Richmond Heritage Federal Credit Union

What Richmond Heritage Federal Credit Union does

Richmond Heritage Federal Credit Union is a federally chartered, member-owned, not-for-profit cooperative financial institution headquartered at 50 W Commerce Road in Richmond, Virginia. Founded in 1936 by ten educators during the Great Depression to provide African-Americans access to financial services then denied by traditional banks, the credit union operates under a narrow field of membership covering employees of selected employer groups (Richmond Public Schools, Virginia Union University, Bon Secours, Richmond Community Hospital, Metropolitan Business League, and certain partners) and residents of the Blackwell, Manchester, and Swansboro communities, plus immediate family of existing members. Deposits are federally insured up to $250,000 by the NCUA. The institution runs a standard, non-proprietary technology stack: itsme247.com and HomeCU power online banking and loan origination, CUDL AutoSmart provides auto lending integrations, Co-Op shared branching extends physical access, and Kepler.gl renders community-engagement content on the website. Mobile-banking native app is not deployed; access is via the web platform and a 24-hour Interactive Voice Response telephone system.

The credit union generates revenue primarily through net interest margin on its loan portfolio (auto loans at 3.49%-18.00% APR, signature loans at 7.99%-18.00% APR, share-secured loans at 4.05% APR, plus home improvement, consolidation, vacation, and Flex Loans) and through transactional fees (ATM withdrawal, late payment, overdraft/courtesy pay, ACH return, stop payment, account research, dormant account, and title transfer). A secondary revenue line is share certificate funding, with terms from 6 to 36 months at 2.73%-3.75% APY, and joint-marketing referral fees on GAP and Mechanical Breakdown Insurance attached to auto loans. With a headcount of 1-10 employees, three physical service locations (main branch, East End Service Center, Colonial Heights inside Walmart, plus a West End shared branch with Truliant FCU), and a stated multi-million dollar asset base, RHFCU operates as a small, community-rooted cooperative rather than a scaled financial institution. GTM is community-led: membership growth is driven by employer relationships, geographic eligibility, family referrals, and an annual member meeting, with limited reliance on paid digital marketing.

Name

Richmond Heritage Federal Credit Union

Legal name

Richmond Heritage Federal Credit Union

Website

https://richheritage.org

Company type

Private

Founded year

1936

Operating status

Operating

Headcount range

1–10 employees

Short description

Richmond Heritage Federal Credit Union is a federally chartered, member-owned cooperative in Richmond, Virginia, founded in 1936 to serve employees of select employers (Richmond Public Schools, Virginia Union University, Bon Secours, others) and residents of the Blackwell, Manchester, and Swansboro communities with savings, share certificates, auto and personal loans.

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

Employer/Occupational Credit Unions (FSABAEAB)

Keywords

• Retail banking services
• Credit union services
• Consumer lending
• Share savings accounts
• Certificate of deposit

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue source from auto loans, home improvement loans, signature loans, and share-secured loans. Interest rates range from 3.49% APR for vehicle loans (up to 60 months) to 18.00% APR for signature loans, with rates varying based on credit score and loan type.
2. Banking Fees: Various fees including ATM withdrawal fees ($1.00 for non-Richmond Heritage ATMs), late fees ($29.00), overdraft/courtesy pay fees ($35.00), ACH return fees ($35.00), stop payment fees ($25.00), account research fees ($6.00/hour), dormant account fees ($5.00/month), and title transfer fees ($10.00).
3. Share Certificate Investments: Certificate of Deposit products with terms from 6 to 36 months, requiring $500 minimum investment. Interest rates range from 2.73% APY (6-month) to 3.70% APY (12-month).

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Richmond Heritage Federal Credit Union is a member-owned, not-for-profit cooperative financial institution that provides consumer banking products and services within a defined field of membership. Its core offerings include share savings accounts, certificates of deposit, club savings accounts, and a range of consumer loans (auto, home improvement, consolidation, vacation, signature, and flex/payday-alternative loans), supplemented by free share draft (checking) accounts, VISA checkcards, and digital banking channels.

Product overview

Richmond Heritage Federal Credit Union operates as a member-owned, not-for-profit cooperative financial institution offering a comprehensive suite of traditional banking products. The core product portfolio centers on Share Accounts (savings) and Certificates of Deposit as primary savings vehicles, alongside a full range of lending products including Auto Loans, Home Improvement Loans, Consolidation Loans, Vacation Loans, Signature Loans, and Flex Loans (payday alternative). Supporting services include Share Draft (checking) accounts, VISA Checkcards, Direct Deposit, Payroll Deduction, Drive-Through Service, and 24-hour Interactive Voice Response telephone banking. The institution also offers value-added services including GAP Insurance, Mechanical Breakdown Insurance, and Carfax vehicle history reports for auto loan members. Club Accounts (Christmas and Vacation) provide targeted savings for specific goals. The credit union leverages third-party integrations including CUDL/AutoSmart for auto lending, Co-Op Credit Unions for shared branching network access, and RightSignature for digital loan document processing.

Differentiator

Problem solved

Functional benefit

Products and services

• Share Account (Savings) Primary savings account with safety, convenience, competitive yields, and no limitations on deposits and withdrawals. A $10.00 deposit establishes membership and enables access to all other financial services. Requires a $50 minimum balance to earn dividends.
• Certificate of Deposit Fixed-term investment product with locked interest rates for the entire term, offering competitive yields without market fluctuation risk. Terms from 6 to 36 months with $500 minimum investment and APYs from 2.73% to 3.75%.
• Christmas Club Account Savings club account allowing gradual saving for annual holiday expenses with regular contributions and competitive dividends.
• Vacation Club Account Savings club account for accumulating funds for vacation or annual expenses with regular contributions and competitive dividends.
• Share Draft (Checking) Free checking account with no minimum balance, no per-transaction fees, monthly statements, instant check copies, and Courtesy Pay protection.
• Auto Loans New and used vehicle financing with competitive rates from 3.49% to 18.00% APR for terms up to 84 months. Vehicles over $30,000 may be financed up to 84 months; vehicles over 10 model years old are not financed.
• Home Improvement Loans Loans for financing home improvements and renovations with low rates and affordable payments.
• Consolidation Loans Debt consolidation financing to help members manage and pay off multiple debts.
• Vacation Loans

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Co-Op Credit UnionscoreChannel Partner/ Reseller/ DistributorMembers have access to Co-Op ATMs and shared branches from coast to coast through the Co-Op credit union service organization network, enabling out-of-network withdrawals and branch access.
• Truliant Federal Credit UnionminorChannel Partner/ Reseller/ DistributorWest End shared branch location at 3701 Cox Road, Richmond, VA 23233. Truliant FCU hosts Richmond Heritage members at this shared branch location.
• Insurance Companies (Joint Marketing Partners)minorGTM or Marketing PartnerJoint marketing partners include insurance companies for products such as GAP Insurance and Mechanical Breakdown Insurance offered alongside auto loans.
• CUDL (Credit Union Direct Lending)coreTechnology or IntegrationAuto loan financing service providing vehicle purchasing support and financing options through the CUDL AutoSMART platform.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Virginia Credit Union: Virginia-based, member-owned credit union serving consumers and businesses across central Virginia. Directly comparable to Richmond Heritage as a community-rooted VA CU offering share accounts, certificates, auto loans, and mortgages, but operating at significantly larger scale.
• Truliant Federal Credit Union: Federal credit union serving members across the Carolinas and Virginia through shared branching (already a Richmond Heritage partner at the West End location). Compares directly as a federally chartered consumer credit union with a similar full-service deposit and loan product suite.
• Langley Federal Credit Union: Hampton Roads-based federal credit union with a similar member-owned, federally chartered structure serving consumers and defense-related employer groups. Comparable product mix (checking, savings, CDs, auto, mortgage, signature loans) and similar regulatory positioning.
• Blue Ridge Federal Credit Union: North Carolina-based community federal credit union offering consumer banking, auto loans, mortgages, and share products. Comparable as a mid-sized federally chartered member-owned cooperative with similar community orientation.
• Self-Help Federal Credit Union: Mission-driven community development credit union focused on serving underserved and low-income communities. Directly comparable to Richmond Heritage's founding mission of providing access to financial services for populations historically excluded from mainstream banking.
• Hope Credit Union: Community development financial institution credit union serving underserved markets in the Deep South. Comparable to Richmond Heritage in mission (financial inclusion for African-American and low-wealth communities), federal charter, and member-owned cooperative structure.
• Virginia Educators Credit Union: Virginia-based credit union founded to serve public school employees. Directly comparable to Richmond Heritage's original employer-based charter tied to Richmond Public Schools, sharing a similar field-of-membership approach rooted in education sector employees.
• BayPort Credit Union: Virginia-based community credit union offering consumer banking, auto loans, mortgages, and savings products to members across the Tidewater region. Comparable as a mid-sized regional federally chartered consumer credit union.

Broad incumbents

• PenFed (Pentagon Federal Credit Union): One of the largest US federal credit unions, serving a broad national member base including defense community, employees, and veterans. Comparable product suite (checking, savings, CDs, auto, mortgage, signature loans) but operates at vastly larger scale with sophisticated digital channels.
• Connexus Credit Union: Nationwide digital-forward credit union offering consumer deposit, lending, and savings products with strong online and mobile channels. Comparable product set but operates at much greater scale with national digital acquisition capabilities that compete for community-CU members.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/RichmondUnion

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Richmond Heritage Federal Credit Union