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 2019, it had grown to 604 employees and 141,918 members at 4 locations. United Nations Federal Credit Union's savings rates are 92% higher than the national average, and it 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.
CAN't ACCESS MY MONEY
I have been trying to have my joint account separated from my kid because she's over 18. It's taking forever for UNFCU to process the retitling. There is money frozen in the account and we can't pay bills. It's over a month now. After submitting documents, l received an email that they would contact me if there was any extra information needed 4 weeks ago. Last week l called again to find out the position regarding the retitling. I was told that the documents that l sent in secure email with a pdf version, couldn't be opened and yet on the 9/27/2019 l spoke to someone from the bank who opened the documents. Had l not contacted them to enquire about the position l wouldn't have heard from them till today. I was asked again to send the documents in pdf. I sent on the 9/30/2019. I am contemplating on closing the account going that it may be the fastest way to get the money in that account. They are not in a hurry to do anything. NB it's not the entire bank it's departments. The accounts is efficient but this department that deals with retitling is super ineffective, they are in their own world.
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.
Data as of Q3 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 5588 |
| Year Chartered | 1947 |
| Employees | 604 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.91% |
| Return on Equity - YTD | 9.05% |
| Annual Interest Income | $148.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $5.85B$5.37B |
| Loans | Q3 2019vs Q3 2018 | $3.40B$3.03B |
| Deposits | Q3 2019vs Q3 2018 | $5.22B$4.81B |
| Equity Capital | Q3 2019vs Q3 2018 | $583.2MM$509.2MM |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $27.0MM$25.0MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $13.6MM$14.0MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $576.00K$1.4MM |