Charter Oak Federal Credit Union
Headquarters
1055 Hartford Tpke
Waterford, CT 06385
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Reviewed by dt | January 25, 2022 |
I joined the Niantic Branch in mid-2019. Initially I had good experiences with the Branch. Unfortunately post covid i have watched the branch's service window narrow.
Lobby hours have been cut and Saturday hours have been eliminated at this branch. The 1990s era atm machines are so antiquated that we are unable to deposit checks and cash directly, but have to deposit them in an envelope and then wait until an employee opens them at a later date and inputs them manually. This can mean days before the customer has access to their cash deposit.
In addition the online banking system is at best wonky. I registered a trip to Europe with the online banking system - so that I could insure access to funds while I was aboard. While in Europe my card was declined EVERY time I attempted to use it despite registering my trip with the bank. Luckily my other credit and bank cards did not have this issue.
The final straw - the Online Check submission system caused a 10 day delay on a check from a household brand name Financial Services Company. Thinking this must be a mistake i visited branch in person to obtain help in this matter. Rather than attempting to help me with the problem caused by their faulty system - I was treated as a nuisance - dismissed by the incredibly rude manager who would not bother to speak with me nor even look at me or acknowledge my issue.
I then visited the main branch of the COFCU and spoke with management there. They addressed my issue an were able to effect a solution within a few minutes.
I was a big fan of Charter Oak Federal Credit union, but unfortunately the rude and neglectful service I experienced from the "manager" of my local branch has driven me to bank elsewhere.
2024 Overview
General Credit Union Information
Charter Oak is an NCUA insured institution located in Waterford, CT. It was founded in 1939 and has approximately $1603.45 millions in assets.
Who Can Join?
Charter Oak is a community credit union. Membership is open to anyone who lives, works, goes to school, volunteers, or worships in all cities and towns in New London County and Windham County, Connecticut.
Membership also extends to immediate family or household members as well as businesses and other legal entities.
| NCUA Insured | Yes / Federally Chartered |
| Charter Number # | # 3413 |
| Date Established | 1939 |
| Assets | $1,603.45 million |
| Loans | $920.32 million |
| Deposits | $1,412.02 million |
| Capital | $174.19 million |
Field of Membership Restrictions
Membership in Charter Oak Federal Credit Union is open to those who live, work, attend school, volunteer, or worship in New London and Windham Counties in Connecticut.
Deposit Rates - November 17, 2024
Your Current Location: Ohio, OH 43085
| Savings and Money Market Rates (Share Account Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| Savings
|
0.05% | $2,500 | $4,999 |
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|
|
Money Market
|
0.05% | $2,500 | $2,999 |
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|
|
Money Market
|
0.10% | $10,000 | $14,999 |
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|
|
Money Market
|
0.10% | $25,000 | $29,999 |
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|
|
Premium Money Market Account
|
0.05% | $10,000 | $14,999 |
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|
|
Premium Money Market Account
|
0.05% | $25,000 | $34,999 |
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|
| CD Rates (Share Certificate Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Mo CD
|
0.30% | $1,000 | - |
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|
| 12 Mo CD
|
0.40% | $1,000 | - |
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|
| 24 Mo CD
|
0.70% | $1,000 | - |
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|
| 36 Mo CD
|
0.90% | $1,000 | - |
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|
| 48 Mo CD
|
0.90% | $1,000 | - |
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|
| 60 Mo CD
|
0.90% | $1,000 | - |
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|
| Variable IRA Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Var IRA
|
0.05% | $1 | $499 | Learn More |
| Int Checking Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Int Ckg
|
0.05% | $2,500 | $3,499 | Learn More |
Loan Rates - November 17, 2024
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for Charter Oak
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Featured - Ohio 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Points | Fees | Monthly Payment |
Learn More |
|---|---|---|---|---|---|---|
NMLS ID: 1835285 |
6.494% | 6.375% | 0.75 | $4,000 | $1,997 | Learn More |
NMLS ID: 1025894 |
6.868% | 6.750% | 1.00 | $3,884 | $2,076 | Learn More |
NMLS ID: 1907 |
7.181% | 7.125% | 0.63 | $1,802 | $2,156 | Learn More |
NMLS ID: 3030 |
7.225% | 7.125% | 1.00 | $3,200 | $2,156 | Learn More |
Featured - Ohio Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
Intro APR 7.490 % After Intro: 7.490 % |
$0 |
Learn More
More Info |
Note to Charter Oak
To upload and update your bank's rates please register.
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Branches
Below are Charter Oak branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Charter Oak Locations around zip code 43085
| Branch | Distance | Map | View Lobby Hours |
|---|---|---|---|
| 580.21 | A | View Lobby Hours | |
| 584.17 | B | View Lobby Hours | |
| 584.78 | C | View Lobby Hours | |
| 586.78 | D | View Lobby Hours | |
| 587.23 | E | View Lobby Hours | |
| 587.44 | F | View Lobby Hours | |
| 587.80 | G | View Lobby Hours | |
| 590.15 | H | View Lobby Hours | |
| 599.75 | I | View Lobby Hours | |
| 603.38 | J | View Lobby Hours |
Climate Policy and Initiatives
CHARTER OAK is encouraged to provide us with this information. When we receive this information from the credit union, we will provide it here.
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Financial Details
Charter Oak Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Charter Oak. The data is provided by the NCUA. All credit unions on BestCashCow, except those specified as not NCUA-insured in the overview section above, are NCUA-insured. Depositors should be careful to remain within NCUA insurance limits.
Texas Ratio
| Charter Oak | U.S. Average |
|---|---|
| 1.27% | 5.83 |
The Texas Ratio compares the amount of loans at risk and assets repossessed with the amount a credit union has on hand to cover any losses. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a credit union has to absorb its loan losses.
As of June 30, 2024, Charter Oak had $2,261,131 in non-current loans and $12,556 in owned assets. To cover these potential losses it had $174,192,190 in net worth and $5,457,490 in loans loss reserves. That gives it a Texas Ratio of 1.27%.
Net Worth
| Charter Oak | U.S. Average |
|---|---|
| 10.86% | 13.93% |
Charter Oak FCU has a net worth of 10.86% versus the BestCashCow average of 13.93. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.
Customer Reviews for Charter Oak
dt
January 25, 2022 |
I joined the Niantic Branch in mid-2019. Initially I had good experiences with the Branch. Unfortunately post covid i have watched the branch's service window narrow.
Lobby hours have been cut and Saturday hours have been eliminated at this branch. The 1990s era atm machines are so antiquated that we are unable to deposit checks and cash directly, but have to deposit them in an envelope and then wait until an employee opens them at a later date and inputs them manually. This can mean days before the customer has access to their cash deposit.
In addition the online banking system is at best wonky. I registered a trip to Europe with the online banking system - so that I could insure access to funds while I was aboard. While in Europe my card was declined EVERY time I attempted to use it despite registering my trip with the bank. Luckily my other credit and bank cards did not have this issue.
The final straw - the Online Check submission system caused a 10 day delay on a check from a household brand name Financial Services Company. Thinking this must be a mistake i visited branch in person to obtain help in this matter. Rather than attempting to help me with the problem caused by their faulty system - I was treated as a nuisance - dismissed by the incredibly rude manager who would not bother to speak with me nor even look at me or acknowledge my issue.
I then visited the main branch of the COFCU and spoke with management there. They addressed my issue an were able to effect a solution within a few minutes.
I was a big fan of Charter Oak Federal Credit union, but unfortunately the rude and neglectful service I experienced from the "manager" of my local branch has driven me to bank elsewhere.
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