Canvas Credit Union is headquartered in Lone Tree and is the 3rd largest credit union in the state of Colorado. It is also the 107th largest credit union in the nation. It was established in 1938 and as of September of 2020, it had grown to 573 employees and 262,257 members at 30 locations. Canvas Credit Union's savings rates are 10X the national average, and it has an A health rating.
Field of Membership Restrictions
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
Public Service Credit Union - Would recommend!
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.
Excellent CD Rates For Some, But Not All
Today I opened a regular CD at one of the best rates in the U.S. The representative who helped me was efficient and pleasant.
What's questionable is Canvas pays a lesser rate for IRA CD's than for regular CD's. One could speculate their thought process is that IRA money is more stable and less likely to leave for a higher rate, so we can get away with paying them less.
I questioned this customer unfriendly policy and the answer was, "That's the way it's always been". So I would never buy an IRA CD from them, but their regular CD is fine.
Maybe A Good Deal, Hurdles.
1.Consumers United Association
Applicant must donate a minimum of $5.00 annually to the association. Applicant must complete the online CUA application at
http://www.cuacolorado.org/join.asp.
2. Hard Pull for Applicants. What's with all these credit unions dinging credit scores when some applicants just want a good place to park savings?
Loved PSC- Now That It's Canvas It's Terrible
I loved Public Service Credit Union but overnight it became terrible under Canvas. I cannot get ahold of anyone to ask basic questions, and when I went to pay off my vehicle they said it would take 7-10 days to receive the title. It's been almost 1 month and they are saying it was only sent out 2 weeks ago and I'll have to call back (and wait on a 10 minute hold) to go to the DMV... Unacceptable. Customer service was a priority under PSC but now it's just a regular huge bank who doesn't care about it's customers.
Data as of Q3 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 64778 |
| Year Chartered | 1938 |
| Employees | 573 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.62% |
| Return on Equity - YTD | 6.45% |
| Annual Interest Income | $99.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $3.10B$2.67B |
| Loans | Q3 2020vs Q3 2019 | $2.61B$2.32B |
| Deposits | Q3 2020vs Q3 2019 | $2.69B$2.27B |
| Equity Capital | Q3 2020vs Q3 2019 | $291.9MM$270.5MM |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $34.4MM$27.0MM |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $10.4MM$13.6MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $216.00K$7.00K |
