Founded in 1960, Tech CU is a $2.4 Billion credit union providing wealth management, banking and lending services for the Technology Ecosystem. In 2015, they became the first credit union in the U.S. to offer asset based lending for commercial loans. Below is our recent interview with Linden Kohtz from Tech CU:
Q: Linden, could you provide our readers with a brief introduction to Tech CU?
A: Tech CU is a $2.4 Billion credit union serving more than 85,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. A federally insured, not-for-profit organization, we put the financial interests of our members ahead of shareholder profit by helping members achieve their financial goals on their terms and by sharing the benefits of our growth. Founded in 1960 by a group of forward-thinking employees at Fairchild Semiconductor, today we continue to be an industry leader, providing innovative financial products for all stages of our members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. We consistently achieve high marks for our customer satisfaction and maintain a 5-star rating from Bauer Financial, the nation’s largest independent rating service for financial institutions. And, with mobile and online banking, 65,000+ surcharge-free ATMs worldwide (more than Chase, Bank of America and Wells Fargo combined) and convenient branch access to our financial experts, we make 24/7 banking easy and empowering.
Q: Can you give us more insights into your company?
A: Tech CU was founded nearly sixty years ago by a group of forward-thinking employees at Fairchild Semiconductor — the company that created the first successful commercial computer chip — and a catalyst for the Silicon Valley tech industry. We have had a front-row seat to both the innovation and entrepreneurship which has driven significant change in the world today.
We are a not-for-profit organization operated for the benefit of our members. Instead of maximizing profits to pay company stockholders, we invest our resources to deliver lower rates, outstanding service, and member benefits.
Q: What makes Tech CU a good choice?
A: In addition to providing a full array of financial products, we also pride ourselves on personalized customer service and adding value to our members through financial education. We understand that this is essential to the average family trying to decide how to balance a budget, buy a home, fund their child’s education or save for retirement. While individuals are ultimately responsible for managing their own finances, the growing sophistication of financial markets means that consumers are being offered a variety of complex financial instruments for borrowing and saving, with a large range of options.
This could make someone more apt to randomly pick a financial product, rather than shopping around or choosing something that is truly in their best interest. This is especially true when it comes to investing, which is why we offer access to in-person seminars, videos and articles on various topics.
As part of our financial education, we have partnered with SavvyMoney, a company that provides members with their credit score and credit monitoring (estimated score only).
Q: What makes Tech CU unique in the market?
A: In 2015, we became the first credit union in the U.S. to offer asset based lending for commercial loans. We are also one of the few credit unions with a comprehensive wealth management division. Last year, we launched an in-house credit card program including a Tech CU Visa Signature® card (with reward points) and Tech CU Classic® card (both secured and unsecured).
Other unique perks include:
• A free car buying service, which takes care of the research, negotiation and delivery of a vehicle to your home or office.
• Member discounts at various museums and theme parks in the Bay Area including: Raging Waters, Six Flags, California Academy of Science, Great America, San Diego Zoo, Universal Studios, Legoland, the Monterey Bay Aquarium and more.
• Hoteling space. Members can bring their laptops and work in several of our branches, or even hold their own meetings.
• Video conferencing with one of our in-house experts.
Q: What are your plans for next six months?
A: To continue to grow and improve our online and mobile offerings — ensuring the convenience our members expect along with the highest level of security.