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253-383-2016
1331 Broadway
Tacoma, WA 98402-3410

Sound Credit Union is headquartered in Tacoma and is the 7th largest credit union in the state of Washington. It is also the 186th largest credit union in the nation. It was established in 1940 and as of March of 2014, it had grown to 226 employees and 99,050 members. Sound Credit Union has a A health rating.

Field of Membership Restrictions

Must live or work in Washington state or be an employee of one of the several Select Employee Groups (SEGs) - See Details

Related Posts



Sound Credit Union

NEVER had such a bad time with a financial institution in my life! God help you if your spouse passes away unexpectedly and your accounts are at sound. They freeze all accounts so you have NO access to ANY of your money until they are PAID IN FULL. They could care less you have just had a tragic loss in your life. Nope...they freeze your checking account so you cannot possibly pay your bills. Then they charge you late fees for not paying! They finally took their loan payment out of my account and charged me a late fee the same day! Way to go Sound!

Just Another Callous Credit Union

This credit union used to be a "home town" credit union.  It has recently changed its policy of understanding to one of strong-arm collection tactics.  Fair warning: if you get behind on your payments, they stop accepting payments, turn your account over to Merchant's Credit, who will tack on 25% to the debt.  Steer clear.

Happy Long Time Members!

We have been members of Sound Credit Union since 1991. From day one, we've been happy with our experience. They have some of the best loan rates around and our checking account is free. The service has always been great. We really like the updated website and the information we're looking for is easy to find. Their online banking and bill pay is user friendly making our account accessible 24/7. We look forward to many more happy years.....and thank you for making our banking experience a good one!

Fee Happy Credit Union

after 25 years of banking with Seattle Telco/Watermark now Sound Credit Union I am calling it quits. Their system of holds renders mobile banking and online banking balances useless. I have never had deposits take so long to clear (7 - 10 days) and I have never had holds on pre-authorizations stay so long ( a week at least). This has resulted in a shower of fees and vague explanations from Sound that never matches up to the amounts shown in my account.
I need accurate and timely banking and Sound is a complete failure on both counts.

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Health

Data for Q1 2014

Institution Health

A

Texas Ratio

GRADE:
A+

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 Sound Credit Union had $3.09 million in non-current loans and owned real-estate with $120.47 million in equity and loan loss allowances on hand to cover it. This gives Sound Credit Union a Texas Ratio of 2.57% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Sound Credit Union decreased dramatically from 4.49% as of March 31, 2013 to 2.57% as of March 31, 2014, resulting in a positive change of 42.90%.This indicates that the balance sheet and financial strength for Sound Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Sound Credit Union has increased its total deposits by $14.83 million, resulting in 1.56% 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 Sound Credit Union has shown is above average.

Capitalization

GRADE:
B+

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. Sound Credit Union has $1.11 billion in assets with $120.47 million in equity, resulting in a capitalization level of 10.81%, which is above average.

Institution Statistics

Overall
NCUA #66331
Year Chartered1940
Employees226
Primary Regulator
Assets and Liabilities
Assets$1.11 billion
Loans$627.92 million
Deposits$968.10 million
Equity Capital$115.53 million
Loan Loss Allowance$4.94 million
Unbacked Noncurrent Loans$2.73 million
Real Estate Owned$360,000
Historic Data - March 2013
Assets$1.09 billion
Equity Capital$100.12 million
Loan Loss Allowance$6.25 million
Unbacked Noncurrent Loans$2.73 million
Real Estate Owned$299,000
Profit Margin - Quarterly
Net Interest Margin1.19%
Return on Assets1.35%
Return on Equity13%
Interest Income$8.55 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Sound Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Sound Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.20%--IRA Savings
0.15%--Health Savings Account
0.05%$100-Prime Savings
0.05%--Johnny Appleseed
0.05%--Club Account
0.05%$100-Business Savings
0.05%--Secondary Business Savings

Sound Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.40%$500k-High-Yield Money Market
0.40%$500k-Business High-Yield Money Market
0.20%$50k-Money Market Plus
0.20%$50k-Business Money Market Plus
0.10%$5k-Money Market
0.10%$5k-Business Money Market

Sound Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.20%$50k-High-Yield Checking
0.20%$50k-High-Yield Business Checking
0.05%$1k-Plus Checking
0.05%$1k-Advantage Checking
0.05%--Visions Checking

Sound Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.25%$2,500-60 Month Bump CD
1.25%$2,500-Business 60 Month Bump CD
1.00%$500-60 Month CD
1.00%$500-Business 60 Month CD
0.95%$100k-60 Month Jumbo CD
0.95%$100k-Business 60 Month Jumbo CD
0.75%$500-48 Month CD
0.75%$500-Business 48 Month CD
0.75%$2,500-36 Month Bump CD
0.75%$2,500-Business 36 Month Bump CD
0.65%$500-36 Month CD
0.65%$500-Business 36 Month CD
0.40%$100k-36 Month Jumbo CD
0.40%$100k-Business 36 Month Jumbo CD
0.30%$2,500-30 Month Flex CD
0.30%$100k-24 Month Jumbo CD
0.30%$100k-Business 24 Month Jumbo CD
0.30%$2,500-Business 30 Month Flex CD
0.25%$500-24 Month CD
0.25%$100k-18 Month Jumbo CD
0.25%$100k-Business 18 Month Jumbo CD
0.25%$500-Business 24 Month CD
0.20%$2,500-18 Month Flex CD
0.20%$100k-11 Month Jumbo CD
0.20%$100k-12 Month Jumbo CD
0.20%$100k-Business 11 Month Jumbo CD
0.20%$100k-Business 12 Month Jumbo CD
0.20%$2,500-Business 18 Month Flex CD
0.15%$500-11 Month CD
0.15%$500-12 Month CD
0.15%$100k-6 Month Jumbo CD
0.15%$100k-9 Month Jumbo CD
0.15%$100k-Business 6 Month Jumbo CD
0.15%$100k-Business 9 Month Jumbo CD
0.15%$500-Business 11 Month CD
0.15%$500-Business 12 Month CD
0.10%$500-3 Month CD
0.10%$500-6 Month CD
0.10%$500-9 Month CD
0.10%$500-Business 3 Month CD
0.10%$500-Business 6 Month CD
0.10%$500-Business 9 Month CD

Sound Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.10%$1k-60 Month IRA
0.75%$1k-36 Month IRA
0.35%$1k-24 Month IRA
0.30%$1k-18 Month IRA
0.25%$1k-12 Month IRA
Locations

Sound Credit Union has 21 locations. Click to view all Sound Credit Union locations.