About us

School Employees Credit Union of Washington is a not-for-profit financial cooperative. That means we can't be bought or sold. Without stockholders, we operate solely for the benefit of our members: school employees and their families. As one of more than 74,000 member-owners, you'll share in our earnings through interest (sometimes called dividends) paid on savings and checking accounts, free or reduced-fee services, and low-interest loans.

We're the state's largest financial institution devoted exclusively to school employees. Unlike many credit unions across Washington, School Employees Credit Union has NOT opened membership to the general public. We've chosen to buck the trend so we can stay focused on our unique and responsible membership base, offering them exclusive benefits that they've earned and deserve.

Your deposits are federally insured to $100,000 by NCUA (the credit union equivalent of FDIC). However, between Oct. 3, 2008, and Dec. 31, 2013, NCUA coverage has increased to $250,000.  We also purchase private insurance to guarantee you an additional $250,000 on top of the NCUA limit, providing you with a total of $500,000 in insurance coverage.

Your membership in School Employees Credit Union is good for life, even if you retire or change careers. Once you're a member, your family members who live in Washington are welcome to join, too.

A different kind of credit union

You won't find a branch of School Employees Credit Union of Washington on every corner - and our members wouldn't want it any other way! We maintain just two offices, one in Seattle and one in Spokane. Instead of building expensive-to-maintain brick-and-mortar branches, we design all our products and services so you can access them FREE anywhere, anytime via phone, computer, ATM, or mail.

By using technology instead of building branches, we save money and we pass those savings on to you with low loan rates and free services that branch-based financial institutions can't match. Plus, you enjoy the convenience of being able to manage your money instantly, whether you're at work, at home, or on vacation.

You don't have to move your current bank accounts to join. Use our credit union as your sole financial-services provider (for everything including checking, savings, IRAs, loans, and credit cards) or simply as a resource in addition to your current bank. Whatever you choose, you'll always keep more money in your pocket thanks to our unbeatable loan rates, minimal fees, free services, and thrifty business philosophy.

A safe haven for your money

You may have heard news reports about some well-known banks and even a few credit unions having weakened capital levels. We applaud actions by both regulators and the institutions themselves to ensure the continued safety of consumers' money. At the same time, we want to re-emphasize that School Employees Credit Union of Washington remains well capitalized.

Despite current economic conditions, your credit union has maintained a net worth ratio well above regulatory requirements. That's peace of mind you can count on now and in the future.

From its founding days during the Great Depression, your credit union has followed a conservative money-management philosophy of financial strength over size:

• We did not participate in the high-risk investments that got so many financial institutions in trouble. During the past few years of market excesses, we've steadfastly maintained a conservative investment position.
• We've stayed true to our core membership of school employees, who have a long history of living within their means and paying back their loans on time.
• We are not experiencing the rates of increased loan defaults seen in other parts of the financial-services industry.

While we haven't seen the last of challenging financial times as a nation, you can feel good knowing that your money is safe at your credit union. We're a financially strong credit union and continue to provide our members with the financial assistance they seek in achieving their personal goals.

Our history

When Seattle math and journalism teacher Robert J. Handy founded the credit union in 1936, the idea of a financial institution owned and operated by the people who saved there was a new (and some said radical) concept. The Washington Legislature had legalized credit unions only three years earlier.

The credit union first set up shop at a small desk in the Education Department at the Seattle Public Library. To get the word out, Mr. Handy typed the first Bulletin on a mimeograph master, ran off copies, and distributed them via principals' boxes at the Central Office.

Despite what must have seemed like long odds, the credit union met milestone after milestone: extending membership statewide in 1949; reaching $1 million in assets by 1952; and ranking as the state's second-largest credit union by 1960.

Today, members trust us with over $700 million in assets. Although a lot has changed since 1936, one thing remains the same: You're the reason we're here, and we're honored to serve you.