As a member-owned, not-for-profit cooperative, we provide tools and resources to support your financial well-being and help you build multi-generational wealth. We always look for new ways to offer our members more value and invest in their financial future.

The Facts of Your Financial Institution

If you're new to the BECU family, welcome! We’re happy you’re here.

You're among the more than 120,000 members who joined the cooperative in 2024. Our total membership has grown by 4% since 2023, reaching over 1.5 million members.

And more than 25,000 of you became members with just a few clicks. Digital signups climbed by nearly 20% compared to 2023 fueled by the launch of our new online account forms for youth and joint accounts to make joining easier.

More small businesses serving our local communities also joined BECU. We welcomed over 9,000 new business members and we now serve nearly 85,000 business members total, up 7.1% since the previous year.

The Cooperative Spirit is Strong

Mindfully managing our expenses is critical to our commitment to supporting your financial goals and growth. That's why we take our net worth ratio seriously — it measures our financial strength in terms of how well-capitalized we are and protects the cooperative against unforeseen or unusual losses. We hit a very strong 11.84% net worth ratio in 2024 (a credit union considered “well-capitalized” has a net worth ratio over 7%).

Our total assets for the year were $29.4 billion, down 1.7% from the previous year.

Deposits — your checking, savings, and CD deposits — totaled $25.1 billion, up 1.2% from 2023.

Our loan portfolio was up 5.9% from 2023, totaling $19.7 billion. These loans cover borrowing needs for a variety of meaningful moments, such as buying a home or car, paying for college tuition or purchasing small business equipment.

Returned to Members

As a credit union and financial cooperative, BECU doesn't funnel our profits to shareholders. Instead, we measure our success by how much money we return to each credit union member through lower lending rates, higher deposit rates and fewer fees compared to bank averages.

In 2024, we returned $491.6 million in total to our members — an average of $329 per member (up 5.4% from 2023). Here are two examples of our return to members programs:

When your credit score improves, our Reprice Program automatically reduces the interest rate on eligible BECU loans or credit cards. Our Reprice Program saved nearly 46,000 members an estimated $2.4 million last year.

First-time homebuyer members received more than $2.25 million granted toward more than 543 mortgages. With our First-Time Homebuyer Grant program, eligible members receive up to $8,000 from BECU to put towards a down payment or closing costs and contribute as little as 1% down from their own funds. Since the launch of the First-Time Homebuyer Grant Program in 2018, BECU has provided over $11.5 million dollars in grant funds helping 1,690 members be able to purchase their first home.

“We’re in it to help our members achieve financial freedom for themselves, their families and future generations to come.”

Amy B., BECU employee

Shined in Member Service

Whether you visited us in person at one of our Neighborhood Financial Centers (NFCs), interacted with us digitally or contacted us by phone, we were excited to assist you in your financial journey. Here are the many ways you counted on us in 2024.

“I’ve been a member since I was a teenager. I’ve always had a great experience, whether it be electronic or in person.”

Christine S., BECU Member

We measure member experience using Net Promoter Scores (NPS) to ensure our members are satisfied and to understand ways we can continue to improve and better serve your needs. In the financial service industry, a score of 50 or more is considered excellent.

To gather these scores, we asked BECU members, "How likely is it that you would recommend us to a friend, family member or colleague?"

In 2024, we earned an average NPS of 66.99, a 7.5% increase from 2023 and our highest NPS since 2021.

Served You Better in Person

Across our NFCs, we are always looking at ways to meet and exceed your needs for access, convenience and personalization. As one example, last year, we installed digital signature pads to eliminate physical sheets of paper and reduce the time needed to complete transactions, saving an estimated 2.5 million pieces of paper in 2024 alone.

We opened two new locations, investing in our local communities. If you're in Shoreline, stop by our new Ballinger NFC for drive-up ATM service, notary services, debit card printing, direct access to Video Banking, business memberships and more. And check out our Gig Harbor NFC for check cashing, cash advances, Coinstar access and teller services and Home-Equity signings, as well as a community space for educational seminars on business services and financial health.

Prawin Anthony and his wife, Maria, moved to the U.S. in June 2022 after fleeing war in Ukraine. After banking in five countries, he joined BECU.

"The employees here really make you feel like they care about you,” he says. NFC employees helped the couple open a BECU account and taught them how credit works in the U.S., offering patience throughout.

At World Relief, an organization resettling refugees and immigrants in Western Washington, Prawin works as a financial empowerment specialist. Prawin realized an alignment with BECU’s purpose as a community-oriented organization and an opportunity that couldn’t be missed.

“For a lot of our refugee and immigrant community here, one of the biggest challenges is access to accurate information about the financial system,” Prawin says.

Prawin asked Steve R., BECU’s Federal Way NFC Manager, if BECU could teach a credit class at World Relief. Since then, more than 120 people have taken BECU's classes on understanding credit reports, fraud detection and prevention and Banking 101. BECU also set up pop-up sites at World Relief resource fairs and helped 25 refugees and immigrants open BECU accounts.

“BECU being there, being that partner to support the work we do, it’s really impacted the lives of people we serve,” Prawin says.

Improved Member Benefits

At BECU, we're constantly working behind the scenes to improve products, services, tools and resources to help members improve their financial health.

Personalized Financial Health Checks

Did you know BECU members get exclusive one-on-one access to a certified financial coach to help you achieve your financial goals?

That might involve building a personalized budget and crafting a workable savings plan, improving your credit standing or setting up a plan to pay down your credit card debt.

TAKE ACTION: You can join the nearly 1,000 members that had a free, confidential phone or video Financial Health Check in 2024 and schedule your 45-55 minutes long appointment in just a few clicks.

BECU and our members participated in season two of the PBS reality TV show Opportunity Knock$. The program tells the stories of credit union members working their way through financial challenges by leveraging credit unions and nonprofits as pathways to improve their financial wellbeing.

The platform allows audiences to see themselves in the stories presented with an underlying message that credit unions are a source of support and living out the industry theme of “people helping people.”

In the segment BECU is featured in, we were able to consolidate several high-interest payday loans that were keeping our members from their dream of homeownership. By working with the family, we freed up over $1,650 per month that made their payments more manageable.

Diversity, Equity and Inclusion

Our commitment to Diversity, Equity and Inclusion is about ensuring every member feels valued and receives the best experience. We strive to meet the diverse needs of everyone who walks through our doors.

We celebrated History Heritage Months with employees and members through internal events and programs, such as Black History Month and Women’s History Month, as well as content on the BECU blog, social media channels, member newsletter and BECU.org.

We also expanded our partnership with the Intentionalist through the Equity in Action: It's On Us Initiative, inviting members and employees to "try a treat on BECU" at select participating small businesses that reflect the rich diversity of our communities. In 2024 we featured over 60 businesses owned by individuals from historically underrepresented and marginalized groups.

All-Star Member Deals

Your BECU membership doesn't just get you great rates, but also scores you amazing deals and discounts to local community events, sports games and concerts. It's just part of how profits don't go to shareholders, but to you and our community.

In difficult situations, our BECU Member Assistance Team supports members facing financial hardships from income loss, whether due to strikes or layoffs.

During the 2024 Boeing machinists strike, we funded more than 900 new loans, totaling $25.9 million, including over 300 personal loans to help members through the strike period as they struggled to make typical payments on bills, cars and mortgages.

Member help also includes budgeting action plans, credit counseling and short-term relief, such as deferred or reduced payments on credit cards and consumer loans. For some loan types, the payment schedule can be recalculated and extended.

During the strike in 2024, Boeing employees could extend their first personal loan payment to 60 days from the standard 45 days. We also modified more than 3,000 loans.

In addition, BECU's Member Assistance Team completed more than 6,500 loan modifications for other members last year as part of our commitment to help.

Advocated for You

BECU advocated for credit union policies to better serve members and communities at the local, state and federal government levels.

Our government relations team worked to improve credit union public policies to ensure better services impacting our members. Important topics included:

• Kept the credit union difference intact: BECU, like other not-for-profit financial cooperatives, is exempt from Washington state business and occupation tax as well as federal income tax. This allows BECU to return more benefits to members in the form of great rates and few fees.
• Protected fraud prevention investments: BECU advocated to keep our ability to invest in fraud protection and prevention services whole, as well as protect small businesses from increased volatility with card transactions.
• Supported a national privacy standard: Protecting our members’ data is critical to financial health and stability. We supported legislation that creates a nationwide standard to ensure all entities who touch consumer information be held to the same rules as regulated financial institutions.
• Helped create financial literacy awareness: BECU supports our members’ financial health journey by providing free financial health services. We supported legislation that creates financial literacy curricula in our school systems to help Washington state youth prepare for financial success.

The nonprofit GoodRoots Northwest serves over 250,000 individuals annually across East Pierce County to decrease hunger.

The organization wanted to purchase from local farmers, yet federal grants release funds 30-to-60 days after a transaction. Farmers couldn't wait that long for payment.

GoodRoots Northwest CEO Stacey Crnich needed business financing — and fast. She turned to BECU.

Working with the BECU Business Relationship team, Crnich opened a BECU business credit card. It allowed her to pay farmers monthly for produce, sustain operations while waiting for government grant monies and establish a business credit history for GoodRoots Northwest.

A new BECU operating line of credit supported construction of a brick-and-mortar GoodRoots Market. Volunteers act as cashiers, and members pay using a Market Card, designed to look like a credit card to reduce the stigma some children can feel.

“Something simple like a little piece of plastic can change how a young person feels about themselves,” Crnich explains.

Another investment — refrigerated lockers — allowed busy customers to pick up free and purchased food after checking real-time inventory and shopping using a smartphone app or computer. With a 2024 BECU equipment line of credit, GoodRoots Northwest plans to deploy more lockers, expanding the organization's reach across Pierce County from 200 to 500 square miles.

GoodRoots Northwest plans to deploy more lockers, expanding the organization's reach across Pierce County from 200 to 500 square miles.

The result? A regional food security network with lower overhead costs than traditional food banks.