Credit unions in California

Credit union: Since California is the largest state in the union in terms of population, it should come as no surprise that it has a massive number of credit unions as well. In the state, there are 301 credit unions operating over 1500 open branches in the state. Estimated membership in California credit unions is approximately 12.5 million. This is roughly a quarter of the state’s residents. The Golden 1 Credit Union alone boasts over 1 million members. 

In California, there is a cooperative for almost anything you could think of. There are the classic cooperatives for teachers, police officers, firefighters, etc. There are also ones for employees of select cities, as well as those who are members of the Screen Actors Guild. There are also credit unions for those based in select geographic areas along with cooperatives that reach specific ethnic communities. 

Car insurance: There is no other way to put it. Car insurance policies in California are expensive. Drivers in the state pay 20% more than the national average! And that is with a good driving record. Many reasons contribute to what determines the cost of car insurance, but the sheer volume of people in California is most certainly a driving factor. With that many people, accidents and property damage abound. And there is no way around having coverage; it is the law in California to have car insurance.

Several California credit unions offer car insurance directly to their members. Others who do not underwrite their own policies partner with companies that can provide their members' policies at reduced rates. It is always smart to see if you can save money on the products you are required to have. But in a state with high-priced premiums anyway, checking to see what your credit union offers is an excellent financial move.