Xcel Federal Credit Union


Overview / Commentary
973-275-9235
1460 Broad St
Bloomfield, NJ 07003

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 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

No Longer Easy Membership - 2/3/2020

Xcel no longer accepts American Consumer Council membership.

XCEL Federal Credit Union Adds 24-Month CD Promo, 2.50% APY - 12/27/2019

XCEL Federal Credit Union has added a 24-month Winter Promo CD, which earns 2.50% APY ($500 min). This limited time offer expires 1/31/2020.

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Reviews (8)

Max Limit On Rewards Checking Only $25,000

Posted by: |

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!

Posted by: |

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

Posted by: |

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

Posted by: |

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

Posted by: |

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

Posted by: |

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

Posted by: |

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.



Health

Health Grade Components

Overall
NCUA #16218
Year Chartered1964
Employees34
Primary Regulator
Profit Margin
Return on Assets - YTD2.3%
Return on Equity - YTD27.6%
Annual Interest Income$9.0MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$186.6MM$170.1MM
LoansQ4 2019vs Q4 2018$125.1MM$124.0MM
DepositsQ4 2019vs Q4 2018$169.4MM$157.4MM
Equity CapitalQ4 2019vs Q4 2018$15.6MM$11.1MM
Loan Loss AllowanceQ4 2019vs Q4 2018$2.8MM$2.9MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$1.1MM$3.1MM
Real Estate OwnedQ4 2019vs Q4 2018$773.00K$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Xcel Federal Credit Union; 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.

Xcel Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%*-$25kKasasa Saver
OTHER TIERS: 0.10% $25k+
0.10%$50-Regular Savings
0.10%--Additional Savings
0.10%--IRA Savings
0.10%--Holiday Club
0.10%--Vacation Club

Xcel Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%*$25k*-Money Market
OTHER TIERS: 0.20% $1k - $2.5k | 0.25% $2.5k - $10k | 0.30% $10k - $25k

Xcel Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*-$25kKasasa Cash
OTHER TIERS: 0.25% $25k+
0.05%$2.5k-Checking Account

Xcel Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.10%$500-60 Month CD
1.00%$500-48 Month CD
0.95%$500-36 Month CD
0.85%$500-24 Month CD
0.73%$500-12 Month CD
0.60%$500-6 Month CD
0.30%$500-3 Month CD

Xcel Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.10%$500-60 Month IRA
1.00%$500-48 Month IRA
0.95%$500-36 Month IRA
0.85%$500-24 Month IRA
0.73%$500-12 Month IRA
0.60%$500-6 Month IRA
0.30%$500-3 Month IRA
Locations


Xcel Federal Credit Union Locations
Branch Office26 Federal Plz Fl 31New York, NY 10278-1300
Main Office1460 Broad StBloomfield, NJ 07003
Branch Office30 Path Plz Journal SquareJersey City, NJ 07306
Branch Office1221 Avenue of the Americas Lower LobbyNew York, NY 10020-1001

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