Wescom Central Credit Union is headquartered in PASADENA and is the 9th largest credit union in the state of California. It is also the 51st largest credit union in the nation. It was established in 1934 and as of June of 2013, it had grown to 652 employees and 200,518 members. Wescom Central Credit Union's savings rates are 4X the national average, and it has a A health rating.
Must live, work, worship or go to school in Southern California. - See Details
This CU is the most inconvenient bank I've ever worked with. Ever since their huge multi-million dollar losses in 2008/2009 from their Board of Directors ridiculous investment decisions, the customer service has become impossible, fees have been hiked through the roof, and every customer service person I've had to speak with has had an attitude. I'm sorry, but the bank's customers shouldn't have to suffer because of a thier executive's greedy decisions..
I closed down my checking account after moving out of state, but still had an auto loan with Wescom. To my suprise, once I closed my checking account, I'm unable to log in and view any information regarding my auto loan or make a payment. Since I don't use checks, now my only option is to call in every month and make a payment over the phone and incur a $15 fee for having to pay over the phone - ridiculous. I was told they had technical restrictions, which is why I need a checking account to log in and view my auto loan. These 2 should be separate. I manage web-based computer programmers for a living, and I know it's literally just a few hours of work to fix the system so that someone like me, without a checking account, can log in online and view my account, make payments, etc. This is straight up extortion....Some gangster moves.
On top of that, every time I do call and give these people my money, INCLUDING FEES, I'm met with an attitude from each representative.
I don't know what I did to deserve this treatment, but I definitely wouldn't recomment banking with them and I've already talked a handful of friends and family members into other credit unions.
At the rate they're going, I'm thinking I should just hold off on making payments until they eventually go bankrupt (which seems inevitable at the rate they're operating that business).
- Billy, Feb 2012
Credit union is pretty nice. Every time I have gone into a branch the employees are always fantastically friendly. Never had an issue at any of their locations. Checking account was free for the first few years, until I fell out of qualification (age limit 23), but even then, the fee is only $5 a month, not bad. Also, it could be free once again with at least $3,000 in your account. Online banking is quick and easy. I would recommend this credit union to all!
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 June 30, 2013 Wescom Central Credit Union had $13.97 million in non-current loans and owned real-estate with $202.33 million in equity and loan loss allowances on hand to cover it. This gives Wescom Central Credit Union a Texas Ratio of 6.91% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Wescom Central Credit Union decreased dramatically from 13.05% as of June 30, 2012 to 6.91% as of June 30, 2013, resulting in a positive change of 47.09%.This indicates that the balance sheet and financial strength for Wescom Central Credit Union has improved dramatically in recent periods.
In the past year, Wescom Central Credit Union has increased its total deposits by $66.62 million, resulting in 3.18% 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 Wescom Central 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. Wescom Central Credit Union has $2.53 billion in assets with $202.33 million in equity, resulting in a capitalization level of 7.99%, which is below average.
|Assets and Liabilities|
|Equity Capital||$161.55 million|
|Loan Loss Allowance||$40.78 million|
|Unbacked Noncurrent Loans||$13.55 million|
|Real Estate Owned||$425,000|
|Historic Data - June 2012|
|Equity Capital||$164.96 million|
|Loan Loss Allowance||$51.38 million|
|Unbacked Noncurrent Loans||$13.55 million|
|Real Estate Owned||$1.13 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.37%|
|Return on Assets||0.94%|
|Return on Equity||14.72%|
|Interest Income||$40.45 million|
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|0.05%||-||-||Special Purpose Savings|
|0.25%||$100k||-||IRA Asset Maximizer|
|0.15%||$100k||-||Money Market Plus|
|0.15%||$100k||-||IRA Plus Money Market|
|1.11%||$500||-||60 Month CD|
|0.80%||$500||-||48 Month CD|
|0.55%||$500||-||36 Month CD|
|0.40%||$500||-||24 Month CD|
|0.40%||$250||-||24 Month College Saver|
|0.20%||$500||-||18 Month CD|
|0.15%||$500||-||12 Month CD|
|0.10%||$500||-||6 Month CD|
|0.05%||$500||-||3 Month CD|
|1.11%||$500||-||60 Month IRA|
|1.11%||$500||-||60 Month Roth IRA|
|0.80%||$500||-||48 Month IRA|
|0.80%||$500||-||48 Month Roth IRA|
|0.55%||$500||-||36 Month IRA|
|0.55%||$500||-||36 Month Roth IRA|
|0.40%||$500||-||24 Month Roth IRA|
|0.40%||$500||-||24 Month IRA|
|0.20%||$500||-||18 Month Roth IRA|
|0.20%||$500||-||18 Month IRA|
|0.15%||$500||-||12 Month Roth IRA|
|0.15%||$500||-||12 Month IRA|
|0.10%||$500||-||6 Month Roth IRA|
|0.10%||$500||-||6 Month IRA|
|0.05%||$500||-||3 Month Roth IRA|
|0.05%||$500||-||3 Month IRA|