Ontario-Montclair School Employees Credit Union (OMSEFCU)
OMSEFCU is a credit union based in the submit of California in San Bernadino County. It was established in 1961 and is the 132nd largest credit union operating in the submit in terms of its sum assets. The credit union ’ s field of membership is multiple common adhere with the primary bond being educational, and it is one of 20 education-related credit unions in California. In summation to this, the credit union is designated as a minority depository institution. The credit union presently has 1 outgrowth and employs a sum of 25 employees .
Who Can Join OMSEFCU?
membership in the credit union is afford to people that fall into one the follow categories :
- Employees of the Ontario-Montclair School District
- Employees of the Ontario-Montclair Teachers Association
- Students enrolled in the Ontario-Montclair School District from K-8
- Immediate family members of current members, which is defined as including: spouse, domestic partner, parents, brothers, sisters, children, grandchildren, and grandparents. Also includes stepparents, stepchildren, step-siblings, and adoptive relationships
You can start a membership application by visiting this page. Of note, for current members, the credit coupling is now offering $ 20 if you refer a new member to OMSEFCU that ends up joining. You can receive extra amounts if referred members open accounts, including $ 20 if they open a check explanation, $ 50 if they open a credit wag, $ 50 if they are issued a personal loan and $ 100 if they are issued a mortgage loanword by the credit rating union.
Products and Services
OMSEFCU offers a act of fiscal accounts and services to its members including :
- Checking Accounts – the credit union has three checking account options for members, its PayAssure Checking, Dividend Checking and freedom Checking. The Freedom Checking account has no monthly service charge and only requires $30 to open the account. The account has electronic statements and unlimited ATM access.
- Savings Accounts – there are three savings account options: Regular Savings, Plus Savings and Advantage Savings. With Regular Savings you only need a $5 deposit to open the account while with the Plus Savings and Advantage Savings accounts you need an initial deposit and minimum balance of $10,000 and $25,000 respectively. These last two accounts currently offer an annual percentage yield of 0.03% and 0.10%.
- Credit Cards – OMSEFCU offers its members a VISA Classic or VISA Platinum credit card with features including no annual fee, a 25 day grace period on purchases and fixed rates of interest as low as 8.5%.
- Mortgages and Home Loans – there are many options for mortgages at the credit union including 15 and 30 year terms, conforming and jumbo loans. The credit union also offers refinancing to its members.
OMSEFCU vs. Other Credit Unions
It is constantly a little slippery comparing credit unions due to their hard-and-fast eligibility criteria. In the case of OMSEFCU, as indicated above you can entirely join the recognition union if you directly or indirectly have a connection to the Ontario-Montclair School District. however, it is probably that if you are eligible to be a member of this credit union, then you will besides be eligible to be a extremity of other credit unions in San Bernadino County that have geographic or education-based membership requirements. There are 5 early credit rating unions in the county which people that are eligible to join OMSEFCU will likely besides be eligible to join : Of these 5 credit unions, membership of Thinkwise is based on education ; to be eligible to join the credit union you need to work in the educational industry in San Bernardino, Orange, or Riverside counties. This overlaps with employees of the Ontario-Montclair School District and besides the Teachers Association. The remaining citation unions have eligibility requirements that are strictly related to where you live, sour and worship.
As we ’ ve previously discussed we believe net worth per member, is an important measure of a citation unions performance over time. On this metric function OMSEFCU compares favorably proportional to alike credit unions, even though it is below the national average .
OMSEFCU Checking Account vs. Other Credit Unions
Of all the types of accounts offered by banks and credit unions, checking accounts are particularly important because of how much we tend to use them. Checking accounts besides have a count of account fees and as a leave can end up being quite expensive. These two reasons are why we chose a checking account as a point of comparison. Overall, the credit rating union ’ s checking account offerings are average. They do not have much in the way of attractive add-ons, rebates or perks and have the typical report fees .
- Main Office Details
- Address: 1520 N. Palmetto Avenue, Ontario, CA 91762
- Branch Hours: Monday to Friday 10am to 5pm
- Branch Phone: (909) 983-1959
- Lost or Stolen Cards: (800) 472-3272
- Website: http://www.omsefcu.org
- Charter Number: 14542
- Charter Year: 1961
- Employees: 25
- Routing Number: 322280427
- Membership Trends: On average, credit unions in California each have 47,939 members while across the United States the equivalent figure is 26,230. By comparison, OMSEFCU has total members of 9,738 which is significantly smaller than the average credit union in the state. Over the past three years, the credit union’s total base of members has increased by 9%.
OMSEFCU Financial Trends
The above chart summarizes the trends in key balance sheet items for OMSEFCU. First off, it is noteworthy that across the circuit board, all four items have increased over the by year. The citation union ’ s assets have expanded by 10.1 % while its sum loans have grown by 6.4 %. In addition, the company ’ second mortgages and lines of recognition have expanded by 18.8 % while its deposits have expanded by 11.6 %. A credit union ’ s net deserving is a effective proxy for the measure that a credit union has accrued over time. Based on the latest available information, OMSEFCU ’ south net income worth stands at $ 15 million. This implies that the credit union has a net worth per member of $ 1,538 which is below the national average of $ 1,633.
Overview of the Credit Union’s Performance Metrics
In the above chart we have displayed three statistics that are important in evaluating a recognition union ’ s performance and shown how OMSEFCU compares on these metrics :
- Return on Assets – declined over the past year and is also below the average.
- Delinquency Rate – increased slightly over the past year but remains below the average. For this metric a lower percentage indicates a more favorable trend.
- Net Worth Ratio – declined over the past year and is now inline with the average credit union. Based on the NCUA’s guidelines, this credit union is well capitalized.
Final Thoughts on OMSEFCU
overall we think OMSEFCU is a good accredit union. Financially it is well capitalized. While it is smaller than many of the other education-focused credit unions in California, it has steadily increased its membership al-qaeda over the past 5 years from 8,102 in 2016 to about 10,000 as of the goal of 2021. Both the report and lend offerings of the recognition union are fairly standard. The credit union has a mobile application which has a 4.8 star evaluation in the App Store as of this writing based on 490 reviews. It might not be the most exciting recognition union in the state but it checks most of the authoritative boxes !