Members Credit Union

What Members Credit Union does

Members Credit Union (MCU) is a member-owned, not-for-profit financial cooperative established in 1953 and headquartered in Winston-Salem, North Carolina. The institution operates 16 physical branches across North Carolina, including locations in the Triad region, Hickory, Gastonia, Newton, Hope Mills, Greensboro, and other communities, serving individual consumers and families with a full suite of retail banking services. Its primary offerings are organized across deposit products (checking accounts, regular and tiered savings up to 2.12% APY, money market, share certificates up to 3.51% APY, IRAs), lending products (auto loans starting at 3.99% APR with up to 96-month terms and 125% financing, home equity loans and lines of credit, mortgages, personal loans, debt consolidation, student loans), and ancillary protection products (GAP insurance via TruStage, life/disability insurance, extended warranties, and a Coverly-powered home warranty).

The credit union's technology stack includes a digital banking platform spanning the MEMCU Online desktop portal, the MEMCU Mobile App (iOS and Android), the CardNav real-time card control app, and the Simplisave loan and deposit portals enabling online pre-qualification and account opening. Distribution is augmented by participation in the CO-OP Shared Branch network, which extends member access to 5,000+ shared branches and 30,000 surcharge-free ATMs nationally, mitigating the geographic constraint of a regional branch footprint.

Revenue is generated primarily through net interest income on the loan portfolio (auto loans being the anchor product with up to 125% of MSRP/CARFAX retail financing), supplemented by deposit spread income, transaction and account fees (with an explicitly low-fee positioning), insurance commissions (TruStage GAP, life/disability, extended warranties), and investment/retirement product fees. The institution is NCUA federally insured, governed by a member-elected board of directors, and operates as a cooperative with profits returned to members through favorable rates rather than external shareholders.

Name

Members Credit Union

Legal name

Members Credit Union

Website

https://memcu.com

Company type

Private

Founded year

1953

Operating status

Operating

Headcount range

51–100 employees

Short description

Members Credit Union is a member-owned, not-for-profit financial cooperative headquartered in Winston-Salem, North Carolina, operating 16 branches and serving individual consumers and families with deposit products, auto and home loans, and ancillary insurance services.

Ownership category

akta.pro rank

Product category

Consumer Banking (Credit Union)

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

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

akta.pro secondary industry

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

Keywords

• Consumer banking services
• Credit union lending
• Auto loan financing
• Retail deposit products
• Mortgage and home equity

Headquarters

HQ city

Winston Salem

HQ country

United States

HQ region

North America

Offices17 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Primary revenue stream generated from interest on auto loans, home loans, home equity loans, personal loans, and credit cards. The credit union offers competitive rates on vehicle financing up to 125% of MSRP/retail value, with terms up to 96 months for auto loans.
2. Deposit Products: Income from savings accounts, checking accounts, money market accounts, and share certificates (CDs) where members' deposits provide the lending capital for the credit union's loan portfolio.
3. Fee Income: Various fees including minimum balance fees ($3/month if balance falls below $25), potential ATM fees at non-network ATMs, and other service charges. The credit union emphasizes low fee structure compared to traditional banks.
4. Insurance Products: Revenue from ancillary insurance products including Guaranteed Asset Protection (GAP) insurance through TruStage, credit life and disability insurance, and extended warranty programs offered with auto loans.
5. Investment Services: Revenue from investment and retirement products including IRAs, mutual funds, stocks, and financial planning services offered through the credit union's financial advisors.

Pricing tiers

Distribution channels8 records

Marketing channels8 records

Core offering

Members Credit Union is a not-for-profit, member-owned cooperative that delivers consumer banking products and services to individuals and families across North Carolina. Its core offering includes deposit products (checking, savings, money market, share/IRA certificates, IRAs), consumer loans (auto purchase, auto refinance, private-party auto, home equity, mortgage, student, personal line of credit, debt consolidation, home improvement, savings/certificate-secured loans), Visa credit and debit cards, and ancillary insurance products (GAP, credit life and disability, extended warranty, home warranty). Members access these via approximately 16 branches, the CO-OP shared branching network, online banking, and dedicated mobile apps.

Product overview

Members Credit Union operates as a single-institution credit union offering a comprehensive suite of financial products organized across five core service lines: Deposit products (Checking Accounts, Regular Savings, Super 60 Savings, Money Market Accounts, Youth Accounts, Christmas/Vacation Club, Share Certificates, and IRAs), Lending products (New and Used Auto Loans, Auto Refinance, Private Party Auto Loans, Home Equity Loans, Highlands Home Mortgage, Equity Access Line of Credit, Student Loans, Personal Line of Credit, Home Improvement Loans, and Debt Consolidation Loans), Insurance and Protection products (Life and Disability Insurance, Credit Life and Disability Insurance, GAP Insurance, Extended Warranty Program, and Home Warranty powered by Coverly), and Digital Banking products (MEMCU Mobile App, CardNav Mobile App, and Online Banking). The credit union also provides access through CO-OP Shared Branch Network for expanded ATM and branch access. The product architecture is a traditional credit union model where members access services through physical branches, digital banking channels, and the CO-OP network, rather than a modular platform with add-on packages.

Differentiator

Problem solved

Functional benefit

Products and services

• New and Used Auto Loans Fixed-rate auto loan financing for the purchase of new and used vehicles, available to credit union members across North Carolina.
• Auto Refinance Loans Refinancing product that lets members replace an existing auto loan with a new credit-union loan, with a single rate applied across new, used, and refinanced vehicles.
• Private Party Auto Loans Auto loan used to finance a vehicle purchased directly from a private seller rather than a dealership, available to eligible members.
• Home Equity Loans Lump-sum, fixed-term loan product secured by the equity in a member's primary residence, used for home improvement, debt consolidation, or other purposes.
• Highlands Home Mortgage First-lien residential mortgage product offered by Members Credit Union to members purchasing or refinancing a primary residence.
• Equity Access Line of Credit (E2) Revolving home equity line of credit secured by the member's home, providing flexible access to funds on an as-needed basis.
• Student Loans Education loan product designed to help student members finance higher education expenses.
• Personal Line of Credit / Visa Credit Card Unsecured revolving credit product issued as a Visa credit card and personal line of credit for everyday consumer borrowing.
• Home Improvement Loan Personal loan product used by members to finance home renovation or repair projects.
• Debt Consolidation Loan Personal loan product that allows members to consolidate higher-rate debts into a single credit-union loan.
• Savings or Certificate Secured Loan Loan product collateralized by funds held in the member's share savings or share certificate account, used to build or rebuild credit.
• Checking Accounts Standard checking account product for daily consumer banking, including check, debit card, and online bill-pay access.
• MyFi Checking Specialty checking account product offered as a differentiated consumer banking option under the MyFi brand.
• Regular Savings Account Standard share savings account that establishes the member's primary ownership stake in the credit union.
• Super 60 Savings Specialty savings account product targeting members age 60 and older with a tiered interest rate structure.
• Money Market Account Money market deposit account offering tiered interest rates for members seeking higher yields than a standard savings account.
• Youth Accounts Deposit account products designed for minor children and youth members to begin a credit-union relationship.
• Christmas/Vacation Club Account Goal-based seasonal savings account used by members to set aside funds for holidays or vacations.
• Share Certificates Term-deposit certificate of deposit (CD) product offered to members with fixed maturities and rates.
• IRA Certificates Term-deposit Individual Retirement Account certificate product designed for retirement savings.
• Individual Retirement Accounts (IRAs) Tax-advantaged Individual Retirement Account deposit product offered to members for retirement savings.
• Visa Debit Card Visa-branded debit card linked to the member's checking account, with card controls delivered through the CardNav mobile app.
• Credit Life and Disability Insurance Optional insurance coverage that pays off or covers loan payments if the borrower experiences death, disability, or involuntary unemployment.
• GAP Insurance Optional Guaranteed Asset Protection insurance that covers the difference between an auto loan balance and insurance payout in the event of a total loss.
• Extended Warranty Program Optional extended service contract product that provides mechanical breakdown coverage beyond the manufacturer's warranty for financed vehicles.
• Home Warranty Powered by Coverly Home warranty product powered by Coverly that covers repair or replacement of home systems and appliances.

Quantifiable outcome

• 3.99% APR starting rate on auto loans
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Children's Cancer Partners of the CarolinascoreStrategic or Co-development PartnerLong-term charitable partnership through the annual 'Be The Hero' summer fundraiser campaign. Over three years, Members Credit Union has raised over $110,000 for CCP, including a record $38,500 donation in 2025. The partnership supports children and families battling pediatric cancer by providing financial assistance, travel support for treatment, and emotional care services. MCU matches member donations dollar-for-dollar.
• GreenlightminorGTM or Marketing PartnerPartnership to offer the Greenlight kids money app and debit card to members. Greenlight provides a financial app and debit card designed for children and teens, allowing parents to manage allowances, set spending limits, and teach financial literacy. Promoted through member discounts section of website.
• CO-OP Shared Branch NetworkcoreChannel Partner/ Reseller/ DistributorCredit union service organization providing shared branching and surcharge-free ATM access. MCU members can access over 5,000 shared branch locations and nearly 30,000 surcharge-free ATMs nationwide. Services include deposits, transfers, account inquiries, cash withdrawals, and balance inquiries. Text-a-zip service available at 91989.
• TruStagecoreStrategic or Co-development PartnerInsurance partner providing Guaranteed Asset Protection (GAP) insurance on auto loans. If a vehicle is totaled due to accident or theft, GAP insurance covers the difference between actual cash value and outstanding loan balance. TruStage also provides $1,000 toward a down payment on the next vehicle when members finance at MCU.
• ABC of NC (Autism Behavior Center)minorStrategic or Co-development PartnerCommunity partnership supporting ABC of NC through volunteer events like IGNITE Training Day. ABC of NC provides services for children with autism. MCU staff participate in fundraising and volunteer activities to support the organization's mission.
• CoverlyminorStrategic or Co-development PartnerHome warranty provider partnership offering Members Credit Union members access to home warranty plans. Coverly provides coverage for major home systems and appliances, protecting homeowners from unexpected repair costs.
• Hanesbrands Credit UnionminorChannel Partner/ Reseller/ DistributorAffinity credit union partnership serving Hanesbrands employees. MCU administers Hanesbrands CU-branded debit cards. Separate lost/stolen card reporting line at (855) 786-5777 for Hanesbrands-branded cards.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Truist Financial:
• State Employees' Credit Union (SECU): SECU is North Carolina's largest credit union, serving state employees and the broader community. Both institutions operate as NC-based consumer credit unions with deposit, lending, and digital banking services targeting retail members across overlapping geographic markets.
• Coastal Federal Credit Union: Coastal Federal is a large North Carolina credit union with a comprehensive consumer banking and lending suite. Both institutions target NC retail members with auto loans, mortgages, and high-yield deposit products, overlapping in shared branching and competitive pricing.
• Wells Fargo (Consumer Banking): Wells Fargo is a national commercial bank with significant consumer deposit, auto lending, and mortgage operations across North Carolina. It competes with Members Credit Union for retail deposits, auto financing, and home loan volume in the same NC geographies.

Direct peers

• Truliant Federal Credit Union: Truliant is a mid-sized NC-based credit union offering deposit accounts, auto loans, mortgages, and digital banking. It directly competes with Members Credit Union for consumer members in the Triad and broader North Carolina market.
• Self-Help Credit Union: Self-Help Credit Union operates in North Carolina with consumer lending, deposit products, and community-development focus. It directly overlaps with Members Credit Union in NC retail banking and auto/home lending, though with a greater community-development emphasis.
• First Carolina Credit Union: First Carolina CU is a smaller NC credit union serving members in the eastern and central parts of the state. It competes directly with Members Credit Union for retail deposit, auto loan, and mortgage business among community-based members.

Regional players

• Langley Federal Credit Union: Langley Federal CU is a Hampton Roads, Virginia-based credit union with a comparable mid-sized retail banking model — consumer deposits, auto loans, mortgages, and digital banking — but operating primarily in a different geographic footprint.
• Local Government Federal Credit Union (LGFCU): LGFCU serves North Carolina local government employees and their families with deposit and consumer lending products. Comparable to Members Credit Union in NC consumer focus, although anchored to public-sector employer sponsorship.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MembersCU
• Facebookfacebook.com/MembersCU

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

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 Members Credit Union