Funeral Service Credit Union

What Funeral Service Credit Union does

Funeral Service Credit Union (FSCU) is a federally chartered, not-for-profit financial cooperative founded on September 20, 1983 as IFDA Credit Union and headquartered at 915 S. Durkin Drive, Suite A, Springfield, Illinois. It operates under NCUA oversight with deposit insurance up to $250,000 per depositor and serves approximately 2,300 members nationwide, with membership eligibility restricted to individuals affiliated with funeral service industry associations including the Illinois Funeral Directors Association, National Funeral Directors Association, KAVOD (Independent Jewish Funeral Chapels), and Federated Funeral Directors of America. FSCU runs a branchless operating model, delivering all services by toll-free phone, fax, mail, and an online banking platform (Financial-Net), with surcharge-free ATM access via the CO-OP Network across 30,000+ U.S. locations.

The product portfolio centers on traditional retail banking instruments — Share Savings, Checking (Share Drafts), Certificates of Deposit, Visa Classic and Premium credit cards, Christmas and Vacation Club accounts, and the PeeWee Kids Club for members' children (newborn to age 16). Lending products include new and used auto loans, motorcycle/RV loans, personal loans up to $7,500 at 14.50% APR, and the differentiated Professional Funeral Vehicle Financing for hearses, limousines, vans, and fleet vehicles, featuring no loan servicing fees, no document preparation fees, and no prepayment penalties. Technology integration is limited to standard credit union infrastructure: Financial-Net online banking, Visa card issuance, CO-OP ATM/shared branching, and The BLC Group for credit card processing.

Revenue is generated primarily through net interest income on the loan portfolio (lending is the dominant economic engine), credit card interchange and interest income, and certificate dividend funding spreads, with no monthly service fees on checking or savings and no minimum balance requirements. The go-to-market motion is community-led and employer-facilitated, relying on partnerships with funeral service associations for membership eligibility and on-site payroll deduction enrollment through member funeral homes. The institution is governed by a volunteer Board of Directors elected from the membership and operates with 1-10 employees, returning cooperative earnings to members via rate advantages rather than external investor returns.

Name

Funeral Service Credit Union

Legal name

Funeral Service Credit Union

Website

https://fscunet.org

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

1–10 employees

Short description

Funeral Service Credit Union is a federally chartered, not-for-profit cooperative serving approximately 2,300 members nationwide with savings, checking, certificates, credit cards, and specialized funeral vehicle financing. Membership is restricted to funeral service industry professionals and their families via association partnerships.

Ownership category

akta.pro rank

Headquarters

HQ city

Springfield

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest Income: Primary revenue stream from interest charged on auto loans, professional funeral vehicle loans, personal loans, and share-secured loans. Interest rates vary by loan type and term length.
2. Share Savings and Certificate Dividends: Interest paid to members on savings accounts and certificates of deposit, with dividends computed on average daily balances and paid quarterly or at maturity.
3. Visa Credit Card Fees: Revenue from Visa Classic and Premium credit card accounts including interchange fees and interest on carried balances.
4. Share Draft (Checking) Account Fees: No monthly service fees or per item fees; revenue derived from float and deposit balances held.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Funeral Service Credit Union is a not-for-profit financial cooperative serving funeral service industry professionals and their families nationwide. It offers a full suite of personal banking products including share savings accounts, checking accounts, certificates of deposit, Visa credit cards, and a range of consumer loans with a specialization in financing hearses, limousines, and other professional funeral vehicles. Membership is restricted to members, employees, and family members of affiliated funeral directors associations.

Product overview

Funeral Service Credit Union offers a unified suite of financial services primarily serving the funeral service industry. The product portfolio centers on traditional credit union offerings including Share Savings Accounts, Checking Accounts (Share Drafts), Certificates of Deposit, and VISA Credit Cards (Classic and Premium tiers). Loan products span automobile financing, motorcycle/RV loans, personal loans, and specialized Professional Funeral Vehicle Loans for hearses and limousines. The credit union also offers unique savings programs including the PeeWee Kids Club for children ages 0-16, Christmas Club, and Vacation Club accounts. All products are delivered through a membership-based model with services accessible by phone, fax, mail, and online banking, with no surcharges at CO-OP network ATMs.

Differentiator

Problem solved

Functional benefit

Products and services

• Share Savings Accounts Basic savings account allowing deposits and withdrawals at any time with quarterly dividend payments computed on average daily balance. For members of affiliated funeral service associations.
• Checking Accounts (Share Drafts) No-fee checking account with no monthly service fees, no per-item fees, and no minimum balance requirements. Monthly dividend paid on $1,000 daily balance.
• Certificates of Deposit Term deposits locking in higher dividend rates for set periods ranging from 6 months to 60 months, with $1,000 minimum to open. Includes PeeWee Club certificates for children at $500 minimum.
• VISA Classic Credit Card Credit card with no annual fee, no minimum finance charge, no balance transfer fee, and no transaction fee for cash advances at 13.00% APR.
• VISA Premium Credit Card Premium credit card with no annual fee and competitive rates at 9.90% APR.
• Automobile Loans Financing for new and used automobiles with rates starting at 6.50% APR for new autos and 7.25% for used autos (2014-2026 models). Terms up to 84 months.
• Motorcycle/RV Loans Financing for motorcycles and recreational vehicles with terms from 24 to 60 months at fixed rates ranging from 6.25% to 7.75% APR depending on term and new/used status.
• Personal Loans Unsecured personal loans up to $7,500 at 14.50% APR with terms up to 60 months; share-secured loans available at 3% above dividend rate.
• Professional Funeral Vehicle Loans Specialized financing for hearses, limousines, vans, and other funeral service professional vehicles with no loan servicing fees or prepayment penalties. Match-rate policy against verifiable competitor fixed rate APRs.
• Payroll Deduction Service Employer-sponsored program allowing staff to have savings deposits or loan payments deducted from payroll checks and sent to the credit union via electronic transfer or check.
• PeeWee Kids Club Savings Program Savings program for children newborn through 16 years of age with a $25 initial passbook deposit, including eligibility for certificates of deposit, Christmas club, and vacation club accounts. Mascot (PeeWee) engagement with gift incentives.
• Christmas Club Account Savings club allowing deposits year-round with funds paid out annually on October 31; dividends computed on average daily balance at 0.50% APY.
• Vacation Club Account Savings club for vacation planning with deposits accepted year-round and funds paid out annually on April 30; 0.50% APY.

Quantifiable outcome

• NCUA insured deposits up to $250,000 per depositor
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Illinois Funeral Directors AssociationcoreOthersPrimary membership eligibility association. FSCU was originally chartered as IFDA Credit Union on September 20, 1983. All members, employees, and family members of IFDA qualify for credit union membership.
• National Funeral Directors AssociationcoreOthersMajor national association providing membership eligibility for FSCU services. Members, employees, and family members qualify for credit union membership.
• KAVOD (The Independent Jewish Funeral Chapels)coreOthersAssociation representing independent Jewish funeral chapels providing membership eligibility for FSCU services.
• Federated Funeral Directors of AmericaminorOthersProfessional association providing membership eligibility for FSCU services.
• CO-OP NetworkcoreTechnology or IntegrationProvides surcharge-free ATM access at over 30,000 locations nationwide. Members can visit www.co-opfs.org/Shared-Branches-ATMs to find locations.
• VisacoreTechnology or IntegrationPartnership for Visa Classic and Visa Premium credit card issuance. Cards feature no annual fee, no minimum finance charge, no balance transfer fee, and no transaction fee for cash advances.
• Park Place EquityminorOthersCommercial real estate lender offering renovations, construction, partner buyouts, acquisitions, expansions, inventory and conversions. Listed as a helpful link for members.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Firefighters First Federal Credit Union: Federally chartered credit union serving a specific occupational membership group (firefighters and their families) with a similar niche-community charter model, payroll deduction programs, and full-service banking including vehicle and personal loans - directly comparable to FSCU's professional-community credit union structure.
• Pentagon Federal Credit Union (PenFed): Large federally chartered credit union founded around a specific professional/military membership base, evolved into a national institution with broader eligibility. Comparable to FSCU in its niche-community origin and similar product suite (auto loans, savings, certificates, credit cards, payroll relationships).
• Baxter Credit Union (BCU): Credit union serving employees of healthcare and other specific industry workplaces with a model centered on employer/association relationships, payroll deduction, and competitive deposit and auto lending products - structurally analogous to FSCU's funeral association eligibility model.
• First Technology Federal Credit Union: Credit union serving a specific occupational community (technology employees and their families), with a comparable full-service product suite including vehicle loans, CDs, checking, savings, and credit cards, and a similar remote/online service model.

Broad incumbents

• Randolph-Brooks Federal Credit Union (RBFCU): Large federally chartered credit union historically serving a specific professional/military group but now operating broadly with full retail banking capabilities; provides a benchmark for what a scaled-up version of a community-charter credit union can become.
• Patelco Credit Union: Large California-based community credit union offering the same core retail banking products (savings, checking, CDs, auto loans, credit cards) that FSCU offers to its narrow membership - useful as a comparable for product-level economics.
• Security Service Federal Credit Union: Large federally chartered credit union serving specific employer/association groups with national membership eligibility, offering an extended suite of retail banking and lending products beyond what FSCU offers today.
• Connex Credit Union: Connecticut-based community credit union providing standard deposit, lending, and card products with a comparable not-for-profit value proposition; broadly comparable as a general-purpose retail credit union counterpart.

Others

• Park Place Equity (partnership referenced by FSCU): Commercial real estate lender listed as a helpful partner for FSCU members, showing FSCU complements its core offering with adjacent specialist partners for funeral-home owners seeking real-estate financing.
• Beyond Indigo (web partner): Website/digital services vendor credited at the bottom of FSCU's website footer; not a financial peer but illustrates FSCU's outsourced operating model and reliance on third-party providers for non-core functions.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/funeral-service-credit-union

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Funeral Service Credit Union