Educators Credit Union

What Educators Credit Union does

Educators Credit Union (ECU) is a member-owned, federally insured credit union cooperative incorporated under Texas law and headquartered at 501 W State Hwy 6, Waco, Texas. Founded in 1938 when ten teachers pooled $60 under the original name McLennan County Teachers Federal Credit Union, ECU originally served the Central Texas education community and in 2005 broadened its field of membership to all residents of McLennan and eight surrounding counties (Bosque, Bell, Coryell, Falls, Hamilton, Hill, Lampasas, Limestone). The credit union reports over $600 million in assets and more than 28,000 members, operating through seven branch locations, including embedded on-site branches at TSTC and University High School, and reports a headcount of 51–100 employees.

ECU delivers a full suite of consumer banking products: four checking-account variants (Regular, Direct Choice, College Choice, Club 55/Prime Choice), Regular Savings, Money Market, Traditional and Roth IRAs, and Certificates of Deposit; a lending portfolio spanning auto loans, boat and RV loans, Platinum MasterCard credit cards, home equity loans, personal/signature loans, mortgage loans originated through SWBC Mortgage Corporation, and student loans originated through College Ave. The technology stack is built on third-party vendor platforms — Fiserv Originate powers online loan and account opening, Digital Insight (Fiserv) powers the iOS/Android mobile banking app, Jack Henry's CardValet provides card controls, and Quicken/QuickBooks integration supports personal financial management. Additional services include wire transfers, cashier's checks, safe deposit boxes, drive-thru banking at all branches, and a 24/7 automated phone-banking service (Quick Teller).

The business model is a standard cooperative credit-union model: net interest income from lending (auto, boat/RV, home equity, credit card, personal) is the primary revenue driver, supplemented by fee income (overdraft $28, ATM $1, wires $20, service charges), insurance commissions through the wholly-owned CUSO Educators Insurance Services (TruStage, GEICO, Progressive, Safeco), and referral fees from SWBC Mortgage and College Ave Student Loans. Pricing is published as APR/APY tiers that vary by product and credit score (auto loans as low as 3.99% APR for credit score 740+ across multiple services per disclosures, Platinum MasterCard as low as 9.75% APR, CD 24–60 month at 2.53% APY). The customer base spans educators and school employees, general community residents within the defined field of membership, youth (C.U.B. Club 0–12, TEAM 13–17), college students (18–25), and seniors (55+), with marketing executed through branch presence, the KXXV News Channel 25 partnership for the Student's Choice Award program, the ECU Insights quarterly newsletter, and a digital banking platform accessible via web and mobile.

Name

Educators Credit Union

Legal name

Educators Credit Union

Website

https://edcu.com

Company type

Private

Founded year

1938

Operating status

Operating

Headcount range

51–100 employees

Short description

Educators Credit Union is an NCUA-insured, member-owned cooperative founded in 1938 and headquartered in Waco, Texas, serving 28,000+ members across nine Central Texas counties through seven branches and digital banking, offering consumer deposits, loans, mortgages, and insurance.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union)

NAICS

Credit Unions (52213)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

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

akta.pro secondary industry

Scholarships, Grants & Education Benefits Administration (Financing-adjacent) (FSAKAEAM)

Keywords

• Consumer banking services
• Retail credit union
• Consumer lending
• Deposit accounts
• Digital banking

Headquarters

HQ city

Waco

HQ country

United States

HQ region

North America

Offices8 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 Loans: ECU generates primary revenue through interest charged on loans including auto loans, boat/RV loans, home equity loans, mortgages (via partnership), personal loans, and credit cards. Loan rates vary by product type and creditworthiness, ranging from approximately 4.99% APR for new automobiles to 11.94% for personal signature loans.
2. Interest on Deposits/Savings: As a credit union, ECU pays dividends on member deposits including regular savings, checking accounts, money market accounts, IRAs, and Certificates of Deposit. Rates range from 0.10% APY on checking to 2.53% APY on 24-60 month CDs.
3. Fee Income: Various service fees including overdraft fees ($28), ATM fees ($1 for non-ECU terminals), wire transfer fees ($20 outgoing), money orders ($1.50), cashier's checks ($5), stop payments ($28), and monthly service charges. Some accounts have fee-free options (Club 55+, Direct Choice, College Choice).
4. Insurance Services: Educators Insurance Services, a wholly-owned CUSO, provides insurance products through partnerships with multiple carriers including TruStage, GEICO, Progressive, and Safeco. Earns commissions on auto, home, life, and AD&D insurance policies sold to members.
5. Mortgage Origination (via Partnership): ECU partners with SWBC Mortgage to provide mortgage lending. While mortgages are originated through SWBC, ECU benefits from member referrals and potentially referral fees for directing members to the partner.
6. Student Loans (via Partnership): Partnership with College Ave Student Loans for undergraduate, graduate, and parent student loans as well as refinancing options. ECU earns referral fees for directing members to College Ave.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels8 records

Core offering

Educators Credit Union is a member-owned, not-for-profit cooperative financial institution that provides consumer banking products and services to individuals in Central Texas. Its core offering includes deposit accounts (checking, savings, money market, IRAs, CDs), consumer loans (auto, boat/RV, home equity, personal/signature, credit card, and partner-referred mortgage and student loans), digital banking (online, mobile with remote deposit, bill pay, phone), payment instruments (debit, cashier's checks, money orders, wire transfers, Visa gift cards), and insurance products distributed through its wholly-owned subsidiary Educators Insurance Services.

Product overview

Educators Credit Union offers a comprehensive suite of financial products and services through a multi-channel delivery model. The core banking products include multiple checking account types (Regular, Direct Choice, College Choice, and Club 55/Prime Choice), Regular Savings, Traditional and Roth IRAs, Money Market Accounts, and Certificates of Deposit. Youth-focused products include C.U.B. CLUB for children and Team Savings/Checking for teens. The lending portfolio spans Auto Loans, Boat and RV Loans, Platinum MasterCard Credit Cards, Home Equity Loans, Mortgage Loans (via SWBC partnership), Personal/Signature Loans, and Student Loans (via College Ave partnership). Digital banking services include Online Banking, Mobile Banking App with Mobile Deposit, Bill Pay, and Quick Teller Phone Banking. Additional services include debit/ATM cards, wire transfers, direct deposit, payroll deduction, overdraft protection, safe deposit boxes, auto shopping tools, and insurance products through Educators Insurance Services and TruStage partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• Regular Checking Basic consumer checking account with no direct deposit requirements, free MasterCard debit/ATM card, free online banking, bill pay, eStatements, and $500 overdraft protection for individual members.
• Direct Choice Checking Fee-free checking account for members who set up qualifying direct deposit, including free online banking, one free box of checks per year, and free money orders.
• College Choice Checking Low-barrier checking account for enrolled college students ages 18-25 with no minimum balance requirements, free online banking, bill pay, eStatements, and first box of checks free.
• Club 55/Prime Choice Checking Senior checking account for members age 55+ with one free box of checks per year and 50% off small safety deposit box rental.
• Regular Savings Basic share savings account with $25 minimum balance and opening deposit, quarterly interest payments, and free ATM card, serving as the foundation for credit union membership.
• Traditional IRA Individual Retirement Account allowing tax-deferred earnings until withdrawal for members under age 73 with earned income.
• Roth IRA Roth Individual Retirement Account with non-deductible contributions and potentially tax-free distributions after the five-year waiting period, subject to income limits.
• Money Market Account Investment savings account with higher dividends and limited checking access, requiring a $2,500 minimum daily balance to earn the disclosed APY.
• Certificates of Deposit (CDs) Fixed-rate term deposit products with $1,000 minimum opening deposit, no monthly service fees, monthly interest payments, and various term options (6, 12, 24, 36, 48, 60 months).
• C.U.B. Club (Credit Union Buddies) Account Savings account for children ages 0-12 with $5 opening deposit, special membership card, bear-themed materials, quarterly newsletter, and rewards program where deposits earn bear cents redeemable for prizes.
• TEAM Savings Savings account for teens ages 13-17 with $5 opening deposit, deposit register, and online banking access.
• TEAM Checking Checking account for teens ages 13-17 requiring an adult co-signer, with $50 opening deposit, first 40 checks free, and interest paid on balances of $500 or more.
• Auto Loans New and used vehicle financing for members with terms up to 84 months, financing up to 100% of dealer cost on new vehicles or NADA wholesale on used vehicles, with pre-approval, GAP insurance, and extended warranty options.
• Boat and RV Loans Financing options for recreational vehicles including boats, jet skis, motorcycles, travel trailers, and motor homes with competitive rates and flexible terms.
• Platinum MasterCard Credit Card Platinum MasterCard credit card with no annual fee, zero fraud liability, 24/7 fraud protection, secure online access, and APR starting at 9.75% based on credit rating.
• Home Equity Loans Fixed-rate loans secured by home equity, financing up to 80% of equity with terms up to 20 years, usable for home improvements, debt consolidation, vacations, or education expenses.
• Mortgage Loans Home purchase and refinance mortgage loans offered through referral partnership with SWBC Mortgage Corporation, including conventional, FHA/VA, Texas Vet, and second home/investment property loans.
• Personal/Signature Loans Unsecured personal signature loans available for various purposes, with secured loan options using collateral from savings, CDs, car titles, or other property.
• Student Loans Undergraduate, graduate, and parent student loans provided through referral partnership with College Ave Student Loans, with easy online application and instant credit decisions.
• Student Loan Refinancing Student loan refinancing offered through College Ave partnership enabling graduates to consolidate multiple loans and potentially lower interest rates into one monthly payment.
• Online Banking Web-based banking platform enabling account access, balance viewing, fund transfers between ECU and external accounts, loan payments, person-to-person payments to other ECU members, Quicken/QuickBooks exports, check imaging, alerts, and bill pay.
• Mobile Banking App Smartphone application for iOS and Android enabling fund transfers, balance checking, check deposits via Remote Deposit Capture, and bill pay access on the go.
• Mobile Deposit (Remote Deposit Capture) Feature within the mobile app allowing members to deposit checks by photographing front and back, with same-day credit for deposits made before 3 p.m. daily cutoff.
• Bill Pay Free electronic bill payment service enabling one-time or recurring payments to any payee, payment history viewing, and customizable payee lists.
• Quick Teller Phone Banking 24/7 automated telephone banking service for fund transfers, balance checks, and loan payments via 254-751-5871.
• MasterCard Debit/ATM Card MasterCard debit/ATM card for point-of-sale purchases and ATM withdrawals with zero liability fraud protection and optional CardValet app integration for card controls.
• eStatements Electronic statement delivery replacing paper statements, stored securely with 18 months of history available and statements available on the first business day of each month.
• Overdraft Protection Overdraft protection offering three options: automatic savings transfers ($1 fee), line of credit loans ($1 fee plus interest), and $500 overdraft protection with insufficient funds fee of $28.
• Wire Transfers Domestic and international wire transfer services with $20 outgoing domestic wire fee and no incoming wire fee.
• Cashier's Checks and Money Orders Cashier's checks for any amount ($5 fee) and money orders up to $1,000 ($1.50 each) for member payment needs.
• VISA Gift Cards Pre-paid VISA gift cards available in $10 to $1,000 increments ($3 fee per card) purchasable at all branch locations.
• Safe Deposit Boxes Secure safe deposit boxes available in five sizes ($15-$75 per year) at six ECU branch offices.
• Drive Thru Banking Drive-thru banking lanes available at all ECU branches with a $500 withdrawal limit, enabling convenient transactions without leaving the vehicle.
• Auto Shopping Site Online vehicle shopping platform through Groovecar enabling search of millions of cars with credit union pre-approval, save-for-research features, and free CarFax reports.
• Pre-Owned Vehicles for Sale ECU-owned pre-owned vehicles available for sale to members and non-members, including financing options through the credit union.
• Auto and Home Insurance Auto and home insurance products offered through Educators Insurance Services (ECU's wholly-owned independent agency) via partnered national carriers including Progressive, Safeco, and GEICO.
• Life Insurance Life insurance available through Educators Insurance Services with instant quotes from over 30 carriers, online application, DocuSign signing, and optional medical exam.
• TruStage Insurance TruStage insurance program offering $2,000 no-cost Accidental Death and Dismemberment coverage as a membership benefit, plus life, auto, and home insurance at competitive rates.
• Fraud Alerts and Protection Cardholder fraud monitoring and alert services including 24/7 customer service for disputed charges, lost/stolen card reporting, and educational resources on identity theft and scams.

Quantifiable outcome

• $600 million+ in assets under management
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• SWBC Mortgage CorporationcoreChannel Partner/ Reseller/ DistributorSWBC Mortgage provides mortgage lending services to ECU members for home purchases and refinancing. Jamie Morrison serves as Financial Institution Loan Officer for ECU members. ECU receives referral fees for directing members to SWBC for mortgage products including conventional loans, FHA/VA loans, Texas Vet loans, and second home/investment property loans.
• College Ave Student LoanscoreChannel Partner/ Reseller/ DistributorPartnership provides student loan options for undergraduates, graduates, and parents. Also offers student loan refinancing for graduates. ECU directs members to College Ave's simple online application and personalized loan experience. Members can access special rates and easy repayment planning.
• TruStage (CMFG Life Insurance Company)coreChannel Partner/ Reseller/ DistributorTruStage provides AD&D insurance, life insurance, and auto/home insurance programs to ECU members at competitive rates. Members receive $2,000 no-cost AD&D coverage as a benefit of membership. Additional coverage available at budget-friendly rates with guaranteed acceptance.
• GroovecarcoreTechnology or IntegrationAuto shopping platform integrated with ECU's website enabling members to search millions of vehicles, save cars for research, get CarFax reports, compare vehicles, and access credit union pre-approval. Also provides refinance calculator for existing auto loans.
• CU Financial Group, LLCcoreChannel Partner/ Reseller/ DistributorCU Financial Group provides insurance products through Educators Insurance Services, a wholly-owned CUSO of ECU. Licensed agents help members find auto, home, motorcycle, RV, boat, and life insurance coverage from multiple national carriers.
• Visa (First Data)coreTechnology or IntegrationMasterCard credit and debit card processing through First Data (now Fiserv). ECU Platinum MasterCard and debit cards processed through First Data's electronic customer service platform (eCS) for real-time transaction information, payments, and alerts.
• TxDOT (Texas Department of Transportation)minorChannel Partner/ Reseller/ DistributorECU partners with TxDOT to offer license plate/registration services at the Main Office in Waco for vehicles registered in McLennan County. Services include tags for cars, motorcycles, RVs, boats, and trailers.
• Insurance Carriers (GEICO, Progressive, Safeco)minorChannel Partner/ Reseller/ DistributorMultiple insurance carriers provide quotes through Educators Insurance Services platform. Members can compare auto and home insurance rates from these national carriers.
• Fiserv (Originate)coreTechnology or IntegrationFiserv Originate platform powers ECU's online loan applications and account opening. Members apply for auto, boat, RV, and signature loans through the Fiserv portal.
• KXXV News Channel 25minorGTM or Marketing PartnerLocal ABC affiliate partners with ECU for the Student's Choice Award program, airing monthly teacher recognition segments during the school year.
• Digital Insight (Fiserv)coreTechnology or IntegrationDigital Insight provides the mobile banking platform powering the ECU mobile app for iOS and Android devices.
• Love My Credit Union RewardsminorGTM or Marketing PartnerMember discount program providing access to deals and discounts including TurboTax software savings for ECU members.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Digital Federal Credit Union (DCU): Large, digitally-forward credit union offering competitive deposit and loan products nationally. Comparable consumer banking model with strong digital-first investment thesis, representing the kind of digital-native operator pushing ECU to accelerate its online and mobile product investment.
• SchoolsFirst Federal Credit Union: Large California credit union founded by and serving educators and school employees — directly comparable origin story to ECU (both founded by teachers to serve the education community) and similar member-focused product set including youth and student lending.

Direct peers

• University Federal Credit Union: Texas-headquartered community credit union serving educators, students, and community members. Operates with a similar member-cooperative model, multi-county Texas footprint, and comparable deposit/loan product suite including student lending and youth accounts.
• Texell Credit Union: Texas credit union offering consumer deposit accounts, lending products, and digital banking services. Similar size band and member-owned cooperative structure, providing a useful comparison on product depth, geographic reach, and member economics.
• First Central Credit Union: Community credit union headquartered in Waco, TX — same geographic market as ECU, overlapping member base of Central Texas residents, similar community-charter model, and comparable product mix (deposits, auto loans, mortgage referrals). Most direct local competitor for ECU's market.
• Amplify Credit Union: Central Texas-based community credit union serving residents and select employer groups. Comparable digital banking capabilities, similar community-charter positioning, and directly overlapping service territory around Austin/Waco corridor.

Broad incumbents

• Randolph-Brooks Federal Credit Union (RBFCU): One of the largest credit unions in Texas ($10B+ asset class) operating broadly across consumer and commercial banking. Overlaps with ECU on consumer deposit and auto loan products but at far greater scale and branch footprint, representing the kind of large incumbent ECU competes against on pricing.
• TDECU (Texas Dow Employees Credit Union): Large Texas-headquartered credit union with community-charter membership and full-service consumer banking. Operates at materially larger scale than ECU with broader geographic reach, benchmarking the upper bound of the Texas community CU competitive set.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/EducatorsCUTexas
• Facebookfacebook.com/EducatorsCUTX

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 Educators Credit Union