Parsons Federal Credit Union


Overview / Commentary
626-440-7000
100 W. Walnut Street
Pasadena, CA 91124

Parsons Federal Credit Union is headquartered in Pasadena and is the 113th largest credit union in the state of California. It is also the 1,071st largest credit union in the nation. It was established in 1975 and as of June of 2022, it had grown to 23 employees and 8,946 members at 2 locations. Parsons Federal Credit Union has a B+ health rating.

Field of Membership Restrictions

Membership in Parsons Federal Credit Union is open to all U.S. citizens and resident aliens through membership in the American Consumer Council. Employees of Parsons Corporation, Worley Corporation, or Parsons Complex Tenants who work in Pasadena, California are also eligible to join. Immediate family members (including spouses and domestic partners) of current Parsons FCU members also qualify for membership.
See current membership details

Related Posts

Parsons Federal Credit Union Has Rate-Leading 13-Month CD - 10/4/2022

Parsons Federal Credit Union (easy membership) has 13-month Certificate (4.00% APY) now through October 31, 2022. $10k min deposit of new money. Rate as of 10/4/2022.

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Excellent Customer Service And Rates

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Joined Parsons FCU a couple weeks ago and while there were a few more steps to creating an account than a regular online bank requires, the juice was worth the squeeze. Customer service was extremely prompt and helpful in getting things set up. Looking forward to seeing more impressive rates from this credit union.

Local Gem Of A Credit Union

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I became a member of Parsons credit union a few months ago. I like the small and friendly feel of this credit union and member services is always polite and informed. I live in Altadena so I know of Pasadena's Parsons Corporation but I thought membership was limited to Parsons employees. Seems like now it's open to all which is a good thing. Anyway I called and opened my 13m CD a few days after the launch and everything went smoothly. However, in this day and age, it's just surprising that everything is done manually there and one has to call in to do anything rather than go on the web. I do recall the membership form was complicated and although I thought I did everything correctly the account was not opened automatically and member services called to confirm my identity and ask a number of questions before opening the account. If you are local, you have the option to visit a branch they have in the building which I have not yet done.

Long Application Process

Great customer service when opening a CD on line including several phone calls but WOW! 3 weeks process! Way too much drama. I opened a CD at another online institution the next day in 1 hour including access to my account online without ever making a phone call

Uses Chexsystems To Qualify New Accounts

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Parsons uses ChexSystems to qualify new account applicants. Parsons denied me based on ChexSystems so I requested a copy from them online. Only thing in my report are banks and credit unions where I've applied for new accounts offering highest CD rates only to find out AFTER applying they only want in-state or local new consumer accounts. I have a FICO score of 800+, no debt, no loans, own my home free and clear and I own a multi-million dollar company. Apparently if you apply for and are denied at any banks and credit unions only wanting local clientele you will find yourself being denied at other financial institutions like Parsons who use ChexSystems making you look like a high risk depositor, none of which is necessarily true. This shows the 'reach' of companies like ChexSystems and the inability of our banks and credit unions to properly interpret the data being collected on us. Many smart consumers are finding there are ways to get 4% or better on deposits (CDs) so we are abandoning the big banks. The process needs to be changed as to how this collected financial data is constricting and restricting consumer mobility in opening new accounts. Our banks and credit unions have become dinosaurs which can't even interpret the data they are consuming and it's time our miserable Congress do something about it. As with our healthcare system, our financial system is totally broken and needs a major over-haul today, not tomorrow.

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Health
B+

Health Grade Components

Overall
NCUA #22141
Year Chartered1975
Employees23
Primary Regulator
Profit Margin
Return on Assets - YTD-0.34%
Return on Equity - YTD-3.81%
Annual Interest Income$3.2MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$266.1MM$263.9MM
LoansQ2 2022vs Q2 2021$160.3MM$149.8MM
DepositsQ2 2022vs Q2 2021$232.5MM$231.5MM
Equity CapitalQ2 2022vs Q2 2021$24.1MM$29.2MM
Loan Loss AllowanceQ2 2022vs Q2 2021$538.00K$652.00K
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$334.00K$168.00K
Real Estate OwnedQ2 2022vs Q2 2021$0$0
Rates

Rates for Parsons Federal Credit Union are currently being reviewed.

Locations


Parsons Federal Credit Union Locations
Branch Office100 Walnut StPasadena, CA 91124-0001
Branch Office5875 Trinity Pkwy Ste 111Centreville, VA 20120-2475

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