Newark Board of Education Employees Credit Union
North Jersey Federal Credit Union (formerly Newark Board of Education Employees Credit Union) is a federally chartered, member-owned credit union serving individuals who live, work, worship, or attend school in northern New Jersey, offering deposit products, consumer and mortgage loans, credit cards, and small-business banking through a Totowa branch, digital channels, and a shared 50,000+ ATM network.
- Company typePrivate
- Founded1937
- HeadquartersNewark, United States
- Headcount1–10
- GTM typeB2C
- OfferingServices
What Newark Board of Education Employees Credit Union does
North Jersey Federal Credit Union (NJFCU), historically known as Newark Board of Education Employees Credit Union, is a federally chartered, member-owned, not-for-profit cooperative credit union regulated by the NCUA and headquartered at 711 Union Blvd., Totowa, New Jersey. The institution was originally chartered in 1937 to serve Newark Board of Education employees and has since expanded its field of membership to include individuals who live, work, worship, or attend school in Bergen, Essex, Hudson, and Passaic counties, plus select municipalities in Morris and Union counties. It carries a BBB A+ rating (as of 10/21/2025) and received a $727,043 award from the U.S. Treasury's Community Development Financial Institutions (CDFI) Fund in April 2023.
NJFCU operates a full-service consumer and small-business banking franchise spanning deposit products (Basic Checking, Share Savings, Term Share Certificates up to 3.25% APY, Money Market, IRAs, Youth Club, Vacation/Holiday Club accounts), a MasterCard-branded credit card suite (Liberty, Classic from 15.24% APR, Platinum Rewards, plus a Visa Gift Card and a Business Rewards Card), and a lending portfolio that includes auto loans (from 4.90% APR), auto refinance, unsecured personal loans (from 12.24% APR), share-secured and certificate-secured credit-building loans, fixed-rate and adjustable-rate mortgages, refinance mortgages, home equity loans and HELOCs, student loans via a Sallie Mae distribution partnership, and commercial lending. The underlying technology is a conventional digital banking stack: web and mobile banking (iOS and Android apps), online Bill Pay, and Telephone Account Processing (T.A.P.), augmented by access to over 50,000 fee-free ATMs nationwide through a shared network.
The business model is the standard credit union net-interest-margin model. Revenue is generated primarily from the spread between interest earned on the loan and investment portfolio and interest paid on member deposits, supplemented by fee income from overdraft protection, credit-building loans, credit card interchange, and account services. Distribution combines the single Totowa branch, the digital channels, the shared ATM network, and community-based acquisition through the NJFCU Partners workplace program, with brand reinforcement via social media and a quarterly newsletter (The Resource). Reported headcount of 1-10 is anomalously low for the operating footprint and likely reflects a data-coverage limitation rather than the true employee base.
Newark Board of Education Employees Credit Union firmographics
Firmographics- Name
- Newark Board of Education Employees Credit Union
- Legal name
- North Jersey Federal Credit Union
- Website
- https://nbeecu.org
- Company type
- Private
- Founded year
- 1937
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- North Jersey Federal Credit Union (formerly Newark Board of Education Employees Credit Union) is a federally chartered, member-owned credit union serving individuals who live, work, worship, or attend school in northern New Jersey, offering deposit products, consumer and mortgage loans, credit cards, and small-business banking through a Totowa branch, digital channels, and a shared 50,000+ ATM network.
- Ownership category
- akta.pro rank
Newark Board of Education Employees Credit Union industry classification
Industry- Product category
- Retail Banking
- NAICS
- Credit Unions (52213), Credit Unions (522130)
- SIC
- Savings Institution, Federally Chartered (6035)
- akta.pro primary industry
- Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)
- akta.pro secondary industry
- Employer/Occupational Credit Unions (FSABAEAB)
Keywords
Where Newark Board of Education Employees Credit Union is headquartered
LocationHeadquarters
- HQ city
- Newark
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Newark Board of Education Employees Credit Union business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Interest Income from Lending: Primary revenue stream from auto loans, mortgages, home equity loans, personal loans, and credit cards. Interest earned on loan portfolio minus interest paid on deposits.
- Deposit Interest Spread: Revenue generated from spread between interest paid on member deposits (savings, checking, money market, certificates) and interest earned on loans and investments.
- Fee-Based Services: Fees from various services including overdraft protection, credit building loans, and account services.
- Credit Card Operations: Revenue from MasterCard credit card transactions, interchange fees, and annual/card fees on Liberty, Classic, and Platinum Rewards cards.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | 18-month Term Share Certificate yields up to 3.25% APY |
| Unit Pricing | Monthly | Auto loans starting at 4.90% APR for new and used vehicles |
| Transaction based/ take rate | Monthly | Credit cards ranging from 15.24% APR (Classic) with no annual fee |
| Unit Pricing | Monthly | Personal loans starting at 12.24% APR |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels4 records
Newark Board of Education Employees Credit Union product offering
Product offeringCore offering
Newark Board of Education Employees Credit Union, now operating as North Jersey Federal Credit Union (NJFCU), is a federally chartered member-owned credit union offering retail banking products and consumer lending services. Its product portfolio spans deposit accounts (checking, savings, money market, term share certificates, IRAs), consumer loans (auto, personal, student, mortgage, home equity), credit cards (MasterCard and Visa), and small business banking. The institution also provides digital and mobile banking channels, telephone account processing, and access to a nationwide fee-free ATM network.
Product overview
North Jersey Federal Credit Union offers a comprehensive suite of financial products and services through a traditional credit union banking model. The product portfolio includes core deposit products (checking, savings, term share certificates, IRAs, and money market accounts), consumer and business credit cards (MasterCard Liberty, Classic, Platinum Rewards, Visa Gift, and Business Rewards), auto loans (new, used, and refinance), personal loans (unsecured, share-secured, and credit-building), mortgages (fixed rate, adjustable rate, and refinance), home equity products (loans and HELOC), and business banking services (checking, commercial lending). The Digital Banking platform serves as the primary digital access channel, integrating online and mobile banking, Bill Pay Online, and Telephone Account Processing (T.A.P.) for member convenience.
Differentiator
Problem solved
Functional benefit
Brands
- The Resource: Quarterly newsletter publication providing financial tips, community updates, and promotional rates to members.
Products and services
- Basic Checking Standard checking account offering members everyday banking features with debit card access.
- Share Savings Account Member share savings account allowing members to build savings with competitive dividend rates.
- Term Share Certificates Certificate of deposit accounts offering fixed rates up to 3.25% APY for specified terms.
- Individual Retirement Account (IRA) Tax-advantaged retirement savings account offering long-term growth options.
- Money Market Account Higher-balance savings account offering competitive money market rates with limited check-writing access.
- Youth Club Account Savings account designed for young members to begin building financial habits.
- Vacation & Holiday Club Accounts Specialized goal-based savings accounts for vacation and holiday savings.
- MasterCard Liberty Card MasterCard credit card with no annual fee and competitive rates for members building or maintaining credit.
- MasterCard Classic Card Standard MasterCard credit card offering rates as low as 15.24% APR with no annual fee.
- MasterCard Platinum Rewards Card Rewards MasterCard credit card offering points or cash back on purchases.
- Visa Gift Card Prepaid Visa gift card available for purchase by members for gifting purposes.
- Auto Loans Financing for new and used vehicles with rates as low as 4.90% APR, including refinancing options for existing auto loans.
- Personal Loans Unsecured personal loans with rates as low as 12.24% APR, including share-secured and term-share-certificate-secured loan variants for credit building.
- Student Loans Student loan products offered in partnership with Sallie Mae for educational financing needs.
- Fixed Rate Mortgage Residential mortgage with a fixed interest rate providing predictable monthly payments.
- Adjustable Rate Mortgage (ARM) Residential mortgage with an adjustable interest rate that may change over the life of the loan.
- Refinance Mortgage Mortgage refinancing options allowing members to potentially lower interest rates or monthly payments.
- Home Equity Loans Loans using home equity as collateral for various member financial needs.
- Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity providing flexible access to funds.
- Business Checking Checking account tailored to small business members with related transactional banking needs.
- MasterCard Business Rewards Card Business MasterCard offering rewards on business-related purchases.
- Commercial Lending Commercial loan products supporting business expansion and operational financing needs.
- Digital Banking Platform Online and mobile banking platform enabling members to access accounts, apply for loans, pay bills, and manage finances remotely.
- Telephone Account Processing (T.A.P.) Phone-based account access system allowing members to manage accounts via telephone.
- Overdraft Protection Protection service that covers overdrafts on member checking accounts.
- Overdraft Line of Credit Revolving line of credit available to cover checking account overdrafts.
- ATM Network Access Member access to over 50,000 fee-free ATMs throughout the United States.
Quantifiable outcome
- Up to 3.25% APY on 18-month Term Share Certificates
- +3 more outcomes
Companies that use Newark Board of Education Employees Credit Union
Customer profileSegments1 record
Ideal customer profiles2 records
Newark Board of Education Employees Credit Union technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Newark Board of Education Employees Credit Union partnerships and signals
Strategic signalScale indicators2 records
Expansion highlights5 records
Newark Board of Education Employees Credit Union competitors and assessment
Company assessmentDirect peers
- Affinity Federal Credit Union: New Jersey-based community credit union offering a similar full suite of consumer deposits, loans, mortgages, and business banking to members across northern NJ. Closest geographic and product analog to NJFCU.
- BCU (Baxter Credit Union): Mid-size federally chartered credit union with similar full-service deposit and lending products, comparable digital banking platform, and a not-for-profit member-owned cooperative structure.
- Bethpage Federal Credit Union: Federally chartered community credit union offering deposits, mortgages, consumer loans, and business banking with a comparable East Coast community focus and member-owned model.
- Connexus Credit Union: Federally chartered credit union offering a full digital and branch-based banking experience including deposits, mortgages, auto loans, and credit cards—comparable product breadth and member-owned structure.
- Digital Federal Credit Union (DCU): Federally chartered digital-first credit union offering checking, savings, consumer loans, mortgages, and credit cards to a broad community field of membership—comparable product suite with stronger digital scale.
- Alliant Credit Union: Open-membership federally chartered credit union offering deposits, consumer loans, mortgages, and credit cards nationally—directly comparable in product breadth and member-owned structure.
- First Tech Federal Credit Union: Federally chartered credit union offering comprehensive consumer and business banking, mortgages, and credit cards to a defined membership base—similar cooperative, full-service model.
Broad incumbents
- Valley National Bank: Large New Jersey-based commercial bank competing for the same Northern NJ consumer and small-business deposits and loans that NJFCU targets, with a much broader branch network.
- ConnectOne Bank: Northern New Jersey community and commercial bank offering consumer deposits, mortgages, and small-business banking—overlapping customer base with NJFCU in Bergen, Essex, Hudson, and Passaic counties.
Others
- Sallie Mae: Student loan partner referenced explicitly by NJFCU's product suite; relevant as the institution's outsourced student lending provider and an ecosystem participant rather than a direct competitor.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Newark Board of Education Employees Credit Union social profiles
Digital presenceNewark Board of Education Employees Credit Union compliance and trust
Trust signalCompliance4 records
Newark Board of Education Employees Credit Union financial estimates
Financial estimateRevenue estimate
Valuation estimate
Newark Board of Education Employees Credit Union leadership team
Management profileNumber of profiles
Newark Board of Education Employees Credit Union funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Newark Board of Education Employees Credit Union M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Newark Board of Education Employees Credit Union
What does Newark Board of Education Employees Credit Union do?
Newark Board of Education Employees Credit Union, now operating as North Jersey Federal Credit Union (NJFCU), is a federally chartered member-owned credit union offering retail banking products and consumer lending services. Its product portfolio spans deposit accounts (checking, savings, money market, term share certificates, IRAs), consumer loans (auto, personal, student, mortgage, home equity), credit cards (MasterCard and Visa), and small business banking. The institution also provides digital and mobile banking channels, telephone account processing, and access to a nationwide fee-free ATM network.
Is Newark Board of Education Employees Credit Union a public or private company?
Newark Board of Education Employees Credit Union is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Newark Board of Education Employees Credit Union founded?
Newark Board of Education Employees Credit Union was founded in 1937. It employs 1 to 10 people.
Where is Newark Board of Education Employees Credit Union based?
Newark Board of Education Employees Credit Union is headquartered in Newark, United States, in the North America region.
How does Newark Board of Education Employees Credit Union make money?
Four revenue lines are on record. Interest Income from Lending is the primary driver. The others are deposit Interest Spread, fee-Based Services and credit Card Operations.
Who are Newark Board of Education Employees Credit Union's main competitors?
Direct peers on record are Affinity Federal Credit Union, BCU (Baxter Credit Union), Bethpage Federal Credit Union, Connexus Credit Union, Digital Federal Credit Union (DCU), Alliant Credit Union and First Tech Federal Credit Union. Broad incumbents are Valley National Bank and ConnectOne Bank. Sallie Mae is listed as an others.
Does Newark Board of Education Employees Credit Union have an API?
No public API is recorded for Newark Board of Education Employees Credit Union.
What industry is Newark Board of Education Employees Credit Union in?
Newark Board of Education Employees Credit Union's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAA, Community Credit Unions (Retail/Consumer Focus), with a secondary code of FSABAEAB, Employer/Occupational Credit Unions. Its NAICS code is 52213 and its SIC code is 6035.