First Education Federal Credit Union

What First Education Federal Credit Union does

First Education Federal Credit Union is a not-for-profit, member-owned financial cooperative chartered in 1947 and headquartered in Cheyenne, Wyoming. It provides retail banking, consumer lending, and wealth services exclusively to individuals who live, work, attend school, or worship in Laramie County, Wyoming, or have family members who do. The product portfolio spans three tiers of checking accounts (Free, Choice, Premium), a broad savings suite (Regular Shares, Money Market, Share Certificates, IRAs, youth and club accounts), and a full consumer lending book (auto, home, personal, debt consolidation, Visa Platinum credit card, and FirstCash short-term emergency loans up to $1,200). Member services are delivered through a single physical branch at 120 W. Carlson St. with a second south Cheyenne branch under construction for 2027, an in-house phone/contact center, and the AirTeller digital banking platform (iOS/Android) supported by iPay bill pay, P2P transfers, BluePay loan payments, My Credit Manager credit monitoring with $1M ID-theft insurance, and digital wallet support (Apple Pay, Google Pay, Samsung Pay). \n\nThe business model is a cooperative spread model: net interest income on the lending book (4.49%-27% APR across product tiers) and deposit funding (0.001%-3.500% APY) is the primary revenue engine, supplemented by account service fees, overdraft, stop payment, and paper statement fees, and by referral income from Credit Union Wealth Group (advisory) and TruStage (auto/home insurance). The credit union returns profits to members via the 0.50% relationship APR discount, in-house loan servicing, and member ownership with voting rights. Distribution is omnichannel: one physical branch, the AirTeller app and web platform, and the CO-OP shared branching network (Blue FCU, UniWyo FCU, Western Vista FCU, WyHy FCU locally). Marketing emphasizes financial education (Banzai, podcast hosted by President Jim Yates, blog), community sponsorships (Laramie County School District 1, Wyoming Hunger Initiative, LCCC scholarship), and grassroots trust rather than paid acquisition.

Name

First Education Federal Credit Union

Legal name

First Education Federal Credit Union

Website

https://firstedfcu.com

Company type

Private

Founded year

1947

Operating status

Operating

Headcount range

11–50 employees

Short description

First Education Federal Credit Union is a not-for-profit, member-owned cooperative founded in 1947 that provides deposit accounts, consumer loans, mortgages, and wealth services to individuals who live, work, study, or worship in Laramie County, Wyoming, through one branch and the AirTeller digital platform.

Ownership category

akta.pro rank

Product category

Community Credit Union

NAICS

Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

Keywords

• Retail banking services
• Consumer lending
• Credit union services
• Deposit accounts
• Mortgage lending

Headquarters

HQ city

Cheyenne

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Primary revenue stream from spread between interest earned on loans (auto, home, personal, credit cards) and interest paid on deposits (checking, savings, certificates, IRAs). Not-for-profit cooperative model returns profits to members through better rates.
2. Deposit Account Fees: Monthly service fees on certain checking accounts (Choice Checking $5/month if balance falls below $1,000; Premium Checking fee if below $2,500), overdraft fees, stop payment fees, and paper statement fees ($3/statement for those wanting both paper and e-statements).
3. Credit Card Fees: Late payment fees ($20), foreign transaction fees (1% of transaction amount). No annual fee, no application fee, no cash advance fee.
4. Wealth Management Referrals: Referral arrangement with Credit Union Wealth Group for investment and financial planning services. Services include 401(k), IRA, Social Security planning, budgeting, education planning, ETFs, insurance analysis, managed portfolios, mutual funds, and portfolio reviews.
5. Insurance Referrals: Referral partnership with TruStage for auto and home insurance products marketed to credit union members.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

First Education Federal Credit Union is a not-for-profit, member-owned financial cooperative that delivers retail banking services to residents, workers, students, and worshippers in Laramie County, Wyoming. Its core offering is a complete consumer banking suite including tiered checking accounts, multiple savings products (Regular Shares, Money Market, Share Certificates, IRAs), debit and credit cards, and a full range of consumer loans (auto, home, personal, and FirstCash short-term emergency loans). Banking is delivered through a single physical branch in Cheyenne, the AirTeller digital banking platform, and access to the CO-OP shared branching network, with supplementary services in wealth management referrals, insurance, credit monitoring, and financial education.

Product overview

First Education Federal Credit Union is a not-for-profit financial cooperative offering a comprehensive suite of banking and lending products primarily to members in Laramie County, Wyoming. The core product portfolio centers on deposit accounts (checking with three tiers, multiple savings account types including youth and club accounts, money market, certificates, and IRAs) and lending products (auto loans with pre-approval, home mortgages with in-house servicing, personal loans, credit cards, and FirstCash emergency loans). Member-facing digital services are anchored by the AirTeller platform for mobile/online banking, supplemented by digital wallet support (Apple Pay, Google Pay, Samsung Pay), bill payment via iPay, and card management tools. Additional services include wealth management through Credit Union Wealth Group, credit monitoring via My Credit Manager, TruStage insurance, and community-focused financial education through Banzai. The credit union distinguishes itself through relationship-based service, local decision-making, and member ownership structure.

Differentiator

Problem solved

Functional benefit

Products and services

• Checking Accounts Three-tier checking account suite: Free Checking (no minimum balance, free online banking and bill pay, debit card with rewards), Choice Checking (earns dividends, free checks, unlimited ATM transactions, $1,000 minimum to waive $5 monthly fee), and Premium Checking (higher dividends, ATM fee refunds, free checks, $2,500 minimum to waive monthly fee). Available to Laramie County members.
• Savings Accounts Multiple savings account types including Regular Shares, Auxiliary Shares, Pirates Treasure (youth accounts with deposit matching), Education Club, Christmas Club, Money Market, Share Certificates (6-60 month terms), and Individual Retirement Accounts (IRAs). Federally insured to at least $250,000 by NCUA.
• Visa Debit Card EMV chip-enabled debit card usable worldwide at Visa locations. Features include Extra Awards points on signature-based purchases, instant card replacement, instant PIN reset, and the Round Up and Save automatic savings program.
• Visa Platinum Credit Card Rewards credit card earning 1 Extra Awards point per $1 on signature-based purchases. Benefits include auto rental collision damage waiver, travel emergency assistance, and extended warranty protection. Same-day in-house issue/replacement, no annual fee, adjustable credit limits starting at $250, 8.99%-16.99% APR.
• Auto Loans Vehicle financing for new, used, and recreational vehicles. Offers pre-approval (60-day validity) with known budget and rate before dealership shopping. GAP insurance and extended warranties available at 25-50% below dealership pricing. Real-time text communication with loan coach. Rates of 4.49%-15.49% APR new and 4.99%-16.9% APR used, terms 48-84 months.
• FirstCash Loans Short-term emergency loans available 24/7 with no credit score required. Approval and funding in under 1 minute. Loans up to $1,200 with up to 12-month repayment at 27% interest. $20 application fee. Requires 90-day membership and active account.
• Home Loans Comprehensive mortgage suite including first mortgage, fixed rate second mortgage (up to 180 months), home equity line of credit (up to 60 months), home improvement loans, and land loans. Loans serviced in-house and never sold. Mortgage team includes licensed originators. 30-year mortgages with terms up to 360 months supported through partner Pivot Lending Group.
• Personal Loans Flexible personal financing for vacations, debt consolidation, and unexpected expenses. Offers closed-end loans/lines of credit (9.99%-16.99% APR, 12-60 months) and debt consolidation loans (11.99%-16.99% APR, 60-84 months). Lines of credit can attach to checking for overdraft protection.
• AirTeller Online and Mobile Banking Mobile and online banking platform with consistent functionality across devices. Features include fingerprint/PIN login, transaction search with notes and tags, bill payment, P2P transfers, balance viewing, fund transfers, ATM locator, and Card Management. Available on iOS (App Store) and Android (Google Play).
• Wealth Management Services Financial planning services through advisor Evan Kulak including 401(k), IRA, Social Security planning, budgeting, cash management, education/college planning, ETFs, insurance analysis, managed portfolios, mutual funds, portfolio reviews, and retirement planning. Investment accounts custodied at Altruist Financial and Interactive Brokers.
• TruStage Auto and Home Insurance Insurance program through TruStage Insurance Agency designed exclusively for credit union members. Provides auto and home insurance with discounted rates, online convenience, and 24/7 claims service.
• Bill Payment Service Free bill payment service via iPay, integrated in AirTeller. Allows scheduling of one-time or recurring payments to any US company. Supports payments to individuals via email. No per-transaction or monthly fees.

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

Feature5 records

Partnerships

Four partnerships are on record, tiered minor.

• Pivot Lending GroupminorStrategic or Co-development PartnerTrusted mortgage lending partner for 30-year mortgages with terms up to 360 months. Handles mortgage applications for products beyond First Education's in-house capabilities.
• TruStageminorGTM or Marketing PartnerTruStage Auto & Home Insurance Program offered exclusively to credit union members. Provides affordable auto and home insurance with discounted rates, online convenience, and 24/7 claims service. Offered through TruStage Insurance Agency, LLC.
• Enterprise Car SalesminorGTM or Marketing PartnerRecommended haggle-free certified used car purchase option for members. Enterprise Car Sales offers credit union members special pricing and vehicle selection.
• Blue FCU, UniWyo FCU, Western Vista FCU, WyHy FCUminorChannel Partner/ Reseller/ DistributorCO-OP shared branching partners in Cheyenne allowing members to conduct most transactions at participating credit union locations nationwide.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• UniWyo Federal Credit Union: Laramie County, Wyoming-based community credit union serving the University of Wyoming and broader Laramie County community; a direct geographic peer sharing the same eligible field of membership and operating in the same local shared-branching network.
• Blue Federal Credit Union (Blue FCU): Cheyenne-headquartered community credit union and a listed CO-OP shared-branching partner; directly competes for the same Laramie County consumer banking relationships with comparable deposit, lending, and digital product sets.
• Western Vista Federal Credit Union: Cheyenne-area community credit union operating as a shared-branching partner; serves an overlapping Laramie County member base with similar deposit and consumer lending offerings.
• WyHy Federal Credit Union: Wyoming-based community credit union headquartered in Cheyenne with shared-branching reciprocity; a direct local competitor sharing the same eligible-member geography and product mix.
• Alliant Credit Union: Digital-first community-charter credit union serving a geographically diverse field of membership; comparable member-owned cooperative model and demonstrates the digital operating capability First Education aspires to via the AirTeller platform.
• SchoolsFirst Federal Credit Union: Federally chartered, education-affinity community credit union with deep roots in serving teachers, school employees, and education-sector members — directly comparable to First Education's name and 'education' mission heritage, with a similar full-service consumer banking product set.

Regional players

• Baja Federal Credit Union (formerly Warren FCU): Wyoming-chartered community credit union operating in adjacent Wyoming markets; comparable institutional structure, member-owned cooperative model, and focus on consumer deposit and lending products.
• Bellco Credit Union: Colorado-based community credit union with a comparable community-charter, member-owned model, full deposit and lending suite, and a similar small-to-mid-sized scale; a useful operating-model benchmark for First Education's growth trajectory.

Broad incumbents

• Ent Credit Union: Colorado Springs-headquartered community credit union significantly larger than First Education but sharing the community-charter, member-owned structure and full-service consumer banking model; illustrates the scale-up archetype for a regional community credit union.
• Mountain America Credit Union: Utah-based member-owned credit union operating broadly in the Mountain West with full deposit, lending, wealth, and insurance services; demonstrates the broader product ecosystem First Education could expand into through partnerships as it scales.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/firstedfcu
• LinkedInlinkedin.com/company/first-education-federal-credit-union

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 First Education Federal Credit Union