I opened my first account at Patelco Credit Union when it was exclusively a credit union for Pacific Bell Employees and their families. I was twelve, interest rates on savings accounts were in the 9and 10% range and I learned to be quite impressed with the amount of interest I could earn for my dollars.

Patelco has grown to offer almost all the services of a full service bank, while continuing to serve the customer rather than it's income statement.

The features that I find most useful and amazing:

Checking - no monthly fee and pays interest. Overdrafts from Patelco Visa are also no charge.

Visa - Low (but not rock bottom) rates from 11.4-14.4%

Savings - Rates are better than most of the market, currently 2.5%, but better rates are offered for Money Markets and CD's.

Online Bill Pay - This has saved me. I can't or won't do snail mail. Can't figure out why...just don't. For two dollars per month this service will pay 20 of my bills. For all additional bills they charge $0.25. I can't buy stamps for that, and wouldn't use them if I did. This service will actually print a check and snail mail it, so I can pay the local garbage and water services as well as my son's childcare bill from my computer. They have a new service for $4.95 which allows you to receive your bills online and pay them as well. I'm still a little paper retentive and haven't had the courage to take the plunge.

ATMs - This is one of the credit union's drawbacks. Patelco has very few of it's own ATM's. They do have an agreement with Co-op ATM's which charge a small fee (I think it's 0.50).

Auto Loans - This is one of the few institutions that I know of that will finance 100% of both a new or used car as well as the fees and taxes. While I don't recommend this from the financial planning perspective, it has saved me once or twice. My auto loan payments are also directly transferred from my checking...one less bill to pay.

Online Service - Their online service has been great. I have used their web site to open an account for my son, transfer money and to request an increase in a credit line. All requests were handled promptly and efficiently via e-mail.

All in all Patelco is one of the best kept secrets of Northern California. It is a refuge from high rates and excessive fees charged by banks. Though a bit inconvenient at times, I find it a tremendously valuable financial institution.





Recommended: Yes