Financial Guidance Articles | BECU (2024)

FAQs

Is BECU owned by Boeing? ›

BECU is a member-owned, not-for-profit credit union. Our members' needs are what's most important to us.

Talk to a Financial Advisor

Financial advisors with BECU Investment Services are here to help. Our team will take the time to get to know you, understand your goals and plan and implement a financial strategy that's appropriate for you. Set up a complimentary consultation or call 206-439-5720.

A financial advisor is worth paying for if they provide help you need, whether because you don't have the time or financial acumen or you simply don't want to deal with your finances. An advisor may be especially valuable if you have complicated finances that would benefit from professional help.

BECU isn't a bank. It's a credit union that began in 1935. A group of 18 workers were inspired by a revolutionary idea of pooling money to help one another without overcharging each other.

What is the lawsuit about? The lawsuit alleges that BECU violated Washington law by imposing overdraft and NSF fees at times when a member had a ledger balance—but not an available balance—sufficient to cover the transaction.

BECU Is Financially Solid

BECU's net worth ratio is well above the 7% that the NCUA considers well-capitalized for credit unions.

Working with a bank financial advisor can save you money on your banking and loan products. Many banks look at your total relationship to waive monthly fees on your bank accounts or offer discounts on loans. Depending on your banking needs, these savings can be dramatic.

BECU Trust Services is a full-service corporate fiduciary federally regulated by the Office of the Comptroller of the Currency. Trust services provided by Members Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency.

1. Your bank or credit union. If you have an account with a financial institution like a bank or credit union, chances are it has free tools for customers. Make sure you're taking advantage of the features if you're looking for free financial guidance.

But, if you're already working with an advisor, the simplest way to determine whether a 1% fee is reasonable may be to look at what they've helped you accomplish. For example, if they've consistently helped you to earn a 12% return in your portfolio for five years running, then 1% may be a bargain.

Is a 1% management fee high? ›

Many financial advisers charge based on how much money they manage on your behalf, and 1% of your total assets under management is a pretty standard fee. But psst: If you have over $1 million, a flat fee might make a lot more financial sense for you, pros say.

Generally, having between $50,000 and $500,000 of liquid assets to invest can be a good point to start looking at hiring a financial advisor. Some advisors have minimum asset thresholds. This could be a relatively low figure, like $25,000, but it could $500,000, $1 million or even more.

As a member-owned cooperative, BECU is governed by a Board of Directors that is responsible for guiding the general direction of the credit union in the best interests of the membership and in accordance with BECU bylaws. We are proud to have this group of qualified professionals dedicate their time to serve BECU.

As the nation's fourth largest credit union, we continued to increase member share, liquidity and capital with a net worth ratio of 10.66% at the end of the year. BECU's net worth ratio was 10.66% at the end of 2022 (up from 9.82% in 2021), well above the NCUA's "well-capitalized" level of 7%.

However, because credit unions serve mostly individuals and small businesses (rather than large investors) and are known to take fewer risks, credit unions are generally viewed as safer than banks in the event of a collapse. Regardless, both types of financial institutions are equally protected.

Opening a free account with BECU means joining our credit union and becoming a member. Currently, anyone who lives, works, worships, or goes to school in Washington state can qualify and may be eligible for BECU membership.

BECU started in December 1935 with a small group of Boeing employees coming together to pool their money to make small loans to their coworkers for tools and other needs.

Who Is Eligible to Join BECU? BECU serves all Washington state residents. Eligibility includes current and eligible former Boeing employees, their families and all persons who live, work, worship or attend school within "qualified communities" defined as: all Washington state school districts.