Memorial Employees Federal Credit Union

What Memorial Employees Federal Credit Union does

Memorial Employees Federal Credit Union (MEFCU) is a federal credit union chartered under the National Credit Union Administration and serving employees and family members of memorial and healthcare organizations in Southeast Florida, primarily Broward County. As a not-for-profit, member-owned cooperative, MEFCU operates inside a defined field of membership and provides retail depository and consumer lending services in place of for-profit banking products. Routing number 267078736 and NCUA federal deposit insurance anchor the institutional identity.

Its product set covers the standard consumer banking suite: share (savings) accounts, checking, money market, club accounts, share certificates, vehicle loans, signature personal loans, share-secured loans, credit cards, home equity lines, and mortgages. The technology stack includes native iOS and Android mobile applications, a Virtual Branch online banking platform, mobile remote deposit capture, a CardHub card-management interface, Zelle peer-to-peer payments, tokenized Apple Pay and Google Pay, and audio Bank-by-Phone service. Member access is gated by employer affiliation rather than by geographic radius.

MEFCU's economic model is the cooperative net-interest-margin-plus-fee model. Income is generated from the spread between interest earned on consumer loan portfolios and interest paid on member deposits, supplemented by interchange fees on debit and credit cards, loan origination fees, and minor service charges. Membership growth is mechanically tied to the size and turnover of the sponsoring healthcare employer base. Surplus is retained for capital and returned to members through competitive loan and deposit pricing rather than distributed as profit, consistent with the federal credit union structure.

Name

Memorial Employees Federal Credit Union

Legal name

Memorial Employees Financial Credit Union

Website

https://mefcu.org

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

1–10 employees

Short description

Memorial Employees Federal Credit Union is an NCUA-insured, not-for-profit federal credit union serving employees and families of memorial and healthcare organizations in Southeast Florida, offering deposits, consumer loans, and digital banking services.

Ownership category

akta.pro rank

Headquarters

HQ city

Flushing

HQ country

United States

HQ region

North America

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 Lending: Primary revenue stream generated from interest charged on loans including auto loans, signature loans, mortgages, home equity, credit cards, and other lending products. The credit union offers competitive APR rates ranging from 3.24% (auto) to 9.50%+ (signature loans).
2. Deposit Interest Spread: Revenue generated from the spread between interest paid on member deposits (savings, checking, money market, certificates) and interest earned on loans and investments.
3. Fee-based Services: Various banking fees including potential overdraft fees, ATM fees, wire transfer fees, and other service charges for accounts and transactions.
4. Joint Marketing Partners Revenue Share: Revenue from joint marketing arrangements with insurance companies and check printers such as CUNA Mutual and Harland, including referral arrangements and product distribution.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Memorial Employees Federal Credit Union is a federally chartered, NCUA-insured member-owned cooperative that provides personal retail banking products and lending services to memorial and healthcare employees and their families in Southeast Florida. Its core offerings span deposit products (savings, checking, money market, club, and share certificates), consumer loans (vehicle, signature, share-secured, credit card, home equity, and mortgage), and digital banking channels including Virtual Branch online banking, a mobile app, Bank by Phone, CardHub, Zelle, and Apple/Google Pay.

Product overview

Memorial Employees Federal Credit Union offers a comprehensive suite of financial products and services organized into three core areas: Savings & Deposits (including Savings Accounts, Checking, Money Market, Club Accounts, Share Certificates, and ATM/Debit Cards), Lending (Vehicle Loans, Signature Loans, Share Secured Loans, Credit Cards, Home Equity Options, and Mortgages), and Digital Banking Services (Virtual Branch online/mobile banking, Mobile Deposit, Bank by Phone, Direct Deposit, Zelle P2P payments, and CardHub card management). The Virtual Branch platform serves as the core digital channel, while CardHub represents an upcoming enhancement for enhanced card security and controls. Products integrate with Apple Pay, Google Pay, and Zelle for seamless payment capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Accounts Primary savings accounts with competitive rates for credit union members, serving as the foundational share account that establishes membership eligibility.
• Checking Account Fee-free checking account designed for simplicity with easy access to funds through debit cards, online banking, and branch channels for everyday transactions.
• Money Market Accounts Higher-yield savings accounts with tiered interest rates based on balance levels for members seeking greater returns on liquid deposits.
• Club Accounts Specialized savings accounts for holiday and vacation planning that help members save systematically throughout the year toward specific goals.
• Share Certificates Term deposit accounts (share certificates) with fixed rates and various maturity terms for members seeking guaranteed returns on a fixed-term investment.
• Vehicle Loans Consumer financing for automobiles, motorcycles, boats, and mobile homes with a streamlined application process and competitive APRs.
• Signature Loans Unsecured personal loans requiring only the member's signature, available in amounts up to $3,000 with flexible repayment terms.
• Share Secured Loans Secured loan product using the member's existing share/savings balance as collateral, typically offered at lower rates than unsecured alternatives.
• Credit Cards Credit card products offering purchasing power and reward points earned on every purchase made by the member.
• Home Equity Options Home equity loans and lines of credit that allow members to access the equity they have accumulated in their homes for various borrowing needs.
• Mortgages Residential mortgage products for home purchases and refinancing offered to eligible members.
• Virtual Branch (Online & Mobile Banking) Comprehensive digital banking platform providing 24/7 access to account management, bill payment, fund transfers, statement viewing, and mobile deposit capabilities via web and mobile applications.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature7 records

Partnerships

Two partnerships are on record, tiered minor.

• CUNA MutualminorGTM or Marketing PartnerCUNA Mutual is listed as a joint marketing partner in the credit union's privacy notice. Joint marketing arrangements with financial services companies like CUNA Mutual typically involve promoting insurance products such as life insurance, disability insurance, and credit protection to credit union members.
• HarlandminorGTM or Marketing PartnerHarland (check printer) is listed as a joint marketing partner in the credit union's privacy notice. Harland provides check printing services and is a common vendor partner for credit unions, with joint marketing arrangements for check ordering services.

Recent moves5 records

Expansion highlights3 records

Direct peers

• BECU (Boeing Employees Credit Union): BECU originated as a single-employer FCU for Boeing employees and has grown to serve many Washington-state employers; same employer-cooperative DNA, similar product breadth (auto, mortgage, credit cards, digital), and similar reliance on direct-deposit member acquisition.
• BCU (Baxter Credit Union): Baxter Credit Union is a not-for-profit FCU originally serving Baxter Healthcare employees that has broadened to employer-based and community membership — a near-perfect structural analog to MEFCU's employer-of-healthcare-employees focus, with full-service banking, lending, and digital channels.
• SchoolsFirst Federal Credit Union: SchoolsFirst FCU is a single-employer-field federal credit union (California school employees) of similar scale and member-cooperative structure to MEFCU, offering closely comparable savings, lending, and digital services to a defined employer community.
• Star One Credit Union: Star One is a single-employer-FCU-derived credit union serving primarily Silicon Valley technology employees and their families — equivalent employer-cooperative model with full retail banking and a strong digital-first delivery channel.
• Patelco Credit Union: Patelco is a not-for-profit FCU historically tied to the Pacific Bell/Telecom employee base that has expanded to broader community membership — the same employer-origin story as MEFCU, with similar lending and digital product sets.
• Digital Federal Credit Union (DCU): DCU is a federally chartered, employer- and community-based credit union with strong digital and mobile banking capabilities, competing for digitally savvy consumer-members in a similar cooperative structure to MEFCU.
• First Tech Federal Credit Union: First Tech FCU is a federally chartered employer-based credit union serving technology and healthcare-adjacent employers with very similar deposit, lending, and digital product sets, making it a closely comparable direct peer in the employer-cooperative FCU model.
• Alliant Credit Union: Alliant is a digital-first employer/cooperative-based FCU reaching members nationwide through select employer partnerships and community charter — directly analogous to MEFCU in employer-field-of-membership model with a heavy emphasis on online/mobile banking as the primary channel.

Broad incumbents

• PenFed (Pentagon Federal Credit Union): PenFed is one of the largest U.S. federal credit unions offering the full retail banking stack (auto, mortgage, credit cards, digital) to a defined-affinity community; it does not specialize in healthcare employment but represents the broad incumbent against which MEFCU competes for members in Florida.

Regional players

• Suncoast Credit Union: Suncoast is a large Florida-based credit union serving the broader Tampa Bay and surrounding regions with similar full-service retail banking, auto lending, and digital channels; it competes with MEFCU for Florida consumer deposits and loans but at much greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/memorial-employees-federal-credit-union

Compliance1 record

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 Memorial Employees Federal Credit Union