Pasadena Magazine is the bi-monthly magazine of Pasadena and its surrounding areas – the diverse, historically rich and culturally vibrant region that includes Glendale, the Eastside of Los Angeles and the San Gabriel Valley all the way to Claremont.
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There are two basic types of credit unions: those with federal charters and those with state charters. Wescom has a California charter, which allows it to keep its membership open to anyone in its region. Federally chartered credit unions typically have restricted eligibility—for example, they might be open only to employees of a particular company or government agency. But those restrictions are often a formality. Pasadena Federal Credit Union, for example, was founded in 1935 for employees of the city of Pasadena. Today, just about anyone in the area can join. Its membership is open to employees of fi ve cities and about 140 private businesses, as well as students, faculty and alumni at some local colleges, and people affi liated with a variety of nonprofi ts. Pasadena Federal Credit Union now has about 10,000 members and $150 million in assets, says John Schaefer, the credit union's director of marketing and business development. "It's just a more old-fashioned feel," he says. "We just held a big holiday open house and a lot of our members came, and it's the type of place where everyone knows each other." That intimacy gives some people the impression that a credit union will be less convenient than a big bank. It was once true that credit unions had fewer ATMs and substandard online banking, compared to big banks. But now credit unions belong to a nationwide network, so a member of any credit union can walk into any other credit union branch or use any credit union's ATM, free of charge. The network also has ATMs in stores including 7-11, Rite Aid and Costco, Schaefer says. "People assume we're not convenient, but credit unions fi xed that a long time ago," Schaefer says. "We have twice as many surcharge-free ATMs as the average big bank." Credit unions are the underdogs in American banking. They have about $1.1 trillion in total assets, compared to $15.5 trillion held by commercial banks. But credit unions report growing demand in recent years, especially since America's biggest banks nearly wrecked the world economy in the 2008 fi nancial crisis. "I'd say actually the fi nancial crisis was great for credit unions," Otto says. "We didn't get a bailout, and all the big banks were being bailed out. That was great PR for credit unions. It reminded people of the kind of connection we have to our communities and to our members. If you're looking for a full fi nancial relationship, more than just a place to keep one account, a credit union is the best thing for you." TA M A R T E R Z I A N | T E R Z I A N L AW G RO U P, A P C 3 1 5 W . A R D E N AV E . S U I T E 2 8 , G L E N D A L E | 8 1 8 . 24 2 .1 1 0 0 | T E R Z I A N@ K I N G O B K . C O M EXPERIENCE REPRESENTING A VARIETY OF CLIENTS: » Individuals » Trustees » Small Businesses » Business with 100+ Million Assets » Chapter 11 » Business Litigation » Advising Creditors » Debtors » Institutional Clients » IRS Disputes » And much more 2053901_17058 9x10.875 4c One Whether you Talk Are wellsfargo.com © 2016 2053901_17058 Undergraduate Degree Programs Advertising Entertainment Design Environmental Design Film Fine Art Graphic Design Illustration Interaction Design Photography and Imaging Product Design Transportation Design Graduate Degree Programs Art Environmental Design Film Industrial Design Media Design Practices Transportation Systems and Design Public Programs Art Center at Night/ Continuing Studies Saturday High Art Center for Kids Summer Institute for Teachers Art Center. Learn to Create. Influence Change. Art Center College of Design Pasadena, California 626 396-2251 66 FEBRUARY 2016 T R E N D S I N C O M M E R C E A N D C A S H DOLLARS & SENSE dollars_Feb16.indd 66 1/20/16 2:47 PM