Technology Credit Union is headquartered in San Jose and is the 12th largest credit union in the state of California. It is also the 74th largest credit union in the nation. It was established in 1960 and as of June of 2023, it had grown to 323 employees and 170,172 members at 10 locations. Technology Credit Union's money market rates are 5X the national average, and it has a B health rating.
Field of Membership Restrictions
Technology Credit Union is open through a membership in the Financial Fitness Association ($8 membership fee). Membership is also open to those who live, work, attend school or worship in Santa Clara, Alameda, San Mateo, Santa Cruz, Contra Costa, or San Francisco Counties and to employees of any of the following select employer groups: American Cancer Society, American Diabetes Association, Cisco Systems, Inc. Ebay, Inc. or any of the over 300 SEGs (a full list of groups can be found in the credit union's online application).
See current membership details
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6/25 - Technology CU (Easy Membership) Has $150 Checking Bonus
Not Great, Not Terrible
Pros:
- Pleasant online banking experience
- No maintenance fees for basic checking
Cons:
- Rates aren't competitive: No rewards checking, higher loan rates than you can find elsewhere
- Credit cards offerings are pretty bland
I opened this account because they offered a bonus, but I don't have any incentive to keep it once the minimum time is up.
Terrible Experience. Not Customer Focus. Arbitrary Rules
Terrible, terrible experience with Tech CU. Opened account not too long ago and started transferring money into it through ACH. They put a limit on the transfer amount so I had to do multiple ACH's. Had some money in. Then trouble came. Couldn't do a wire and then they locked the account. I couldn't even close the account. Why? Because there were multiple ACH's. There were multiple ACH's because you made it so!
More then once, I was asked where was the money coming from. I got a sense that I was assumed guilty until proven innocent. I have opened so many accounts at so many banks and I was never treated this way.
Then I have a conversation like this:
So has the fund cleared? Yes. Then I just want to close my account. No, can't let you do that. Why not? We have some suspicions. What was the basis for that? Well all these transfers coming in. You made me do that because of the transfer limit you put on new account. We understand but still can't let you access money until we have done some review. How long is the review. Call back in a week. Why does it take a week? Money is in the account. I saw it before you locked it and I just want to close the account. I don't want to be Tech CU customer any more. Okay. We call you in 3 business days to let you know.
I can't even close my account and no one can tell me when exactly. It is all because I want to build up balance by transferring money from a few accounts (biz and personal). So that makes me suspicious of running a SCAM? So even though fund has cleared?
If you are just considering opening an account here, then I suggest you go somewhere. You have choices. It is not worth it. No one called me to say that "Can we understand what your plan is with the account? It is triggering some flags. May be we can help you achieve what you want to do." That would be what I expect a bank/credit union who respects their customers would do. This is not such a credit union/bank.
Stay Away From This Bank.
Stay away from this bank. I had an item in dispute for OVER 7 MONTHS!! During this time you NEVER communicated unless I reached out for an update. I needed your assistance with an issue I had with
a merchant not delivering goods and you favored them. They basically allowed the merchant to steal from me and left me hanging for 7 months.
Online Access Restricted For ACH Transfers
Tech CU restricted my online access to my accounts due to conducting "too many ACH transfers" according to their "internal policy" (read: undisclosed and unknown), and would not reinstate access. There are no restrictions or limits on the number or frequency of ACH transfers noted in Tech CU's Member Handbook, and I've been with them since 2012. Do not bank with Tech CU; it's simply not worth your time or your nerves. Choose another banking provider that will regard and treat you as a customer and a human being, not a running balance and a collection of transactions.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68383 |
| Year Chartered | 1960 |
| Employees | 323 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.47% |
| Return on Equity - YTD | 5.7% |
| Annual Interest Income | $106.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $4.83B$4.30B |
| Loans | Q2 2023vs Q2 2022 | $3.65B$3.21B |
| Deposits | Q2 2023vs Q2 2022 | $3.72B$3.55B |
| Equity Capital | Q2 2023vs Q2 2022 | $394.6MM$397.3MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$25.4MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $20.2MM$7.4MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |