Overview / Commentary
601 N Highway 231
Panama City, FL 32405-4705

Bay Credit Union is headquartered in Panama City and is the 68th largest credit union in the state of Florida. It is also the 1,767th largest credit union in the nation. It was established in 1952 and as of June of 2018, it had grown to 27 employees and 9,617 members at 3 locations. Bay Credit Union has a B+ health rating.

Field of Membership Restrictions

Bay CU is open to anyone who resides or works in these Florida Counties; Bay, Gulf, Jackson, Walton, and Washington. Membership eligibility also extends to include the CU employees, organizations that lack a CU-affiliation, and direct family members of eligible persons.
See current membership details

Reviews (1)

Awful Bank

If I could give this 0 stars I would. This bank is a joke. Their customer service skills are yet to be seen. This bank does NOT have it together. They screwed up my auto loan and couldn't get the first three payments correct. I went to another bank and refinanced my vehicle after the third screw up from them. I paid off my credit card with this bank and wanted to close out the account, the tellers didn't even know how to close out a credit card account. I asked the teller if there was anything I needed to sign and was told no. After I got home, I get a phone call from them saying I need to come back to the bank and sign some papers to close out the account. I was so upset that I decided to close out all of my bank accounts. About a week later, I start getting emails saying my statement is available. I don't even have a way to log online since I no longer have an account. I am also receiving emails for my credit card statements. I closed out the credit card account before the main accounts. I have talked with two people so far who have stated that they took care of this and I will not be receiving any more emails. They lied to me again. I am still receiving emails. I called today to get this fixed and was hung up on by one of their customer service people. I called back to put in a complaint and was sent to a voice mail. I called back again to speak with anyone up above and was sent to a voice mail again. This bank needs to be shut down. To have people incompetent taking customer service calls, and then have them hang up on customers when they don't know how to resolve the problem is such terrible business practices. I would be embarrassed and ashamed if I was running a business that had employees like this working under me. Stay away from this bank if you don't want stress or chaos in your life.

Additional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. Bay Credit Union has a relatively low asset base.

Health Grade Components

NCUA #63262
Year Chartered1952
Primary Regulator
Profit Margin
Return on Assets - YTD0.3%
Return on Equity - YTD3.45%
Annual Interest Income$1.6MM
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$85.8MM$84.2MM
LoansQ2 2018vs Q2 2017$53.5MM$56.6MM
DepositsQ2 2018vs Q2 2017$77.4MM$75.4MM
Equity CapitalQ2 2018vs Q2 2017$7.4MM$7.5MM
Loan Loss AllowanceQ2 2018vs Q2 2017$604.00K$522.00K
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$175.00K$165.00K
Real Estate OwnedQ2 2018vs Q2 2017$0$0
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Always verify rates and promotions with the bank or credit union. We are not Bay Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Bay Credit Union Savings Account Rates

0.15%--Golden Opportunity Savings
0.10%$25-Regular Shares (Savings)
0.10%--Business Savings
0.10%$25-IRA Accumulator
0.10%--Christmas Club Savings
0.10%--Vacation Club Savings
0.10%--Bright Future Savings
0.10%--Young Adult Savings
0.05%--Buddy Bear Savings

Bay Credit Union Money Market Rates

0.20%*$25k*-Money Market Savings
OTHER TIERS: 0.05% $1 - $2k | 0.10% $2k - $10k | 0.15% $10k - $25k
0.10%--Money Market Checking

Bay Credit Union Checking Account Rates

0.10%--Golden Opportunity Checking
0.10%--Young Adult Checking
0.05%--Share Drafts (Checking)
0.05%$2.5k-Business Checking

Bay Credit Union CD Rates

1.29%$1k-60 Month CD
1.24%$1k-48 Month CD
1.06%$1k-36 Month CD
0.89%$1k-24 Month CD
0.61%$1k-18 Month CD
0.45%$1k-12 Month CD
0.20%$1k-6 Month CD
0.15%$1k-90 Day CD

Bay Credit Union IRA Rates

1.29%$1k-60 Month IRA
1.24%$1k-48 Month IRA
1.06%$1k-36 Month IRA
0.89%$1k-24 Month IRA
0.61%$1k-18 Month IRA
0.45%$1k-12 Month IRA
0.20%$1k-6 Month IRA
0.15%$1k-90 Day IRA

Bay Credit Union Locations
Branch Office103 S Tyndall PkwyPanama City, FL 32404-6722
Branch Office7713 Front Beach RdPanama City Beach, FL 32407
Branch Office601 N Highway 231Panama City, FL 32405-4705

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