Element Federal Credit Union

What Element Federal Credit Union does

Element Federal Credit Union is a member-owned, not-for-profit cooperative credit union founded circa 1978 and headquartered at 3418 MacCorkle Ave SE, Charleston, West Virginia. The institution serves consumer, small-business, nonprofit, and youth members primarily in West Virginia, with a specialty cannabis-banking vertical (#AlmostCannaWV) extending across West Virginia, Ohio, Maryland, and Washington DC. Element FCU is a certified Community Development Financial Institution (CDFI) under NCUA oversight and markets itself under the positioning "#ThePlaceYouBelong."

Its product surface spans personal banking (Best Checking paying up to 10.00% APY, Higher Rate Savings up to 2.50% APY, a 13-month CD Special at 3.50% APY, Element MasterCard credit cards, custom instant-issue debit cards including Pride and Honestly Me chosen-name designs), business banking (Best Business Checking/Savings, Business Payroll, BizLink online banking, PEEPs program), nonprofit banking, youth banking, and partner-integrated lending (Sallie Mae Smart Option Student Loans). The underlying technology stack is the itsme247 digital banking platform (itsme247.com/213) paired with the Element Mobile App and BizLink247 for business members, with embedded integrations to Apple Pay, Google Pay, Samsung Pay, CanPay (for cannabis retail debit), CUMoney (prepaid cards), TruStage (insurance), SavvyMoney (credit-score monitoring), Banzai (financial education), Pocketnest, and FinFit360. Cryptocurrency buy/sell/hold and stocks/ETFs trading are embedded directly inside online banking.

The business model combines net interest income on loans and deposits (auto, mortgage, personal, business, student), deposit and transaction fees, contract revenue from cannabis banking (including the WV State Treasurer's Office relationship holding ~$34M in state medical cannabis tax revenue, fees, and interest since 2021), insurance commissions via TruStage, and revenue share from embedded crypto and investment platforms. Distribution is delivered through the single Charleston branch, online and mobile self-serve channels, the Shared Branching network, and the CO-OP ATM network; the cannabis-banking motion is led directly by CEO Linda Bodie via dedicated email outreach to cannabis operators in multiple states.

Name

Element Federal Credit Union

Legal name

Element Federal Credit Union

Website

https://elementfcu.org

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

1–10 employees

Short description

Element Federal Credit Union is a member-owned, not-for-profit cooperative credit union headquartered in Charleston, West Virginia, serving consumer, small-business, nonprofit, and youth members with deposits, loans, and specialty cannabis-banking services across WV, OH, MD, and DC.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Personal Credit Institutions (6141), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industries

Military & Veterans Credit Unions (FSABAEAI), Faith-Based & Affinity Credit Unions (FSABAEAH)

Keywords

• Retail banking services
• Community development finance
• Cannabis banking solutions
• Member financial services
• Commercial lending products

Headquarters

HQ city

Charleston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Net Interest Income on Loans and Deposits: Core credit-union revenue from interest spread between loan yields (auto, mortgage, personal, business, student via SallieMae) and deposit rates paid on checking, savings, money market, and CDs.
2. Deposit and Transaction Fees: Membership share purchase requirement, account-related fees, and revenue from prepaid card programs (CUMoney), card issuance, and bill pay services.
3. Cannabis Banking Fees (Medical Cannabis Program): Specialized cannabis banking contract revenue: Element FCU manages banking for West Virginia's medical cannabis program, holding approximately $34 million in tax revenue, fees, and interest under state contract; serves cannabis operators in WV, OH, MD, DC.
4. Insurance and Protection Product Commissions: Commissions from TruStage-branded auto, home, AD&D, and life insurance products offered to members.
5. Investment and Crypto Trading Revenue: Revenue share from integrated stock/ETF trading and cryptocurrency buy/sell/hold services embedded in online banking.
6. Investment Income on Cannabis Tax Funds Held: Interest earned on held state cannabis tax revenue (approximately $34 million collected since 2021) under state Treasurer's Office contract.

Pricing tiers

Go-to-market motion6 records

Distribution channels6 records

Marketing channels7 records

Core offering

Element Federal Credit Union is a member-owned, not-for-profit cooperative credit union headquartered in Charleston, West Virginia, providing deposit accounts, consumer and business loans, credit cards, digital banking, and specialty banking services (including cannabis banking, youth programs, and nonprofit accounts). It operates an integrated online and mobile platform built on the itsme247 stack, supported by a single Charleston branch and nationwide access through Shared Branching and the CO-OP ATM network.

Product overview

Element Federal Credit Union is a member-owned cooperative financial institution based in Charleston, West Virginia, offering a single integrated banking platform with product modules spanning personal, business, nonprofit, and youth segments. The core platform includes The Best Checking Account, a tiered savings suite (Higher Yield Money Market, Higher Rate Savings, The Safest Savings), Certificates of Deposit (with a 13-month CD Special), Savings Clubs, and Element MasterCard Credit Cards (with Pride and Honestly Me custom designs). Lending products include Smart Option Student Loans via Sallie Mae partnership and various consumer/auto loans. Specialty product modules include Cannabis Banking (#AlmostCannaWV) for cannabis businesses in WV, OH, MD, DC, and other states; Passport Card #ShopLocal with Charleston Urban Works; Honestly Me chosen-name debit cards; and #BankingWithPride 2SLGBTQIA+ card designs. Digital service modules layer Apple Pay, Google Pay, and Samsung Pay wallet support; Bill Pay; P2P Pay Anyone; Payday on Demand; Mobile Check Deposit; Own Your Future credit-building; eSign; A2A Account Transfer; Skip a Payment; Instant Issue Cards; Tip Yourself roundups; and #SwipeItForGood charitable giving. Investment modules include Cryptocurrency Trading and a Stocks/ETFs platform inside online banking. Insurance is provided through a TruStage partnership (auto, home, AD&D, life), and financial education is delivered via Banzai, Pocketnest, and FinFit360 / Money Wellness. Element FCU is also a designated Community Development Financial Institution (CDFI).

Differentiator

Problem solved

Functional benefit

Brands

• Almost Canna WV: Cannabis banking program operated by Element Federal Credit Union, serving cannabis-related businesses and holding state medical cannabis program tax revenue across WV, OH, MD, DC and other states.
• Passport Card
• Honestly Me
• SwipeItForGood

Products and services

• The Best Checking Account Primary personal checking account earning up to 10.00% APY, available to individual credit union members in West Virginia.
• Higher Yield Money Market Money market savings account offering tiered dividend rates to members seeking higher yields than standard savings.
• Higher Rate Savings Account High-yield personal savings account earning up to 2.50% APY for individual members.
• The Safest Savings Account Insured savings account option designed for members seeking a low-risk deposit product.
• Certificates of Deposit (CDs) Time-deposit savings product, including a 13-month CD Special at 3.50% APY, for members seeking fixed-rate returns.
• Savings Clubs Group savings club accounts enabling members to save collectively toward shared goals such as holidays or events.
• Element MasterCard Credit Cards Element-branded MasterCard credit cards with no annual fee and low interest rates; available with Pride-themed artwork.
• Smart Option Student Loans Smart Option Student Loans offered to Element FCU members through a partnership with Sallie Mae, covering undergraduate and graduate borrowing.
• The Best Business Checking Primary business checking account with dividend-earning options for small business members of the credit union.
• The Best Business Savings Business savings account offered to business members for treasury and reserve balances.
• Business Payroll Account Dedicated payroll account for business members to manage employee compensation disbursements.
• The Best Nonprofit Checking Account Checking account designed for nonprofit organizations operating in Element FCU's service area.
• The Best Nonprofit Savings Account Savings account designed for nonprofit organizations to hold reserves and earn dividends.
• The Best Kids Savings Account Savings account designed for children, part of Element FCU's youth banking lineup.
• The Best Teen Savings Account

Quantifiable outcome

• Best Checking account pays up to 10.00% APY
• +3 more outcomes

Named customers3 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

Feature11 records

Partnerships

16 partnerships are on record, tiered flagship local partnership, core product partnership, core distribution partnership, secondary partnership, core education partnership, strategic cannabis-banking partnership, standard wallet integration and flagship state contract.

• Charleston Urban Worksflagship local partnershipGTM or Marketing PartnerCo-branded #ShopLocal program called the Passport Card offering 2% cash back to encourage spending at local merchants. The Passport Card is Element's new and improved #ShopLocal initiative and is featured prominently on the Element FCU homepage and Passport Card landing page.
• SallieMaecore product partnershipTechnology or IntegrationSallieMae Smart Option Student Loans offered to Element FCU members; direct integration link from Element's product menu to salliemae.com/smartoption/elementfcu. Logo featured in benefits section.
• CUMoney (Credit Union Money)core product partnershipTechnology or IntegrationCUMoney Everyday Spend prepaid card program offered through Element FCU; logo featured on homepage and product menu linking to cumoney.com.
• Shared Branching Networkcore distribution partnershipChannel Partner/ Reseller/ DistributorMembers gain branch access nationwide via Shared Branching; logo and link to sharedbranching.org on Element homepage benefits section.
• CO-OP ATM Networkcore distribution partnershipChannel Partner/ Reseller/ DistributorElement FCU members access surcharge-free ATMs through the CO-OP credit-union ATM network (co-opcreditunions.org/locator/).
• TruStage Insurancecore product partnershipOEM/ Whitelabel/ Licensing PartnerTruStage-branded auto, home, AD&D, and life insurance products offered to Element FCU members through the Benefits section of the site.
• Love My CU Rewards (LMCUR)secondary partnershipGTM or Marketing PartnerMember shopping discounts via Love My Credit Union's "Love to Shop" program; logo and referral link displayed in homepage benefits.
• Banzai (Banzai School / Banzai Wellness)core education partnershipTechnology or IntegrationFree, real-world financial education platform embedded in Element FCU's Financial Education section; Banzai covers financial literacy for kids, teens, and adults, plus calculators.
• Pocketnest Financial Wellnesssecondary partnershipTechnology or IntegrationIntegrated financial wellness app offered to Element FCU members via Financial Education menu.
• FinFit360 Money Wellnesssecondary partnershipTechnology or IntegrationMoney Wellness program featured in Community section of Element FCU's website.
• SavvyMoneysecondary partnershipTechnology or IntegrationIntegrated credit-score monitoring service within Element's digital banking services.
• CanPay (CanPay Debit)strategic cannabis-banking partnershipTechnology or IntegrationCannabis-payment integration: CanPay is the debit payment app that lets members pay at cannabis retailers via a simple debit from their Element FCU checking account. Featured on the #AlmostCannaWV page.
• Apple Paystandard wallet integrationTechnology or IntegrationElement debit and credit cards linkable to Apple Pay for in-store, in-app, and web payments.
• Google Paystandard wallet integrationTechnology or IntegrationElement debit and credit cards linkable to Google Pay for in-store, online, and peer-to-peer payments; Element lists the Google Pay product on its Wallets storefront.
• Samsung Paystandard wallet integrationTechnology or IntegrationElement debit and credit cards linkable to Samsung Pay for tap-and-pay transactions on compatible Samsung devices.
• West Virginia State Treasurer's Office (Medical Cannabis Program)flagship state contractStrategic or Co-development PartnerElement FCU was selected in 2019 over JPMorgan Chase and others to manage banking for West Virginia's medical cannabis program. As of 2025, the credit union holds approximately $34 million in tax revenue, fees, and interest collected from cannabis operators since 2021, acting as the state's designated cannabis-banking institution.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Others

• CanPay: Cannabis-focused debit payment network integrated into Element FCU's #AlmostCannaWV offering. Comparable as a cannabis-banking ecosystem partner and enables Element's checking-account holders to transact at dispensaries — making CanPay a directly relevant enabling/adjacent player rather than a competitor.

Broad incumbents

• SchoolsFirst Federal Credit Union: Large California-based community credit union serving educators and their families. Comparable to Element FCU as a mission-driven, member-owned cooperative CU with deep community giveback and inclusive product positioning, but operating at significantly larger scale and without a cannabis-banking line.
• JPMorgan Chase: Largest U.S. retail bank with ~$2.6 trillion in assets. Directly comparable as the incumbent Element FCU displaced for the West Virginia cannabis banking contract; remains a benchmark for what large-bank competition could re-enter if federal cannabis reform passes.
• BECU: One of the largest U.S. community credit unions, serving members across Washington state and beyond. Comparable to Element FCU as a member-owned cooperative CU offering a similar full-stack product suite (deposits, loans, cards, digital), but at vastly greater scale and with no cannabis-banking specialization.
• Affinity Plus Federal Credit Union: Minnesota-based community credit union offering personal, business, and member-focused banking with strong community-reinvestment orientation. Comparable to Element FCU in cooperative, community-first DNA, but at far greater scale and geographic breadth.

Direct peers

• Maps Credit Union: Oregon-based community credit union that has been a pioneer in serving cannabis businesses and other underbanked verticals. Highly comparable to Element FCU because both are smaller, member-owned credit unions that built niche cannabis-banking programs as a regulated differentiator.
• 4Front Credit Union: Michigan-based credit union serving cannabis-related businesses and other underserved verticals. Comparable to Element FCU because both target cannabis operators with specialized deposit accounts, compliance support, and member-owned cooperative structures.
• Safe Harbor Financial Services: Public cannabis-focused financial services and technology company serving state-legal cannabis operators. Comparable to Element FCU because both operate in the cannabis-banking niche, although Safe Harbor is a fintech/BaaS provider rather than a chartered depository.
• Partner Colorado Credit Union: Colorado credit union historically known for serving the cannabis industry. Directly comparable to Element FCU as another small, mission-driven credit union offering compliant deposit, lending, and merchant services to licensed cannabis operators.
• First Green Bank: Florida-headquartered community bank with a stated focus on cannabis and hemp banking. Comparable to Element FCU because both are small regulated institutions that built early mover advantage serving cannabis operators excluded from mainstream banks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/elementfcu
• Facebookfacebook.com/elementfcu
• LinkedInlinkedin.com/company/element-federal-credit-union

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Element Federal Credit Union