SEATTLE–BECU is reporting robust membership and asset growth during 2021, including returning more than $322 million to members through better rates and fees when compared to banks.
The data was released as part of its 2021 Annual Report ahead of its sixth annual Member Summit event.
BECU reported it closed out 2021 with more than 1.3 million members (a 4.5% increase), $30.2 billion in assets (a 12.7% increase) and a net worth (capital) ratio of 9.82%. In addition, over 17,600 members joined BECU digitally in 2021, a 21.2% year-over-year growth.
“Since our founding in 1935, BECU has dedicated itself to supporting members during challenging times, and this past year was no exception. We continued to evolve how we serve our members and communities and are proud to see our overall efforts making positive impacts on their financial health,” said Benson Porter, BECU’s president and chief executive officer, in a statement. “Our history of steady growth and financial stability enables us to help more members navigate economic uncertainty and save for a rainy day, while also focusing on the long-term strength of our business and giving back to the communities we call home.”
Below, BECU offers a breakout of how it said it has returned value to members.
Return to Members
BECU said it has returned $322.7 million to its members last year through better rates and fewer fees compared to bank averages (an average of $245 per member).
One example, the credit union said, is its Reprice Program, which automatically reduces interest rates on qualifying loans and credit cards for those who demonstrated healthy financial habits. More than 48,000 members saved more than $2.2 million through the program, BECU said.
Additionally, the credit union said it helped ease the impacts of the pandemic through more than 2,100 payment relief actions by waiving fees and offering deferred payments for members.
Member Products and Services
In 2021, BECU said it rolled out new and improved product and service offerings designed to enhance the member experience, including:
- Testing new BECU Envelopes, which helps members direct money toward specific savings goals through various digital "envelopes” within their BECU savings or Money Market accounts.
- Expanding its loan payment window from 12 to 27 days, simplifying the process for early member loan payments.
- Increasing financial accessibility for sight-impaired members by launching new braille and raised, embossed credit cards and redesigning its online Money Manager tool.
In addition, BECU said to better support its more than 68,600 business members, it enrolled 38,000 LLCs, corporations and partnerships in its new Business Online Banking platform. The credit union also funded 2,500 loans for a total of $70.6 million through the Small Business Administration’s Paycheck Protection Program (PPP), helping keep approximately 7,800 jobs on the payroll.
Extending Community Support
To support local communities, BECU donated $5.8 million in cash and in-kind donations last year to nonprofit organizations and partners focused on increasing financial well-being.
According to BECU, those key efforts included:
- Grants to a variety of local organizations that offer financial education and training, workforce and entrepreneur development, and safe and affordable access to financial services, including SNAP (Spokane Neighborhood Action Partners), FareStart, Business Impact NW and NW Innovation Resource Center.
- Black Community Development Project: the second year of a five-year $5 million commitment to support nonprofit partners that improve the Black community’s financial health and well-being.
- Member-Inspired Giving: granted $535,000 to more than 30 nonprofit organizations and BECU members that dedicated their time to helping others in BECU’s service areas through its annual People Helping People Awards program.
Financial Education
BECU said it also helped educate more than 13,100 people through free financial health programs, including BECU-hosted online webinars and seminars, one-on-one Financial Health Checks and financial reality fairs. In addition, BECU partnered with GreenPath Financial Wellness to provide free financial counseling to over 3,700 members, helping them to enroll in plans to repay more than $5.4 million in debt.
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