Sound Credit Union is headquartered in Tacoma and is the 6th largest credit union in the state of Washington. It is also the 162nd largest credit union in the nation. It was established in 1940 and as of June of 2020, it had grown to 339 employees and 137,256 members at 27 locations. Sound Credit Union has an A+ health rating.
Membership in Sound Credit Union is open to individuals who work, live, or attend school in the state of Washington. Employees of more than 30 Select Employer Groups also qualify, as do direct relatives of membership-eligible individuals.
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We have been members of Sound Credit Union since 1991. From day one, we've been happy with our experience. They have some of the best loan rates around and our checking account is free. The service has always been great. We really like the updated website and the information we're looking for is easy to find. Their online banking and bill pay is user friendly making our account accessible 24/7. We look forward to many more happy years.....and thank you for making our banking experience a good one!
My credit union mereged with Sound, and at first it was rough, and I did not like it. Things have gotten better, and there has been no reason to consider switching banks lately. I have had experience with bad banks, but thankfully Sound is not one of them.
After being dissatisfied with my bank in Kansas for several years I made a switch to Sound Credit Union, one of the local credit unions in the Washington State area. The minimum deposit was around $75; I was required to open a Savings Account along with my Checking Account.
As far as general teller services go, the credit union is great. Everyone is helpful and even willing to negotiate issues like overdraft fees and fraud-related account problems. I get seen almost instantly every time I walk in, and their online system, while standard, works just as well as any out there. Also, their overdraft protection system is very consumer-friendly - rather than charging you $35, $40, or more for a single overdraft to your checking account, there's only a small $5 fee to withdraw what's needed from savings as backup. This adds up over time, for for little accounting mistakes it's a huge saving grace. If the money truly isn't available they also forgive one overdraft per year. They also offer the usual deal where you get $100 for switching after so many direct deposits.
The biggest downside I can think of is their ATM services. The main branch in Downtown Tacoma is way behind the times - The ATM there doesn't even accept check or cash deposits! This means if I -must- do something on a Sunday or similar, I can't. There's also a monthly fee for checking if you don't maintain at least $25 in your savings account, which is rough if you're very low-income. There's also a monthly transfer limit, which is a little annoying - I have to head out to an ATM every time I want to transfer between checkings and savings.
Overall, I'd recommend Sound if you want something small, considerate, and local and don't need all the bells and whistles of an account with a big national bank.
We discovered a "pending" amount on our checkbook that we did not order. Called the support line and was assured it would be taken care of. They could see it was bogus. They even cancelled husband's debit card, which was what this person used. But, they did NOT remove it, instead they PAID IT!! took money out of our savings to do so! After we told them NOT to pay it. So, we now have zero in checking account. isn't that just wonderful!! We are so mad about this. If it is not solved very soon, we are taking our banking business elsewhere.
|Return on Assets - YTD||0.85%|
|Return on Equity - YTD||7.26%|
|Annual Interest Income||$35.8MM|
|Assets and Liabilities|
|Assets||Q2 2020vs Q2 2019||$2.05B$1.78B|
|Loans||Q2 2020vs Q2 2019||$1.46B$1.33B|
|Deposits||Q2 2020vs Q2 2019||$1.79B$1.54B|
|Equity Capital||Q2 2020vs Q2 2019||$232.5MM$212.6MM|
|Loan Loss Allowance||Q2 2020vs Q2 2019||$8.0MM$7.7MM|
|Unbacked Noncurrent Loans||Q2 2020vs Q2 2019||$3.8MM$2.2MM|
|Real Estate Owned||Q2 2020vs Q2 2019||$0$0|
Rates for Sound Credit Union are currently being reviewed.