Schools Credit Union is headquartered in COMPTON and is the 144th largest credit union in the state of California. It is also the 1,417st largest credit union in the nation. It was established in 1939 and as of December of 2013, it had grown to 44 employees and 17,044 members. Schools Credit Union's savings rates are 4X the national average, and it has a A health rating.
Field of Membership Restrictions
Must be an employee of the Los Angeles Unified School District or several other education-related groups. - See Details
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Worst Credit Union Ever
Worst financial decision I made in 2013 was doing business with Schools Federal Credit Union.
Customer service was terrible (with the exception of one individual). They do everything different than any other bank or credit union and it all moves at glacial speed.
But the worst is the way they advertise a high interest rate for savings and then reduce it by more than 90% retroactively based on a footnote on their rate page. In other words, they have your money for almost three months and then decide not to pay you the interest they advertised. Classic bait and switch. Avoid this company like the plague!
Data for Q4 2013
Institution Health
Texas Ratio
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 Schools Credit Union had $500,000 in non-current loans and owned real-estate with $11.66 million in equity and loan loss allowances on hand to cover it. This gives Schools Credit Union a Texas Ratio of 4.29% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Schools Credit Union decreased dramatically from 9.97% as of December 31, 2012 to 4.29% as of December 31, 2013, resulting in a positive change of 57.01%.This indicates that the balance sheet and financial strength for Schools Credit Union has improved dramatically in recent periods.
Deposit Growth
In the past year, Schools Credit Union has decreased its total deposits by -$1.04 million, resulting in -1.07% 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 Schools Credit Union has shown is average.
Capitalization
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. Schools Credit Union has $107.61 million in assets with $11.66 million in equity, resulting in a capitalization level of 10.84%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 3526 |
| Year Chartered | 1939 |
| Employees | 44 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $107.61 million |
| Loans | $78.72 million |
| Deposits | $96.83 million |
| Equity Capital | $10.14 million |
| Loan Loss Allowance | $1.52 million |
| Unbacked Noncurrent Loans | $500,000 |
| Real Estate Owned | $0 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $110.11 million |
| Equity Capital | $11.05 million |
| Loan Loss Allowance | $1.83 million |
| Unbacked Noncurrent Loans | $500,000 |
| Real Estate Owned | $432,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 5.15% |
| Return on Assets | -0.24% |
| Return on Equity | -2.49% |
| Interest Income | $4.56 million |
Always verify rates and promotions with the bank or credit union. We are not Schools Credit Union, we are a rate comparison website and can not provide official rates or promotions.
Schools Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.97% | $50 | - | Coverdell Education Savings Account | |
| 0.15% | $100 | - | IRA Accumulation Account | |
| 0.10% | $10k | - | Regular Shares | |
| 0.10% | $10k | - | Christmas Club | |
| 0.10% | $10k | - | "You Name It" Savings |
Schools Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.30% | $50k | - | Premium Money Market |
Schools Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.10% | $10k | - | Interest Checking |
Schools Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 2.50% | $2k | $50k | Special 12 Month Relationship CD | |
| 1.30% | $90k | - | 60 Month CD | |
| 1.00% | $90k | - | 48 - 59 Month CD | |
| 0.80% | $90k | - | 36 - 47 Month CD | |
| 0.50% | $90k | - | 24 - 35 Month CD | |
| 0.40% | $90k | - | 12 - 23 Month CD |
Schools Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.30% | $90k | - | 60 Month IRA CD | |
| 1.00% | $90k | - | 48 - 59 Month IRA CD | |
| 0.80% | $90k | - | 36 - 47 Month IRA CD | |
| 0.50% | $90k | - | 24 - 35 Month IRA CD | |
| 0.45% | $2k | - | 18 Month Special IRA (Traditional,Roth,CESA) | |
| 0.40% | $90k | - | 12 - 23 Month IRA CD |
| Schools Credit Union Locations | ||
|---|---|---|
| Branch Office | 2200 W Artesia Blvd | Rancho Dominguez, CA 90220 |
| Branch Office | 1000 E Victoria St | Carson, CA 90747-0001 |
| Branch Office | 850 W CESAR E CHAVEZ AVE | LOS ANGELES, CA 90012-2131 |