Provident Credit Union (CA) is headquartered in Redwood City and is the 16st largest credit union in the state of California. It is also the 86th largest credit union in the nation. It was established in 1950 and as of December of 2013, it had grown to 262 employees and 104,031 members. Provident Credit Union (CA)'s savings rates are 2X the national average, and it boasts a A+ health rating.
Yes, you probably are eligible! All of the ways you can join Provident Credit Union are listed on this page, including over 1200 employer groups and associations. Any of the following can qualify you for Provident Credit Union membership : Where You Live or Work - Family Members or Roommates - Chamber of Commerce - Local Union Membership - Association Membership (You or Your Employer) - Employer. - See Details
I've been a member for 2 years and am a happy customer. I always look for credit unions first when choosing a bank-type institution; when I moved to the Bay Area I began my search. I looked at BBB.org ratings and complaint history. There were a few credit unions that topped the quality list and I finally choose Provident because of its Rewards Checking account rate.
Two years and greater acquaitance later, I have never regretted this decision. I easily recommend Provident to coworkers, friends, and people new to the area. That amazing rewards checking rate is still at 2.26% when everywhere rates keep dropping even on "high-yield" accounts from AMEX and Smarty Pig. (Rewards checking in general is fantastic these days if you can find it. Meeting the requirements is easy with my routine.)
Online banking is fine. I use auto bill-pay to cover my rent and direct deposit from my employer. Mint.com works great. The account is linked to mutual fund and brokerage accounts. ATMs are free within the entire credit union network; out of network ATM fees are reimbursed up to $2.50.
The only feature missing for me is virtual sub-accounts (like ING has). I'd like to auto-transfer money from the rewards checking into sub-accounts for savings goals, even if those virtual accounts are part of a seperate savings account with different (realisticaly lower) rates.
I received this email over the weekend from Provident CU:
"Our records indicate that you have set up an external account in our online banking system to transfer funds to/from your Provident accounts.
Good news! On April 24th, in-bound transfers from another institution will be completed within three business days instead of five — a full two days faster. Out-bound transfers will remain at 2 business days.
IMPORTANT: The maximum transfer amount per day is changing from $25,000 to $3,000, and the maximum transfer amount total every 30 days is changing from $34,999 to $6,000."
Provident CU's stringent lending practices denied me credit for a $26K loan, even though I earn $200K in salary and have excellent credit. Their rationale was that 25% of my pay was reliant on a bonus that I have consistently received in the past. I told them about my bonus from the start of the process. After spending a lot of time getting all of my records in order and working with their loan staff, I wasted my time with them. Go somewhere else where you won't be yanked around.
Very competitive rewards checking account. The call center provided first order of checks free although in the first branch I went to in San Francisco the agent said they were not free. (Odd because first order of checks is free on their other accounts.) Issued check card with name etc immediately. Requires 1 ACH credit or debit. 10 signature or pin transactions.Easy. Good website with ACH transfer. CD rates not too bad considering this economy.
I have a home loan with provident credit union.this is the worst bank to get your loan with. stay away from this bank.
Very very Incompetent to say the least.
Provident credit union is an example how not to run a Bank.
DISASTER--- VERY VERY BAD CUSTOMER SERVICE ... WALMART makes you feel like a king compared to this bunk.. i mean Bank.
SCOTT the real estate Head will never call you back.( 5 phone calls and messages over a 1 month time period)and this bank has my home loan since 5 years.. this guy scott has a job because of people like me... what a scam.
1. the people that work in the realestate loan service department:
are either away on leave, miscommunicate, never get back to you, give you wrong information, mess up the first time, redo the paperwork, messup again.. on and on... COMEDY OF ERRORS;
I hope this Bank fails and the FED takes it over, seriously!
A great primary bank for savvy online banking users.
Solid rewards checking rate. One of the only non-megabanks anywhere with direct connect functionality for Quicken and company (and for free, no less -- go find that from a big bank). Easy to use mobile check deposit app. Clean website. Easy online account opening. I live on the east coast and this is my primary bank without having ever set foot in a branch. Only minor issue is slow ACH posting time compared to some others, but that's no big deal when compared with what you're getting in return.
I was a member here for six years, when one day they decided to stop accepting checks from my biggest client. I pointed out that they'd been happily accepting these checks every month for over a year, but they still refused to take it, and couldn't explain why. The final straw was when the manager told me I could still deposit the checks if I used the ATM, but I couldn't use the teller -- and again, she couldn't explain why. This is the MANAGER. I closed my account on the spot.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Provident Credit Union (CA) had $749,000 in non-current loans and owned real-estate with $231.8 million in equity and loan loss allowances on hand to cover it. This gives Provident Credit Union (CA) a Texas Ratio of 0.32% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Provident Credit Union (CA) decreased dramatically from 3.22% as of December 31, 2012 to 0.32% as of December 31, 2013, resulting in a positive change of 89.98%.This indicates that the balance sheet and financial strength for Provident Credit Union (CA) has improved dramatically in recent periods.
In the past year, Provident Credit Union (CA) has increased its total deposits by $169.45 million, resulting in 11.33% 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 Provident Credit Union (CA) 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. Provident Credit Union (CA) has $1.9 billion in assets with $231.8 million in equity, resulting in a capitalization level of 12.19%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$223.64 million|
|Loan Loss Allowance||$8.16 million|
|Unbacked Noncurrent Loans||$749,000|
|Real Estate Owned||$0|
|Historic Data - December 2012|
|Equity Capital||$213.33 million|
|Loan Loss Allowance||$10.93 million|
|Unbacked Noncurrent Loans||$749,000|
|Real Estate Owned||$134,000|
|Profit Margin - Quarterly|
|Net Interest Margin||3.34%|
|Return on Assets||0.63%|
|Return on Equity||5.33%|
|Interest Income||$43.32 million|
Always verify rates and promotions with the bank or credit union. We are not Provident Credit Union (CA), we are a rate comparison website and can not provide official rates or promotions.
|0.20%||$25||-||Roth IRA Savings|
|0.10%||$25k||-||Business Regular Savings|
|0.25%||$125k||-||Premier Money Market Savings|
|0.20%||$100k||-||Money Market Savings|
|1.76%||-||$25k||Super Reward Checking|
|0.25%||$125k||-||Basic Business Checking|
|0.25%||$125k||-||Enhanced Business Checking|
|0.00%||-||-||Super Reward Checking|
|1.20%||$1k||-||60 Month CD|
|0.95%||$1k||-||48 Month CD|
|0.65%||$1k||-||36 Month CD|
|0.40%||$1k||-||24 Month CD|
|0.35%||$1k||-||24 Month Bump Up CD|
|0.35%||$500||-||24 Month Add-On Variable Rate CD|
|0.30%||$500||-||12 Month Deferred Dividend CD|
|0.25%||$1k||-||12 Month CD|
|0.20%||$250||-||12 Month Add On CD|
|0.20%||$50||-||12 Month Youth Add On CD|
|0.15%||$1k||-||6 Month CD|
|0.15%||$5k||-||13 Month Liquid CD|
|1.20%||$500||-||60 Month IRA (Traditional,CESA,Roth)|
|0.95%||$500||-||48 Month IRA (Traditional,CESA,Roth)|
|0.65%||$500||-||36 Month IRA (Traditional,CESA,Roth)|
|0.65%||$500||-||36 Month Variable Rate Roth IRA|
|0.40%||$500||-||24 Month IRA (Traditional,CESA,Roth)|
|0.35%||$500||-||24 Month Bump Up IRA (Traditional,CESA,Roth)|
|0.35%||$250||-||24 Month Add On IRA (Traditional,CESA,Roth)|
|0.35%||$500||-||24 Month Variable Rate Coverdell ESA|
|0.35%||$250||-||HSA 24 Month Add-On Certificate|
|0.25%||$500||-||12 Month IRA (Traditional,CESA,Roth)|
|0.20%||$250||-||HSA 12 Month Add-On Certificate|