705 Federal Credit Union

What 705 Federal Credit Union does

705 Federal Credit Union provides accounting, e-services, lending, financial counseling, and insurance option services.

Name

705 Federal Credit Union

Legal name

705 Federal Credit Union

Website

https://705fcu.com

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

11–50 employees

Short description

705 Federal Credit Union is a financial institution.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)

akta.pro primary industry

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

akta.pro secondary industry

Employer/Occupational Credit Unions (FSABAEAB)

Keywords

• Retail banking services
• Consumer lending products
• Membership savings accounts
• Community credit union
• Personal financial services

Headquarters

HQ city

Lafayette

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: The credit union generates revenue primarily through interest charged on loans including auto loans, mortgages, personal loans, credit cards, and business loans. As a not-for-profit institution, excess revenue is returned to members through lower rates and higher dividends.
2. Service Fees: Various service fees including overdraft fees, ATM fees, wire transfer fees, loan processing fees, mortgage fees, and account maintenance fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

705 Federal Credit Union is a not-for-profit, member-owned credit union that provides retail banking products to individuals in the Acadiana region of Louisiana through Select Employer Group, family, and Financial Fitness Association membership. Its core offering comprises deposit accounts (checking, savings, share certificates, IRAs), consumer loans (auto, mortgage, personal, recreational vehicles, micro business), and a Visa credit card, delivered through a physical branch, online/mobile banking, and nationwide shared-branching and ATM networks.

Product overview

705 Federal Credit Union operates as a not-for-profit financial institution offering a comprehensive suite of banking products through a core banking platform with multiple service modules. The product portfolio centers on deposit accounts (checking, savings, certificates, IRAs), loan products (auto, mortgage, personal, business, credit cards), and digital banking services. The Online Banking and Mobile Banking platforms serve as the primary channels, supplemented by debit/credit cards with mobile wallet integration (Apple Pay, Google Pay, Samsung Pay), P2P payments via Zelle, overdraft protection programs, and insurance products through TruStage. Youth and teen banking programs (Mini Members, Learn 2 Earn) round out the offerings for younger members. The credit union distinguishes itself through community-focused services including shared branching (CO-OP), surcharge-free ATM networks (MoneyPass, Pulse Select), financial counseling, and reward programs (ScoreCard, CU Perks, Zogo).

Differentiator

Problem solved

Functional benefit

Brands

• Learn 2 Earn: A youth program that rewards students for making good grades or having perfect attendance by depositing $15 into their Youth Account for each report card brought in with Honor Roll or Perfect Attendance.
• GAP Protection

Products and services

• Pre-Owned Auto Loans Used vehicle financing up to 100% of Black Book retail value with optional GAP insurance up to 120%, covering vehicles 1-15 years old with tiered terms.
• 705 VISA Credit Card Fixed-rate Visa credit card with rates starting at 7.90% APR, no annual fees, maximum credit limit of $20,000, terms up to 36 months, and ScoreCard Rewards points on purchases.
• New Auto Loans New vehicle financing with up to 100% financing, terms of 36-84 months, for vehicles one year old or newer with under 30,000 miles. APR ranges from 4.00% (A+ credit) to 17.00% (E credit).
• Boat Loans Boat financing for new boats up to 100% of NADA or appraised value with terms up to 144 months, and used boats up to 80% with terms up to 84 months.
• Camper Loans Camper financing for new units up to 100% of NADA or appraised value with terms up to 180 months, and used campers up to 90% with terms up to 120 months.
• Motorcycle Loans New motorcycle financing up to 100% with terms up to 84 months; pre-owned motorcycle loans up to NADA Book value with terms up to 5 years.
• Recreational Vehicle Loans RV financing for new RVs up to 100% of NADA or appraised value with terms up to 72 months, and used RVs up to 80% with shorter terms.
• Mortgage Loans First mortgage financing up to 90% of appraised property value, maximum loan amount of $350,000, with terms of 10-30 years for primary residences, vacant land, existing structures, and refinancing in Louisiana.
• Mobile Home Loans Mobile home financing requiring that the unit be attached to land, with terms and rates following mortgage loan guidelines.
• Beginner Loans Credit-building loans starting at $250 with terms up to 6 months for first-time borrowers, graduating to a $1,000 limit after successful repayment to help establish credit history.
• Closed-End Personal Loans Fixed-payment personal loans from $250 up to $15,000-$20,000 with set terms, amounts, and interest rates, suitable for debt consolidation with no early repayment penalties.
• Line of Credit Open-end revolving credit lines up to $5,000 with pre-approved funds available for future needs, optionally serving as overdraft protection for checking accounts.
• Share Secured Loans Loans secured by the member's savings account balance, charging 2% above the current savings rate while pledged funds continue earning dividends; a zero-percent option uses a separate non-interest-bearing account.
• Micro Business Loans Collateralized micro business loans up to $50,000 for equipment purchases such as lawn mowers, dump trucks, and trailers, available to member business owners.
• 705 Checking Hassle-free checking account with no minimum balance, no monthly service charge, free basic-style checks for seniors (65+), and optional Safety Net overdraft protection.
• Teen Checking Account Checking account for members ages 13-17 requiring a savings account and adult joint signer, with a debit card featuring parental controls via Card Valet, free e-products, and no minimum balance or monthly charge.
• Debit Card Visa debit card with daily withdrawal limit of $600 and daily purchase limit of $2,500, supported by MoneyPass and Pulse Select surcharge-free ATM networks with Card Valet controls.
• Regular Share Savings Basic membership savings account requiring a $25 minimum balance, with interest accruing on balances of $100 or more at rates that change quarterly.
• Super Green Savings High-yield tiered savings account paying 0.75% APY at $1,000-$9,999.99, 1.00% at $10,000-$24,999.99, 1.25% at $25,000-$49,999.99, and 1.50% APY at $50,000+.
• Christmas Club Savings Dedicated holiday savings account with automatic balance payout on November 1; subject to a $15 early-withdrawal fee.
• Vacation Club Savings Savings account for travel and vacation with automatic balance transfer on June 1; subject to early-withdrawal penalties if closed before payout date.
• Youth Savings Account (Mini Members) Savings account for members ages 0-17 serving as the foundation of the Mini Members youth financial education program with Learn 2 Earn rewards for grades and attendance.
• Traditional IRA Tax-deferred Individual Retirement Account with tax-deductible contribution potential and earnings taxed upon withdrawal; available to earners not yet 70.5 years old by year-end.
• Share Certificate Fixed-term federally insured investment with guaranteed returns, available in terms of 6-48 months with minimum deposits from $500 to $50,000 and early-withdrawal penalties; APYs up to 2.526%.
• Online Banking (Virtual Branch) Web-based banking platform providing account transfers, balance viewing, pending transactions, check imaging, Account Alerts, Bill Pay, E-Statements, My $ Planner budgeting tool, and TransferNow external transfers.
• Mobile Banking App
• TruStage Insurance Products Insurance offerings through TruStage (CUNA Mutual) including Life, Auto, Home, and Accidental Death & Dismemberment policies, with complimentary $1,000 base AD&D coverage available to members.

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Financial Fitness AssociationcoreChannel Partner/ Reseller/ DistributorPartnership allows individuals not affiliated with Select Employer Groups to join 705 FCU through a one-time $8 annual membership fee. This expands the credit union's potential membership beyond traditional employer-based eligibility. FFA membership is nonprofit-focused on financial health education.
• TruStage Insurance (CUNA Mutual)minorOthersTruStage offers life, auto, home, and accidental death insurance products to members. 705 FCU receives no-cost AD&D coverage ($1,000) to offer members as a benefit. Additional insurance available for purchase.
• CO-OP Shared BranchingcoreTechnology or IntegrationNetwork of over 5,000 credit union branches and 2,000 self-service locations enabling members to conduct transactions nationwide. Started with 50 participating credit unions 20 years ago.
• MoneyPasscoreTechnology or IntegrationSurcharge-free ATM network providing access to over 40,000 ATM locations nationwide for 705 FCU members.
• ZogocoreStrategic or Co-development PartnerMobile app partnership teaching financial literacy through 800+ educational modules. Members earn points (pineapples) redeemable for gift cards sponsored by 705 FCU. Educational content meets national financial literacy standards.
• FiservcoreTechnology or IntegrationTechnology provider powering the 705 FCU Mobile Banking App with features including account management, bill pay, mobile deposit, Zelle, and card controls.
• New Hope LafayetteminorOthersCommunity partnership for Summer Learning Drive collecting educational supplies for local students in need.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Pelican State Credit Union: Louisiana-based community credit union serving multiple SEGs across the state with similar deposit, lending, and digital banking offerings. Directly comparable as a Louisiana SEG-based credit union of similar community orientation.
• LA Capitol Federal Credit Union: Louisiana state-chartered credit union serving state employees and SEG groups, with comparable deposit and consumer loan products. Closely comparable peer in terms of SEG structure and geographic footprint.
• Neighbors Federal Credit Union: Louisiana-based community credit union offering a similar suite of consumer banking, lending, and digital services. Comparable as a Louisiana community credit union with overlapping SEG and consumer segments.
• Campus Federal Credit Union: Baton Rouge-based credit union serving university and broader community SEG members with similar deposit and consumer lending products. Comparable Louisiana credit union peer with affinity-based membership.
• ASE Credit Union: Louisiana-based credit union serving federal and SEG employee groups in the Acadiana/Louisiana region with consumer banking products. Direct comparable in terms of SEG membership model and product offering.
• Digicel Plus Federal Credit Union (Louisiana FCU): Louisiana-based community credit union serving multiple SEG groups across Louisiana with consumer and mortgage lending. Comparable peer in SEG-driven membership and consumer product mix.

Broad incumbents

• Navy Federal Credit Union: Largest U.S. federal employee credit union serving military and federal employees with similar SEG membership model and a comprehensive product suite. Comparable as a federally-oriented credit union but operates at vastly greater scale and geographic breadth.
• Digital Federal Credit Union (DCU): Large digital-first community credit union offering consumer banking and lending nationwide via mobile and online channels. Comparable as a community credit union but operates as a much larger digital incumbent.
• Alliant Credit Union: Large national community credit union with broad consumer banking, lending, and digital products. Comparable business model (community/SEG-style membership) but at significantly larger scale.

Regional players

• Hancock Whitney Bank: Regional bank with strong branch presence across Louisiana and the Gulf Coast offering consumer and small business banking. Comparable as a Louisiana-headquartered retail financial institution serving overlapping consumer and SEG segments, though structured as a bank rather than credit union.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/705FCU
• Facebookfacebook.com/705fcu
• Instagraminstagram.com/705fcu

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 705 Federal Credit Union