Chevron Federal Credit Union is headquartered in Oakland and is the 11st largest credit union in the state of California. It is also the 59th largest credit union in the nation. It was established in 1935 and as of March of 2014, it had grown to 213 employees and 99,580 members. Chevron Federal Credit Union's savings rates are 13X the national average, and it boasts a A+ health rating.
Membership with Chevron Federal Credit Union (CFCU) can be based on employment, location, or even membership in a non-profit association. It is open to employees and retirees of Chevron and its related companies or contractor groups. You can also join via a family or household member who is already a member of Chevron Federal Credit Union, or via affiliation with one of CFCU's select partners and non-profit associations. - See Details
Upon selling my property, I was charged a $750 early closure fee on a 2nd mortgage that I'd paid off over a year earlier. This fee was not disclosed when I asked the Real Estate Loan Officer about any pre-payment or early payment fees upon signing the loan. Despite having an email stating that there would be no such fees, Chevron Federal Credit Union management would not waive the fee.
My experience with the credit union up until this point was 100% positive and I did everything I could to try and come to a fair resolution with management -- even offering to pay half the fee when I believed I should not have had to pay anything. Unfortunately, management was not willing to make the situation right and I therefore had to move my assets to a new institution and write this review.
Account opening process was slow. I started the process online and concluded it by mail. Savings rates are average and loan rates are lower than most banks. Credit cards are not a good deal as they are issued by a bank (Elan Services) and the same rates and terms can be obtained from any bank/credit union that uses Elan. Online services are adequate and text banking is old fashioned. Customer service is average. No problems but nothing special either.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Chevron Federal Credit Union had $5.94 million in non-current loans and owned real-estate with $256.28 million in equity and loan loss allowances on hand to cover it. This gives Chevron Federal Credit Union a Texas Ratio of 2.32% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Chevron Federal Credit Union decreased slightly from 3.23% as of March 31, 2013 to 2.32% as of March 31, 2014, resulting in a positive change of 28.30%.This indicates that the balance sheet and financial strength for Chevron Federal Credit Union has improved slightly in recent periods.
In the past year, Chevron Federal Credit Union has increased its total deposits by $159.61 million, resulting in 7.76% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Chevron Federal Credit Union has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Chevron Federal Credit Union has $2.48 billion in assets with $256.28 million in equity, resulting in a capitalization level of 10.33%, which is above average.
|Assets and Liabilities|
|Equity Capital||$251.04 million|
|Loan Loss Allowance||$5.23 million|
|Unbacked Noncurrent Loans||$4.86 million|
|Real Estate Owned||$1.08 million|
|Historic Data - March 2013|
|Equity Capital||$208.43 million|
|Loan Loss Allowance||$8.83 million|
|Unbacked Noncurrent Loans||$4.86 million|
|Real Estate Owned||$757,000|
|Profit Margin - Quarterly|
|Net Interest Margin||0.85%|
|Return on Assets||0.79%|
|Return on Equity||7.79%|
|Interest Income||$18.85 million|
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|0.25%||$25||-||Accumulative Roth IRA|
|0.40%||$2,500||-||MarketEdge IRA Savings|
|1.50%||$100k||-||5-Year SuperShare 100 CD|
|1.45%||$50k||-||5-Year SuperShare 50 CD|
|1.30%||$100k||-||4-Year SuperShare 100 CD|
|1.25%||$50k||-||4-Year SuperShare 50 CD|
|1.10%||$100k||-||3-Year SuperShare 100 CD|
|1.05%||$50k||-||3-Year SuperShare 50 CD|
|0.95%||$100k||-||2-Year SuperShare 100 CD|
|0.90%||$50k||-||2-Year SuperShare 50 CD|
|0.80%||$100k||-||1-Year SuperShare 100 CD|
|0.75%||$50k||-||1-Year SuperShare 50 CD|
|0.70%||$500||-||1 Year CD|
|0.60%||$500||-||9 Month CD|
|0.50%||$500||-||6 Month CD|
|0.45%||$500||-||3 Month CD|
|1.50%||$100k||-||5-Year SuperShare 100 IRA|
|1.45%||$50k||-||5-Year SuperShare 50 IRA|
|1.30%||$100k||-||4-Year SuperShare 100 IRA|
|1.25%||$50k||-||4-Year SuperShare 50 IRA|
|1.10%||$100k||-||3-Year SuperShare 100 IRA|
|1.05%||$50k||-||3-Year SuperShare 50 IRA|
|0.95%||$100k||-||2-Year SuperShare 100 IRA|
|0.90%||$50k||-||2-Year SuperShare 50 IRA|
|0.80%||$100k||-||1-Year SuperShare 100 IRA|
|0.75%||$50k||-||1-Year SuperShare 50 IRA|
|0.70%||$500||-||1 Year IRA|
|0.60%||$500||-||9 Month IRA|
|0.50%||$500||-||6 Month IRA|