BECU

2.4 out of 5 stars
17 Reviews

From Account Holders in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

3 out of 5 stars

Customer Service

3 out of 5 stars

2.5 5
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Most Helpful Positive Review

Jun 01, 2016
Awesome
Anonymous Account Holder

I have banked with BECU for 21 years and never had an issue. The visa is low interest 6.9 , I have had a car loan and I don't get eaten up with fees on my accounts. On line or in person banking has been flawless. I wouldn't bank anywhere else.

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Most Helpful Negative Review

Jan 18, 2017
Can be great - can be really bad
Anonymous Account Holder

For most everyday activities and services the credit union customer support is very good.  However if you have an issue that is not linear - then the support is terrible.  Example - daily items are  quickly and accurately resolved.  If you have a complaint or need help with an error or issue the bank created - the service is terrible, they do not believe that the customer can be right and they will not provide a yes or no answer.  Exmple.  I had an issue with a stop payment - and called the bank after I stopped the payment on line.  The money had not yet been withdrawn and no further action required.  However, the next day the bank made the payment and held my money for over 5 days - did stop the payment - still withdrew the money from my account and took 5 days to return to my account ... the manager was rude and indicated this was their process even thought it does not provide any information on holding money after withdrawing in error.  Another example - my son had his account hacked and all money withdrawn - the money was not returned until 3 weeks later.  As was in college out of state - this was a very big issue ... and so on. 

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These reviews were written by current and former account holders in the last year.

Mar 18, 2017
Policies that alienate members
cyberfreak Account Holder

Just opened a car loan with BECU and was very disappointed in a rather strange practice buried in their terms when attempting to make my first car payment, for which I setup a checking a savings account. My payment was due on the 15th and my first direct deposit was credited to my checking account on the 15th. I logged into the site the morning of the 15th to make the payment and noticed my savings account was overdrawn for the amount of the payment. Not wanting to leave my account in an overdrawn state, I transferred the money from my checking account into my savings account and then I emailed them asking why this happened as I did not setup any kind of automatic payment. Their response shocked me!

The institution’s response quoted me their policy, which authorizes them to place a hold on funds in the member’s savings account when payment has not been made by 7pm on the due date. She further explained that this policy is in place to minimize the bank’s risk on loans and keep rates low. She then let me know that she released the funds and that if I have a problem remembering the due date I setup a reminder to log in and make the payments. I can also change the due date for $25, which is waived one time.

You read that right – they place a hold on the funds but they don’t apply those funds to the loan. They just make the funds unavailable so you can’t actually make the loan payment until you call them to release the funds! I truly could not believe what I was hearing.

So let’s look at this ridiculous and poorly implemented policy to see how instead of reducing risk they are really just setting their own members up for failure.

1.       They were not supposed to place a hold on the funds until 7PM, but at 7AM the funds were already deducted from my savings account.

2.       Instead of placing a hold on my checking account, which actually had the money in it, they caused my savings account to go in the negative, until I manually transferred funds into the account.

3.       There is a 10-day grace period on the loan so fees won’t be assessed until 15 days after your due date. Collections won’t actually take the money until the loan is 60 days past due. So even though they have your money by way of a hold, it still doesn’t count as a payment.

4.       If I don’t have the money to make my car payment, do they really think I’m going to have the money ‘hiding’ in my savings account?

5.       To make a payment, I have to go into a special payments section of the website. I can’t just initiate a transfer from my checking account to the loan account, like every other bank and CU. Seriously, a first year programmer could write three lines of code which handles this.

6.       Automatic payments cannot be scheduled or modified though the website. The only option under ‘payments’ is to transfer the funds immediately.

This policy is clearly not about reducing the bank’s risk, but instead about alienating the member. If they really wanted to actually reduce the risk (and not insult people with a useless policy) they could do some easy things:

1.       MAKE IT EASY FOR PEOPLE TO PAY YOU! Don’t bury the function in some obscure section of the website. It’s a TRANSFER. Put it in the dropdown where it makes sense! Put a giant PAY button on the loan balance screen.

2.       Allow people to easily schedule transfers. Every other credit union has this function, so it really can’t be that difficult to implement.

3.       If you are going to be buttholes and place holds on the money to reduce risk, why not take the money from the account that actually has the money in it?

4.       Why insult new members by basically showing them that BECU doesn’t really trust you so we are going to take the money from your account, which it isn’t even late? Instead, maybe only take the money after someone has had two or three late payments?

5.       Don’t take the money only to force people to beg you to get it back so they can then manually make a payment. This makes no sense whatsoever. If you place a hold because you don’t trust me, then why give me the money back and trust me to make the payment?

6.       Don’t fund high risk loans! Why fund a loan to someone who you don’t trust to make payments?

Bottom line? This policy does nothing but alienate your members and send a strong message you’re your policies are implemented without being well thought out. What does this policy actually encourage me to do? Close my checking and savings account and then use my other credit union’s bill pay service to transfer the funds to you. How can you say you are member-focused with policies like this?

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Mar 18, 2017
Policies that alienate members
cyberfreak Account Holder

Just opened a car loan with BECU and was very disappointed in a rather strange practice buried in their terms when attempting to make my first car payment, for which I setup a checking a savings account. My payment was due on the 15th and my first direct deposit was credited to my checking account on the 15th. I logged into the site the morning of the 15th to make the payment and noticed my savings account was overdrawn for the amount of the payment. Not wanting to leave my account in an overdrawn state, I transferred the money from my checking account into my savings account and then I emailed them asking why this happened as I did not setup any kind of automatic payment. Their response shocked me!

The institution’s response quoted me their policy, which authorizes them to place a hold on funds in the member’s savings account when payment has not been made by 7pm on the due date. She further explained that this policy is in place to minimize the bank’s risk on loans and keep rates low. She then let me know that she released the funds and that if I have a problem remembering the due date I setup a reminder to log in and make the payments. I can also change the due date for $25, which is waived one time.

You read that right – they place a hold on the funds but they don’t apply those funds to the loan. They just make the funds unavailable so you can’t actually make the loan payment until you call them to release the funds! I truly could not believe what I was hearing.

So let’s look at this ridiculous and poorly implemented policy to see how instead of reducing risk they are really just setting their own members up for failure.

1.       They were not supposed to place a hold on the funds until 7PM, but at 7AM the funds were already deducted from my savings account.

2.       Instead of placing a hold on my checking account, which actually had the money in it, they caused my savings account to go in the negative, until I manually transferred funds into the account.

3.       There is a 10-day grace period on the loan so fees won’t be assessed until 15 days after your due date. Collections won’t actually take the money until the loan is 60 days past due. So even though they have your money by way of a hold, it still doesn’t count as a payment.

4.       If I don’t have the money to make my car payment, do they really think I’m going to have the money ‘hiding’ in my savings account?

5.       To make a payment, I have to go into a special payments section of the website. I can’t just initiate a transfer from my checking account to the loan account, like every other bank and CU. Seriously, a first year programmer could write three lines of code which handles this.

6.       Automatic payments cannot be scheduled or modified though the website. The only option under ‘payments’ is to transfer the funds immediately.

This policy is clearly not about reducing the bank’s risk, but instead about alienating the member. If they really wanted to actually reduce the risk (and not insult people with a useless policy) they could do some easy things:

1.       MAKE IT EASY FOR PEOPLE TO PAY YOU! Don’t bury the function in some obscure section of the website. It’s a TRANSFER. Put it in the dropdown where it makes sense! Put a giant PAY button on the loan balance screen.

2.       Allow people to easily schedule transfers. Every other credit union has this function, so it really can’t be that difficult to implement.

3.       If you are going to be buttholes and place holds on the money to reduce risk, why not take the money from the account that actually has the money in it?

4.       Why insult new members by basically showing them that BECU doesn’t really trust you so we are going to take the money from your account, which it isn’t even late? Instead, maybe only take the money after someone has had two or three late payments?

5.       Don’t take the money only to force people to beg you to get it back so they can then manually make a payment. This makes no sense whatsoever. If you place a hold because you don’t trust me, then why give me the money back and trust me to make the payment?

6.       Don’t fund high risk loans! Why fund a loan to someone who you don’t trust to make payments?

Bottom line? This policy does nothing but alienate your members and send a strong message you’re your policies are implemented without being well thought out. What does this policy actually encourage me to do? Close my checking and savings account and then use my other credit union’s bill pay service to transfer the funds to you. How can you say you are member-focused with policies like this?

more ...
Mar 16, 2017
Horrible experience
Anonymous Account Holder

They put a hold on elderly lady's account for 3 weeks ...its violaiton of law and when asked they were rude and unprofessional.

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Feb 18, 2017
BECU has become bloated
Anonymous Account Holder

I've been a member since the days when they had a single office on East Marginal Way.  They used to have superior rates but over time, they've become more like a bank than a credit union.  About 2 years ago, they changed the interest rate calculation on their Visa credit cards.  Back when the Federal Reserve interest rates were about 3%, my Visa interest rates was 6.9%.  BECU has changed the calculation to be a base rate plus the Prime rate.  Now, with the Federal Reserve interest rates at 0.75%, my BECU Visa is already up to 7.15%.  I know, I know, this is still a good interest rate but keep reading because I'll make my point at the end of this review.  If you look at their Certificat of Deposit rates and compare them to Alaska Credit Union or Navy Federal Credit Union, BECU has much lower CD rates.  For example, for a 24 month CD, BECU = 0.60%, Alaska CU = 1.29%, Navy Federal CU = 1..45%.  I believe why BECU has become non-competitive with their rates is that they are spending a lot of money on advertising, sponsorships and brick/mortar satellite offices.  I have seen advertisement from them on TV during major sporting events and during prime time TV shows,, apparently in a ttempt to generate more members.  But, as a result, their current customers suffer from poor rates due to BECU's excessive spending.  Personally, I'm in the process of switching over to Navy Federal membership (since I'm a veteran).  For the tie being, I will probably keep my BECU accounts but the bulk of my money will move to Navy Federal.  My suggestion for the reader is to not blindly sign up with BECU but instead do some comparison shopping and I think you'll find that you can do much better than BECU.

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Feb 16, 2017
Super fantastic - In person.
Anonymous Account Holder

It was great when I was younger and living close by a branch. I didn't have any special needs as far as banking goes, I had a credit card through them and at one point a personal loan. Application was reasonably quick and easy. But for the love of all things holy - Since I've joined the military and moved out of state this place is haunting me. They take so long to reroute the mail that is coming you even after you change your address. God forbid you lose your card. 7-10 days is more like 2 weeks or more, and if you aren't at your home address you can fax something in that's signed to get it mailed to a different address but they are completely unwilling to work with you. They can't print Visa's at their branches and won't mail it to a branch so even though I could have my power of attorney pick it up and overnight it - that's not even an option. If you are young and you're banking is uncomplicated, they're fine. If you have specific needs, they'll just apologize a hundred times.

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Feb 10, 2017
Great in good times, terrible in bad
Indiana77 Account Holder

BECU was pretty good while I used them and had no issues. After getting divorced and unfortunately defaulting on a credit card, they now refuse to accept any reasonable off to settle the debt. Initially I offer 90% with a few terms which they agreed to, they reneged when I asked for confirmation in writing. Due to other circumstance I offered what I could between 40-80% and they would not even consider it. So just be careful if you have a financial problem while owing debt to BECU you may be forced into bankruptcy where most other institutions would gladly accept 10-50% to settle a debt. (I know because I did)

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Feb 03, 2017
Personal and Direct
Anonymous Account Holder

I love BECU! They are nice and know what they are talking about. I have 2 credit cards and an auto loan with them. 

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Jan 18, 2017
Can be great - can be really bad
Anonymous Account Holder

For most everyday activities and services the credit union customer support is very good.  However if you have an issue that is not linear - then the support is terrible.  Example - daily items are  quickly and accurately resolved.  If you have a complaint or need help with an error or issue the bank created - the service is terrible, they do not believe that the customer can be right and they will not provide a yes or no answer.  Exmple.  I had an issue with a stop payment - and called the bank after I stopped the payment on line.  The money had not yet been withdrawn and no further action required.  However, the next day the bank made the payment and held my money for over 5 days - did stop the payment - still withdrew the money from my account and took 5 days to return to my account ... the manager was rude and indicated this was their process even thought it does not provide any information on holding money after withdrawing in error.  Another example - my son had his account hacked and all money withdrawn - the money was not returned until 3 weeks later.  As was in college out of state - this was a very big issue ... and so on. 

more ...
Dec 18, 2016
Best bank I've used - on my side
Anonymous Account Holder

I"ve been really happy with BECU. It feels like they are on my side at every turn, which I attribute to them being not-for-profit and being innovative about how to serve people better. The only problem I have had with them was in applying for home loans, where they seemed overly conservative.

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Dec 03, 2016
Customer oriented policies
Anonymous Account Holder

You can do most of your banking online. For the few times I have had to call customer service over the last four years the experiences were positive. If you live in Washington state BECU is easily the best option.

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