Washington State Employees Credit Union is headquartered in OLYMPIA and is the 4th largest credit union in the state of Washington. It is also the 66th largest credit union in the nation. It was established in 1957 and as of June of 2023, it had grown to 742 employees and 308,861 members at 24 locations. Washington State Employees Credit Union's money market rates are 3X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Washington State Employees Credit Union is open to anyone who lives, works, or worships in the state of Washington.
See current membership details
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I Love This Credit Union
I have had an account with WSECU for over 20 years.
Never had a problem, easy to work with, competitive CD rates. Good helpful people. Easy web app.
Have never had a problem here.
Excellence for state employees
I have been a member for nearly 20 years and cannot imagine changing financial institutions. Wash. State Employees Credit Union continues to offer excellent service and value. Their staff are courteous and always helpful. Fees are low, including their overdraft protection. I have taken out loans with them on numerous occasions and my main mortgage is with WSECU. We have a WSECU rewards visa card and the interest rate is low. I never feel railroaded or pressured to choose a product or service that will not be useful to me. There are other great perks. WSECU offers a free coin sorting machine and offers cashier's checks for free. They have a well staffed customer service line that is manned from 7 a.m. to 7 p.m. Monday through Friday and also open on Saturdays. I have had to call them from overseas while on vacation to troubleshoot (e.g. my credit card was blocked while I was in a foreign country). Their customer service team is always helpful and can resolve issues speedily. I give WSECU my highest endorsement.
Washington State Employees Credit Union
I've been a member of WSECU for about ten years. They have no fee checking, and what seem like pretty standard products and services. I have a savings account (you are required to have one and keep at least 5 dollars in it, which seems weird). I also got my car loan through them, as they offered a very competitive rate. My debit card carries a reward point system, which I use but am not sure how it measures up to other similar programs. They are always perfectly friendly, accessible, and helpful. The real reason I bank with them, though, is that I know my money isn't going to make ridiculous profits for some greedy jerk that doesn't even pay taxes on the money.
Unorganized And Unprofessional
We go to the Olympia branch of Wsecu, and they had been so unorganized I'm planning on closing my account with them.
We signed up for direct deposit to another bank for car payments. We signed the papers, it worked as intended the first month. The money moved from our checking at WESCU into the other Banks savings.
The next month, money was moved from the checking into savings, then immediately back into the savings account at WESCU. Two weeks later we get notified our car payment is late. We had no idea, because for two weeks the money that was transferred back into the WESCU savings account did not show up.
They not only changed the terms of our direct deposit without our permission, I believe someone at the Olympia branch was trying to steal our money. The money only showed back up in the account after we called about it, almost 14 days after our other bank showed them pull it back out.
We told them to cancel ALL transfers. They tell us they did. The next month, our money is being transferred again.
I found the Olympia staff to be unhelpful. We called 3 times and tried making 3 appointments to discuss our savings and they never responded.
The very first (and only) late payment I made on my card got a $25 dollar fee. They say they have room for forgiveness if it's your first mistake, but Olympia's branch refused (which is their right, but it shows they do not care about helping their customers).
If you have direct deposit with WESCU,watch your money carefully. They seem to believe they have the authority to change the terms of your direct deposit after it's been set up, without your permission.
I will also be getting 5x the APY on my savings account at my new bank. WESCU only offers 0.01%
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 60042 |
| Year Chartered | 1957 |
| Employees | 742 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.06% |
| Return on Equity - YTD | 14.68% |
| Annual Interest Income | $110.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $5.20B$4.64B |
| Loans | Q2 2023vs Q2 2022 | $4.13B$3.42B |
| Deposits | Q2 2023vs Q2 2022 | $4.33B$4.20B |
| Equity Capital | Q2 2023vs Q2 2022 | $371.2MM$358.9MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$17.3MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $13.8MM$5.9MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
