Educational Federal Credit Union

What Educational Federal Credit Union does

Educational Federal Credit Union (EdFed) is a federally chartered, not-for-profit cooperative credit union founded in 1935 and headquartered in Miami, Florida. It provides retail banking products—including checking and savings accounts, Visa credit and debit cards, auto loans, mortgages, home equity products, personal loans, and investment and insurance services—to over 100,000 members across Miami-Dade and Broward Counties. Its core distribution is the EdFed 24/SEVEN digital banking platform (web and mobile apps for iOS and Android) supported by 8+ physical branches, a call center, bank-by-phone, and collegiate and mobile branches embedded within Miami-Dade County Public Schools and Miami Dade College.

EdFed's revenue mechanics are those of a standard depository institution: net interest income from lending (auto APRs of 5.09-5.34%, VISA at 13.25%, mortgages, home equity) net of deposit costs (Prime Share at 0.25% APY, Share Certificates up to 3.73% APY), augmented by interchange revenue on EdFed Rewards Visa cards, overdraft and service fees, and trust and investment services delivered through partner Members Trust Company. Operating as a not-for-profit, the institution charges no monthly maintenance fees on most accounts and offers cashback incentives on loan originations (auto $100, credit card $200, home equity up to $750, mortgage up to $1,000).

EdFed's go-to-market is segmented by persona, anchored on education-sector employees (the founding M-DCPS constituency), expanded to college and high-school students via in-school branches, scholarship programs, and Reality Fair financial literacy, and broadened to general South Florida consumers. Distribution is supported by core partnerships with M-DCPS, UTD, MDC, Visa, Allpoint/Presto! ATM networks, and GreenPath Financial Wellness, with a community-led marketing motion combining events, social media, and school-based programs.

Name

Educational Federal Credit Union

Legal name

Educational Federal Credit Union

Website

https://edfed.org

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

251–500 employees

Short description

Educational Federal Credit Union (EdFed) is a not-for-profit, federally chartered credit union founded in 1935, serving over 100,000 members across Miami-Dade and Broward Counties with checking, savings, lending, Visa card, and digital banking products, anchored to the South Florida education-sector community.

Ownership category

akta.pro rank

Product category

Retail Credit Union Banking

NAICS

Credit Unions (52213), Educational Support Services (611710)

SIC

Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)

akta.pro primary industry

Student/University Credit Unions (FSABAEAJ)

akta.pro secondary industries

Credit & Debt Management (Credit Scores, Loans, Repayment) (EDAAAJAC), Education Access & EdTech for Equity (Low-cost Learning, Skills Platforms) (BPAGALAH)

Keywords

• Retail credit union banking
• Consumer lending services
• Mortgage and home equity
• Digital banking platform
• Education community banking

Headquarters

HQ city

Miami

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: EdFed generates primary revenue through interest earned on loans including auto loans, mortgages, home equity loans, personal loans, and credit cards. Rates range from 5.09% APR for new autos to 13.25% APR for VISA credit cards.
2. Fee-based Services: Revenue from various service fees including overdraft/Courtesy Pay fees, dormant account fees, wire transfer fees, and other banking service charges as outlined in the Service Fee Schedule.
3. Interchange Revenue: EdFed earns interchange fees on EdFed Rewards Visa Debit and Credit Card transactions. Debit card users earn 1 point per $2 spent on signature-based transactions.
4. Deposit-taking and Savings Products: As a not-for-profit credit union, EdFed generates revenue from the spread between interest paid on deposits (savings, checking, certificates, IRAs) and interest earned on loans. Rates on savings currently at 0.25% APY for Prime Share accounts.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Educational Federal Credit Union (EdFed) is a federally chartered, not-for-profit cooperative credit union that provides retail banking products and services to its members, including checking and savings accounts, share certificates, IRAs, auto loans, mortgages, home equity loans, personal/signature loans, VISA credit and debit cards, insurance, investment and retirement planning through Members Trust Company, and digital banking via the EdFed 24/SEVEN platform and mobile apps. Membership is open to residents of Miami-Dade and Broward Counties, with a historical anchor in the South Florida education community through employer partnerships with Miami-Dade County Public Schools and United Teachers of Dade.

Product overview

Educational Federal Credit Union (EdFed) operates as a full-service credit union offering a unified digital banking platform (EdFed 24/7) through mobile and online channels. The core product portfolio includes checking and savings accounts, Visa credit and debit cards with the EdFed Rewards program, mortgage products with the Homebuyer Concierge Program add-on, and an Auto Buying Program. EdFed serves distinct member segments including students through specialized accounts and in-school branches at Miami Dade College and Reynoldsburg High School, youth through savings programs, and general members through investment/retirement services, insurance products, and financial wellness support. Recent additions include scholarship programs and college-focused banking services.

Differentiator

Problem solved

Functional benefit

Brands

• EdFed 24/SEVEN: EdFed's digital banking platform providing online and mobile banking services including account management, transfers, bill pay, and mobile deposit.
• EdFed Rewards Visa
• EdFed Rewards

Products and services

• Personal Checking Accounts Personal checking account options for EdFed members, with 0.05% APY on the first $500 balance and no monthly maintenance fees on most accounts. Available to Miami-Dade and Broward County residents who meet membership eligibility.
• Savings Accounts (Prime Share, Student, Youth, IRA) Personal savings accounts including Prime Share at 0.25% APY, Student Savings, Youth Savings, and IRA Savings at 0.55% APY. Balances above $100 earn dividends. Membership requires $5 minimum balance in Prime Savings.
• Share Certificates and Jumbo Certificates Term deposit certificates paying 3.68% APY (6-month) and 3.44% APY (12-month) for Share Certificates, with Jumbo Certificates paying 3.73% APY (6-month) and 3.49% APY (12-month). Share and IRA Certificates require $1,000 minimum balance; Jumbo Certificates require $100,000 minimum.
• Auto Loans (New, Used, Motorcycle, Motor Home) Vehicle financing products for new autos at 5.09% APR, used autos at 5.34% APR, motorcycles at 6.15% APR, and motor homes new at 6.14% APR / used at 7.14% APR. Rates increase by 0.10% for non-electronic payment methods. Includes EdFed Auto Buying Program with Enterprise Car Sales partnership.
• Mortgage and Home Equity Loan Products Home loan products including traditional mortgages and home equity loans/lines of credit with cashback incentives up to $750 on home equity and up to $1,000 on mortgages. Supported by the Homebuyer Concierge Program launched March 2026.
• Homebuyer Concierge Program Dedicated concierge program guiding EdFed members through the home buying process with exclusive money-saving benefits, offered as a value-added service to mortgage and home equity loan products.
• Personal Signature Loans and Lines of Credit Unsecured personal Signature Loans at 9.89% APR and Lines of Credit at 9.89% APR for EdFed members, providing flexible consumer credit for non-auto, non-home purposes.
• EdFed Rewards VISA Credit Cards EdFed Rewards VISA credit cards with a 13.25% APR variable rate, earning points on purchases redeemable for cash, gift cards, and travel. Features smart-chip technology, Zero Liability Policy, and Visa Account Updater service. New cardholders receive $200 cashback.
• EdFed Rewards VISA Debit Cards EdFed Rewards VISA debit cards linked to checking accounts, earning 1 point per $2 spent on signature-based transactions through the EdFed Rewards redemption program.
• EdFed 24/SEVEN Digital Banking Platform Comprehensive online and mobile banking platform with iOS and Android apps, supporting account management, mobile deposit (daily $3,000/monthly $15,000 limits), bill pay, external transfers, account aggregation, card management, quick loan apply, and overdraft protection. Available 24/7.
• Insurance Products Low-cost insurance options offered to EdFed members to help safeguard their assets, families, and financial well-being.
• Investment and Retirement Services Trust services, retirement planning, investments, and estate planning provided through partnership with Members Trust Company, which manages over $2 billion in assets and has assisted more than 4,000 credit union members nationwide. The service is non-commissioned.
• Financial Wellness Services Financial education and wellness support services provided to EdFed members through partnership with GreenPath Financial Wellness, including counseling and resources for member financial empowerment.
• Scholarship Programs Multiple scholarship programs awarded by EdFed to education community members and students, including Hubert O. Sibley 2+2 Florida Prepaid Tuition Scholarship (15 annually to graduating high school seniors), College Dreams Scholarship ($1,500 monthly x 12 for MDC students), Graduate School Scholarships, Career in a Year Scholarship, and High School Hero Scholarship.

Quantifiable outcome

• Over 100,000 members served
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Members Trust CompanycoreStrategic or Co-development PartnerMembers Trust Company provides trust services, retirement planning, investments, and estate planning to EdFed members. Formed through a cooperative alliance with credit unions across America, the company manages over $2 billion in assets and has assisted more than 4,000 credit union members nationwide. The service is non-commissioned.
• GreenPath Financial WellnessminorOthersGreenPath Financial Wellness provides financial wellness resources and counseling services to EdFed members as part of EdFed's commitment to member financial education and empowerment.
• Miami Dade College (MDC)coreStrategic or Co-development PartnerEdFed opened its first collegiate branch at MDC North Campus in August 2025. The partnership provides financial services, scholarship programs ($18,000 annually through College Dreams Scholarship), and career development opportunities for MDC students. EdFed also provides ATM services across all 8 MDC campuses.
• Enterprise Car SalesminorChannel Partner/ Reseller/ DistributorEnterprise Car Sales is partnered with EdFed to provide pre-owned vehicles to members. Enterprise cars come with 12-month/12,000 mile limited powertrain warranty, vehicle certification, 12-month roadside assistance, free Carfax reports, and 7-day repurchase agreement.
• VisacoreTechnology or IntegrationVisa provides the payment network for EdFed Rewards Visa Debit and Credit Cards. EdFed cards feature smart-chip technology, Zero Liability Policy, Visa Account Updater service, and acceptance at millions of merchants worldwide.
• Miami-Dade County Public Schools (M-DCPS)coreStrategic or Co-development PartnerLong-standing partnership serving M-DCPS employees with exclusive banking benefits since 1935. EdFed provides mobile branches in schools, financial education programs, and sponsors school events including the Superintendent's 5K. M-DCPS employees receive early payroll deposit on Wednesdays.
• United Teachers of Dade (UTD)coreGTM or Marketing PartnerEdFed provides exclusive membership benefits for UTD members including automatic dues payment through EdFed, M-DCPS payroll crediting, and special loan rates. UTD members receive dedicated concierge support.

Scale indicators5 records

Recent moves9 records

Expansion highlights6 records

Regional players

• GTE Financial: Florida-based credit union with community focus and full-service offerings. Comparable as another Florida cooperative institution serving consumer and education-adjacent markets, though headquartered in Tampa Bay region.

Broad incumbents

• Suncoast Credit Union: Florida-based credit union with $17B+ in assets serving members across the state. Most comparable Florida peer due to similar geography, full-service offering (checking, loans, mortgages), and credit union cooperative model, though significantly larger and broader in mission.

Direct peers

• Insight Credit Union: Florida-based credit union serving Central Florida with community focus and similar full-service offering. Comparable as a Florida regional credit union with similar cooperative model and member-oriented approach.
• Tropical Financial Credit Union: South Florida-based credit union headquartered in Miramar serving the education community including teachers and school employees. Most direct peer given overlapping South Florida geography and similar education-sector member focus.
• Achieva Credit Union: Florida-based credit union headquartered in Dunedin with $2.5B+ in assets serving members across the Tampa Bay region. Comparable regional full-service credit union with similar member-owned structure and community-focused approach.
• SchoolsFirst Federal Credit Union: California-based federal credit union serving school employees and educators with $25B+ in assets. Most direct peer in terms of mission focus on education sector employees, though significantly larger scale and serving California rather than Florida.
• Fairwinds Credit Union: Florida-based credit union with similar full-service offerings and community focus. Comparable regional Florida credit union with overlapping target demographics and similar member-owned cooperative structure.
• Vystar Credit Union: Florida-based credit union headquartered in Jacksonville with $10B+ in assets. Comparable regional Florida credit union with similar full-service banking offerings and member-owned cooperative model.

Emerging players

• SoFi: Digital-first financial services company offering checking, savings, loans, and investment products targeting millennials and professionals. Comparable as it competes for the same educator and young professional demographic with no-fee digital banking, though operating at very different scale and with bank rather than credit union structure.
• Launch Federal Credit Union: Florida-based credit union serving Brevard County with focus on education employees. Comparable as another Florida credit union with similar education-sector focus and community-oriented approach, though serving a different geographic market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/EdFedCU
• YouTubeyoutube.com/channel/UCs_teGeV0Z9bMSjcwX3qTxw
• Facebookfacebook.com/EdFedCU
• LinkedInlinkedin.com/company/edfedcu
• Instagraminstagram.com/edfedcu
• TikToktiktok.com/@edfedcu

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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 Educational Federal Credit Union