Canvas Credit Union is headquartered in Lone Tree and is the 3rd largest credit union in the state of Colorado. It is also the 105th largest credit union in the nation. It was established in 1938 and as of December of 2018, it had grown to 498 employees and 240,471 members at 27 locations. Canvas Credit Union has an A health rating.
Membership in Canvas Credit Union is open to the following: 1) employees or affiliates of a Canvas Credit Union Partner Company or Select Employee Group; 2) those who live or work in a qualifying area (not listed on the credit union's site); 3) relatives of current members.
See current membership details
Almost a decade ago, I decided to leave my former major bank (Wells Fargo) for a local credit union and I chose Public Service Credit Union. My only regret is that I didn't do so sooner. PSCU is the best bank I've ever worked with. I have both a checking and a savings account there. Anytime I go into a branch I am greeted by friendly and professional staff who make banking a pleasure. They have an automated phone system, but during business hours it's easy to reach a real human. I do the majority of my banking online, and it is a solid website. The only downside to that is the website will pop up a second site and redirect when you want to do online bill pay. The fees are fairly reasonable - as long as you make three transfers or payments through them you can avoid a monthly bill pay fee, and keeping a minimal amount of money in the account is fine (I generally keep $50-$100 in my checking account after I pay monthly bills). I also have overdraft protection of $300 free, so I never have to worry about overdraft fees. The ATM fee is steep: $2.50 on top of the machine fee, but they are part of a credit union network, so it's easy to find a free nearby ATM and avoid that fee. Overall, I'm pleased with PSCU and would highly recommend them.
Overall, my experiences with this credit union have been fairly neutral--I have been associated with another local credit union I liked better and another I liked worse. Generally, the customer service at the branches on the north side of Denver has been decent, the employees are usually friendly and happy to help. I have only had one major issue with this credit union, and that is that the mobile banking (new site/app) can be unpredictable and has locked me out several times even though I know I had a correct password. On one occasion, this resulted in be being unaware that the bank had used money in my checking account towards a loan without notifying me, resulting in a duplicate payment onto my car loan and many $33 overdraft fees as I had no way of seeing that the account had gone negative/the money had been used due to online banking not working. Despite having direct deposit and regularly depositing money into the account which would have not been negative if not for the bank transferring an entire duplicate amount of my payment from my account, I was treated as irresponsible and felt as though the credit union tried to use a miscommunication as a way to profit off of me. The issue was somewhat resolved with some of the fees being removed from my checking account, but I still ended up paying almost $200 in fees due to errors of the bank and the poor online banking interface. I recognize my own error in the situation of not getting the login issue resolved quickly enough, but it gave me a negative association with this credit union. I am now weary of depositing money into my savings or checking account beyond the amount to pay my car loan because I am not confident that I will have access to it when I need it or that the bank will not misallocate the funds. Overall, I probably would not recommend this particular credit union to others due to their tendency to charge more fees and have unreliable online banking, but still vastly prefer it to other banking options.
I have had issues with multiple online payments not being approved (on my end) but then called Canvas and was told that they all went through (hundreds of dollars) and according to the teller, there was "nothing" they could do about it on their end. I just had a western union transaction attempt that was approved , only to be rejected by the "added security" feature which was added by CANVAS AND IS NOT OPTIONAL! The worst part is when you call them and the employee CLEARLY has no training and NO IDEA WHAT TO TELL YOU. This is NOT HELP. This is NOT "added security". I HATE CANVAS! Can't wait to leave.
My husband opened a new business account with them and the next day received notice that they did a hard inquiry on his personal credit. (Never has this ever happened before opening a personal or business account) When he contacted the bank and informed them that they never stated they were going to do this, their reply was basicly "to bad we are not going to do anything about it."
Aproxamently 2 months later I was added as a signer on the account. Just for being a signer they also ran a hard inquiry on my credit as well. Now we are learning that by adding me as a signer they consider it a "new" account and now, for the second time, are holding funds for 48 hrs on any checks that are deposited for the next 30 days.
In the 30 plus years we have had various bank accounts this is by far the worst institution we have ever banked with and will be planning on switching banks. Even with the damage already done we will not support a bank that works this way.
|Return on Assets - YTD||0.77%|
|Return on Equity - YTD||7.47%|
|Annual Interest Income||$105.1MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$2.43B$2.29B|
|Loans||Q4 2018vs Q4 2017||$2.10B$1.94B|
|Deposits||Q4 2018vs Q4 2017||$2.11B$1.95B|
|Equity Capital||Q4 2018vs Q4 2017||$247.2MM$229.1MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$24.5MM$18.7MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$11.9MM$17.2MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$245.00K$438.00K|
Rates for Canvas Credit Union are currently being reviewed.