Bay Federal Credit Union is headquartered in Capitola and is the 49th largest credit union in the state of California. It is also the 301st largest credit union in the nation. It was established in 1957 and as of December of 2019, it had grown to 222 employees and 78,163 members at 8 locations. Bay Federal Credit Union has an A health rating.
Field of Membership Restrictions
Bay Federal Credit Union is open to individuals residing, worshiping or attending school and companies headquartered in the California counties of San Benito, Santa Cruz, or Monterey. Immediate family of current credit union members are also eligible to join.
See current membership details
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Efficient, Friendly and Safe
Bay Fed is a great credit union that serves the county of Santa Cruz in California. It has no special requirements for membership, other than living in the area. It's a small outfit compared to the national banks, but has ATMs all over, so there's never an ATM fee, and it offers the same loans and accounts as the big banks.
Joining this credit union is a simple matter of opening a savings account with ten bucks. After that, a standard checking account is free with a balance over $1,000, or with electronic transfers, I believe. All accounts are insured, of course. Branches are small and friendly, the kind of places where tellers often remember your name. There's no need to go in the building though; online and telephone banking are cost-free and easy to use.
Bay Fed sends out a newsletter tucked in with the monthly statement. It keeps members in touch with local activities, charities, and good financial ideas. It's just one of the ways our credit union makes sure we feel like members, not just customers.
BayFed, a GOOD bank.
Every time I come into BayFed, I'm more surprised by the customer service that I receive. For such a small institution, their products are competitive and they make an effort to help you meet your own financial goals. When I walk looking to open an auxiliary retirement account, BayFed offered me a range of options that were competitive, even with the corporate institutions. I ended up getting a Roth IRA, the interest rate is great, and there have never been any unforeseen charges (my favorite).
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 12067 |
| Year Chartered | 1957 |
| Employees | 222 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.81% |
| Return on Equity - YTD | 8.67% |
| Annual Interest Income | $37.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $1.10B$996.1MM |
| Loans | Q4 2019vs Q4 2018 | $736.5MM$646.2MM |
| Deposits | Q4 2019vs Q4 2018 | $985.8MM$895.6MM |
| Equity Capital | Q4 2019vs Q4 2018 | $102.5MM$85.6MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $4.8MM$4.3MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $3.1MM$3.4MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $0$0 |