ElecTel Cooperative Federal Credit Union

What ElecTel Cooperative Federal Credit Union does

ElecTel Cooperative Federal Credit Union is a federally chartered, not-for-profit member-owned credit union founded in 1969 and headquartered at 3400 Sumner Blvd in Raleigh, North Carolina. It provides retail banking products — including savings, checking, money market, share certificates, IRAs, Visa credit cards, auto loans, electric vehicle loans, energy efficient loans, unsecured personal loans, home equity lines of credit, and mortgages (via partnership with myCUmortgage) — to employees, directors, officers, family members, and consumer-members of approved electric and telephone cooperatives across North Carolina, Virginia, Maryland, Delaware, Tennessee, and West Virginia.

The institution operates three physical branches (Raleigh, Hillsborough, Wake Forest) supplemented by a digital banking stack comprising an iOS/Android mobile app with mobile deposit, a Home Banking web portal with unlimited free bill pay, a 24-hour Starline audio response IVR system, and eStatements. Members additionally gain access to approximately 5,600 branches via the CO-OP Shared Branching Network and roughly 40,000 surcharge-free ATMs via MoneyPass. Loan and membership applications are processed through the third-party MeridianLink ConsumerLink platform, and mortgages are originated in partnership with myCUmortgage.

ElecTel's business model is that of a cooperative intermediary: it earns net interest income on its loan portfolio (auto, unsecured, HELOC, energy efficient, credit card, and mortgage) and fee income from overdrafts, wire transfers, check services, and referral arrangements with insurance partners (TruStage, GoHealth). As a not-for-profit cooperative, surplus is returned to members via higher dividend rates on deposits and lower loan rates rather than distributed to outside shareholders. Growth is driven by word-of-mouth referrals within the cooperative community, direct-to-consumer digital channels, and community-based marketing events.

Name

ElecTel Cooperative Federal Credit Union

Legal name

ElecTel Cooperative Federal Credit Union

Website

https://electel.org

Company type

Private

Founded year

1969

Operating status

Operating

Short description

ElecTel Cooperative Federal Credit Union is a federally chartered, member-owned not-for-profit credit union serving employees and consumer-members of approximately 27 electric cooperatives across North Carolina and five adjacent states through three branches and full digital banking.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union / Cooperative Financial Services)

NAICS

Credit Unions (52213), Credit Card Issuing (522210), Depository Credit Intermediation (5221)

SIC

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

akta.pro primary industry

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

akta.pro secondary industries

Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF), General Purpose Credit Cards (FSAKABAA), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending products
• Cooperative credit union
• Deposit accounts and savings
• Digital banking services

Headquarters

HQ city

Raleigh

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: ElecTel generates revenue primarily through interest charged on loans including auto loans, unsecured loans, home equity lines of credit, mortgages, Visa credit cards, and other collateral loans. As a not-for-profit cooperative, interest earnings are returned to members in the form of higher savings rates and lower loan rates.
2. Savings and Certificate Dividends: The credit union pays dividends (interest) to members on savings accounts, money market accounts, IRAs, and share certificates. Current rates range from 0.50% APY on regular savings to 3.900% APY on 18-24 month share certificates.
3. Fee-based Services: Various transaction and service fees including overdraft privilege ($23/item), wire transfers ($18 domestic, $33.50 foreign), stop payments ($23), returned items ($23), check printing, and account research ($20 per half hour).
4. Insurance Products: Revenue from referral arrangements with TruStage for insurance products including auto/home insurance, health insurance, credit life and disability insurance, and mechanical repair coverage (GAP Plus at $439 per auto loan).

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

ElecTel Cooperative Federal Credit Union is a federally chartered, member-owned not-for-profit credit union that provides retail banking products and consumer lending services to members of approved electric and telephone cooperatives. Its core offerings include deposit accounts (savings, checking, money market, share certificates, and IRAs), consumer loans (auto, EV, energy-efficient, unsecured, home equity, mortgages, and Visa credit cards), and complementary digital and personal finance services (online banking with bill pay, mobile banking, eStatements, audio response, wire transfers, direct deposit, payroll deduction, and insurance referrals).

Product overview

ElecTel Cooperative Federal Credit Union is a not-for-profit financial cooperative serving electric co-op employees and members since 1969. The company offers a comprehensive suite of financial products organized around three core pillars: Better Banking (checking, savings, money market, CDs/IRAs, and Visa cards), Smarter Borrowing (vehicle loans including EVs, energy efficient loans, unsecured loans, home equity, mortgages, and other collateral loans), and Convenient Digital Banking (online banking with bill pay, mobile banking with mobile deposit, eStatements, audio response/Starline, direct deposit, payroll deduction, wire transfers, and check services). Insurance products are offered through TruStage partnership. The credit union also provides free car buying assistance through Car Connection and partners with myCUmortgage for home loans. Membership is restricted to employees and members of approved North Carolina and Virginia electric and telephone cooperatives.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Accounts Deposit products including Regular Savings ($1 minimum), Special Savings, Christmas Club accounts, and custodial/minor accounts paying competitive interest rates. Available to members of approved cooperatives.
• Free Checking Account No minimum balance, no service charges, no per-check fees checking account with FREE Home Banking and Bill Pay, overdraft privilege up to $500, and Visa Debit card. For members of approved cooperatives.
• Money Market Account Higher-yielding savings account with $500 minimum to earn dividends and 2.25% dividend rate (2.273% APY). No penalty for lower balance. For members of approved cooperatives.
• Share Certificates and IRAs Certificate of Deposit products with terms from 6 to 36 months and $500 minimum deposit (APY ranging from 3.700% to 3.900%). Traditional and Roth IRA share, Money Market, and CD options also available.
• Vehicle Loans Auto loans with up to 120% financing and terms up to 84 months, with rates as low as 3.65% APR for new vehicles and 4.40% APR for used vehicles. Same rate for new and used vehicles. Includes 30-day pre-approvals. For members of approved cooperatives.
• Electric Vehicle Loan Special low-interest loan program for electric vehicles with additional benefits including access to public charging stations at 30 locations across North Carolina for electric co-op members and federal tax incentives.
• Energy Efficient Loans Loans up to $30,000 for residential energy improvements including heat pumps, solar water heaters, insulation, windows, doors, and other Energy Star items, with up to 100% financing at rates as low as 6.90% APR.
• Unsecured Loans Unsecured personal loans up to $30,000 with terms up to 4 years and rates as low as 6.75% APR. No collateral required. Includes overdraft protection lines of credit.
• Home Equity Line of Credit Line of credit up to $250,000 with up to 100% loan-to-value less existing liens, variable rate at 6.00% APR (prime). Minimum advance $250, no prepayment penalty. Interest may be tax deductible.
• Home Loans (Mortgages) Mortgage loans offered in partnership with myCUmortgage, including FHA, VA, and USDA loans, conventional mortgages, manufactured home loans, and cash-out refinances. As little as 3.5% down payment available.
• Platinum Visa Credit Card Credit card with fixed rates as low as 9.90% APR, credit limits up to $20,000, NO annual fees, NO transaction or cash advance fees, and a 25-day grace period. Card management via ezcardinfo.com.
• Other Collateral Loans Loans for lawn, garden, and farm equipment up to 100% of purchase price for 60 months. Includes share-secured loans using savings as collateral and certificate-secured loans.
• Online Banking with Bill Pay 24/7 web-based account access for viewing account history and loan info, transferring funds, retrieving eStatements, year-to-date tax information, and FREE unlimited electronic Bill Pay to any payee within the United States.
• Mobile Banking App Native iOS and Android mobile applications enabling 24/7 account access, balance checks, fund transfers, bill payment, mobile check deposit, and account management from smartphones and tablets.
• eStatements FREE password-protected electronic statements available 24/7. Statements saved for 18 months, typically available within 48 hours.
• Mobile Deposit Check deposit using smartphone camera through the mobile app. Deposits made before 4:00 PM EST post same business day. No limit on the number of checks; daily dollar limit set at approval.
• Starline Audio Response 24-hour automated phone banking system (1-888-274-0253) for account inquiries, transfers, loan payments, and withdrawal requests. Members authenticate with account number and PIN.
• Direct Deposit Direct deposit for payroll, Social Security, government, or retirement checks. Funds automatically deposited into ElecTel accounts.
• Payroll Deduction Automatic distribution of paycheck funds into designated ElecTel savings, checking, or loan payment accounts. Authorization form available for download.
• Wire Transfers Domestic and international wire transfer services. Incoming wires received via Vizo Financial (Routing 253184317); outgoing domestic wires $18, foreign wires $33.50.
• Check Reordering Personal check ordering service through partnership with Mainstreet Inc., providing better options, service, and pricing than previous provider through online ordering platform.
• Overdraft Protection and Privilege Overdraft protection via linked savings account or line of credit, plus Overdraft Privilege up to $500 for eligible members in good standing. $23 fee per NSF item paid.
• Car Connection Service FREE car buying assistance service where consultants negotiate best deals on members' behalf using volume buying power. Provides price quotes, arranges delivery through authorized dealers, and handles all paperwork with no fee or obligation.
• TruStage Insurance Programs TruStage insurance products available to ElecTel members: Auto/Home Insurance, Credit Life & Disability Insurance, GAP Plus ($439 financed into auto loan), Health Insurance program via GoHealth, and MEMBER'S CHOICE AutoCare mechanical repair warranty.
• NCUA-Insured Deposits Member deposits insured by the National Credit Union Administration (NCUA) up to $250,000 per depositor, with additional coverage available through combinations of individual, joint, trust, payable-on-death, and IRA accounts. Separate $250,000 coverage for IRAs.

Quantifiable outcome

• Auto loan rates as low as 3.65% APR (new) and 4.40% APR (used)
• +5 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and supporting.

• Car ConnectioncoreOthersCar Connection is a free service offered by ElecTel to assist members in purchasing vehicles. Consultants work on behalf of members to negotiate the best deals through volume buying power. They provide price quotes including everything except tax and tags, arrange delivery through authorized dealers, and handle all paperwork. Members can call 1-800-292-2422 or visit mycarconnectionnc.com.
• myCUmortgagecoreTechnology or IntegrationMortgages are provided in partnership with myCUmortgage, a trusted credit union mortgage provider. The partnership enables ElecTel to offer FHA, VA, and USDA loans, conventional mortgages, manufactured home loans, and cash-out refinances. ElecTel operates as NMLS #414996 with myCUmortgage as NMLS #565434.
• TruStage InsurancesupportingOthersTruStage insurance products are offered as exclusive member benefits including auto/home insurance, health insurance programs (through GoHealth), credit life and disability insurance, and mechanical repair coverage through MEMBER'S CHOICE AutoCare warranty program.
• CO-OP Shared Branching NetworkcoreTechnology or IntegrationElecTel is a member of the CO-OP Shared Branching Network, providing members access to approximately 5,600 branches coast-to-coast. Full service transactions available at shared branches including deposits, withdrawals, and loan payments.
• MoneyPass ATM NetworkcoreTechnology or IntegrationElecTel participates in the MoneyPass ATM network, providing members access to approximately 40,000 ATMs coast-to-coast with no surcharge fees for transactions.
• MeridianLinksupportingTechnology or IntegrationOnline membership and loan applications are processed through MeridianLink's ConsumerLink platform (app.consumer.meridianlink.com) providing secure, integrated application submission and processing.
• Vizo FinancialsupportingTechnology or IntegrationVizo Financial (formerly PSCU/CO-OP Financial Services) serves as the receiving financial institution for incoming wire transfers to ElecTel. Routing Number 253184317, located in Greensboro, NC.
• UserWaysupportingTechnology or IntegrationWebsite accessibility widget powered by UserWay's dedicated accessibility server, helping ElecTel.org comply with Web Content Accessibility Guidelines (WCAG 2.0) for users with disabilities.
• Mainstreet IncsupportingOthersCheck printing services upgraded through Mainstreet Inc, providing ElecTel members better options, service, and pricing for personal check orders through their online ordering platform.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Local Government Federal Credit Union: Raleigh, NC-based FCU serving local government and public-sector employees across NC. Comparable cooperative-FOM model, similar scale, same competitive set in NC digital and branch channels.
• Self-Help Federal Credit Union: Durham, NC-based community development credit union serving members across the Southeast. Direct comparable: similar scale, similar FOM-driven community mission, similar product mix including energy-efficient lending.
• Wings Financial Credit Union: Minnesota-based FCU serving employees of the airline/aviation industry. Same employer-segment-anchored FCU model and product mix (deposits, auto loans, mortgages, cards).
• First Tech Federal Credit Union: FCU serving employees of technology and related industries with FOM-based eligibility. Same member-segment/employer-anchored cooperative model with similar product breadth.
• SchoolsFirst Federal Credit Union: Large California-based FCU built around a defined employee segment (school employees). Same FOM-anchored, member-segment-driven community FCU model that ElecTel applies to electric-coop employees.

Broad incumbents

• America First Credit Union: Large community-chartered FCU offering consumer banking, lending, credit cards, and digital channels. Broad incumbent analog showing what scaled FCU digital banking and card products look like.
• Alliant Credit Union: Digital-first community-chartered FCU serving a national field of membership. Comparable product set (savings, lending, cards) and benchmark for digital member onboarding relevant to ElecTel's aspirations.
• State Employees' Credit Union (SECU): North Carolina's largest credit union with a member/employer FOM model. Broad incumbent competing across every product line but anchored to NC, mirroring ElecTel's geographic scope at dramatically larger scale.

Others

• myCUmortgage (CUNA Mutual): Credit-union-affiliated mortgage CUSO used by hundreds of small FCUs (including ElecTel). Adjacent partner enabling mortgage lending for small community FCUs that lack in-house mortgage scale.

Regional players

• Coastal Federal Credit Union: Large NC-based credit union headquartered in Raleigh serving members across the state. Closest geographic peer and competitive overlap on retail deposit, lending, and digital banking products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ElectelCooperativeFederalCreditUnion
• Instagraminstagram.com/electelcoop
• Xx.com/sheralsays

Compliance6 records

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 ElecTel Cooperative Federal Credit Union