Now through the end of the year, Wescom Credit Union (Wescom) has a “Welcome Offer” for new members, with up to $500 in bonuses. (CSR stated this bonus offer might be available again after the first of the year, but there is no guarantee.)
The Welcome Offer page explains how the offer works:
Open a new Wescom Checking Account and maintain a $100 average daily balance* and you’ll get an extra $100. Use your debit card at least twice for two consecutive months and get an additional $50. Make a qualifying direct deposit of $500 or more for two consecutive months** and get another $100. Get another $250 when you fund a qualifying loan product – like an auto loan or active credit card†
You’ll receive the bonus right to your account and as long as you achieve them during your New Member Period (the first 90-120 days of account opening).
*Based on average daily balance at end of first full calendar month.
**Direct Deposit must be $500 per month for two of the three most recent months. Transfers done via ATM, teller, Person to Person payments (such as Zelle®) are not considered a direct deposit.
†Used service in the past calendar month. Loans subject to credit approval. Student Loans and Quick Assist Loans are not eligible for this bonus.
Headquartered in Pasadena, California, Wescom Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the Southern California counties of Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara, or Ventura, eligible for membership.
Family members (spouse, domestic partner, sibling, parent, child, grandparent, grandchild, aunt, uncle, niece, or nephew) of Wescom members in good standing are also welcome to apply.
Joining Wescom and opening a checking account (using promo code “WELCOME”) can be done online or at any of 25 California branches located in Anaheim (2), Corona, Costa Mesa, Culver City, Hawthorne, Irvine, La Habra, Laguna Niguel, Los Angeles, Ontario, Orange, Oxnard, Palmdale, Pasadena, Redlands, Riverside, Sherman Oaks, Signal Hill, Simi Valley, Stevenson Ranch, Thousand Oaks, Torrance, Tustin, and West Covina.
According to the COVID-19 Information page,
Currently all branches are open and operating under normal hours. However, we encourage you to conduct your essential banking from the safety and comfort of your home using our online and mobile applications.
We also highly encourage you to schedule an appointment in advance so we can prepare for your visit.
Scheduling an in-branch or over-the-phone appointment can be done online.
A minimum $1 deposit in a Regular Share Account establishes a Wescom membership.
Credit Union Overview
Wescom Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.35% (excellent) based on September 30, 2021 data. In the past year, Wescom has increased its total non-brokered deposits by $580.60 million, an excellent annual growth rate of 16.24%. Please refer to our financial overview of Wescom Credit Union (NCUA Charter # 66703) for more details.
Wescom Credit Union is currently the eleventh largest credit union in California, with more than 204,000 members and assets in excess of $5.1 billion. Established in 1934, the original Telephone Employees Credit Union was founded by 13 Pacific Telephone employees with $65 in pooled funds. The FOM remained exclusive to Pacific Telephone until the mid-1980s when additional SEGs were added. The Wescom rebrand occurred in 1996 to “better reflect the more diverse companies and communities it was serving.”
While qualifying for the total $500 in bonuses may require more effort and commitment than some are willing to do, earning $150 ($100 average checking balance and using a debit card four times in two months) is basically effortless.
When interest rates are low, bonuses become more attractive. Earning $150 in an online savings account offering the current top rate of 0.65% APY would require about $23k on deposit for a year.
If you don’t qualify for the Wescom Credit Union bonus, check out DA’s list of the best savings and checking account bonus offers.
The above information and rates are accurate as of 12/17/2021.