About Us :: School Employees Credit Union of Washington

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.

What makes school employees so special?

As a group, school employees and their families are very responsible. They pay their bills on time and live within their means. Thanks to their good financial habits, our "bad debt" losses are among the lowest in the industry. That means we can give you more free services, lower loan rates, and better returns on deposits than you'll find most anywhere. Click here for details on membership eligibility.

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.

NCUA (the credit union equivalent of FDIC) insures accounts to $100,000. Additional private insurance through ESI automatically adds another $250,000 of coverage. However, between October 3, 2008 and December 31, 2009, NCUA coverage will increase to $250,000, providing 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.

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 nearly $600 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.