SAN JOSE — Tech CU (Technology Credit Union) said it has surpassed 100,000 members — an increase of 20 percent since 2017.
Tech CU is a $2.5 billion credit union, making it one of the 20 largest credit unions in California. It has 10 branches and serves members throughout the San Francisco Bay Area — including employees of companies like Tesla, eBay, Applied Materials, Nvidia and Facebook.
“It is our very great privilege to serve our members, who have many options when it comes to choosing a financial institution,” said Todd Harris, CEO of Tech CU. “Success, however, is best when shared with others. We have accomplished this by eliminating several fees, increasing deposit rates and providing $932 million in loans (the most ever) to members.”
The membership milestone comes on the heels of the company’s recent ranking by S&P Global Market Intelligence as the third top performing credit union in the country (in its asset class), and the no. 1 best performing credit union in California. The report ranked the nation’s credit unions using five core financial performance metrics: member growth, market growth, operating expense as a percentage of operating revenue, net charge-offs as a percentage of average loans and delinquent loans as a percentage of total loans.
Tech CU attributes its growth in membership, loans and assets to a number of new initiatives introduced over the past several years, including a solar lending program, which pays homage to the credit union’s roots in technology, by supporting clean energy technology.
Other key 2017 milestones include:
● Launching Card Manager, allowing Tech CU credit and debit card holders to manage spending and control fraud.
● Adding Google Pay and Samsung Pay to payment support options.
● Introducing cash management services to our commercial and business members.
● Implementing a true “next generation” mortgage origination system with the highest levels of convenience and security.
● Expanding our SavvyMoney services to include a full credit report, in addition to credit scores and credit monitoring. SavvyMoney is offered to all members for free
“There is a saying I like, and often quote to my colleagues, ‘With success, comes greater challenges.’ By just about every standard you can think of, 2017 was a remarkably successful year,” said Harris. “Our challenge and our opportunity is to build upon this success — providing an ever better experience and more value to our members.”