I asked around for credit union recommendations in the SF Bay Area and I feel that I need to compare the ones recommended to me. Since I don't really have a lot of money, it makes sense for me to only consider the terms for the "worst" accounts. In other words, I assume in the comparison that you have enough capital to open an account but not enough to receive better terms.
| Credit Union | Monthly Fee | Balance Waiver | Limit | APY | Restrictions |
|---|---|---|---|---|---|
| Golden 1 | $8 | $1,000 | None | 1% | Unknown |
| Patelco | $10 | $1,000 | 100 | 0.05% | No adult companies |
| Provident | $0 | $0 | None | 0.03% | Unknown |
| Redwood | $8 | $1,000 | 300 | 0.05% | Must reside in a specific county |
Definitions:
- Monthly Fee - The amount assessed against a checkings account every month.
- Balance Waiver - The minimum daily balance in a checkings account to have the monthly fee waived.
- Limit - The number of digital transactions (deposits and withdrawals) the bank will process for free before charging a fee.
- APY - The APY that the bank offers for a $1,000 deposit in a savings account
- Adult - Whether or not the credit union is willing to work with businesses in the adult entertainment industry.
Notes:
- Patelco charges an "excess cash fee" for any savings transaction exceeding $5,000 at a rate of $0.50 per $100 deposited after the first $5,000.
- Patelco was hacked in 2024, and leaked account holders’ names, dates of birth, home addresses, Social Security numbers, driver’s license numbers and email addresses. (Source: https://www.sfpublicpress.org/patelco-credit-union-settles-class-action-cyberhack-suit-for-7-25m/)
- In August 2019, San Jose State University forged an $8.1 million, 20-year partnership agreement with Provident Credit Union to rename The Event Center at San Jose State University to Provident Credit Union Event Center. (Source: https://blogs.sjsu.edu/newsroom/2019/sjsu-and-provident-credit-union-announce-partnership-agreement-for-event-center/)
- Redwood will only serve customers who reside in Sonoma County, Marin County, Napa County, Mendocino County, Lake County, San Francisco County, Solano County, or Contra Costa County.