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Provident Credit Union (CA)

Popular Accounts at this Credit Union

2.01%Reward CheckingSuper Reward Checking
1.20%5-year CD60 Month CD
0.15%1-year CD13 Month Liquid CD

Overview / Commentary
303 Twin Dolphin Dr
Redwood City, CA 94065-1497

Provident Credit Union (CA) is headquartered in Redwood City and is the 20th largest credit union in the state of California. It is also the 96th largest credit union in the nation. It was established in 1950 and as of June of 2017, it had grown to 288 employees and 111,374 members at 20 locations. Provident Credit Union (CA) has an A+ health rating.

Field of Membership Restrictions

Membership in Provident Credit Union is open to the following: (1) those who live or work in San Mateo, San Francisco, Santa Clara, Contra Costa, Alameda, Monterey, Sacramento, Pacer, Humboldt, or El Dorado Counties in California and the City of Los Angeles, (2) employees of Belmont Chamber of Commerce, Danish-American Chamber of Commerce of Northern California, Burlingame Chamber of Commerce, and select local chambers of commerce in California, (3) members of the AFL-CIO Local 501, Carpenters Local 217 and select local unions, (4) members or employees of the American Heart Association-San Francisco Chapter, Association for Workplace Justice and other local associations, and (5) employees of City Building Inc., Circraft Inc., Inspired Company or other select local companies.
See current membership details

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Good Service, Good Rewards Checking

Very competitive rewards checking account. The call center provided first order of checks free although in the first branch I went to in San Francisco the agent said they were not free. (Odd because first order of checks is free on their other accounts.) Issued check card with name etc immediately. Requires 1 ACH credit or debit. 10 signature or pin transactions.Easy. Good website with ACH transfer. CD rates not too bad considering this economy.

Great Institution; High Rewards Checking Rate

Posted by: caten | Jul 2, 2011

I've been a member for 2 years and am a happy customer. I always look for credit unions first when choosing a bank-type institution; when I moved to the Bay Area I began my search. I looked at BBB.org ratings and complaint history. There were a few credit unions that topped the quality list and I finally choose Provident because of its Rewards Checking account rate.

Two years and greater acquaitance later, I have never regretted this decision. I easily recommend Provident to coworkers, friends, and people new to the area. That amazing rewards checking rate is still at 2.26% when everywhere rates keep dropping even on "high-yield" accounts from AMEX and Smarty Pig. (Rewards checking in general is fantastic these days if you can find it. Meeting the requirements is easy with my routine.)

Online banking is fine. I use auto bill-pay to cover my rent and direct deposit from my employer. Mint.com works great. The account is linked to mutual fund and brokerage accounts. ATMs are free within the entire credit union network; out of network ATM fees are reimbursed up to $2.50.

The only feature missing for me is virtual sub-accounts (like ING has). I'd like to auto-transfer money from the rewards checking into sub-accounts for savings goals, even if those virtual accounts are part of a seperate savings account with different (realisticaly lower) rates.

Provident Credit Union Restricts Transfer Amounts As Of 4/24/13

Posted by: andybuji | Apr 1, 2013

I received this email over the weekend from Provident CU:

"Our records indicate that you have set up an external account in our online banking system to transfer funds to/from your Provident accounts.

Good news! On April 24th, in-bound transfers from another institution will be completed within three business days instead of five — a full two days faster. Out-bound transfers will remain at 2 business days.

IMPORTANT: The maximum transfer amount per day is changing from $25,000 to $3,000, and the maximum transfer amount total every 30 days is changing from $34,999 to $6,000."

Contempt For Members

Provident has decided to completely block all access to your own financial data! With no warning they have blacked services like Mint or PersonalCapital from being able to access online banking. Even the service they (still) advertise on their site Quicken WebConnect is broken.

Want to aggregate your financial information across multiple banks with PersonalCapital? NO
Want to use Mint to track bill payments and reminders? NO
Want to use Quickbooks Online or Xero to manage your business? NO

They also completely bungled the roll out of this 'upgrade' with absolutely ZERO communication to members either before OR after the change. When you call and talk to them they give you a BS line about 'hackers' and rudely hang up.

If their concern was actually security based, they could implement any one (or more) of many industry standard security procedures and still give members access to their own data. How about 2FA with a OTP? How about application specific passwords for aggregator sites? How about authorization of specific IPs/DNS sites? How about direct API connection to the services clients use?

This change is completely short sited and will discourage anyone who lives in the connected world of 2017 to leave. It is not 1992, and while I can live with an online banking site that looks like it is 1992, I can't stay at a bank that sets up a walled garden and blocks customers access to their own data.

This is an extinction level mistake.



Health Grade Components

NCUA #66343
Year Chartered1950
Primary Regulator
Profit Margin
Return on Assets - YTD0.64%
Return on Equity - YTD5.44%
Annual Interest Income$31.8MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$2.37B$2.19B
LoansQ2 2017vs Q2 2016$1.42B$1.30B
DepositsQ2 2017vs Q2 2016$2.07B$1.90B
Equity CapitalQ2 2017vs Q2 2016$277.6MM$265.5MM
Loan Loss AllowanceQ2 2017vs Q2 2016$4.1MM$3.8MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$1.4MM$712.00K
Real Estate OwnedQ2 2017vs Q2 2016$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Provident Credit Union (CA) Savings Account Rates

0.55%$25-HSA Checking
0.10%$25-IRA Savings
0.08%*$25k*-Membership Savings
OTHER TIERS: 0.03% Up to $25k
0.08%*$25k*-Youth Savings
OTHER TIERS: 0.03% Up to $25k
0.08%*$25k*-Business Regular Savings
OTHER TIERS: 0.03% Up to $25k
0.08%*$25k*-Secondary Savings Account
OTHER TIERS: 0.03% Up to $25k
0.03%--Round Up

Provident Credit Union (CA) Money Market Rates

0.31%*$125k*-Premier Money Market Savings - Qualifying
OTHER TIERS: 0.18% $25k - $75k | 0.24% $75k - $125k
0.16%*$100k*-Money Market Savings
OTHER TIERS: 0.05% $2,500 - $50k | 0.10% $50k - $100k

Provident Credit Union (CA) Checking Account Rates

2.01%*-$25kSuper Reward Checking - Qualifying
OTHER TIERS: 0.08% $25k+
0.20%*$125k*-Basic Business Checking
OTHER TIERS: 0.10% $25k - $75k | 0.15% $75k - $125k
0.20%*$125k*-Dividend Business Checking
OTHER TIERS: 0.10% $25k - $75k | 0.15% $75k - $125k

Provident Credit Union (CA) CD Rates

1.20%$1k-60 Month CD
0.95%$1k-48 Month CD
0.65%$1k-36 Month CD
0.40%$1k-24 Month CD
0.35%$1k-24 Month Bump Up CD
0.35%$500-24 Month Add-On Variable Rate CD
0.35%$250-HSA 24 Month Add-On Certificate
0.25%$1k-12 Month CD
0.25%$500-12 Month Deferred Dividend CD
0.20%$250-12 Month Add On CD
0.20%$50-12 Month Youth Add On CD
0.20%$250-HSA 12 Month Add-On Certificate
0.15%$1k-6 Month CD
0.15%$5k-13 Month Liquid CD

Provident Credit Union (CA) IRA Rates

1.20%$500-60 Month IRA
0.95%$500-48 Month IRA
0.65%$500-36 Month IRA
0.65%$500-36 Month Variable Rate IRA
0.40%$500-24 Month IRA
0.35%$500-24 Month Bump Up IRA
0.35%$250-24 Month Add On IRA
0.35%$500-24 Month Variable Rate IRA
0.25%$500-12 Month IRA