Vermont State Employees Credit Union is headquartered in Montpelier and is the 2nd largest credit union in the state of Vermont. It is also the 393rd largest credit union in the nation. It was established in 1947 and as of June of 2022, it had grown to 186 employees and 71,028 members at 10 locations. Vermont State Employees Credit Union's money market rates are 14% higher than the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Vermont State Employees Credit Union is open to anyone who lives or works in the state of Vermont, is a member of the Northeast Sustainable Energy Association, or is related to a VSECU member.
See current membership details
I Switched From A Large Bank To A Local Bank
I started my own business recently and needed a business account so I went to my large corporation bank to ask about rates. They wanted me to have X number of purchase transactions each month in order to have a free account however, I told them that I wont ever be making purchase transactions from that account. So, I went back to a local bank that I had previously had an account with over 10+ years before - VSECU. They helped me set up all my accounts, they have the best interest rate and they charge me NO fees! The corporate bank even charged me a fee just before I closed my account - SO happy to no longer be with them.
Business and personal account experiance
I have used this credit union for both personal as well as business banking experiences.
For my personal banking I have had no issues with my account but, for my business account I have had a couple of issues that have been swiftly corrected by the staff at VSECU. I was being charged fees that were incorrect and with one phone call the explained to me that they could not see why I was being charged and they resolved it and returned the fees. At another point in time I was at the bank for a deposit and they were way behind so they took my deposit and mailed me a receipt but, I had recorded my information wrong on the receipt and they called me to let me know that they spotted and fixed the error which was amazing!
My only issue is that they do not have mobile banking for the business yet - I can not deposit checks or see my account on my phone. Other than that Ive been very happy!
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 60717 |
| Year Chartered | 1947 |
| Employees | 186 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.83% |
| Return on Equity - YTD | 10.74% |
| Annual Interest Income | $18.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $1.09B$1.05B |
| Loans | Q2 2022vs Q2 2021 | $906.3MM$868.3MM |
| Deposits | Q2 2022vs Q2 2021 | $988.9MM$947.5MM |
| Equity Capital | Q2 2022vs Q2 2021 | $84.2MM$91.4MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $3.8MM$5.1MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $4.2MM$4.1MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |