BECU History
BECU started with a simple belief: when people come together, opportunity is created.
In 1935, at the height of the Great Depression, new employees at The Boeing Company were required to purchase their own tools before they could begin work. For many, finding the money to do so was an overwhelming barrier to opportunity. One Boeing employee, William Dodge, read an article about how credit unions around the world were helping people overcome financial obstacles. Inspired by the simple idea of neighbors helping neighbors, Dodge brought together a group of fellow employees to found a credit union to help each other.
From the very beginning, our history has been rooted in helping one another when it matters most. That founding spirit — people helping people — is at the heart of BECU. It continues to guide us forward, whether our membership numbers 100, 1 million or beyond.
As a member‑owned credit union, our strength comes from the people we are and the people we serve. Together, we're growing stronger, extending the credit union difference to more communities, and building a financial future that uplifts everyone.
Milestones in Our History
The 1930s
1935—Fellowship Credit Union
Eighteen Boeing employees put in 50 cents each and found Fellowship Credit Union with a total of $9. Their first loan is $2.50 to a fellow employee to purchase tools for their job.
1936—First Passbook
The group applies for and receives a Washington state charter, issuing their first account passbook, a savings account that comes with a physical notebook, on Jan. 2. Membership reaches 490 Boeing employees by the end of the first year.
1937—First Boat Loan
Fellowship Credit Union expands products to serve members' day-to-day financial needs. It makes its very first boat loan for $60 to member Glenn Jones to purchase a 14-foot Wecco Clipper.
The 1940s
1940—Boeing Employees' Credit Union
Our credit union's official name is changed to Boeing Employees' Credit Union (BECU) to better reflect our membership and mission.
The 1950s
1952—12,000 Members
BECU reaches 12,000 members and nine employees.
1953—Assets Reach $1 Million
In our 17th year of operations, BECU reaches $1 million in assets.
1955—20th Anniversary
With 20,500 members and assets totaling $5 million, BECU becomes the largest credit union in Washington state and the 10th largest in the U.S.
The 1960s
1968—Expanding Operations
The credit union's bylaws are changed, allowing Boeing retirees to maintain membership. New office locations are opened at Boeing plants, for a total of six credit union locations.
The 1970s
1973—Family Members Can Join
A new charter further expands membership, allowing family members of Boeing employees to join.
1977—Once a Member, Always a Member
Another charter change adds substantially to the growth of BECU by allowing all members to retain lifelong memberships.
The 1980s
1980—New Products and Services
Checking accounts are introduced, followed shortly by ATM cards, IRAs and CDs. By the mid-1980s, BECU adds Visa credit cards, home equity loans and financial counseling.
1985—50th Anniversary
BECU celebrates our 50th birthday! Membership reaches 96,000 and assets total $569 million. We open an additional support office in the Georgetown neighborhood of Seattle.
1988—Telephone Banking
BECU expands our ability to serve members by introducing our first telephone banking system.
1989—First BECU ATM
BECU installs our first BECU-branded ATM. During this same period, we also grow to over 150,000 members and 200 credit union employees.
The 1990s
1990—A New Financial Headquarters
BECU opens Tukwila Financial Center to house credit union operations and a banking center with 18 teller windows and six drive-up banking lanes. To further meet demand, twelve ATMs are added to various Boeing sites.
1992—Financial Planning, Home Loans, and Free Financial Education
BECU Financial Service Organization is established to offer members financial planning services. BECU also begins offering home loans and introduces free financial education seminars for members and local schools.
1994—New Everett Financial Center
On Valentine's Day, BECU opens the Everett Financial Center to provide services to members in Snohomish and north King counties. The center includes 10 teller windows and six drive-up banking lanes.
1995—BECU Foundation
The BECU Foundation is established to recognize student-members who embody our people helping people philosophy through community service efforts. BECU grants the foundation an initial $1 million endowment — a substantial investment in 1995.
1996—World Wide Web
BECU launches our first website hosted at www.becu.org.
1999—Online Banking
Members with an internet connection can now view their account history, transfer funds, apply for loans and Visa credit cards, make loan and credit cards payments and more.
1999—Express Service Centers
BECU opens Express Service Centers inside two grocery stores. This unique concept is designed to give members easy and convenient access to the credit union in their own neighborhoods.
The 2000s
2002—A Credit Union for All of Washington
A new charter expands BECU member eligibility to all of Washington. Now anyone who lives, works, worships or attends school in the state can join.
2003—BECU + Safeway
BECU teams up with Safeway to open 30 Express Service Centers inside grocery stores throughout Puget Sound.
2004—Upgrading to Digital Statement Delivery
BECU introduces eStatements to provide members with a more convenient and efficient way to access monthly account statements, while also advancing our commitment to environmental stewardship by reducing paper use.
2006—Neighborhood Financial Centers
Express Service Centers become known as Neighborhood Financial Centers to reflect our commitment to community accessibility.
2006—Interest-Earning Member Advantage Accounts
BECU begins offering premium rates on Member Advantage accounts and Early Saver accounts for youth.
2008—Advancing Banking Through Technology
BECU focuses on becoming a leader in banking technology. Within two years, we add services such as Mobile Banking, our mobile app, snapshot ATMs that allow members to withdraw cash without incurring surcharge fees, online deposits, speech-recognition telephone banking, and other technical services.
2009—Strengthening Financial Access in the Community
We reinforce our longstanding commitment to members and communities by renewing our focus on sustainability, community outreach and inclusive access. Efforts center on expanding access to affordable housing, educational opportunities and strengthening the credit union movement.
2009—Expanding Neighborhood Financial Centers
BECU Neighborhood Financial Centers move beyond grocery stores to standalone locations. By the end of 2009, there are 40 Neighborhood Financial Centers located throughout the Puget Sound.
The 2010s
2010—Grassroots Revolt
We educate people about the fundamental differences between banks and credit unions through our “Move Your Money” campaign.
2010—Home Loan Milestones
BECU is certified by the Fair Mortgage Collaborative for our commitment to fair mortgage lending practices. We also become an approved FHA (Federal Housing Administration) lender, putting homeownership within reach for more people.
2010—75th Anniversary
BECU celebrates 75 years of people helping people by hosting community events throughout the greater Puget Sound.
2011—Bank Transfer Day
Rising fees from commercial banks lead to growing dissatisfaction among consumers. Bank Transfer Day, a consumer-led initiative, calls for a voluntary switch from commercial banks to not-for-profit credit unions by Nov. 5, 2011. BECU sees record membership growth.
2011—BECU + University of Washington
Building on our partnership with the University of Washington that started in 2008, we reach a new milestone in 2011 by launching the UW community debit card. In just one year, we issue over 50,000 Husky-branded cards to students, faculty and community members.
2012—Mobile Deposits
An update to our app gives members the ability to deposit checks with their phone's camera, an emerging capability that makes it faster and more convenient for members to add money to their accounts without visiting a branch or ATM.
2013—People Helping People
BECU launches the People Helping People Awards. These annual grants support local nonprofits nominated by our members, celebrate organizations that strengthen the communities we serve, and are one way we recognize their impact.
2015—80th Anniversary
We reach 940,000 members and 1,400 employees. To celebrate, we launch our inaugural companywide volunteer day, Closing for Good. On a day where BECU is closed, all employees come together to provide financial education to over 3,000 high school students.
2016—Member Summit
Approaching a milestone of one million members, BECU creates new opportunities for connection and learning. Our first annual Member Summit brings together more than 400 members who participate in educational seminars on retirement, homebuying and paying for college.
2016—Spokane Expansion
BECU invests east of the mountains! With about 5,000 members in the Spokane area and an operations center already in the Spokane Valley, BECU opens two Neighborhood Financial Centers in Spokane to further serve the local community.
2016—South Carolina Expansion
Boeing opens its first plant in South Carolina and invites BECU to bring credit union services to local employees. We open two locations within the sprawling North Charleston Boeing plant.
2017—One Million Members
Membership expands past one million strong, and we introduce a new look simplified and contemporary logo.
2018—Homebuyer Support
BECU launches the First Time Homebuyer Grant program, committing $1 million to help remove barriers on the path to homeownership. That same year, we open our first Home Loan Center in Spokane, expanding access to personalized home buying support.
2018—Creating a FinTech Hub for Seattle
BECU partners with CoMotion, University of Washington's collaborative innovation hub, and launches the BECU FinTech Incubator at CoMotion Labs to invest in digital financial solutions.
The 2020s
2020—Supporting Our Members and Communities
We show up to support our members and the community by launching new programs, products and resources to navigate economic crises, work stoppages and health emergencies, while pledging $570,000 in philanthropic giving to community response funds.
2020—Black Community Development Project
BECU launches the Black Community Development Project, a $5 million investment to support Black communities and advance racial equity in Washington, addressing systemic barriers through targeted, long-term community partnerships.
2021—Building Financial Resilience
BECU supports members through financial challenges, delivering over 2,100 payment relief actions totaling $35.3 million. We coach and educate 13,100 community and BECU members through free financial wellness programs, while more than 1,000 members receive confidential Financial Health Checks from certified BECU financial coaches.
2022—Inaugural Grants Program
The BECU Foundation launches its inaugural grants program, awarding $1.73 million in grants to 33 local nonprofits. The Housing Stability Grant awards $870,000 in funds to nonprofits focused on homelessness intervention through foreclosure and eviction prevention. The Green Equity Initiative awards up to $865,000 in grants to local nonprofits advancing environmental sustainability through green workforce development, entrepreneurship and climate-focused innovation with a focus on inclusive economic opportunities.
2022—New Strategy and Leadership
Beverly Anderson joins BECU as President and CEO, becoming the first woman and first African American to lead the organization. Her arrival signals a new chapter in BECU's evolution, building on our ‘people helping people' legacy while expanding our reach, modernizing our capabilities and deepening impact for our members and communities.
2023—BECU Surpasses 60 Locations
Alongside continued investment in digital service channels, BECU opens Neighborhood Financial Centers in Monroe and Columbia City and surpasses 60 locations across the Pacific Northwest.
2023—Community Investments
In 2023 alone, we invest $8.5 million in community giving to support financial health, youth opportunity, housing stability, environmental equity and the advancement of Black communities. These investments include the continuation of the BECU Foundation Grants for foreclosure and eviction prevention, landlord-tenant mediation and fair-housing counseling, and $794,497 to nonprofits focused on renewable energy, circular innovation and green workforce development.
2024—1.5 Million Members Strong
Eight years after topping one million, BECU membership grows to surpass 1.5 million members.
2024—On-Demand, Video Banking From Anywhere
BECU launches Video Banking services, strengthening our digital service experience by enabling members to join and get support, online and face-to-face, from anywhere with internet access.
2025—Growing Community Impact With the Seattle Storm
We further our commitment to empowering women in sports, supporting local athletes and creating a lasting, positive impact alongside the Seattle Storm. And through investment in the new BECU Center for Basketball Performance and support of the “Together We Rise” basketball program for underserved youth, we help uplift the communities where our members live, work and play.
2025—First Credit Union Combination
BECU announces intent to merge with SAFE Credit Union, a cooperative based in the Sacramento area. SAFE shares our commitment to the principle of "people helping people," and the proposed combination positions us to further promote our members' financial well-being and drive positive impact in the communities we serve.
2025—90th Anniversary
BECU celebrates 90 years since our founding and our enduring “people helping people” mission. We mark this milestone with a KEXP playlist spanning nine decades of music, member benefits, stories and partnerships, and a celebratory logo that honors our heritage while looking toward the future.
2026—Expanded ATM Accessibility
BECU introduces Spanish-language options across all BECU ATMs, reducing language barriers and expanding access for Spanish-speaking members. We also join an ATM network that brings members surcharge-free ATM at over 77,000 ATMs, up from 33,000.
