Wescom Credit Union is headquartered in Pasadena and is the 11th largest credit union in the state of California. It is also the 56th largest credit union in the nation. It was established in 1934 and as of June of 2023, it had grown to 873 employees and 224,155 members at 25 locations. Wescom Credit Union's CD rates are 4X the national average, and it has a B health rating.
Field of Membership Restrictions
Membership in Wescom Credit Union is open to those who live, work, worship, or attend school in the California counties of Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara, or Ventura. UCLA alumnus are eligible to join, regardless of where they live.
See current membership details
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Fantastic Interest Rates
I've only been a member for a short time but so far so good. I have nothing but positive things to say about this credit union! Love their interest rates... Don't believe me, compare their rates to any of the bigger banks.
It Used To Be A 5++++
I have been with Wescom for over 10 years now. I stayed with them after I moved out of state. I continued to stay with them as I moved to another state and then another state. That is something big considering that Wescom is a credit union that was only in Southern California. The fact was, at the time they had excellent customer service and even though I didn't have a local branch... I could use a kazillion of the nationwide ATMs with the Star logo (basically about every other credit union ATM) without a fee AND to do a deposit. There was no reason to change banks. Then 2007 - 2008 hit. BAM! Customer service went down the tube and fees skyrocketed. When complaints were made, it was obvious that the CSR rep you were speaking with didn't care at all. New changes were simply the way they were and honestly, since I was out of state, I didn't really know sudden changes happened. 2009 to 2011 were rocky years. What used to be a free checking account was costing me money every month and when I did overdraft, boy did I regret it. I continued to stick with them because it was where I had always banked and honestly, my company direct deposit was there and I was working crazy hours at the time so going and setting up a new bank was a pain. My husband and I have a joint account and he actually did go to a bank in Colorado, where we were living at the time, to open a new bank account. It was worse than what we were dealing with with Wescom so I chocked some of the changes within Wescom up to a poor economy and kept on trucking. Now, in 2013 they seem to be having their heads being pulled out of their anuses over there. They have been incorporating a signature score model for reliable members that brings back a lot of the original benefits of using the credit union - things like free checking, NSF forgiveness, and free checks. For the signature score to be applicable, you do have to be active with your account. For example, I have been a member for over 10 years, use their email alerts and online checking features, which gives me about 5 points. If I could get my signature rating up higher, I would get more benefits but alas I don't have an IRA and I don't have high monthly minimums in my account. The customer service seems to have been trained again. They are once again pleasant and the hold times are basically non-existant. It is nice to call in, get a LIVE person, and have your questions answered. There is a phone tree, but when you check to speak to a person then someone usually picks up in less than a minute. I still long for the days when my account was awesome and I woudn't go anywhere else. Where Wescom provided free services to everyone. I also do not like that so many branches closed. When I am back home in California, the locations are absolutely inconvenient. You need to really check where the branches are before you do service with them. There used to be a bunch in OC and some as far south as San Diego county - like Vista I think it was. Maybe Oceanside? Now, they are few and far between. If I was living out there, that would be a problem. However, for me... I live out of state, do my checking and banking online, and can still use ATMS at most any credit union across the nation... so for now, I stay.
I Suggest You Go Elsewhere
I had an account at Wescom for about 20 years, until I finally wised up! The interest paid on checking and savings accounts amounted to fractions of a cent on the dollar. The service was getting poorer and they closed all locations in San Diego county, where I live. That was the last straw! How do you abandon your customers after so many years and not have a branch to go into within 75 miles of my home? I took my hard earned money and parked it at another institution paying me more than 400% better interest rate than did Wescom. They were still better than a "Big Bank" but not by much!
Bank At Your Own Risk
Avoid this deposit institution you will see fraud charges on your account, and you will wonder what is happening and the slowness of calling to speak to a person, the inability to receive your card faster than 7-10 days the random apple.com transactions is enough to just decide enough is enough. The mobile app needs a lot of work, low quality, doesn't work on weekends or nights when they cannot hire someone to manage the fraud during non-business hours. Zelle takes forever funds are always on hold 50 dollars on hold, really and continues to blame the other institutions of the problems ok last one, the only learn with lawsuits, to fix these issues.
I believe it's crucial for financial institutions to proactively address these concerns and seek effective solutions. Learning from past experiences and avoiding legal action can contribute significantly to building trust and loyalty among customers.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 66703 |
| Year Chartered | 1934 |
| Employees | 873 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.53% |
| Return on Equity - YTD | 14.87% |
| Annual Interest Income | $120.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $6.01B$6.02B |
| Loans | Q2 2023vs Q2 2022 | $3.14B$2.60B |
| Deposits | Q2 2023vs Q2 2022 | $4.40B$4.61B |
| Equity Capital | Q2 2023vs Q2 2022 | $214.9MM$258.3MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$9.7MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $4.2MM$3.0MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
