802 Credit Union

What 802 Credit Union does

802 Credit Union is a federally chartered, member-owned financial cooperative headquartered at 265 South Main Street in Barre, Vermont. Founded in 1966 and now serving over 41,000 members, the institution operates 12 neighborhood branches across Vermont — including Barre, Bellows Falls, Bethel, Brattleboro, Putney, Randolph, Rochester, South Burlington, Springfield, Townshend, White River Junction, and Windsor — alongside a Brattleboro Operations Center, and accepts members who live, work, or worship in Vermont or in Grafton, Sullivan, or Cheshire County in New Hampshire. The credit union received Best Places to Work 2026 recognition in Vermont and acquired Vermont VA Federal Credit Union in June 2023.

The product portfolio spans core retail banking — Free & Clear Checking, Base Share Savings, Youth Savings, Money Markets, and a full Certificates of Deposit ladder (6 to 60 months, with APYs up to 3.10%) — alongside retirement accounts (Traditional IRA, Roth IRA, IRA Shares, SEP IRA, IRA Certificates) and a comprehensive lending suite covering fixed- and adjustable-rate mortgages, mobile home and construction loans, HELOCs (Prime + 0.75%) and fixed home equity loans, auto/motorcycle/boat/RV/ATV financing, share-secured, energy, student, and unsecured personal loans, plus a Visa credit card (intro 8.02% APR; standard 11.99%-13.99% APR; no annual fee). Member technology is delivered through a standard credit union core banking platform with iOS and Android mobile apps, online account opening, online and mobile banking, 24-Hour Audio Teller (ART), Zelle person-to-person payments, Mastercard debit cards, and Co-Op ATM network access; deposits are federally insured by NCUA up to $250,000 per ownership category (NMLS #409405).

The business model is a cooperative net-interest-margin franchise: 802 Credit Union takes deposits from members at disclosed APYs (e.g., 1.80% on Essential Money Market, up to 3.10% on special CDs) and redeploys them across its lending and investment portfolio, where loan rates of 5.875-6.500% APR on mortgages and 5.24-7.24% APR on autos generate a healthy spread. Supplemental fee and interchange revenue streams include overdraft privilege ($25 per paid item), returned item fees ($27), wire transfer fees, skip-a-payment processing, notary services, and Visa credit card interchange. Member acquisition is community-led through local branches, digital self-service onboarding (eopen.myvirtualbranch.com/1183/Application), community events (27th Annual Kids Fair, Member Appreciation Days), and a Refer-a-Member program offering $50 to each party, with each member holding one vote in Board of Director elections regardless of deposit balance.

Name

802 Credit Union

Legal name

802 Credit Union

Website

https://802cu.com

Company type

Private

Founded year

1966

Operating status

Operating

Headcount range

101–250 employees

Short description

802 Credit Union is a federally chartered, member-owned financial cooperative founded in 1966 and headquartered in Barre, Vermont. It serves over 41,000 members across 12 Vermont branches, offering checking, savings, IRAs, mortgages, home equity, consumer loans, and credit cards.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending products
• Mortgage and home equity
• Credit union deposits
• Community banking

Headquarters

HQ city

Barre

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest Income: The primary revenue driver for the credit union. Interest income is earned on the full spectrum of lending products including fixed-rate mortgages (6.500% APR on 30-year conventional), adjustable-rate mortgages, home equity loans and HELOCs, auto and recreational vehicle loans, personal loans, share secured loans, energy loans, student loans, and credit cards. The Visa credit card carries rates as low as 11.99%-13.99% APR.
2. Deposit Taking and Interest Spread: The credit union accepts member deposits including checking, savings, money market accounts, and certificates of deposit, paying competitive APYs (e.g., 1.80% APY on Essential Money Market, up to 3.10% APY on special CDs). The spread between loan interest rates and deposit rates generates core income.
3. Fee-Based Services: Fees generated from overdraft privilege ($25 per paid item), returned item fees ($27), share transfer overdraft protection ($2 per transfer), skip-a-payment processing, wire transfers, notary services, and check ordering through Harland Clarke.
4. Credit Card Interchange: Revenue generated from credit card transactions through the Visa credit card program, including interchange fees from merchants accepting the co-branded card.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels8 records

Core offering

802 Credit Union is a member-owned financial cooperative providing retail banking products and consumer lending services to individuals who live, work, or worship in Vermont or specific New Hampshire counties. Its offerings span deposit accounts (checking, savings, money market, CDs), retirement accounts (Traditional IRA, Roth IRA, IRA Shares, IRA Certificates), credit cards, mortgages, home equity loans, auto and recreational vehicle loans, personal loans, and student loans, distributed through 12 Vermont branches and digital banking channels.

Product overview

802 Credit Union is a full-service financial cooperative offering a comprehensive suite of banking products and services. The product portfolio includes checking accounts (Free & Clear Checking, Youth Total E-Checking), savings products (Base Shares, Youth Savings, Money Markets, Certificates of Deposit including Smart Savers CD and Youth CD), retirement accounts (Traditional IRA, Roth IRA, IRA Shares, IRA Certificate), credit cards (Visa with no annual fee), mortgage products (Fixed-Rate, Adjustable-Rate, First-Time Home Buyer, Mobile Home, Construction Loans), home equity products (HELOC, Fixed-Rate Home Equity Loan), and personal/specialty loans (Unsecured Personal, Share Secured, Energy, Student, Auto/Motorcycle, Boat/RV/ATV). Digital banking services include Online & Mobile Banking, eStatements, Bill Pay, Zelle, 24-Hour Audio Teller, and loan payment tools. Additional services encompass Financial Counseling, Insurance Products, Notary Services, Wire Transfers, Debt Consolidation, and Security Center resources. The institution serves over 41,000 members across 12 Vermont branches and operates as a member-owned cooperative.

Differentiator

Problem solved

Functional benefit

Products and services

• Free & Clear Checking Fee-free consumer checking account with no monthly maintenance fees, no minimum balance, $750 overdraft privilege after 30 days, Mastercard debit card, and full access to digital banking tools.
• Youth Total E-Checking Digital-first checking account for teens ages 13-18 with joint parent/guardian ownership, no overdraft fees, debit card with spending limits, and mobile banking access.
• Mastercard Debit Cards Mastercard debit card accepted at millions of merchants worldwide, with $2,000 daily purchase limit and $500 ATM withdrawal limit.
• Base Share Savings Account Required savings account to establish credit union membership with $5 minimum balance, monthly dividends on balances over $25, and one-vote-per-member ownership share.
• Youth Savings Account Savings account for children under 18 requiring $0.01 minimum opening balance, with monthly dividends and joint parent/guardian ownership.
• Money Market Accounts Tiered-interest savings account with $500 minimum balance, six penalty-free withdrawals per month, and competitive rates that increase with balance.
• Certificates of Deposit (CDs) Fixed-term savings products ranging from 6 to 60 months with $500 minimum, monthly dividend options, and APYs ranging from 1.80% to 3.10%.
• Smart Savers CD 12-month CD accepting recurring deposits throughout the term with $50 minimum opening, $10,000 max balance, 1.70% APY, and 180-day dividend penalty for early withdrawal.
• Youth Certificate of Deposit 5-year term CD for minors with $50 minimum opening, $10,000 maximum, allowing ongoing deposits throughout the term, with 2.50% APY and 180-day dividend penalty for early withdrawal.
• Traditional IRA Pre-tax retirement account with potentially tax-deductible contributions, tax-deferred growth, and Required Minimum Distributions beginning at age 73.
• Roth IRA After-tax retirement account offering tax-free qualified withdrawals after 5 years with no Required Minimum Distributions.
• IRA Shares Account Flexible retirement savings with no minimum balance requirement, 0.70% APY, ability to roll over into IRA Certificate, and monthly dividends.
• IRA Certificate of Deposit Fixed-term retirement CD with $500 minimum, APYs from 1.85% to 3.00% depending on term, designed for one-time funding or rollovers with monthly dividends.
• Visa Credit Card No annual fee credit card with 25-day grace period, same interest rate for purchases and cash advances, introductory 8.02% APR for 8 months, standard rates from 11.99%-13.99% APR, and maximum credit limit of $15,000.
• Fixed-Rate Mortgage Conventional mortgage with locked interest rate for the entire term, available in 10, 15, 20, or 30-year terms with fixed monthly payments, 0.00% points, and APRs from 5.875% to 6.500%.
• Adjustable-Rate Mortgage (ARM) Mortgage with lower initial rate fixed for 1, 3, or 5 years, then adjusts annually based on market conditions.
• First-Time Home Buyer Loans Special financing for buyers who have not owned a home in the past 3 years, featuring pre-qualification, potential down payment assistance, and reduced down payment programs.
• Mobile Home Loans Financing for mobile or manufactured homes with competitive fixed or adjustable rates and terms suited for affordability.
• Construction Loans

Quantifiable outcome

• Overdraft Privilege provides up to $750 coverage per transaction with a $25 fee, providing peace of mind for unexpected shortfalls.
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Co-Op Credit UnioncoreTechnology or Integration802 Credit Union partners with Co-Op Credit Union to provide members access to the Co-Op ATM network, enabling surcharge-free ATM withdrawals at thousands of locations nationwide. This partnership significantly extends the geographic footprint of ATM access beyond 802CU's 12 branch locations.
• Early Warning Services, LLCcoreTechnology or IntegrationEarly Warning Services, LLC is the owner of Zelle and its related marks. 802 Credit Union has partnered with Zelle to offer members a fast, safe, and free way to send and receive money directly between bank accounts in the U.S. using email addresses or mobile phone numbers.
• Credit Union Student ChoicecoreStrategic or Co-development Partner802 Credit Union partners with Credit Union Student Choice to offer private student loans and refinancing options for undergraduate education. The partnership enables members to apply once for multi-year funding throughout their college career with no origination or prepayment fees, including in-school deferment options.
• Harland ClarkeminorChannel Partner/ Reseller/ DistributorHarland Clarke is the preferred check printing partner for 802 Credit Union. Members can reorder checks online through Harland Clarke's platform at ordermychecks.com. The credit union notes that ordering through Harland Clarke is preferred for accuracy and quality purposes.
• MastercardcoreTechnology or Integration802 Credit Union issues Mastercard-branded debit cards accepted at millions of businesses worldwide. The partnership provides members with widely accepted payment cards with $2,000 daily spending limits and $500 daily ATM withdrawal limits.
• VisacoreTechnology or Integration802 Credit Union issues Visa-branded credit cards with no annual fee. The Visa credit card program includes travel and purchase protection, competitive rates, and online account management through the credit card website. Maximum credit limit of $15,000 for qualified borrowers.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Citizens Bank: Major regional commercial bank with extensive New England branch network and full consumer and mortgage product suite. Represents scaled incumbent competition against which 802 CU positions on local service and rates.
• TD Bank: Large regional commercial bank with significant retail presence throughout New England, including Vermont. Competes for consumer deposits, mortgages, and small business banking within 802 CU's footprint.
• Digital Federal Credit Union (DCU): Large Massachusetts-headquartered digital-first federal credit union with nationwide membership and a comprehensive product suite (checking, mortgages, auto, credit cards). Serves as a larger-scale comparable for digital banking capabilities and product breadth.

Direct peers

• Hanscom Federal Credit Union: Massachusetts-based federal credit union with New England membership and a comparable community-anchored service model. Provides a peer benchmark for branch + digital hybrid distribution at community-CU scale.
• Green Mountain Credit Union: Vermont-based community credit union serving members across multiple counties with checking, savings, lending, and digital banking. Operates with the same community-cooperative model and geographic concentration as 802 CU.
• Vermont State Employees Credit Union (VSECU): Vermont-headquartered state-chartered credit union serving members statewide with a comparable mix of checking, savings, mortgages, and consumer loans. Closest same-state peer and direct competitor for the same membership pool in Vermont.
• Members Credit Union: New Hampshire-based community credit union offering consumer banking, mortgages, and business services to members in northern New England. Competes in the same Grafton/Sullivan/Cheshire NH county overlap with 802 CU.
• NorthCountry Federal Credit Union: Vermont-headquartered community credit union serving northern Vermont and parts of New Hampshire with full-service consumer and mortgage lending. Comparable community-chartered cooperative operating in overlapping Vermont/NH counties.
• New England Federal Credit Union (NEFCU): Vermont and New Hampshire-based federal credit union offering consumer and mortgage products to a comparable community membership base. Directly competes with 802 CU for members across northern New England.

Regional players

• Mascoma Bank: Vermont-based community bank serving Upper Valley and northern New Hampshire with consumer and small business banking. Comparable community-anchored New England institution competing for similar geographic member base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/802CU
• Facebookfacebook.com/802CU
• LinkedInlinkedin.com/company/802-credit-union

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about 802 Credit Union