do their homework before issuing a credit line to any customer, but UNFCU treats a credit card application like a mortgage and does not offer anything close to modern credit card application process. Becoming a member was also an archaic process. I sent them a few emails on the subject but never gained a response. Poor customer service, old banking practices, and you can buy your way into membership for $10 USD. If you are looking for a credit card with PIN priority, look elsewhere!…
Horrible Experience
I wish I could give them 0 star.
Do yourself a favor and find a good bank. Dealing with UNFCU is a nightmare. You will never receive your debit card. When you call them to ask the reason, you have to wait for several minutes and in the end, they hang up. Wait for months, call again, you hear the card was shipped to another address. They do not give you the response you need. There are several other such issues.
When you want to close your account, again you are in trouble. They send your account balance to the states :(
Just avoid it.
Horrible Customer Service
If you love horrible customer service, this is the place to bank. "One week before Christmas " I called and ordered a new debit card on Saturday, was told they would place a rush on it. On Wednesday I called for an update, we placed the wrong date on the card and it was sent back. No phone call, no email nothing, I called on Thursday asking for a supervisor, she refuses to get on the phone. I had to tell the customer service rep to cancel the one in route and send me one over night FedEx. !! This back lacks oversight, horrible !!! Really horrible.
No Utilities, No Membership
I have have been married to the same man and lived the same house (which I own) for over 25 years but because all the utilities are in his name I was denied membership. In order to prove address you must have a utility in you name, your husbands will not do. I was shocked, but that's the policy.
Data as of Q3 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 5588 |
| Year Chartered | 1947 |
| Employees | 573 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1% |
| Return on Equity - YTD | 10.49% |
| Annual Interest Income | $125.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2018vs Q3 2017 | $5.37B$5.04B |
| Loans | Q3 2018vs Q3 2017 | $3.03B$2.61B |
| Deposits | Q3 2018vs Q3 2017 | $4.81B$4.52B |
| Equity Capital | Q3 2018vs Q3 2017 | $509.2MM$474.8MM |
| Loan Loss Allowance | Q3 2018vs Q3 2017 | $25.0MM$22.8MM |
| Unbacked Noncurrent Loans | Q3 2018vs Q3 2017 | $14.0MM$18.0MM |
| Real Estate Owned | Q3 2018vs Q3 2017 | $1.4MM$596.00K |
Rates for United Nations Federal Credit Union are currently being reviewed.
| United Nations Federal Credit Union Locations | ||
|---|---|---|
| Branch Office | 1775 Pennsylvania Ave NW | Washington, DC 20006 |
| Branch Office | 2401 44th Rd | Long Island City, NY 11101 |
| Branch Office | 2 United Nations Plz Fl 3 | New York, NY 10017 |
| Branch Office | 405 E 42nd St | New York, NY 10017 |