Verity Credit Union is headquartered in Seattle and is the 21st largest credit union in the state of Washington. It is also the 520th largest credit union in the nation. It was established in 1933 and as of June of 2022, it had grown to 158 employees and 39,880 members at 9 locations. Verity Credit Union has an A health rating.
Field of Membership Restrictions
Verity Credit Union offers membership to individuals who live, work, worship, or attend school anywhere in Washington state. Family members of an existing Verity member also qualify for membership, as do the members/employees of several Select Employee Groups.
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Great local credit union
This is the third credit union I've been with and is definitely the best. They have really good interest rates on their checking accounts, if you use your debit card 12 times a month, that is competitive even with online only banks (right now it's 1.05%). I don't go into a branch very often but the times I have they have had good customer service. I also like that they have a coin counting machine in the branches that is free to use for members (which saves the fees you would otherwise pay with something like Coinstar). I don't pay any fees on the checking or savings accounts I have with them (including two for my kids).
I Love Verity Credit Union
I love Verity Credit Union. I could get a slightly higher interest rate opening an account online with some nation-wide bank and never seeing a branch in person, but Verity's customer service is worth the slightly lower interest rate.
The first time I walked into a branch to make a deposit, I spent a long time looking for deposit slips to fill out. I finally went to the teller to ask for one, and he just replied "we don't use those" and proceeded to ask my name and take my deposit. No need to carry a card with my account number, or fill out useless paperwork. It's a great example of thinking out of the traditional brick and motor box to make the customer experience better.
Another similar experience was one time when I walked in to get coin rolls to roll up all my loose change before depositing it. He then pointed out a machine over in the corner where I can dump all of my loose change and it will automatically count it and deposit it into my account, with no fees. Once again I was surprised at the effort they put out to make my banking experience better.
I have never experienced such a nice bank before coming to Verity Credit Union, and it's made me a very loyal customer to them.
Disappointing And Frustrating
Verity looked so good on paper, but in practice has been a nightmare.
The "Customer protection" that Verity uses is frustrating, the customer service has been frustrating or absent. This might be an OK institution for parking your money, or getting a loan, it is not useful as a primary debit account holder.
The only reason I still have money with them is their useless customer service, which makes it hard to get issues sorted to the point you can get away.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68517 |
| Year Chartered | 1933 |
| Employees | 158 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.89% |
| Return on Equity - YTD | 10.1% |
| Annual Interest Income | $14.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $789.2MM$736.3MM |
| Loans | Q2 2022vs Q2 2021 | $653.0MM$564.7MM |
| Deposits | Q2 2022vs Q2 2021 | $702.4MM$663.8MM |
| Equity Capital | Q2 2022vs Q2 2021 | $69.7MM$64.1MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $4.9MM$6.4MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $2.6MM$1.8MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |