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Washington State Employees Credit Union

Based on 4 reviews
Overview / Commentary
800-562-0999
330 UNION AVE SE
OLYMPIA, WA 98501

Washington State Employees Credit Union is headquartered in OLYMPIA and is the 2nd largest credit union in the state of Washington. It is also the 79th largest credit union in the nation. It was established in 1957 and as of March of 2014, it had grown to 484 employees and 204,300 members. Washington State Employees Credit Union has a A+ health rating.

Field of Membership Restrictions

Must be a staff or faculty of any public colleges or universities. Also open to students of University of Washington, Washington State University or Evergreen State College. - See Details

Reviews (4)

Great Customer Service

We've banked with WSECU for 25-years, and they are the best bank we've dealt with. They are very professional and courteous and willing to do what they can to meet your needs. They are over and above other banks we've had accounts with, such as Bank of America, and Citibank. It's a world of difference. We would definitely recommend them if you're looking for a bank with real care and concern and they don't treat you like you're some customer that's one out of a million others that they could care less about.


Customer Service

We've been customers for 25 years, and they are the best we've ever banked with. They just treat you well and remain professional and courteous whenever we have any needs. I would recommend them and it is a much better experience than other banks we've had dealings with such as Bank of America, Citi Bank, etc. A world of difference!

Great Service And Rates

While the interest you earn on savings and checking accounts is typically low, the service is always fantastic and the fees are far below average for banks (the fees are probably average for Credit Unions, which is to say "very low").

WSECU doesn't have too many ATMs, but they are part of the Credit Union Co-Op, which gives you free usage of the ATMs at all 7-Eleven stores (so, probably 6,000 locations around the country) and shared branch banking with other credit unions: especially convenient for travelers, this gives you more flexibility than the largest private systems (BofA or Citibank, for example).

The international exchange rate is fantastic (1%) if you can find a partner bank system (5B in Central America, for example), though they don't advertise this benefit to members! And the rewards program, if you partake, offers a great value on exchange of points for prepaid credit cards.

Great customer service at the University district location in Seattle, though I miss the drive through, and at the Lake Union branch which responds quickly to lines by bringing more tellers up to the front.

WSECU - Chehalis WA office

Customer Service is wonderful. Employees know members by name. Always there to help and answer questions. Greats everyone as they come in. Easy access to the website. Transferring money and using on-line banking a plus. Great credit card services. They question some purchases to make sure the user is the owner of the card. The credit union is well planned out, and easy to use. There is even a coin machine that will add up all ones coins.



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 Washington State Employees Credit Union had $6.12 million in non-current loans and owned real-estate with $225.22 million in equity and loan loss allowances on hand to cover it. This gives Washington State Employees Credit Union a Texas Ratio of 2.72% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Washington State Employees Credit Union experienced no significant changes from 2.56% as of March 31, 2013 to 2.72% as of March 31, 2014, resulting in a negative change of 5.93%. This indicates that the balance sheet and financial strength for Washington State Employees Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Washington State Employees Credit Union has increased its total deposits by $119.89 million, resulting in 7.29% 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 Washington State Employees Credit Union has shown is excellent.

Capitalization

GRADE:
A

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. Washington State Employees Credit Union has $2.01 billion in assets with $225.22 million in equity, resulting in a capitalization level of 11.19%, which is excellent.

Institution Statistics

Overall
NCUA #60042
Year Chartered1957
Employees484
Primary Regulator
Assets and Liabilities
Assets$2.01 billion
Loans$1.37 billion
Deposits$1.76 billion
Equity Capital$210.04 million
Loan Loss Allowance$15.18 million
Unbacked Noncurrent Loans$5.46 million
Real Estate Owned$660,000
Historic Data - March 2013
Assets$1.88 billion
Equity Capital$196.43 million
Loan Loss Allowance$17.03 million
Unbacked Noncurrent Loans$5.46 million
Real Estate Owned$797,000
Profit Margin - Quarterly
Return on Assets0.83%
Return on Equity7.99%
Interest Income$19.15 million
Rates

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

Washington State Employees Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.11%--Share Savings
0.11%--IRA Savings
0.11%--Roth IRA Savings
0.11%--HSA Savings
0.11%--ESA Savings
0.11%--Minor Savings
0.11%--Prime Time Savings

Washington State Employees Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.31%$100k-Performance Money Marker Account

Washington State Employees Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.11%--Money Mover II Checking
0.11%$2k-Interest Checking

Washington State Employees Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
2.02%$1k-84 Month CD
1.72%$1k-60 Month CD
1.06%$1k-48 Month CD
0.71%$1k-36 Month CD
0.51%$1k-24 Month CD
0.31%$1k-12 Month CD
0.26%$1k-6 Month CD

Washington State Employees Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
2.13%$1k-84 Month IRA
1.82%$1k-60 Month IRA
1.16%$1k-48 Month IRA
1.16%$1k-48 Month Roth IRA
0.81%$1k-36 Month IRA
0.56%$1k-24 Month IRA
0.35%$1k-12 Month IRA
0.26%$1k-6 Month IRA
Locations

Washington State Employees Credit Union has 17 locations. Click to view all Washington State Employees Credit Union locations.