Your Money is Safe in a Credit Union
Your money is protected at BECU. Like all credit unions, we are federally insured by the National Credit Union Administration (NCUA).
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Your Deposits are Federally Insured
When you open a checking, savings, or money market account at a credit union, your money is insured up to $250,000 per individual depositor by the National Credit Union Administration. The NCUA exists for one purpose: to protect credit unions and the members who own them through effective supervision, regulation, and insurance.
To date, the NCUA reports that "not one penny of insured savings has ever been lost by a member of a federally insured credit union.1" We stand by the organization's commitment to protecting the financial security of credit union members.
BECU is Financially Solid
Through 2019, we maintained our rank of being the fourth-largest credit union in the country, with over $22 billion in assets and 1.2 million members.
- In 2019, BECU's assets increased by 13.2%
- By Q1 2020, BECU had a net worth ratio of 10.87%, which provides a sizeable capital base that protects our members' investments. This percentage is well above the 7% net worth ratio that the NCUA considers well-funded and "well-capitalized."2
Members Come First
In addition to maintaining our strong financial position, we hold high marks in consumer satisfaction. In 2019, we kept a Net Promoter Score of 71%, which is more than double that of traditional banks. Net Promoter Scores are a key measure of not only consumer satisfaction, but safety and soundness.
- In 2019, over $388 million was returned to our members (an average of $322 per member) in the form of better rates, lower fees and more grants.2
- Also in 2019, 55,000 members saved an estimated $2.3 million through the Reprice program, which automatically reduces interest rates on loans and credit cards for eligible members who demonstrate healthy financial habits.
- In 2020, BECU is helping members impacted by COVID-19 with added relief options on loans, credit cards, and more, including: Late fee waivers, short term loan modifications, new loan options for small businesses and consumers and free financial counseling.
Financial Impact of COVID-19
We will be operating at a loss this year, but are financially and professionally prepared for it. Our professional staff was quickly able to move to a mostly remote work-from-home model. Although some hours were reduced, most of our BECU Neighborhood Financial Centers remained open.
Like most financial institutions, we do expect to operate at a net loss in 2020, but through smart planning and conservative forecasting we will emerge stronger than ever.