What Credit Union of Richmond does

Credit Union of Richmond is a member-owned, federally insured financial cooperative founded in 1923 and headquartered at 1601 Ownby Lane, Richmond, Virginia. Originally chartered to serve postal employees, the institution has progressively broadened its membership eligibility, most recently in 2021 to cover the entire Richmond Metropolitan Statistical Area — encompassing 17 Virginia localities. As Virginia's longest continuously operating credit union, it serves individual consumers and small-balance savers/borrowers across the Richmond region through a single physical branch complemented by a comprehensive digital banking platform.

The product portfolio is organized around four pillars: Spend (Regular and Second Chance checking, debit cards, four VISA credit card tiers, overdraft protection), Save (Regular Savings, Dreamer Money Market, Christmas Club, Share Certificates 6-60 months up to 3.55% APY, Traditional and Roth IRAs, Kids Club and Teen accounts), Borrow (new and used auto loans from 3.49% APR, RV/motorcycle/boat loans, personal loans up to $25,000, home equity loans up to 80% CLTV, lines of credit up to $10,000), and eServices (online banking, iOS and Android mobile apps with remote deposit, eStatements, Apple Pay, Zelle, and MessagePay text banking). Add-on products include GAP coverage ($499 flat), Mechanical Repair Coverage, Debt Protection, Skip-A-Pay, and TruStage-branded insurance products.

Revenue is generated primarily through net interest margin on the loan portfolio, supplemented by transaction and fee revenue from Courtesy Pay ($35 per item), overdraft transfer fees ($3), MessagePay convenience fees ($5.99), GAP/MRC attachment sales, and interchange on debit and credit cards. The not-for-profit cooperative structure directs earnings back to members via lower loan rates, higher deposit yields, and minimal fees rather than distributing profit to outside shareholders. Distribution combines a single extended-hours physical branch (weekday evenings until 8pm and Saturday mornings) with the CO-OP Shared Branch network (5,000 branches, 40,000+ surcharge-free ATMs nationwide) and a digital channel spanning web banking, mobile apps, and SMS-based payments. The institution is federally insured by the NCUA.

Name

Credit Union of Richmond

Legal name

Credit Union of Richmond

Website

https://curich.org

Company type

Private

Founded year

1923

Operating status

Operating

Headcount range

11–50 employees

Short description

Credit Union of Richmond is a member-owned, federally insured cooperative founded in 1923 serving Virginia's Richmond MSA with checking, savings, loans, credit cards, and digital banking via a single branch and shared branch network.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union)

NAICS

Credit Unions (52213), Credit Card Issuing (522210)

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
• Savings accounts
• Digital banking

Headquarters

HQ city

Richmond

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, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest Income on Loans: Primary revenue stream from interest charged on auto loans, home equity loans, personal loans, credit cards, and RV/boat loans. Competitive fixed-rate lending products with rates as low as 3.49% APR for new autos.
2. Certificate and Savings Account Interest: Fees and earnings on share certificates, IRA accounts, and savings products. Members pay minimal fees with focus on better rates rather than fee income.
3. Checking and Debit Card Fees: Monthly maintenance fees on Second Chance Checking ($10/month), Courtesy Pay fees ($35 per item), overdraft transfer fees ($3), and debit card transaction revenue
4. Loan Payment Processing: MessagePay convenience fee of $5.99 per transaction for mobile/text loan payments
5. Loan Protection Products: GAP coverage enrollment ($499 flat fee), Mechanical Repair Coverage, and Debt Protection products sold alongside loans

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Credit Union of Richmond is a member-owned, not-for-profit financial cooperative that provides retail banking products and consumer lending to individuals in Virginia's Richmond MSA. Its core offerings include share savings accounts, checking accounts (Regular and Second Chance), share certificates, IRAs, and youth accounts under Save; consumer credit cards under Spend; and an array of consumer loans (new and used auto, RV/motorcycle/boat, personal, lines of credit, home equity) under Borrow. Digital channels (online banking, mobile app, text banking, Apple Pay and Zelle) and a single physical branch at 1601 Ownby Lane, Richmond, VA deliver these services alongside CO-OP shared-branch and surcharge-free ATM access.

Product overview

Credit Union of Richmond operates as a full-service credit union offering a comprehensive suite of financial products organized into four core areas: Spend (checking accounts, debit cards, direct deposit, overdraft protection), Save (savings accounts, certificates, IRAs, youth accounts), Borrow (auto loans, personal loans, home equity loans, credit cards, RV/motorcycle loans), and eServices (online banking, mobile banking, eStatements, Apple Pay, Zelle). The digital banking platform includes web-based online banking, native mobile apps for iOS and Android, and text-based MessagePay service. The product portfolio spans traditional banking products (checking, savings, certificates, IRAs) alongside various loan products and digital services. Youth accounts include Kids Club, Teen, and Custodial accounts. Credit card offerings range from Platinum to Secured tiers. Loan products cover auto, RV, personal, and home equity segments with associated protection products like GAP and Mechanical Repair Coverage.

Differentiator

Problem solved

Functional benefit

Products and services

• Regular Checking Account No-minimum-balance, no-monthly-fee checking account with unlimited check writing, free eStatements and free bill pay; access to surcharge-free ATMs via the CO-OP network. Targeted at individual members seeking everyday consumer checking.
• Second Chance Checking Account Checking account for members who do not qualify for Regular Checking, with $35 opening fee and $10 monthly maintenance; includes surcharge-free ATM access and overdraft options.
• Regular Savings Account Basic share savings account requiring $5 minimum deposit for credit union membership; earns 0.50% APY on balances of $100 or more. Available to all eligible members.
• Dreamer (Money Market) Account Money market savings account offering tiered APYs (0.50% on $0-$4,999; 0.60% on $5,000-$19,999; 0.70% on $20,000+) with limited penalty-free access to funds.
• Christmas Club Account Seasonal savings account designed for holiday expenses, with funds typically disbursed in early October; early withdrawals incur fees.
• Share Certificates Certificate (CD) accounts with terms of 6 to 60 months, $500 minimum, and APYs ranging from 1.51% (6-month) to 3.55% (60-month). Used for fixed-rate, insured term savings.
• Traditional IRA Individual retirement account offering tax-deductible contributions with tax-deferred growth and taxed withdrawals during retirement.
• Roth IRA Individual retirement account with after-tax contributions providing tax-free growth and tax-free qualified withdrawals during retirement.
• Kids Club Account Savings account for children ages 1-12 of current members, featuring $5 minimum balance, School is Cool Rewards for academic performance, and River the Labrador mascot.
• Teen Account Savings and checking account for members ages 13-17 with optional debit card; checking portion available for ages 15-17. Builds teen financial capability with parental oversight.
• New Auto Loans Fixed-rate vehicle financing for new automobiles with rates as low as 3.49% APR, terms up to 84 months and financing up to 125% of vehicle value. Available with optional GAP and Mechanical Repair Coverage.
• Used Auto Loans Fixed-rate financing for pre-owned vehicles (2023-2027 models) with rates starting at 3.99% APR for 0-48 month terms, with refinance options available.
• RV / Motorcycle / Boat Loans Recreational vehicle financing for RVs, campers, watercraft and motorcycles with rates as low as 4.99% APR.
• Personal Loans Unsecured personal loans up to $25,000, terms up to 60 months, rates starting at 7.49% APR for 0-24 month terms. For members needing flexible consumer credit.
• Lines of Credit Revolving consumer lines of credit up to $10,000 with 3% minimum monthly payments (minimum $25) and rates as low as 8.49% APR.
• Home Equity Loans Fixed-rate home equity loans allowing borrowing up to 80% combined loan-to-value (CLTV), with rates starting at 5.49% APR (60-month first position). Available in 60, 90, 120 and 180 month terms.
• VISA Credit Cards (Platinum, Gold, Classic, Secured) Consumer VISA credit cards in four tiers: Platinum (lowest 7.90% APR), Gold (8.90% APR), Classic (9.90%-10.90% APR), and Secured (7.90%-18.00% with security deposit). No annual fees and no balance transfer fees; intro APRs 3.90%-6.90% for six billing cycles.
• Online Banking Web-based digital banking platform providing 24/7 account management, bill pay, fund transfers, eStatements, and online loan applications.
• Mobile Banking App Native mobile applications on iOS App Store and Google Play enabling balance checks, mobile deposit via device camera, transfers, bill pay and eStatement access.
• MessagePay Text Banking Text-message-based loan payment service with a $5.99 convenience fee per transaction, accessible via SMS, web or online/mobile banking.
• GAP Coverage Guaranteed Asset Protection product that waives the remaining loan balance not covered by insurance in total-loss events; one-time $499 flat enrollment fee, sold alongside auto/vehicle loans.
• Mechanical Repair Coverage Vehicle service contract covering repairs with rental reimbursement up to $35/day, 24-hour roadside assistance and nationwide coverage; bundled with auto loans.

Quantifiable outcome

• Rates as low as 3.49% APR for new auto loans
• +3 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• CO-OP Shared Branch NetworkcoreTechnology or IntegrationProvides members access to 5,000 shared branches and 40,000+ surcharge-free ATMs nationwide, enabling convenient banking across the country through the CO-OP network.
• CO-OP ATM Networks (CU-Here, CU-Here Select, Money Pass)coreTechnology or IntegrationSurcharge-free ATM access at 40,000+ locations nationwide through CO-OP branded ATM networks.
• ApplecoreTechnology or IntegrationApple Pay integration enabling members to make contactless payments with their Credit Union of Richmond debit and credit cards using Apple devices.
• Early Warning Services (Zelle)coreTechnology or IntegrationZelle integration for fast, secure person-to-person payments and transfers between accounts at different financial institutions.
• TruStage InsuranceminorStrategic or Co-development PartnerInsurance products including Auto & Home Insurance, Accidental Death & Dismemberment (AD&D), and Cancer/Heart Attack/Stroke coverage offered through TruStage Insurance Agency.
• Bow Tie CinemasminorGTM or Marketing PartnerDiscount movie tickets offered to members at Bow Tie Cinemas locations.
• Regal CinemasminorGTM or Marketing PartnerDiscount movie tickets offered to members at Regal Cinemas locations.
• TurboTax (Intuit)minorGTM or Marketing PartnerMembers eligible for TurboTax discounts for tax filing services.
• Anthem HealthminorGTM or Marketing PartnerCommunity partnership for annual LemonAid event benefiting Children's Hospital of Richmond at VCU.
• FeedMore / Central Virginia Food BankminorGTM or Marketing PartnerCommunity partnership supporting the Central Virginia Food Bank's mission to fight hunger.
• Greater Scott's Addition AssociationminorGTM or Marketing PartnerMembership in local business association supporting the Scott's Addition neighborhood community.
• Shred-ItminorGTM or Marketing PartnerPartner for Community Shred Day events providing secure document destruction services.

Scale indicators5 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Virginia Credit Union: Virginia-based member-owned credit union serving the greater Richmond and statewide markets. Offers a comparable deposit, lending, and digital banking suite and competes directly for the same household and employee memberships in overlapping Virginia localities.
• Langley Federal Credit Union: Federally chartered, member-owned credit union headquartered in Newport News, Virginia. Operates a similar full-service deposit and loan model with multiple branches and competes for Richmond-area members via the CO-OP network.
• Virginia Educators Credit Union: Virginia-based member-owned credit union serving education employees and surrounding communities. Provides directly comparable checking, savings, loan, and credit card products within overlapping Virginia geographies.
• Richmond Heritage Federal Credit Union: Small Richmond-based community credit union serving similar local employee and resident groups. Directly comparable in scale, single-market focus, and full-service retail banking model.
• Connexus Credit Union: Member-owned credit union with a digital-first delivery model and a comparable full product suite (deposits, auto, personal, home equity, credit cards). Comparable as a similarly sized credit union competing for members who value cooperative economics plus strong digital UX.
• Digital Federal Credit Union (DCU): Member-owned digital-first credit union with nationwide field of membership and a similar deposit, lending, and credit card product set. Comparable as a community-model cooperative emphasizing low fees and competitive rates, but operating at greater digital scale.

Regional players

• Blue Ridge Bank, National Association: Virginia-headquartered community bank offering comparable deposit, mortgage, and consumer lending products. Competes for the same Richmond-area retail and small-business customers as a regional incumbent.
• Atlantic Union Bank: Virginia-based regional bank with a Richmond-area branch network and a comparable consumer deposit and loan product suite. Competes for the same households and small businesses across the Richmond MSA.

Broad incumbents

• Bank of America: National commercial bank with a dense Richmond-area branch and ATM footprint and a broad consumer deposit, lending, and credit card product set. Competes for the same households on convenience, digital experience, and product breadth.

Emerging players

• Alliant Credit Union: Digital-forward, member-owned credit union with nationwide field of membership and strong online deposit and credit card products. Comparable as a low-fee, high-UX cooperative that competes for digitally savvy members in the same households.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cuofrichmond

Revenue estimate

Valuation estimate

Number of profiles

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 Credit Union of Richmond