Patelco credit union got its start in 1936 with just $500 pooled together for the benefit of employees of the Pacific Telephone and Telegraph Company (which is now a part of AT&T). Today, the credit union serves its over 300,000 members from over 30 branch locations in Southern California.
Patelco offers its members a full range of financial products and services, including quick, easy, and secure access to funds through online and mobile banking options. Its personal depository banking products include checking accounts, savings accounts, health savings accounts (HSAs), money market accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs).
There are both interest and non-interest-bearing checking accounts available, including an option with tiered interest rates for higher account balances. Patelco requires a basic savings account for membership, but also provides savings account options for youth and for specific saving goals, such as holiday spending. The credit union’s money market account yields tiered dividends, depending upon account balances.
Patelco CD terms go from 3 to 60 months. The credit union provides both Traditional and Roth IRAs, as well as Coverdell Education Savings Accounts (ESAs) – all available as either CDs or money market accounts.
Membership in Patelco Credit Union is open to those who live, work, worship, or attend school in the California counties of Alameda, Contra Costa, El Dorado, Marin, Merced, Napa, Placer, Sacramento, San Francisco, San Joaquin, San Mateo, Santa Clara, Solano, Sonoma, Stanislaus, or Yolo, or the California cities of Bakersfield, Eureka, McKinleyville, or Santa Cruz. Membership is also open to employees and retirees of AT&T, Walgreens, and over 1,100 companies and organizations. Students/alumni of the University of California Berkeley, San Francisco State University, or California State University East Bay are eligible to join. Employees of the United States government who work in or are headquartered in San Francisco also qualify.
See current membership details
I like Patelco, as they have good CD rates. However, there is no way of knowing how the ownership of your accounts are registered except by calling them and taking their word for it. They told me you can get this info from the e-statements that are on their web portal, but the information in their statements is wrong, at least if you have POD designations. For example, if you have any POD designations, the statement will indicate a joint account owned by both the owners AND beneficiaries as joint owners. They should really correct this bug in their system as it can have legal implications if one of the beneficiaries wants to argue that they are in fact owners.
A friend and I both applied (separately) for Patelco memberships in order to open multiple Rising Rate CDs. Patelco appears entirely unprepared for the volume of applicants lured by their offer. Over the course of the past two weeks, they made an unending mess of both my and my friend's applications while wasting countless hours of our time. I no longer feel comfortable about the idea of doing business with them.
|Return on Assets - YTD||1%|
|Return on Equity - YTD||9.62%|
|Annual Interest Income||$211.7MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$6.59B$6.06B|
|Loans||Q4 2018vs Q4 2017||$5.03B$4.37B|
|Deposits||Q4 2018vs Q4 2017||$5.74B$5.24B|
|Equity Capital||Q4 2018vs Q4 2017||$681.0MM$626.1MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$36.1MM$36.9MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$17.4MM$19.1MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$2.8MM$2.9MM|
Rates for Patelco Credit Union are currently being reviewed.