Chevron Federal Credit Union

Overview / Commentary
500 12th St Ste 200
Oakland, CA 94607

Chevron Federal Credit Union is headquartered in Concord and is the 15th largest credit union in the state of California. It is also the 84th largest credit union in the nation. It was established in 1935 and as of December of 2023, it had grown to 353 employees and 135,514 members at 19 locations. Chevron Federal Credit Union's money market rates are 9X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Chevron Federal Credit Union is open to anyone through membership in Contra Costa County Historical Society ($20 fee), Navy League of the United States ($50 annual membership fee). Membership is also open to employees and retirees of Chevron and its related companies or contractor groups. You can also join via a family or household member who is already a member of Chevron Federal Credit Union, or via affiliation with one of CFCU's select partners and non-profit associations. Membership is also open to those who live, work, worship, or attend school in, or business and other legal entities that are located in select areas of San Francisco or Maryland.
See current membership details

Reviews (5)

Also Doing Business As Spectrum Credit Union

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The Chevron credit union took over the Spectrum Federal Credit Union in 2012. Spectrum now operates as a separate brand, but all other aspects and offerings are the same as for the Chevron credit union. The fields of membership are different: Spectrum covers Bechtel and Schwab employees, plus many other groups. If you don't qualify for one, you might qualify for the other. It's worth checking out.

This review specifically addresses the money-market account offered by Chevron FCU/Spectrum CU, called MarketEdge. CD rates are also close to competitive with online banks.

MarketEdge advantages: Very good rates, just under what you'd get with online banks. The money market account interest rate is equivalent or even a little better than online money market accounts with check-writing and ATM privileges. The interest rate is around 0.25% less than online savings accounts without check-writing capabilities.

Other advantages: The mobile experience is reasonably good. Offers two-factor authentication via text message. Deposits through the mobile app. Very good service. Physical branches should you need them. They were especially helpful when I needed to open up an HSA, which turned out to be a bit complicated, but they handled it well.

Drawbacks: $25 share deposit required (though you at least are paid interest on it). Website can be a little disjointed due to some services being outsourced. Very aggressive about suspending accounts for inactivity: make sure you have at least one transaction over a one-year period. This has not been a problem for me, but it is something to watch out for.

Otherwise: ACH transactions are neither the quickest nor the slowest. Members can get up to three free cashier's checks per month in most cases if you need something like that.

Overall: A very nice combination of competitive deposit rates and traditional banking services.

Legacy Member

I have been a member off and on since the 1980's. I have also been a member of Spectrum Credit Union a subsidary of Chevron FCU. The credit union is run by a board that is primarily made up of retired or current Chevron Corporation Employees. My take on the Chevron FCU can best be described as SAFE, boring, conservative, and old school. When it comes to deposit rates they are a step above many banks. Their highest paying savings account is for members under 21 and has maximum cap on the amount it is paid on. Their loans rates are below most lenders

Nothing Special

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Account opening process was slow.  I started the process online and concluded it by mail.  Savings rates are average and loan rates are lower than most banks.  Credit cards are not a good deal as they are issued by a bank (Elan Services) and the same rates and terms can be obtained from any bank/credit union that uses Elan.  Online services are adequate and text banking is old fashioned.  Customer service is average.  No problems but nothing special either.

Real Estate Experience- The Bank That Gives You An Umbrella When It Is Sunny And Takes It Back When It Is Raining.

My husband worked for Chevron for 11 years. We had several loans with the Credit Union that we paid off for years and was in excellent standing, up until my husband and I lost our jobs with company's restructuring.

When the market crashed in 2009, we started to fall behind and they worked with us on restructuring out loan to make it more affordable. We owed $147,000.00 on a 15 year mortgage. They helped us by changing it to a 30 year. (more interest for them) we filled chapter 13. They refused a principle reduction. They proudly explain they do not participate in any programs that helps the homeowner, such as a principle reduction, or, a rate reduction 5% to a 3 % ? After 16 years, the only home my children knew, they finally foreclosed with their fancy lawyers. Now the home is on the market and with a new contract for $72,000.00. (Wow! that would have been more affordable for my family??) After 11 years of a great relationship meant nothing. Forever to be known to me as "The bank that gives you an umbrella when it is sunny and takes it back when it is raining.

Real Estate Loan Department -- Hidden And Unfair Fee

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Upon selling my property, I was charged a $750 early closure fee on a 2nd mortgage that I'd paid off over a year earlier.  This fee was not disclosed when I asked the Real Estate Loan Officer about any pre-payment or early payment fees upon signing the loan.  Despite having an email stating that there would be no such fees, Chevron Federal Credit Union management would not waive the fee. 

My experience with the credit union up until this point was 100% positive and I did everything I could to try and come to a fair resolution with management -- even offering to pay half the fee when I believed I should not have had to pay anything. Unfortunately, management was not willing to make the situation right and I therefore had to move my assets to a new institution and write this review.


Health Grade Components

NCUA #24326
Year Chartered1935
Primary Regulator
Profit Margin
Return on Assets - YTD-0.37%
Return on Equity - YTD-2.87%
Annual Interest Income$173.1MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$4.67B$4.86B
LoansQ4 2023vs Q4 2022$4.08B$4.03B
DepositsQ4 2023vs Q4 2022$4.03B$4.01B
Equity CapitalQ4 2023vs Q4 2022$606.1MM$657.8MM
Loan Loss AllowanceQ4 2023vs Q4 2022$71MM$23.2MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$18.7MM$10.9MM
Real Estate OwnedQ4 2023vs Q4 2022$0$0
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Always verify rates and promotions with the bank or credit union. We are not Chevron Federal 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.

Chevron Federal Credit Union Savings Account Rates

7.00%*$25*$1kMySavings Youth
OTHER TIERS: 0.75% $1k+
0.75%$25-Primary Savings
0.75%$25-Accumulative IRA
0.10%$500-HSA Checking

Chevron Federal Credit Union Money Market Rates

4.00%*$100k*-MarketEdge Money Market
OTHER TIERS: 0.75% Up to $2.5k | 3.75% $2.5k - $25k | 3.80% $25k - $50k | 3.90% $50k - $100k
4.00%*$100k*-MarketEdge HSA
OTHER TIERS: 0.75% Up to $2.5k | 3.75% $2.5k - $25k | 3.80% $25k - $50k | 3.90% $50k - $100k

Chevron Federal Credit Union Checking Account Rates

0.10%$500-Member Checking

Chevron Federal Credit Union CD Rates

4.80%$500-12 Month CD
4.70%$500-9 Month CD
4.50%*$500*-18 Month CD
OTHER TIERS: 4.20% $100k - $250k
4.25%$500-6 Month CD
4.20%$500-24 Month CD
4.10%*$250k*-36 Month CD
OTHER TIERS: 4.00% $500 - $100k | 4.05% $100k - $250k
4.00%$500-3 Month CD
3.85%*$250k*-48 Month CD
OTHER TIERS: 3.75% $500 - $100k | 3.80% $100k - $250k
3.85%*$250k*-60 Month CD
OTHER TIERS: 3.75% $500 - $100k | 3.80% $100k - $250k

Chevron Federal Credit Union IRA Rates

4.80%$500-12 Month IRA
4.70%$500-9 Month IRA
4.50%$500-18 Month IRA
4.25%$500-6 Month IRA
4.20%$500-24 Month IRA
4.10%*$250k*-36 Month IRA
OTHER TIERS: 4.00% $500 - $100k | 4.05% $100k - $250k
3.85%*$250k*-48 Month IRA
OTHER TIERS: 3.75% $500 - $100k | 3.80% $100k - $250k
3.85%*$250k*-60 Month IRA
OTHER TIERS: 3.75% $500 - $100k | 3.80% $100k - $250k


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