San Joaquin Power Employees Credit Union
San Joaquin Power Employees Credit Union is headquartered in FRESNO and is the 138th largest credit union in the state of California. It is also the 1,417th largest credit union in the nation. It was established in 1934 and as of December of 2020, it had grown to 6 employees and 6,536 members at 2 locations. San Joaquin Power Employees Credit Union's savings rates are 4X the national average, and it boasts an A+ health rating.
Field of Membership Restrictions
Membership in San Joaquin Power Employees Credit Union is open to employees of Pacific Gas and Electric Company.
See current membership details
Great Interest Rate But With Limitations
This is a very old-fashioned kind of credit union. Only Pacific Gas & Electric employees and retirees can belong, and there's only one location, in Fresno. But it's conservatively managed and offers way-above-average interest rates.
They're up-front about it: they're not interested in trying to be like a bank. They actually seem to be more oriented toward making loans to members. There's only one kind of savings (share) account. Interest is paid annually. In recent years, the rate has been 1.8-2%. It will be interesting to see what they do this December, when the next annual dividend is declared.
Deposits are limited to $500 a month, and if the annual interest is more than $500, they pay it on a check rather than adding it to the account. Support for electronic transfers is limited, though they do support regular contributions through PG&E payroll.
Minimal online services: you can get your account statement (posted twice a year) and that's it. Account withdrawals require a call - I've never done this, so I can't speak to that experience.
They won't title an account to a trust.
With all that, I'm with them for the interest payouts. I basically treat this account like a 12-month CD that rolls over at the start of the year, though without the withdrawal limitations of a CD. Probably the real interest-rate comparisons that should be made are to a 12-month CD rather than an online savings account. With the online banks starting to push 2.5% for 12 month CDs, it will be interesting to see what SJPECU does. But we won't find out until the end of December!
Awesome local credit union for PG&E workers in Central Valley
We are members of the San Joaquin Power Employees Credit Union. We live in Clovis, CA and my husband works for Pacific Gas and Electric Company, a utilities company in California. Only the employees of this company are allowed to bank at this local institution. We have our savings accounts with them. My husband has one and I also have one myself. Their customer service has exceeded my expectations time and again. There have been several times where my husband has called needing to withdrawal a cashier's check from our savings there to transfer it to another one of our bank's savings accounts. Overtime he has called to request a cashier's check, it is always ready for pick up when asked. I am not listed on his savings account so there have been several times he has let them know my name and that I would be picking up the check. I have never received any hassle with them regarding this, always how up, produce my ID, and the check is ready for me. They offer competitive interest rates on their savings accounts and loans and I like that we can get discount tickets through them for various places.
Data as of Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 66788 |
| Year Chartered | 1934 |
| Employees | 6 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.74% |
| Return on Equity - YTD | 4.37% |
| Annual Interest Income | $4.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $147.8MM$143.7MM |
| Loans | Q4 2020vs Q4 2019 | $98.6MM$102.1MM |
| Deposits | Q4 2020vs Q4 2019 | $120.8MM$117.1MM |
| Equity Capital | Q4 2020vs Q4 2019 | $24.9MM$23.8MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $986.00K$1.0MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $139.00K$32.00K |
| Real Estate Owned | Q4 2020vs Q4 2019 | $0$0 |