Xcel Federal Credit Union is headquartered in Bloomfield and is the 15th largest credit union in the state of New Jersey. It is also the 1,121st largest credit union in the nation. It was established in 1964 and as of December of 2019, it had grown to 34 employees and 18,220 members at 4 locations. Xcel Federal Credit Union's CD rates are 11% higher than the national average, and it has an A health rating.
Field of Membership Restrictions
Membership in Xcel Federal Credit Union is open to anyone through joining the Ocean Running Club ($20 membership fee) or the Antique Automobile Club of America ($40 yearly dues) . Membership is also open to employees and members of Bloomfield College, Essex City Electricians Association, Hudson County, US Department of Justice, US Department of Education and over 100 other Select Employer Groups.
See current membership details
Related Posts
6/25 - XCEL Federal Credit Union Ups Kasasa Cash To 2.50% APY
1/23 - XCEL FCU Has Limited-Time 12-Month CD Special
1/19 - XCEL FCU: 12-Month CD, 2.02% APY
11/26/17 - XCEL FCU 2 Yr 2.018%APY CD Starting 12/1
9/1/17 - 18-Month 1.70% APY CD Promotion
5/3/17 - Xcel FCU Offering 2-Year CD To "Members" At 1.75% APY
1/25/17 - XCEL FCU Removing Toll-Free (800 Phone Number) Access.
12/16/16 - XCEL FCU 60-Month CD Rate Increased
12/16/16 - XCEL FCU 5 Year CD Rate Hike. Quick Look.
8/1/16 - XCEL Slashes Some CD Rates
7/12/16 - XCEL FCU 5 Year CD Rate Drop. Quick Look.
1/20/16 - XCEL FCU (Easy Membership) Restructures Kasasa Cash Account
11/27/15 - XCEL FCU (Easy Membership) Has Top Rate 12-Month CD
10/21/15 - XCEL FCU (Easy Membership) Has Competitive 24-Month CD
8/20/14 - Special 2-Year CD with Top Rate at XCEL Federal Credit Union
8/19/14 - National Deal: 2-Year CD Pays 2%
10/1/13 - New High-Yield Kasasa Accounts at XCEL Federal Credit Union
7/2/12 - Fourth of July 3-Month CD Special at XCEL FCU - Easy Membership
11/8/11 - Update Re XCEL Federal Credit Union Rate Drop
11/7/11 - XCEL Federal Credit Union Planned Rate Drop
10/24/11 - Top CD Rates at XCEL Federal Credit Union - Easy Membership
Max Limit On Rewards Checking Only $25,000
The maximum balance limit that qualifies for the rewards checking rate of 2% has been lowered to $25,000 as of 06/01/16. This was done without any warning to me as a member. I also agree with a previous post that discussed major issues with getting online account access setup. It was an error filled process. My experience with customer service has been from one extreme to the other. It depends who you talk to. Just some things new members should keep in mind before opening an account.
They FROZE My Account For WEEKS!
I used to love this credit credit union until all of a sudden they froze account for weeks simply because I was an out of state client that dealt with different c u ' s . There is no law against having more than one bank account. These idiots consider you a terrorist money launderer or drug dealer if you do however. They accused me of kiting. What the heck is that? Depositing checks in there institution and writing check to another in order to take advantage of the float. Hello! Idiots, I have over $30K in this account sitting there earning interest. They finally released my funds and closed the account. They beat to it. I was going to do it any way. Don't be a victim, avoid this institution.
This Is A Tough One
I want to like Xcel, the service has has been very friendly 95% of the time. But otherwise the experience hasn't been great.
First I will say, after less than a year, I will be closing my Kasasa rewards account here, maybe even leaving the CU altogether.
I joined for the Kasasa account less than a year ago, back when you could earn interest on 50K. A few months after joining, I noticed my interest far lower than usual! I check the website and see that it's been lowered to 25K. I know they are under no obligation to tell us this, but still that's a big drop, and it sucked. Soon after that I missed my 12 debits and did not qualify to earn the interest. The next month I qualified, yet the interest was not credited. So I call and they tell me they will correct it, very friendly, great! Yet, a week later still no interest. So I call back, same friendly help and a promise the money will be there by days end. 2 days later, nothing. Again I call, this time I'm on the phone with a supervisor and he makes the deposit while I am on the phone. Resolved.
Unfortunately, each month after that (4 months in a row now) I have had to call to have someone credit me the correct interest. I don't have the time or energy for this, so as soon as I find an alternative, I will be jumping ship. Sorry Xcel, I tried.
Also I think they need to update their website. It feels very dated. Okay, it works, as does the app. Somewhere their system is breaking down, it could be on the software end, could be the people. I don't know. Hopefully they figure it out.
Horrible Horrible And Horrible
The staff is incompetent as well as the branch manager.
They can't seem to get it right. I took advantage of the skip pay as I have done in the past. As expected they screwed it up and took the money from my account. They have made this mistake more than once.
Two months ago they sent me a nasty letter stating I did not make my car payment and charged me late fees etc. also stated if account was not brought current they were going to start repossession proceedings. So I called to inform them, that's funny you have already debited my account as you always do on the 17th of each month. Of course i got the standard excuse--upgrade issues.
A few months back same scenario...except this time they debted the wrong account. WTF.
The branch manager is useless and extremely RUDE.
NEVER AGAIN
Had to join American Consumer Council to become a member at a cost of $15. I called to verify there rates and was told I could open a CD at 2.5% as advertised. I email my application to them immediately (this was at about 11am). They waited till closing time to call and say they needed more information and they would finish the process the next day. I received an email first thing in the morning saying I was approved, but by the way our rates went down to 2%. Since this rate is no better than my current bank I guess I just wasted $15.
20Th Century Technology
The login process is ridiculous. It drives MINT crazy. The app looks like it was designed by a 12 year old.
Oh yeah, and I was surprised by the drop from $50K to $25K with absolutely no warning as well. When I chatted online and asked them to at least honor one month at the higher balance, the "branch manager" had to check with somebody and then never responded back as promised.
Would not recommend. Lots of other institutions doing it right.
Let The Buyer Beware - A Complete Nightmare
They made me join some lame $5 outfit, I did.
They had me fund a Savings Acct. with $5. I did.
When I wanted to move over $240K to eventually fund a 5 year CD, it showed an error and that it was empty.
After tinkering with it for two days on their part, the security questions and bypass weren't compatible. The next day, they said the person in charge wasn't in that day, it had to be unlocked.
Later that day, now the woman in charge wouldn't be back for a week, and I had been turned down for trying to open too many credit unions. I explained I needed 3 for full coverage. I had opened 4.
Outrageous, dishonest and unethical. I doubt I will ever see my $10. Imagine if they had gotten the $240K, and it had disappeared?
Thumbs Down
Backwards organization here. They advertise in high-end car magazines proclaiming to be a lender for such automobiles. Well, that's not the case. They seem to have no experience or knowledge of lending on very high dollar vehicles. Don't waste your time with these guys.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 16218 |
| Year Chartered | 1964 |
| Employees | 34 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.3% |
| Return on Equity - YTD | 27.6% |
| Annual Interest Income | $9.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $186.6MM$170.1MM |
| Loans | Q4 2019vs Q4 2018 | $125.1MM$124.0MM |
| Deposits | Q4 2019vs Q4 2018 | $169.4MM$157.4MM |
| Equity Capital | Q4 2019vs Q4 2018 | $15.6MM$11.1MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $2.8MM$2.9MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $1.1MM$3.1MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $773.00K$0 |