BECU (Boeing Employees Credit Union) Review

(November 2024)

BECU (Boeing Employees Credit Union) Review

In This Article

Our Verdict

Boeing Employees Credit Union (BECU) is a well-established credit union that provides a range of financial products and services to its members. Some of the products offered by BECU include checking and savings accounts, loans, credit cards, mortgages, and investment services. 

Established in 1935, BECU has since grown to become the fourth-largest credit union in the United States, serving over 1.5 million members. The credit union is headquartered in Tukwila, Washington, and operates in the states of Washington, Oregon, and Idaho.

To reach BECU, you can call its member service center at 800-233-2328. You can also visit its website at www.becu.org to learn more about their products and services and to access its online banking platform.

Pros

  • Competitive interest rates on loans and deposits
  • Large ATM network and access to shared branches nationwide
  • No monthly account fees for most accounts
  • Wide range of financial products and services, including insurance and investment options
  • Member-owned and not-for-profit, with a focus on community involvement and education

Cons

  • Limited physical branch locations outside of the Pacific Northwest region
  • Some account requirements and restrictions may be more strict than other credit unions
  • Membership eligibility is restricted to certain groups, primarily Boeing employees and their families
  • Online and mobile banking options may not be as user-friendly or advanced as some larger banks
  • Limited availability of specialized financial advisors or experts for more complex financial needs.

Who This Product Is Best For

Consider Boeing Employees Credit Union if you:

  • Are a Boeing employee or affiliated with the aerospace industry
  • Want to take advantage of high interest rates on savings and checking accounts
  • Prefer low fees and competitive interest rates on loans and credit cards
  • Value a community-focused, member-owned financial institution
  • Want access to a wide range of financial products and services, including insurance and investment options.

Who This Product Isn't Right For

Boeing Employees Credit Union may not be the best fit for you if you:

  • Do not have ties to the aerospace industry or do not meet membership eligibility requirements
  • Prioritize brick-and-mortar locations over online banking options
  • Fail meet the minimum balance requirements for some accounts or services
  • Prefer a more traditional banking experience with a wider variety of products and services.

What This Product Offers

Checking Accounts: Open a checking account with Boeing Employees Credit Union to access easy and convenient money management features, including online banking, mobile banking, and bill pay. 

Savings Accounts: Start saving for your future by opening a savings account with Boeing Employees Credit Union. Take advantage of competitive interest rates and easy access to your funds.

Credit Cards: Apply for a credit card with Boeing Employees Credit Union to take advantage of low interest rates, rewards programs, and fraud protection.

Loans: Whether you need a mortgage, auto loan, personal loan, or student loan, Boeing Employees Credit Union offers a variety of loan options with competitive rates and flexible terms.

Investment Services: Plan for your financial future with investment services from Boeing Employees Credit Union. Get personalized advice and guidance on retirement planning, wealth management, and more.

Insurance Products: Protect your financial well-being with our various insurance products, including auto, home, life, and identity theft insurance.

Business Banking Services: Manage your business finances with our various business banking services, including checking accounts, credit cards, loans, and other financial solutions.

Product Details

Checking Accounts:

  • Open a checking account with us to access over 30,000 fee-free ATMs nationwide.
  • Get a free Visa debit card for easy access to your funds.
  • Enjoy no monthly maintenance fees or minimum balance requirements.
  • Earn interest on your checking account balance with an annual percentage yield (APY) of up to 0.10%.
  • Set up automatic deposits and bill pay for added convenience.
  • Get overdraft protection to avoid costly fees.

Savings Accounts:

  • Take advantage of the competitive Annual Percentage Yield (APY) rates to earn more on your savings
  • No monthly maintenance fees for its regular savings account
  • Minimum deposit to open a savings account is $5
  • Free online banking and mobile banking services to manage your savings account
  • Receive quarterly dividends on your savings account balance
  • Enjoy the peace of mind knowing that your savings are federally insured by the National Credit Union Administration (NCUA) up to $250,000.

Credit Cards:

  • Personal Credit Cards:
  • Choose a card with a low APR on purchases and balance transfers, ranging from 7.15% to 17.15%.
  • Avoid annual fees by choosing our personal credit cards.
  • Take advantage of a 0% introductory APR for the first 12 billing cycles on purchases and balance transfers.
  • Earn cashback rewards on everyday purchases ranging from 1% to 2% depending on the card.
  • Maximize your rewards by spending a certain amount within the first few months of opening the account.
  • Protect yourself with zero liability protection.
  • Business Credit Cards:
  • Customizable credit limits: You can choose the credit limit that best fits your business needs, ranging from $2,000 to $50,000.
  • Cashback rewards: Earn cashback rewards on your business purchases, ranging from 1% to 3% depending on the category.
  • Fraud protection: Benefit from zero liability protection and 24/7 fraud monitoring.
  • APR: The APR (annual percentage rate) for the business credit card ranges from 10.15% to 15.15% depending on your creditworthiness and other factors.
  • Interest rates: Interest rates on purchases and balance transfers depend on the prime rate and may vary from 5.90% to 15.90%.
  • Fees: There is no annual fee for the business credit card. Balance transfer and cash advance fees are 3% of the amount transferred or advanced, with a minimum of $10.
  • Credit score requirements: To qualify for the business credit card, you need to have a good to excellent credit score, typically above 670.

Personal Loans:

Boeing Employees Credit Union offers personal loans to help you finance your personal expenses, such as home improvements, debt consolidation, or unexpected expenses.

  • Loan amounts: You can borrow up to $50,000 with flexible terms ranging from 12 to 72 months, depending on your loan amount and creditworthiness.
  • APRs and interest rates: The APRs for personal loans range from 5.49% to 18.00% depending on your credit score and other factors. The interest rates for personal loans range from 4.99% to 17.50%.
  • Fees: There are no application fees or prepayment penalties associated with personal loans.
  • Payment options: You can make your loan payments through online banking, mobile banking, automatic payments, or at a BECU location.

By applying for a personal loan with Boeing Employees Credit Union, you can get access to competitive rates and flexible terms to help you manage your personal expenses.

Auto Loans:

Boeing Employees Credit Union offers auto loans for new and used vehicles with competitive rates and flexible terms. Here are some of the details:

  • APRs ranging from 2.49% to 18.49% depending on the term and creditworthiness of the borrower.
  • Loan terms ranging from 12 to 84 months depending on the age of the vehicle.
  • No prepayment penalties, so you can pay off your loan early without any additional fees.
  • Easy online application process and fast approval.
  • Discounts available for automatic payments and for purchasing through the credit union’s Car Buying Service.

Where This Product Stands Out

Flexible and convenient banking options:

With Boeing Employees Credit Union, you can enjoy flexible and convenient banking options, including online and mobile banking services, allowing you to manage your finances from anywhere, at any time.

Competitive interest rates:

Take advantage of its competitive interest rates on a variety of financial products, including savings accounts, personal loans, and credit cards, to help you save money and achieve your financial goals.

Exceptional customer service:

Get exceptional customer service from its friendly and knowledgeable financial experts. Whether you have a question or need help with your finances, BECU can provide you with the support you need.

Community involvement:

Support a financial institution that gives back to the community. By banking with BECU, you are supporting its commitment to volunteer work and charitable donations that make a positive impact on the world.

Customized solutions:

Get customized solutions that are tailored to your specific financial needs and goals. Whether you need a personal loan or a business loan, BECU can help you find the right solution to meet your unique needs.

Where This Product Falls Short

Limited membership eligibility:

Be aware of limited membership eligibility when considering Boeing Employee Credit Union. Check if you meet the strict requirements before applying for membership.

Limited branch coverage:

Keep in mind that the physical branch coverage of Boeing Employee Credit Union is limited, so consider whether this will work for your banking needs. You may prefer a financial institution with more widespread branch locations.

Higher fees for some services:

Research fees for specific services before using Boeing Employees Credit Union. Some fees may be higher than average, such as overdraft fees.

How to Qualify for This Product

Check if you are eligible: Make sure you meet the membership eligibility requirements, which include being an employee of Boeing or working for one of their select employer groups, or being an immediate family member of someone who is eligible. 

Apply for membership: Fill out an application for membership and provide any necessary documentation to prove your eligibility.

Open a share savings account: Once you are approved for membership, open a share savings account with a minimum deposit of $5. This account represents your ownership in the credit union.

Use the credit union’s services: Take advantage of the credit union’s services, including checking and savings accounts, loans, credit cards, and online banking.

Maintain your membership: Continue to meet the eligibility requirements and keep your share savings account active to maintain your membership with Boeing Employees Credit Union.

How to Apply for This Product

When seeking a product from Boeing Employees Credit Union, it is advisable to consult a representative to understand the specific requirements. While the Credit Union representatives may not give direct instructions on the application process, submitting certain documents along with any other lender-specific requirements is generally acceptable.

To apply for Boeing Employees Credit Union, follow these steps:

  • Check if you are eligible for membership based on the credit union’s membership criteria.
  • Gather the required documents and information, such as your Social Security number, government-issued ID, proof of employment, and contact information.
  • Visit the Boeing Employees Credit Union website or a physical branch location.
  • Click on the “Join BECU” button on the homepage or speak with a representative in person to start the application process.
  • Fill out the membership application form completely and accurately.
  • Provide any required documentation or information to verify your eligibility and identity.
  • Wait for the credit union to process your application and notify you of its decision.

Alternative to This Product

Regional Banks: If you prefer a more personal touch, consider regional banks such as U.S. Bank, PNC Bank, or KeyBank. These banks offer a wide range of financial products and services and have a more localized presence with branches in specific regions of the country.

Credit Unions: If you’re looking for a credit union with broader eligibility requirements, consider Alliant Credit Union, Navy Federal Credit Union, or Pentagon Federal Credit Union. With these Credit Unions, you can enjoy a wide range of financial products and services and have access to a broader membership base. Interesting, right?

Customer Reviews

Boeing Employees Credit Union has a low rating of 2.0 out of 5 on the Trustpilot website, largely due to customers’ dissatisfaction with poor service and slow issue resolution. The low rating mainly reflects poor customer service and does not necessarily raise concerns about the bank’s financial stability.

Methodology

We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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