Famu Federal Credit Union

What Famu Federal Credit Union does

FAMU Federal Credit Union (legal name: Florida A & M University Federal Credit Union) is a federally chartered, member-owned credit union founded in 1935 to provide financial services to employees of Florida A&M University. Operating under NCUA insurance and a cooperative governance model with a volunteer Board of Directors, the institution is headquartered in a single branch at 1610 South Monroe Street, Tallahassee, Florida. Over 91 years, the field of membership has expanded beyond FAMU employees to include FAMU students and alumni, members of four named Tallahassee churches (Bethel, Tabernacle, Jacob Chapel, and Jerusalem Missionary Baptist), Tallahassee NAACP members, and Metz Culinary Management employees at FAMU.

The credit union's product portfolio is organized around deposit accounts (regular shares, share certificates/CDs, IRAs, share draft checking, and three tiered money market sub-brands — Rattler Plus, DiamondBack, and Platinum) and consumer lending (auto loans, personal loans, Visa credit cards, home equity loans, and HELOCs). The technology stack comprises online banking, a mobile app, a 24-hour MoneyLine automated phone banking system, debit card issuance, and ATM network access across the American Express, CULIANCE, Plus, Publix, Wal-Mart and affiliated credit union networks. The online LoanLiner platform handles loan applications with fast local approval, and a 2025-launched credit score monitoring feature (powered by SavvyMoney / VantageScore 3.0) provides daily credit scores, real-time monitoring alerts, a credit score simulator, and personalized credit reports. Business lending operates through two niche programs — SmartSteps microlending ($5,000–$50,000) in partnership with the Leon County Office of Economic Vitality and the Black Business Loan Program ($10,000–$250,000) in partnership with the Florida Department of Economic Opportunity — targeting minority-, women-, and black-owned businesses. Wire transfer services route through Corporate One Federal Credit Union as the correspondent.

Revenue is generated primarily through net interest income from consumer and business lending (auto loan APRs of 6.00%–15.00% and personal loan APRs of 7.00%–16.50%, subject to creditworthiness and term), transaction-based fees (insufficient funds $40, overdraft transfers $5, domestic wires $25, international wires $50, ATM usage after four free transactions $2, debit card replacement $10, bill pay $2/month), and interest earned on deposit balances. The credit union markets itself as the "#1 HBCU Credit Union in the Nation" leveraging 91 years of brand heritage and deep community ties. No revenue, assets, member count, or headcount figures are publicly disclosed.

Name

Famu Federal Credit Union

Legal name

Florida A & M University Federal Credit Union

Website

https://famufcu.com

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

FAMU Federal Credit Union is a federally chartered, NCUA-insured, member-owned credit union founded in 1935 for Florida A&M University employees and now serving FAMU alumni, students, affiliated Tallahassee churches, NAACP members, and minority/women-owned businesses through consumer and small-business lending.

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

Student/University Credit Unions (FSABAEAJ)

akta.pro secondary industries

Employer/Occupational Credit Unions (FSABAEAB), Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Consumer banking services
• Community credit union
• Deposit and lending products
• Small business lending
• Retail financial services

Headquarters

HQ city

Tallahassee

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income from Lending: Primary revenue from interest income on auto loans, personal loans, home equity loans, mortgages, credit cards, and business loans. Interest rates vary by product and creditworthiness, ranging from approximately 6% to 16.5% depending on loan type and term.
2. Fee-Based Income: Revenue from account fees including insufficient funds fees ($40), overdraft transfer fees ($5), wire transfer fees ($10-$50), ATM fees, debit card issuance and replacement fees, account research fees, and various service charges disclosed in the fee schedule.
3. Share/Dividend Income: Earns interest income on deposits held in savings, money market, and share certificate accounts. Pays out dividends to members at rates disclosed in share rate tables.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

FAMU Federal Credit Union is a member-owned, federally chartered credit union founded in 1935 to serve employees of Florida A&M University. It provides consumer deposit products (savings, checking, money market, CDs, IRAs), consumer lending (auto loans, personal loans, credit cards, home equity loans/HELOCs), and targeted small business lending programs (SmartSteps microlending, Black Business Loan Program). Members access accounts through a single Tallahassee branch, online/mobile banking, MoneyLine phone banking, and an ATM/debit network.

Product overview

FAMU Federal Credit Union is a single-institution credit union offering a broad portfolio of consumer and business financial products and services. Its core offerings are organized around deposit accounts (regular shares/savings, share certificates, IRA accounts, checking accounts), lending products (auto loans, personal loans, credit cards, home equity loans/HELOCs), and business lending (SmartSteps microlending and the Black Business Loan Program). Specialized money market sub-brands — Rattler Plus, DiamondBack, and Platinum — provide tiered interest rates and bundled perks. Digital access is enabled through Home Banking (online), MoneyLine (telephone), debit cards, and a recently launched credit score monitoring tool integrated into online banking. The product portfolio functions as a unified set of co-branded financial services rather than a modular platform; all products are delivered through the credit union's single charter.

Differentiator

Problem solved

Functional benefit

Products and services

• Regular Shares (Savings Account) Basic share savings account required for credit union membership, earning interest compounded and paid quarterly with a $5 minimum opening balance.
• Share Certificates of Deposit Term-based deposit accounts with terms ranging from 90 days to 48 months, APYs from 0.501% to 3.15%, and a $500 minimum deposit.
• IRA Accounts Tax-advantaged retirement savings accounts with interest earned tax-free until retirement, available with varying minimum deposits.
• Share Draft (Checking Account) Flexible daily-transaction checking account offering debit cards and checks with a $10 minimum initial deposit.
• Rattler Plus Money Market Interest-bearing checking account with free first order of checks, free teller checks, and reduced wire transfer fees, requiring a $1,500 minimum daily balance.
• DiamondBack Money Market Interest-bearing money market account with overdraft protection, free cashier's checks, free wire transfers, and free checks; requires a $3,000 minimum daily balance.
• Platinum Money Market Premium dividend-rate draft account requiring a $5,000 minimum daily balance with a $35 monthly maintenance fee if balance falls below minimum.
• New and Used Auto Loans Vehicle financing for new and used autos up to 4 or 5 model years old, with competitive rates and fast local approval; reduced rates available with direct deposit payments.
• Auto Loan Refinancing Refinancing option to lower rates on existing vehicle loans from other lenders, providing members a more affordable rate.
• Visa Credit Card Visa credit card accepted worldwide, offered in both secured and unsecured versions based on credit and income qualifications; EMV chip cards issued for added security.
• Share/CD Secured Loans Loan secured by regular savings or CD balances as collateral, designed for rebuilding or establishing credit.
• Unsecured Personal Loans Personal loans with competitive interest rates, suitable for debt consolidation and other member financing needs.
• Revolving Line of Credit Flexible revolving credit line allowing members to access additional funds as needed; also usable as overdraft protection for checking.
• Home Equity Loan (Second Mortgage) Fixed-rate second mortgage allowing members to borrow against home equity for repairs, debt consolidation, and other purposes.
• HELOC (Home Equity Line of Credit) Revolving line of credit secured by home equity, available for emergency funds, overdraft protection, and ongoing projects.
• SmartSteps Microlending Program Micro-loan program offering $5,000 to $50,000 loans for 51% minority and/or women-owned small businesses in Leon County, Florida, in partnership with the Leon County Office of Economic Vitality.
• Black Business Loan Program (BBLP) Business loan program in partnership with the Florida Department of Economic Opportunity providing $10,000 to $250,000 to 51% black-owned businesses in Florida with active Sunbiz registration.
• MoneyLine Phone Banking 24-hour automated telephone banking service allowing balance inquiries, fund transfers between sub-accounts, loan payment authorization, loan advances, and check verification.
• Debit Card and ATM Access Debit card providing access to share draft (checking) account for retail purchases and ATM withdrawals at participating networks including American Express, CULIANCE, Plus, Publix, Wal-Mart, and other credit unions.
• Wire Transfer Services Domestic and international incoming wire transfer services with routing through Corporate One Federal Credit Union (Routing #244084264).
• Credit Score Monitoring Free credit score and report access tool available via online banking and mobile app, providing daily credit score updates, real-time monitoring alerts, credit score simulator, and personalized credit report for members.

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Leon County Office of Economic Vitality (OEV)coreStrategic or Co-development PartnerPartnership for the SmartSteps Micro-loans program offering lending opportunities up to $50,000 for small businesses that are minority and/or women-owned in Leon County. The OEV partnership enables the credit union to offer specialized microlending with mandatory Zoom information sessions held weekly.
• Florida Department of Economic OpportunitycoreStrategic or Co-development PartnerPartnership to administer the Black Business Loan Program providing alternate lending opportunities from $10,000 to $250,000 for black-owned businesses throughout Florida. Includes technical assistance and requires active Sunbiz registration.
• GreenPath Financial WellnessminorStrategic or Co-development PartnerFinancial wellness partnership providing members with access to financial education resources and counseling services through GreenPath's platform.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Suncoast Credit Union: One of the largest credit unions in Florida with full consumer and business banking across the Tampa Bay region and statewide. Represents the broader-incumbent competitive benchmark for product breadth, rates, and digital capability that FAMU FCU must match.
• VyStar Credit Union: Large Florida-headquartered credit union serving members across the state with full-service consumer, mortgage, and business banking. Comparable as a broad Florida incumbent that competes for the same Tallahassee-area consumer and small-business relationships.

Direct peers

• Morehouse School of Medicine Federal Credit Union: Small HBCU-affiliated federal credit union serving an Atlanta-based HBCU. Closely comparable to FAMU FCU in scale, member base (HBCU employees, students, alumni), and product mix.
• University of Florida Federal Credit Union: University-affiliated credit union serving the University of Florida community. Directly comparable as a Florida university FCU with full consumer banking and lending products, but on a much larger scale than FAMU FCU.
• Self-Help Federal Credit Union: CDFI-focused credit union specializing in underserved and minority communities, including small-business lending. Highly comparable to FAMU FCU's mission around community-development lending and minority/women-owned business programs.
• LEAN Federal Credit Union: Credit union with HBCU and minority-community heritage serving multiple educational institutions and underserved markets. Comparable to FAMU FCU in mission orientation, community-development lending, and HBCU/mission-driven positioning.
• Howard University Employees Federal Credit Union: Federally chartered credit union serving the Howard University ecosystem, the most prominent HBCU peer to FAMU FCU. Operates with a similar field-of-membership model centered on a historically Black university's employees, students, and alumni, and competes for the same HBCU credit-union narrative.

Regional players

• CFE Federal Credit Union: Florida-based credit union serving Central Florida communities with full consumer banking. Comparable Florida regional competitor with overlapping member demographics and product set.
• InSight Credit Union: Florida-based community credit union serving Central Florida with full consumer banking. Comparable regional Florida credit union competing in similar deposit and consumer-lending segments.
• Envision Credit Union: Florida-based credit union operating primarily in North Florida including the Tallahassee region. Comparable regional competitor with overlapping consumer deposit and lending products targeting similar geographic member pools.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/FAMUFCU
• LinkedInlinkedin.com/company/famu-federal-credit-union

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 Famu Federal Credit Union