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.
Patelco Credit Union is open to anyone through joining the Financial Fitness Association ($8 yearly membership), or who lives, works, goes to school or worships in Alameda, Contra Costa, El Dorado, Marin, Merced, Napa, Placer, Sacramento, San Francisco, San Joaquin, San Mateo, Santa Clara, Solano, Sonoma, Stanislaus, or Yolo counties or the cities of Bakersfield, Eureka, McKinleyville, or Santa Cruz in California. Membership also extends to Alumni of the University of California Berkeley, San Francisco State University, and California State University East Bay.
See current membership details
This is one of the best Credit Union or Bank that I've been with. The people are always helpful. They are always looking out for their customers as well. For instance, I once had my debit card info stolen and they were quick to inform me of strange purchases that had been occurring. We were able to solve the issues and I got a new card and all of my money back. Their customer service is top notch and there's really no fees for me. I highly recommend Patelco if they're in your area.
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.
I recently withdrew my CD money from Patelco and now because I have only a regular savings account I'm being charged a low balance fee of $5.00 per month. According to the CSR you need a balance of at least $150.00 in your regular savings account if you have no other types of sub-accounts such as checking or a CD to go with it. They didn't mention this when I was arranging for the CD withdrawal, by the way. I don't appreciate being dinged in this petty manner so I'm pulling out. I usually keep my accounts open in cases like this to make it easy for me to come back if and when circumstances change but I don't really need Patelco that badly now or in the future.
I regret opening an account with Patelco!!
They are awful people that are way too conservative for what they dont do which is sound good banking practices. They have a poorly designed app and online setup. They dont explain how to setup your access so that you dont get left in the dark on what your account actually is doing. They twice denied me a $300 overdraft feature for my checking when I was just approved for a $19,000.00 car loan and increases on my other credit cards. They dont want their members to succeed or have basic common tools to prevent nsf issues. They discriminate, favor, and do really nothing to help the working middle man. I have lost accounts due to their carelessness. THE WORST CREDIT UNION EVER!! Do NOT WASTE YOUR TIME!! Horrible horrible
|Return on Assets - YTD||0.59%|
|Return on Equity - YTD||6.27%|
|Annual Interest Income||$208.9MM|
|Assets and Liabilities|
|Assets||Q4 2021vs Q4 2020||$9.05B$8.44B|
|Loans||Q4 2021vs Q4 2020||$5.75B$5.46B|
|Deposits||Q4 2021vs Q4 2020||$7.90B$7.25B|
|Equity Capital||Q4 2021vs Q4 2020||$841.8MM$809.8MM|
|Loan Loss Allowance||Q4 2021vs Q4 2020||$35.4MM$55.4MM|
|Unbacked Noncurrent Loans||Q4 2021vs Q4 2020||$27.5MM$16.5MM|
|Real Estate Owned||Q4 2021vs Q4 2020||$0$0|
Rates for Patelco Credit Union are currently being reviewed.