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West Orange Municipal Credit Union

Overview
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West Orange Municipal Credit Union is a federal credit union based in West Orange, New Jersey. It has been opened since 1955, for 65 years.

With around $7,310,000 in assets, West Orange Municipal Credit Union is considered to be a medium size credit union.

About
Address 342 Main Street
West Orange, New Jersey 07052
Website http://www.womfcu.org
Phone (973) 736-1929
Fax (973) 669-8332
CEO John K. Corcoran
President of the Board James Williams
Services Offered
Map
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Score Card
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65 years
Years in business
Opened in 1955
Well Capitalized
Net worth classification
Source: NCUA
1,279 members
Membership type: Multiple common bond – primary federal, state, local government
Below average number of members
426:1
Credit union member to staff ratio
426 per each FTE employee
Compared to 411:1 nationally
Fewer staff
$7,312,647
Total assets
Below average
1 branch
Compared with an average of 4 nationally and 2 in New Jersey
Average number of branches
0.10%
Savings interest rate
Compared to 0.3% nationally
13.80%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
Branches
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1 branch
Compared with an average of 4 nationally and 2 in New Jersey
Average number of branches
West Orange Municipal Credit Union Branch Locations
Members
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1,279 members
Membership type: Multiple common bond – primary federal, state, local government
Below average number of members

With 1,279 members, the West Orange Municipal Credit Union is considered to be a small credit union. It is smaller than 76% of credit unions.

Fees
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$35
Average fee per member
The average fee per member at the West Orange Municipal Credit Union is $35, which is low compared to most credit unions. This rate is lower than 61% of all credit unions.
Fees are lower than average

Credit unions, like banks, charge members various fees, such as overdraft fees, ATM fees, credit card fees, inactivity or dormat account fees, and more.

The average fee per member gives you a general sense of how much you might pay in fees as a member of the West Orange Municipal Credit Union. Some credit unions tend to charge more fees, while others charge less.

Staff
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426:1
Credit union member to staff ratio
426 per each FTE employee
Compared to 411:1 nationally
Fewer staff
3 staff members
FTE (full-time equivalent)
0% of employees are part-time
3 full-time, 0 part-time

West Orange Municipal Credit Union has 3 full-time staff members and 0 part-time staff members.

The number of members relative to staff members is an indication of how well staffed the credit union is. West Orange Municipal Credit Union has around 426 members per staff, a higher ratio compared to other credit unions.

Assets
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$7,312,647
Total assets
Below average
Net worth
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Well Capitalized
Net worth classification
Source: NCUA
A well capitalized credit union has a net worth ratio of 7% or greater and also meets applicable risk-based net worth requirements, according to the National Credit Union Administration.
7.8%
Net worth ratio
A higher net worth ratio is better.
Compared to an average of 13.6% nationally

A credit union's net worth ratio is one of the most important metrics you should consider when deciding whether to join a credit union. Why? It's a measure of financial strength

The net worth ratio is equal to a credit union's net worth divided by its assets. According to the National Credit Union Administration, a minimum net worth ratio of 7% is required to be considered to be a well capitalized credit union.

Loans & leases
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$5,952
Average loan and lease size
Loan & lease sizes are very small. They are smaller than at 85% of credit unions.

West Orange Municipal Credit Union holds a total of $4,580,000 in loans and leases, which is about $5,952 per member on average.

Savings interest rate
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0.10%
Savings interest rate
Compared to 0.3% nationally

A credit union share account is an account at a credit union. It's called a share account because the credit union is member owned and as a result, members own shares in the credit union.

A share savings account pays you interest on your savings, similar to a savings account at a bank. The interest you receive can vary. West Orange Municipal Credit Union pays 0.10%.

Loan rates
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13.80%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
11.20%
Unsecured non-credit card loan interest rate
Compared to 11.2% nationally
4.90%
Other secured non-real estate loans and lines of credit interest rate
Compared to 5.3% nationally
Car loan rates
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2.79%
New car loan rate
Compared to 4.0% nationally
4.55%
Used car loan rate
Compared to 5.2% nationally
Mortgage rates
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4.60%
Mortgage rate (secured by junior lien)
Compared to 3.4% nationally
5.00%
Mortgage rate (secured by 1st lien)
Compared to 3.3% nationally
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