Patelco Credit Union reaches 500,000-member milestone
Fourth-largest California-based credit union by membership1 dedicated to helping its growing membership base and communities prosper
DUBLIN, CA (April 2, 2024) — Patelco Credit Union, a Bay Area-based credit union dedicated to the financial wellness of its team, members, and communities, is now 500,000 members strong — marking a significant milestone for the organization. The credit union was founded 87 years ago by a few employees at Pacific Telephone and Telegraph Company (now AT&T) with a dream to create a credit union dedicated to helping its members and communities prosper.
“Honoring our founders’ dream continues to remain at the heart of everything we do,” said Patelco Credit Union president and CEO Erin Mendez. “This milestone is a testament to our commitment to fueling hope while building financial resiliency and wellbeing for our growing membership base.”
Rooted in its not-for-profit ethos, Patelco’s mission is to fuel hope and opportunity for members to achieve lifelong financial wellbeing. As Patelco celebrates this milestone, the credit union reflects on its achievements and looks forward to the future.
Since its founding, Patelco has consistently prioritized its members’ best interests in the way of better rates, lower fees, and specialized product and service offerings to help members wherever they are in their financial journey. The ScoreUpâ Credit Builder Loan successfully helps people rebuild their credit or establish credit, while building their savings at the same time. Additionally, Patelco’s LevelUp discount rewards members for making consistent on-time loan payments with better interest rates if they don’t qualify for the lowest rate available. And for any member seeking extra help and guidance with budgeting, planning, or saving, Patelco’s Certified Financial Specialists provide complimentary one-on-one consultations and guidance.
Another recent innovation bolstering the credit union’s financial wellness program is the Patelco Fraud Center, a dynamic online hub for the Patelco team and members to learn how to avoid the latest scams, keep accounts safe, and get help anytime needed. Since its inception in February 2023, Patelco’s fraud specialist team has helped over 7,000 members with fraud support and scam advice. Patelco estimates it has saved more than $19.4 million in losses due to fraud in only five months (Aug. – Dec. 2023).
To better serve members, Patelco has enhanced the benefits that come with their everyday free checking account. These innovative features include no overdraft fees with the launch of Instant BackUp. Going beyond to give members even more, Patelco has rolled out RoundUp, which can automatically round up debit purchases to the nearest dollar. RoundUp then deposits the rounded up amount into a savings account. Enrolled members can even choose to multiply the round ups to five times the amount and further boost their savings.
Every Patelco member with a checking account also has access to Prizeout. With Prizeout, members can purchase digital gift cards directly in the Patelco Mobile App from brands they already shop every day – like grocery and drug stores, online department stores, and travel brands – and instantly receive up to 20% more bonus value to spend.
Through local community partnerships and programs, Patelco makes a meaningful difference in children’s health, food security, financial education, and affordable housing. In 2023, Patelco donated more than $390,000 to Bay Area organizations, volunteered more than 2,080 hours, and partnered with 35 community groups by sponsoring events, awarding grants, and providing volunteer hours. In 2024 and beyond, Patelco looks forward to continuing established partnerships while innovating new and creative ways to give back to the community and focusing on current issues that members face.
About Patelco Credit Union
Dublin, Calif.-based Patelco Credit Union is a not-for-profit credit union committed to serving the financial health and wellbeing of its membership. With 500,000 members, primarily in and around northern California, Patelco is dedicated to improving its members’ financial health and wellbeing by offering personalized solutions, advice, and expertise that empower members to live their best financial lives. Founded in 1936 with $500 in assets by Pacific Telephone and Telegraph Company employees, Patelco is in the top one percent of U.S. credit unions with more than $9 billion in assets. For more information, visit https://www.patelco.org/.
