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Report to Membership 2017

It all started with a small group of Boeing employees who wanted to find a way to help each other achieve brighter futures. By pooling their nickels and dimes, they were able to form the credit union that became BECU. Along the way, members of the growing credit union could borrow money to buy tools they needed for better jobs and homes for their families. They set up secure savings accounts for their kids’ futures, their rainy days, dream vacations, and retirement. And they worked together to improve the lives of all the members of the credit union.

The core of our founding is still alive today. We are people helping people, working together to make great things happen for our membership and our communities, innovating along the way.

As a financial cooperative, BECU is based on the idea that the combination of great service and value will result in long-term relationships with members and the associated growth that comes from being a place people can trust. This has driven strong growth over the years, and last year was no exception. In 2017, we welcomed over 124,000 new members to BECU; including 3,000 in Spokane and 500 in South Carolina; building on the principle that the more people we have working together, the stronger we are. We ended the year with a net worth ratio of 10.97 percent, well above the regulatory well-capitalized level of 7 percent.

We remain committed to returning value to our members – value that comes from being a member-owned cooperative:

  1. $187 million returned to members through better rates and fees
  2. Increased Member Advantage Savings rate earning members more even when they save small amounts
  3. Member Loan Reprice returned $3.6 million back to members in the form of reduced payments on over 45,000 loans
  4. Waived mortgage loan origination fees, saving members over $16 million
  5. Launched 1.5% Cash Back Visa card

Our financial strength allows us to continue to invest in the technology and services you want and need to keep up with the speed of life, things like:

  1. Removal of Foreign Transaction fees on our debit card, to match our credit card
  2. Free FICO scores in online banking
  3. Upgraded ATMs, delivering 17 million ATM transactions to members when they need them
  4. New branches
  5. More options for Digital Wallet Apps

Throughout 2017, we put more than $5 million back into the communities where we live and work through our financial health programs, member-inspired giving, and supporting employees in their communities.

In 2017, we took the inspiration of you, our members, into the design of our new logo. It reflects our commitment to members and emphasizes the “U” of BECU – celebrating the individuals that make up our membership and who make BECU a truly special place to bank and work.

With the same credit union spirit of “people helping people” in which we were founded, we continue to listen to and deliver on what’s important throughout 2018 and into the future.

Thank you for being a member of BECU.

David Yonce, Chairman, BECU Board of Directors

Benson Porter, President & Chief Executive Officer

IT ALL STARTS WITH PEOPLE: The Credit Union Philosophy
The natural outcome of great service and commitment to our members is growth. As a cooperative, the more people that work together, the stronger we are.” —Benson Porter, President & CEO

A credit union is about so much more than just money—it's about having a sincere commitment to the members and communities we serve and the people who drive the organization forward.

At a bank, you're a customer. As a not-for-profit credit union, BECU works differently. We return profits to members in the form of better rates, fewer fees and more financial services. At a credit union, you're not just a member, you're also an owner. When you put your money into BECU, you’re investing in yourself, and your community.

So when we say “we’re in it together,” we really mean it!

Driven By Values, Not Profit

Putting Members First: The BECU Difference

You inspire us to do better

We continuously strive to improve the way we serve our members and communities. We're proud to roll up our sleeves and help improve the futures of our members, non-profit partners, and communities overall.

Take a look at how we supported our members in 2017:

If our members have taken positive steps to improve their credit score and make timely payments, we feel strongly that if we're able to, it is only right to automatically reduce their rate.—Scott Strand, BECU SVP of Lending and Wealth Management

This innovative program is designed to reward members who have shown responsible use of credit. We evaluate the credit score and payment history of each member with a credit card, line of credit (LOC), personal loan, auto, boat or RV loan, lowering rates for eligible members who have improved their scores over the past year. Over the past 13 years, our loan reprice program has saved members more than $14.7 million.

2nd Annual Member Summit

The Member Summit gives us a chance to gather together with our members, find out what's on their minds, and update them on how their credit union is doing. —Tom Berquist, SVP of Marketing and Cooperative Affairs
More than 600 members gathered at McCaw Hall in Seattle

On April 19, 2017, more than 600 BECU members came together to celebrate #LocalPride at the credit union's second annual Member Summit. Members participated in our Annual Membership Meeting, attended a variety of networking events and financial education workshops on buying a home, starting a business, and retirement planning.

Member Loyalty Makes a Difference

Spreading the Cooperative Spirit

We never tire of sharing the many benefits of credit unions. And thanks in part to our referral program, our members can’t stop talking about us either. Last year, we earned a Net Promoter Score (a measure of customer loyalty based on the following question: “How likely is it that you would recommend our company/product/service to a friend or colleague?”) of 73.31—our best year to date! Compared with the average bank scores of 35, we’re pleased to know our members like us.

INSPIRED BY YOU: What’s New at BECU

How we’re making your money work better for you

We’re always exploring new ways to make managing money easier, faster and more convenient for our members.

In November, we launched our newest credit card rewards program that gives 1.5% back on all your purchases. We made it easy—no reward tiers, rotating categories or complicated math.

Better Rates for Member Advantage Accounts

On March 25, our Member Advantage Savings rate jumped to 6.17% APY, earning members more interest when they save even small amounts.

On August 17, we said goodbye to another fee! Now BECU members no longer pay a foreign-transaction fee when using their debit card outside the U.S. This matches our credit cards, which also have no foreign-transaction fees.

Starting in August, we made it easier than ever to review your personal credit score. Free access to FICO® Scores is now available to all eligible BECU members through Online Banking. To find out more, visit us online.

ATMs Get An Upgrade

From September to October, we upgraded ATMs to feature a streamlined main menu and better security features. And, we know members love ATMs, because we had 17 million ATM transactions in 2017. BECU has more than 240 ATMs, and members have access to more than 30,000 surcharge-free ATMs nationwide through the CO-OP network.

5 New Neighborhood Financial Centers

Last year we opened five new Neighborhood Financial Centers to better serve members where they live. You can now visit us in Wallingford, Greenwood, Seattle Hill in Everett, West Seattle and North Spokane.

Enhanced Mobile Experience

It’s easier than ever to sync your BECU Mastercard debit and Visa credit cards to your favorite digital wallet app. Simply open or download the preferred app and follow the prompts to add your card. We were also one of the first financial institutions to enable payment from wearable devices like FitBit Ionic and Garmin Vivoactive 3.

BECU’s mobile app allows me to do my banking anywhere. —Christina S., Bothell
KNOWLEDGE IS POWER: Improving the Financial Health of Our Community

A little education today can go a long way towards building a brighter financial tomorrow

9,038 people attended – BECU’s Financial Educators delivered in-person seminars and live webinars on financial education topics such as car buying basics, buying a home and building credit.

Personalized Financial Health Checks

Our Financial Health Check Program Is Free For Members

Because we do well when our members do, we have a vested interest in your financial health. Our Financial Health Check program is designed to improve your financial health. We offer confidential, one-on-one consultations with trained specialists to members who want help with savings, budgeting and debt issues.

Schedule your free, confidential BECU Financial Health Check.

A Dose of Financial Reality: Educating The Next Generation of Members

Investing in the well-being of students is the right move as a community member and as a business. Starting adulthood on firm financial footing makes for healthier, happier lives and a healthier, happier community. —Benson Porter, President & CEO

We want to help teens get their start on a journey to financial independence

We’re all about financial empowerment—helping members develop financial strength to enable them to reach their goals, achieve their dreams and create a lifetime of financial security. We start early, with an assortment of tools and resources to guide kids and teens towards building smart habits and learning financial responsibility.

Closing for Good: A Company-Wide Day of Service

New app-based program reached more than three times the students we did in 2016

Closing for Good began in 2015 as a way to celebrate our 80th anniversary. Now, we close our branches each year for an annual day of service in October and ask our employees to conduct Financial Reality Fairs at local high schools in the Puget Sound and Spokane areas. All BECU employees take part in the event—and we do mean all—from member consultants to our President and CEO, Benson Porter.

Since we began Closing for Good, we have reached thousands of Washington students. It is the biggest embodiment of our commitment to the importance of People Helping People, a philosophical part of our credit union's very fabric since opening our doors in 1935. This year we went digital with our financial curriculum, allowing tech-savvy students to utilize a mobile app as they experienced the financial reality fair.

Connecting with teens through “The Next Big Talk”

Beginning the Journey Towards Financial Independence

We realize that we can't reach every student through Closing for Good, so we developed The Next Big Talk as a resource for parents looking for information and encouragement to discuss finances with their teens. We believe that talking with teens about money is as important as speaking to them about any other life challenges.

Download The Money Talk guide.

Money is A Family Affair Thanks to Early Saver Savings

“Early Saver Checking Accounts allow our family to teach boys about savings and setting financial goals—like going to Yellowstone!” – Barbara L., BECU Member in Puyallup

Memberships for youth under 18

It’s never too early—or late—to start developing healthy financial habits. We encourage children to join their families and become BECU members by opening an Early Saver Savings account with us. Our youth-oriented checking accounts have no minimum balance requirements or monthly maintenance fees. Kids and parents can access accounts for free from almost anywhere with an optional Debit Mastercard®. It’s a great, low-cost way to introduce young people to the lessons of good money management.

THE MANY FACES OF BECU: Meet Our Business Members

We Believe Business Should Be Rewarding

Main Street, and the businesses both large and small that populate it, are the lifeblood of any neighborhood. At BECU, we support business owners as they work to make their communities better. We’re always on the lookout for ways we can help dreamers become entrepreneurs.

Meet some of the members we’ve partnered with to grow their businesses:

Meet Shiuwen Tai: Tea Expert, Entrepreneur and World Traveler

BECU is so easy…I call and say, ‘hey, I'll be in Taiwan,' and money is transferred; I can use my card with no problem —BECU doesn't even charge a foreign-transaction fee!

Read Tai’s story then visit her Floating Leaves tea shop at 1704 NW Market Street in Ballard.

Meet Andrew Hoang: CEO of Pivotal Consulting

Whether small or big, our transactions with BECU have always been handled flawlessly. As a small business owner, I have bigger things to worry about than our banking.

Read Andrew’s story to learn more about how Pivotal Consulting is making a difference in our community.

Federally insured by NCUA

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