Patelco Credit Union

Popular Accounts at this Credit Union

APY	ACCOUNT TYPE	ACCOUNT NAME
2.00%	5-year CD	60 Month CD 2.35% - Synchrony Bank 60 Month CD
2.00%	5-year IRA	60 Month IRA (Traditional, Roth, CESA) 1.50% - National Average
1.35%	3-year CD	36 - 47 Month CD 1.60% - Ally Bank High Yield 3 Year CD

View all Patelco Credit Union rates »

Overview / Commentary

www.patelco.org

800-358-8228

5050 Hopyard Rd
Pleasanton, CA 94588

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.

Field of Membership Restrictions

Membership in Patelco Credit Union is open to those who live or work in Contra Costa, Alameda, Napa, Marin, San Francisco, Sacramento, Solano, San Mateo, Santa Clara, or Sonoma Counties in California; to those who live, worship or work in Alameda, Antelope, Alamo, Albany, and over 100 California cities. Membership is also open to employees and retirees of AT&T, Walgreens, and over 1,100 companies and organizations and to students of the University of California Berkeley, San Francisco State University, or California State University East Bay, members of the San Francisco State University Alumni Association or the California State University East Bay Alumni Association, and employees of the United States government and work in or are headquartered in San Francisco.
See current membership details

Patelco CU, https://www.patelco.org/Rates/#CDs, raised the APY on its' 60 month CD (from 2.00%) to 2.75% today! EWP=180 days. Patelco's 3 year 2.00% APY CD, EWP=90 days, remains available. As Ken's EWP calculator will tell you, the effective APY's on these CD's are excellent; attractive "parking spots" for those awaiting/expecting rate hikes in these time frames.

Patelco Credit Union (CA) Offers 2% APY on 3-Year CD - 2/27/2017

Patelco CU (CA) has raised the rate on its 36-47 month Share Certificate (2.00% APY) by 65 basis points. Minimum deposit is $1k. Also available as an IRA.

View all posts from:

2017
2016
2015
Earlier

3/29 - Patelco CU (CA) Adds 75 Basis Points To 60-Month CD (2.75% APY)
3/28 - Patelco CU Has Top Rated, 2.75% APY, 5 Year CD. Quick Look.
2/27 - Patelco Credit Union (CA) Offers 2% APY on 3-Year CD
2/27 - Patelco CU Has Top Rated 3 Year CD. Quick Look.

10/12 - Patelco CU (CA) Offers Tiered Money Market Select Account
4/28 - Patelco CU 5 Year CD Rate Drop.
1/11 - Patelco Credit Union (CA) Increases 60-Month CD APY
1/8 - Patelco New Rates, 2.5% 60 Month Certificate

10/23 - 3-Yr Rising Rate Certificate With Blended Rate Of 1.75% APY
4/8 - Patelco Delivers Up To 3% APY On New Money Market Accounts

Reviews (12)

Featured Account Options

Excellent CU

Posted by: John2014 | Sep 6, 2014

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.

Comment

4

Error In Patelco Statements

Posted by: Beef | Apr 15, 2017

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.

Comment

2

Needs Improvement

Posted by: northsider | May 17, 2017

I've had a CD with Patelco for 5 years.
They have good rates and they appear to be healthy, but they also have hiccups in their phone center and in their online banking. 30 minute waits to talk to a customer service rep is very frustrating.
The customer service person I spoke to said they are working on it, but time will tell.

Comment

2

Funding Accounts Via ACH Debits To External Banks Is Clumsy And Very Slow

Posted by: slovokia | Mar 20, 2017

April 2016: Successfully opened a free checking account and funded it via $10 ACH debit originated by Patelco sent to another credit union.

Thursday March 16th 2017: Opened 5 share certificates via their website and specified they fund them via ACH debit transactions from 2 other institutions (as part of their web new account application process). Was contacted via email the same day and asked to provide scans of my account statements at those institutions - faxed them back the same day.

Monday March 20th I am told that the ACH funding transactions failed due to restrictions on my accounts - I must now provide a scan of a government ID. Had to call in to get a fax number to send in identification. Apparently due to the size of the transfers additional identification documentation was required. Unfortunately their computer system did not make me aware of that requirement when I applied for the share certificates in the first place. I faxed them a scan of my drivers license.

Tuesday March 21rst - My share certificates have still not been funded. No ACH debits have been made to the external accounts I specified as the source of funds. I was told on the 20th that the ACH transactions would be reattempted. Called them again - they said that the ACH transfers were scheduled but could not tell me when they would occur.

Wednesday March 22nd - Share certificates still not funded. One of my source bank accounts has 2 ACH transaction entries for 3/22 labelled "PATELCO/CU PPD" for $0.00 each. The other source bank account shows no activity.

Thursday March 23rd - Share certificates still not funded. No new ACH activity at either of the source funding banks. Called again - told my share certicates would be funded by March 27th.

Friday March 24th - Pending ACH transfer requests scheduled for the 27th finally show up on the Patelco website.

Clearly Patelco's process for handling ACH debit transfers it originates with other banks differs significantly from those of internet banks. Internet banks use test deposits to verify your ownership of the external bank accounts you wish to draw money from before scheduling ACH debits. Patelco does the following instead:

1 - request that you fax over copies of your account statements at those banks.
2 - sends test zero dollar ACH transactions to the banks associated with those accounts.
3 - finally it sends ACH debits for the actual dollar sums involved to those banks.

Unfortunately these procedures were not explained to me so my initial expectations about how this process would work were not met. I also received conflicting information from their customer service agents after my initial ACH transfers were cancelled due to the government ID issue. One person told me that they could not be re-initiated while others said they could be. All in all I found the process exasperating compare to the ACH transfers I have made via other banks (e.g. Ally, Synchrony, etc). If you plan on opening share certificates with them it appears the most efficient way to provide the funds via ACH is to push funds from another institution into a checking account at Patelco and then use that account as a source of funds for your share certificates.

Patelco lacks a way to send file attachments via secure mail so your only option to send sensitive information is via fax. Turnaround time for email questions is at least a day - so if you want to move things along you will need to call them. I waited on hold and then had them call me back - I was able to get them on the phone within 10 minutes or so.

On a side note Patelco's web site does not accept the ACH routing number of GS Bank as a valid routing number.

2

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Health

A+

Data as of Q4 2016

Learn why bank health matters

Health Grade Components

Overall
NCUA #	68579
Year Chartered	1936
Employees	594
Primary Regulator

Profit Margin
Return on Assets - YTD	0.91%
Return on Equity - YTD	8.56%
Annual Interest Income	$152.9MM

Assets and Liabilities
Assets	Q4 2016vs Q4 2015	$5.46B$4.74B
Loans	Q4 2016vs Q4 2015	$3.62B$3.21B
Deposits	Q4 2016vs Q4 2015	$4.75B$4.08B
Equity Capital	Q4 2016vs Q4 2015	$575.2MM$529.1MM
Loan Loss Allowance	Q4 2016vs Q4 2015	$36.5MM$34.0MM
Unbacked Noncurrent Loans	Q4 2016vs Q4 2015	$17.5MM$34.0MM
Real Estate Owned	Q4 2016vs Q4 2015	$0$87.00K

User-submitted Promotions & Notices

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This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Patelco CU Has Top Rated, 2.75% APY, 5 Year CD. Quick Look.

cumulus | Mar 28, 2017

Patelco CU, https://www.patelco.org/Rates/#CDs, raised the APY on its' 60 month CD (from 2.00%) to 2.75% today! EWP=180 days.

Patelco's 3 year 2.00% APY CD, EWP=90 days, remains available.

As Ken's EWP calculator will tell you, the effective APY's on these CD's are excellent; attractive "parking spots" for those awaiting/expecting rate hikes in these time frames.

9

Patelco CU Has Top Rated 3 Year CD. Quick Look.

cumulus | Feb 27, 2017

Patelco CU raised the APY on its' 36 month CD (from 1.35%) to 2.00% a few days ago. With only a 90 day EWP, Ken's EWP calculator gives this CD effective APY's of
1.51% for 1 year and
1.76% for 2 years.

Not a bad holding station if you're expecting/awaiting rate hikes in this time frame.

6

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