Schools Federal Credit Union is headquartered in Torrance and is the 128th largest credit union in the state of California. It is also the 1,334th largest credit union in the nation. It was established in 1939 and as of June of 2022, it had grown to 33 employees and 15,377 members at 2 locations. Schools Federal Credit Union has an A+ health rating.
Field of Membership Restrictions
Membership in Schools Federal Credit Union is open to employees and registered students of of the Los Angeles Unified School District or the Los Angeles Community College District.
See current membership details
Worst Credit Union Ever
Worst financial decision I made in 2013 was doing business with Schools Federal Credit Union.
Customer service was terrible (with the exception of one individual). They do everything different than any other bank or credit union and it all moves at glacial speed.
But the worst is the way they advertise a high interest rate for savings and then reduce it by more than 90% retroactively based on a footnote on their rate page. In other words, they have your money for almost three months and then decide not to pay you the interest they advertised. Classic bait and switch. Avoid this company like the plague!
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 3526 |
| Year Chartered | 1939 |
| Employees | 33 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.55% |
| Return on Equity - YTD | 5.08% |
| Annual Interest Income | $2.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $179.9MM$166.5MM |
| Loans | Q2 2022vs Q2 2021 | $93.8MM$78.9MM |
| Deposits | Q2 2022vs Q2 2021 | $155.5MM$145.5MM |
| Equity Capital | Q2 2022vs Q2 2021 | $19.5MM$19.0MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $1.8MM$2.0MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $519.00K$345.00K |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |