Town of Hempstead EFCU

What Town of Hempstead EFCU does

Town of Hempstead Employees Federal Credit Union (TOHEFCU) is a federally chartered, member-owned cooperative credit union founded in 1963 by ten Town of Hempstead employees who each contributed $1,000. Headquartered at 1830 Grand Avenue, Baldwin, New York, the institution serves 9,500 members drawn from a defined field of membership that includes employees of the Town of Hempstead, six incorporated villages (Atlantic Beach, East Rockaway, Freeport, Hempstead, Island Park, Lynbrook), sanitary and library districts, volunteer fire departments, the South Shore Association For Independent Living, the Baldwin Chamber of Commerce, and their extended families. Membership eligibility has been in place for over 60 years and is the structural foundation of the institution's go-to-market.

TOHEFCU operates two physical branches (Baldwin main office and a limited-hours Hempstead Town Hall branch) and runs a digital banking stack on NCR's IFS Banking platform with native iOS and Android applications. Core deposit products include free checking, tiered savings and money market, Christmas/Vacation and Kids Club accounts, and certificates up to 60 months. The lending suite spans 30-year fixed mortgages, HELOCs, home equity loans up to $500,000, new and used auto loans starting at 4.69% APR, motorcycle/RV/boat loans up to 180 months, personal and bill-consolidation loans, and Visa Classic and Preferred cards. Embedded digital services include SavvyMoney credit monitoring, Money Management aggregation and budgeting, Zelle P2P, Apple/Google/Samsung Pay, Card Controls, Mobile Remote Deposit, and Online Bill Pay; partner-led offerings include Legal Karma estate planning, TruStage insurance, GrooveCar auto buying, Enterprise Car Sales, Allpoint ATMs, and CO-OP Shared Branching access to 7,000+ nationwide locations.

Revenue is generated primarily through net interest spread on the loan portfolio (auto, mortgage, and consumer lending) and a published schedule of transaction fees (overdraft, wires, ATM, stop payment, medallion signature guarantee, coin counter). All earnings above retained earnings are returned to members as dividends consistent with cooperative structure. The institution also operates a wholly-owned CUSO, TOHEFCU Advisory Services LLC, delivering financial planning, retirement, insurance, and investment advisory services. The credit union has crossed $140 million in assets while operating with a lean team of 1-10 employees, distributing products via direct-to-consumer web and mobile channels and through community-led employer-partner acquisition across Long Island.

Name

Town of Hempstead EFCU

Legal name

Town of Hempstead Employees Federal Credit Union

Website

https://tohefcu.org

Company type

Private

Founded year

1963

Operating status

Operating

Headcount range

1–10 employees

Short description

Town of Hempstead Employees Federal Credit Union is a federally chartered, member-owned cooperative founded in 1963 that serves 9,500 municipal employees of the Town of Hempstead and affiliated Long Island employer groups with deposits, consumer and mortgage lending, and digital banking.

Ownership category

akta.pro rank

Product category

Credit Union Services (Community Banking)

NAICS

Credit Unions (522130), Credit Card Issuing (522210)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Employer/Occupational Credit Unions (FSABAEAB)

Keywords

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

Headquarters

HQ city

Baldwin

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

Revenue model

1. Interest Income on Loans: The primary revenue driver is interest income from the loan portfolio, including real estate mortgages (up to 80% LTV, 15-30 year terms), home equity loans and HELOCs (up to $500,000), auto loans (up to 100% of purchase price, terms up to 96 months), motorcycle/RV/boat loans (up to 180 months), personal loans, credit cards (Visa Classic and Visa Preferred at 9.9% APR), and bill consolidation loans ($30,000 at 9.9% for 84 months). Interest rates vary by product and creditworthiness.
2. Fee Income: Extensive fee schedule generates income from overdraft fees ($30 returned item, $25 courtesy pay), wire transfers ($35 outgoing, $5 incoming), ATM fees ($1.25 per transaction except TOHEFCU ATMs), stop payments ($30-$45), check printing, medallion signature guarantee ($20), account reconciliation ($25/hour), holiday club withdrawal ($5), vacation club excessive withdrawal ($5), and coin counter processing. Many core services are free (checking, online banking, bill pay, notary).
3. Deposit-Based Revenue (Spread Income): Revenue is generated from the spread between interest paid on deposits (savings at 0.05% APY, money market up to 0.50% APY, certificates up to 4.07% APY) and interest earned on loans (auto from 4.69% APR, mortgages from 5.25%, credit cards up to 9.9%). As a credit union, deposits are share accounts and all earnings above retained earnings are returned to members as dividends.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Town of Hempstead Employees Federal Credit Union (TOHEFCU) is a federal credit union that provides full-service retail banking and lending products to employees of the Town of Hempstead, select employer groups, and their family members on Long Island. Core offerings include deposit accounts (savings, checking, money market, certificates, club accounts), consumer loans (auto, mortgage, home equity, personal, credit cards, recreational vehicle loans), and digital banking services (online banking, mobile apps with remote deposit, Zelle, mobile wallets, card controls, and money management). Insurance and estate planning are delivered through partner integrations with TruStage and Legal Karma.

Product overview

Town of Hempstead Employees Federal Credit Union (TOHEFCU) is a full-service financial institution offering a comprehensive suite of banking products and services. The credit union provides core deposit products including Savings Accounts, Money Market Accounts, Christmas & Vacation Club Accounts, and Kids Club Accounts, as well as Certificates of Deposit (CDs) and Flex Certificates. On the lending side, TOHEFCU offers First Mortgages, Home Equity Loans, HELOCs, Visa Credit Cards (Classic and Preferred), Auto Loans, Motorcycle/RV/Boat Loans, Personal Loans, Lines of Credit, Overdraft Lines of Credit, and Bill Consolidation Loans. The institution's digital banking platform includes Online Banking, Mobile Banking (iOS/Android apps), Mobile Remote Deposit, TOHEFCU TEXT Mobile, and Card Controls. Payment services encompass Zelle P2P payments, Apple Pay, Google Pay, Samsung Pay mobile wallets, Online Bill Pay, and Funds Transfer. Additional services include Credit Score (SavvyMoney), Money Management tools, UChoose Rewards program, Wills and Trusts (Legal Karma), Advisory Services, and insurance products through TruStage. The credit union serves Town of Hempstead employees and select employee groups across Long Island with 9,500 members and $140+ million in assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Account Primary share savings account required for membership with a $5.00 minimum balance, daily dividend calculation, and family eligibility.
• Money Market Account Tiered-yield liquid savings account with $2,500 minimum balance, no monthly fee, and limited check-writing privileges (6 checks/month, $250 minimum).
• Christmas & Vacation Club Account Specialized purpose-based savings accounts with automatic deposit options and withdrawal restrictions to help members save for holidays and vacations.
• Kids Club Account Savings account for children with $5 opening deposit, designed to teach savings habits with dividends calculated daily and paid quarterly.
• Free Checking Account No-fee checking account with no monthly service fee, no minimum balance, free Visa Debit card with UChoose rewards, Courtesy Pay option, and free checks for life with direct deposit.
• Visa Debit Card Combo debit/ATM card accepted worldwide with access to surcharge-free All Point ATMs and the UChoose rewards program.
• Certificate of Deposit (CD) Term share certificates with terms of 6, 9, 10, 12, 15, 18, 24, 30, 36-48, and 60 months, $1,000 minimum deposit, monthly dividend payments, and fixed rates up to 4.07% APY.
• Flex Certificate Flexible certificate option with 36-48 month terms and $1,000 minimum deposit offering members more control over their funds.
• First Mortgage Fixed-rate residential mortgages up to 80% LTV with 10, 15, 20, or 30-year terms and rates as low as 5.250%-5.500% APR, processed via the Wolters Kluwer platform.
• Home Equity Loan Fixed-term second-mortgage loans up to 80% of home equity with 5, 10, 15, or 20-year terms and loan amounts up to $500,000.
• Home Equity Line of Credit (HELOC) 10-year draw/15-year repayment revolving line from $10,000-$500,000 with variable rates (4.490% intro for 18 months, then prime) and check-writing access.
• Visa Classic Credit Card Credit card with a 25-day grace period, low competitive rate, worldwide acceptance, 1.99% intro APR for 6 months, and UChoose rewards.
• Visa Preferred Credit Card Low-rate credit card at 9.9% APR with 1.99% introductory APR for 6 months and UChoose rewards.
• Auto Loan New and used auto loans financing up to 100% of purchase price including taxes, title, and tags, with terms up to 96 months, rates as low as 4.69% APR, and no pre-payment penalties.
• Motorcycle, RV and Boat Loan Financing up to 100% of purchase price including taxes, title, and tags, with pre-approvals, low competitive rates (6.29%-8.49% APR), and terms up to 180 months.
• Personal Loan (Signature Unsecured) Unsecured personal loans with fixed payment and term, competitive rates from 9.9% to 14.99% APR, and seasonal specials available.
• Line of Credit Loan Open-end revolving credit line for convenient borrowing at 15.75% APR with no collateral required and funds available as balance is repaid.
• Overdraft Line of Credit Credit protection for checking accounts with limits from $500 to $5,000, automatically advanced for overdrafts at 12.75% APR with a $2.00 fee per advance.
• Bill Consolidation Loan Debt consolidation loan up to $30,000 for 84 months at 9.9% APR to pay off high-interest debt with a single monthly payment.
• Loan Protection Insurance (Credit Life and Disability) Insurance products that may pay off or reduce eligible loan balance upon death (Credit Life) or cover monthly loan payments if the borrower becomes totally disabled (Credit Disability), with premiums included in monthly payments.
• Online Banking 24/7 web-based account access with real-time balances, check imaging, fund transfers, loan payments, automatic transfers, multi-factor logon security, email notifications, and eStatements.
• Mobile Banking App Native iOS and Android applications for iPhone, iPad, Android phone, and Android tablet providing full account access, bill pay, mobile check deposit, card controls, money management, and text banking.
• Zelle P2P Payments Fast, safe, and easy peer-to-peer payment service integrated into online and mobile banking for sending and receiving money.
• External Funds Transfer External funds transfer service enabling moves between TOHEFCU checking and accounts at 23,000+ other financial institutions, with one-time, recurring, or future-dated options.
• Online Bill Pay Free bill payment service with email notifications, automatic payment scheduling, and online reports allowing members to pay nearly anyone in the United States.
• Wire Transfer Service Domestic wire transfer services for outgoing ($35) and incoming ($5) transfers processed through Alloya Corporate FCU correspondent banking.
• CO-OP Shared Branching CO-OP Shared Branch Network membership providing members access to over 7,000 participating financial institution locations nationwide for deposits, withdrawals, transfers, and account inquiries.
• Wills and Trusts (Estate Planning) Estate planning service powered by Legal Karma offering Will Package and Living Trust Package options with member-exclusive pricing, step-by-step guidance, secure encrypted platform, and unlimited member support.
• TOHEFCU Advisory Services Financial planning, retirement guidance, insurance advice, and diverse investment opportunities delivered through TOHEFCU Advisory Services, LLC, a wholly owned credit union service organization.

Quantifiable outcome

• Auto loan rates as low as 4.69% APR for 2025-2026 new vehicles (60-month term)
• +4 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration17 records

Feature7 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• GrooveCarcoreChannel Partner/ Reseller/ DistributorGrooveCar is an online auto buying platform partner that provides TOHEFCU members with access to a comprehensive vehicle shopping experience. The credit union directs members to tohefcu.groovecar.com for pre-approved auto loans and vehicle purchases. The partnership enhances the auto loan product by providing a full buying experience, not just financing.
• Enterprise Car SalescoreChannel Partner/ Reseller/ DistributorEnterprise Car Sales is a pre-owned vehicle dealership partnership providing TOHEFCU members access to Enterprise's used car inventory. The local Enterprise office is at 179 North Franklin Street, Hempstead, NY 11550. Members can browse the full inventory online with a dedicated credit union rate code (CUR=TownofHempsteadEmployeesFCU).
• Legal KarmacoreStrategic or Co-development PartnerLegal Karma provides an online estate planning platform (Wills and Trusts) exclusively for TOHEFCU members, offering Will Package and Living Trust Package options. The service includes a step-by-step guided process, secure and encrypted platform, unlimited member support, flexible payment options, and member-exclusive pricing. Members can schedule free consultations with specialists.
• TruStage (Trustage)coreChannel Partner/ Reseller/ DistributorTruStage offers a range of insurance products to TOHEFCU members including Accidental Death & Dismemberment (AD&D) with guaranteed acceptance and no health questions, and Auto Insurance with customizable coverage, 24-hour claims assistance, and multi-policy discounts. TOHEFCU's partner Trustage offers these products directly to members at member-exclusive pricing.
• OwnersChoiceminorChannel Partner/ Reseller/ DistributorOwnersChoice is a mortgage referral partner for members who do not meet TOHEFCU's direct mortgage qualifications. Referred members can apply through OwnersChoice for mortgage products not available directly through the credit union.
• Wolters KluwercoreTechnology or IntegrationWolters Kluwer provides the online mortgage application platform for TOHEFCU's first mortgage products. Members are directed to the Wolters Kluwer SmartForm platform (onlineapplication.wolterskluwer.com) to complete mortgage applications with formCode=mortgageapplication and clientID=44364TownOfHempsteadEmployeesFCU.
• CO-OP Shared Branching NetworkcoreChannel Partner/ Reseller/ DistributorThe CO-OP Shared Branching Network enables TOHEFCU members to perform transactions at over 7,000 participating financial institutions nationwide, including deposits, withdrawals, transfers, and account inquiries. This extends the credit union's physical presence far beyond its two local branches, making it available nationally for members who relocate or travel.
• SavvyMoneycoreTechnology or IntegrationSavvyMoney provides real-time credit score monitoring, credit reports, and credit monitoring alerts integrated directly into TOHEFCU's online and mobile banking platforms. Available free to all members, with daily score updates, personalized credit reports, credit score simulator, and special credit offers.
• LendKeyminorChannel Partner/ Reseller/ DistributorLendKey provides student loan refinancing options for TOHEFCU members through partner.lendkey.com/tohefcu/refinance. This complements the credit union's lending product suite with student loan products sourced through the LendKey platform.
• Love My Credit Union RewardsminorGTM or Marketing PartnerLove My Credit Union Rewards is a national credit union affinity program offering exclusive discounts and savings to credit union members. TOHEFCU promotes this program to its members as an additional benefit of membership.
• TOHEFCU Advisory Services, LLCcoreStrategic or Co-development PartnerTOHEFCU Advisory Services, LLC is a credit union-formed limited liability company partnered with a trusted long-time business associate to provide members with comprehensive financial planning, retirement guidance, insurance advice, and diverse investment opportunities. Contact: [email protected] or text 516-747-5210.
• Alloya Corporate FCUcoreTechnology or IntegrationAlloya Corporate FCU (184 Shuman Boulevard, Suite 400, Naperville, IL 60563; ABA# 271987635) serves as the correspondent banking partner for TOHEFCU's wire transfer services. Alloya processes incoming and outgoing wire transfers on behalf of the credit union, providing the infrastructure for domestic and potentially international wire transfers.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bethpage Federal Credit Union: The largest credit union on Long Island with $10B+ in assets, serving a broad community-based membership across Long Island and beyond. Most direct geographic and product-set peer to TOHEFCU, demonstrating the upper-bound scale a Long Island federal credit union can reach.
• Island Federal Credit Union: Long Island-headquartered federal credit union serving a similar geographic market with a comparable full-service product suite (deposits, mortgages, auto loans, credit cards). Direct peer competing for overlapping member demographics in the same regional service area.
• TruPoint Credit Union: Long Island-area credit union (formerly NEFCU, serving Nassau educators and the broader community) operating in the same geographic footprint. Closely comparable in mission, product breadth, and member-ownership model.
• SchoolsFirst Federal Credit Union: California-based employer/occupational credit union serving school employees and their families — a textbook example of the select-employee-group model that TOHEFCU also operates. Provides a benchmark for how an occupational credit union scales through employer group expansion.
• Digital Federal Credit Union (DCU): Massachusetts-based federal credit union with employer-group heritage that has evolved into a digitally-led, multi-state credit union. Comparable in core cooperative/employer-affiliated identity while illustrating a higher-scale operating model.
• Wings Financial Credit Union: Minnesota-based employer-affiliated federal credit union originally serving airline employees and now serving a broad select-employee-group membership. Closely analogous in employer-group charter, full-service offering, and member-ownership model.
• Quorum Federal Credit Union: Employer-affiliated federal credit union offering deposit, lending, and digital banking products to a defined membership community. Direct comparability on cooperative structure, employer-group origins, and product breadth.
• Alliant Credit Union: Large digital-first credit union serving a national membership with a comprehensive digital banking platform (mobile apps, card controls, Zelle, mobile wallets). Useful peer for benchmarking digital banking expectations and competitive intensity.
• Suncoast Credit Union: Florida-headquartered credit union with employer-group origins (Publix employees) that has scaled into a large, full-service institution. Comparable cooperative structure, employer-affiliated charter, and full product offering at greater scale.

Broad incumbents

• Connexus Credit Union: Multi-state credit union with a large membership base and broad product suite including high-yield CDs, mortgages, and digital banking. Represents a larger, more diversified incumbent in the credit union competitive set.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/tohefcu
• LinkedInlinkedin.com/company/town-of-hempstead-employees-federal-credit-union

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

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 Town of Hempstead EFCU