Utica Gas & Electric Federal Credit Union

What Utica Gas & Electric Federal Credit Union does

Utica Gas & Electric Federal Credit Union (UGEFCU) is a federally chartered, member-owned cooperative financial institution founded in 1941 to serve employees of Niagara Mohawk Power Corporation, now serving employees of National Grid and approximately 70+ Select Employer Group (SEG) companies across the Mohawk Valley region of upstate New York. The institution is regulated by the National Credit Union Administration (NCUA) and operates from a single branch at 215 Old Campion Road, New Hartford, NY, with a staff of 11–50 employees. Membership extends to immediate and extended family of eligible employees, including children and teens through youth sub-brands (Burnie Savings Club, Teen$ense).

The credit union operates a Fiserv-powered digital banking platform delivering a full consumer banking product set: deposit products (checking, savings, money market, share certificates, IRAs, club accounts); a comprehensive lending suite (first mortgages up to $750,000, home equity loans and lines of credit, auto and motorcycle loans, personal loans, recreational loans for boats/RVs, CU Student Choice education loans, and Visa Classic and Rewards credit cards); and ancillary services (mobile deposit, Zelle P2P, card controls, Apple/Samsung/Google Pay tokenization, BillPay, notary, signature guarantee, check ordering via Harland Clarke, and loan protection through LOTSolutions). Member-benefit ecosystem components include uChoose Rewards, Zogo gamified financial literacy, SavvyMoney credit monitoring, EVERFI education, and the Love My Credit Union Rewards program (TruStage insurance, Trust & Will estate planning).

Revenue is generated through net interest income on the lending portfolio (consumer, mortgage, auto, student, credit card) net of deposit-funding costs, supplemented by transaction and service fees (credit card interest, Skip-a-Pay $30 fee, interchange on ATM network usage, check ordering). Distribution is split between the single physical branch with drive-thru, comprehensive digital self-service channels, on-site employer enrollment at National Grid and SEG work sites, and surcharge-free ATM access via the Allpoint and Sharenet networks (50,000+ locations). Marketing relies on community content (blog, quarterly newsletters, scholarship program) and member referrals rather than paid acquisition.

Name

Utica Gas & Electric Federal Credit Union

Legal name

Utica Gas & Electric Federal Credit Union

Website

https://ugefcu.com

Company type

Private

Founded year

1941

Operating status

Operating

Headcount range

11–50 employees

Short description

UGEFCU is a member-owned federal credit union founded in 1941, primarily serving National Grid employees and approximately 70+ Select Employer Group companies across New York's Mohawk Valley from a single New Hartford branch, offering deposits, consumer lending, mortgages, credit cards, and Fiserv-powered digital banking.

Ownership category

akta.pro rank

Product category

Credit Union / Consumer Banking

NAICS

Credit Unions (522130), Credit Unions (52213)

SIC

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

akta.pro primary industry

Employer/Occupational Credit Unions (FSABAEAB)

akta.pro secondary industry

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

Keywords

• Consumer banking services
• Mortgage lending products
• Credit union deposits
• Consumer loan products
• Member-owned financial cooperative

Headquarters

HQ city

New Hartford

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

Revenue model

1. Net Interest Income - Consumer Lending: Interest income generated from consumer loan products including mortgages (first and home equity), auto loans, personal loans, recreational loans, and student loans. Interest paid on deposits (share certificates, IRAs, money market accounts) represents a cost of funds. This is the primary revenue driver for the credit union.
2. Credit Card Fees and Interest: Transaction fees and interest income from Visa credit card products (Classic and Rewards cards) with APRs ranging from 6.90% to 13.75% based on creditworthiness.
3. Service Fees: Various service fees including check ordering (some accounts may qualify for free checks), Skip-a-Pay processing fees ($30 per loan), and potential overdraft fees. Free checking with no monthly fees for members.
4. Skip-a-Pay Processing: Processing fee of $30 per loan or 10,000 Scorecard Points for loan payment skip requests. One skip per loan per calendar year maximum.
5. ATM Network Access: Partnership with AllPoint and Sharenet networks provides fee-free ATM access for members. Revenue generated through interchange from member ATM usage at network locations.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

UGEFCU is a federal credit union providing consumer banking products and lending services to its member-owners, primarily employees of National Grid and their families, along with employees of approximately 70+ Select Employer Group (SEG) partner companies in the Mohawk Valley region. The institution offers deposit accounts, consumer loans, mortgages, credit cards, and digital banking services delivered through a single New Hartford branch and a Fiserv-powered online and mobile platform.

Product overview

Utica Gas & Electric Federal Credit Union (UGEFCU) is a member-owned financial cooperative founded in 1941, serving the Mohawk Valley area of New York. The institution offers a comprehensive suite of banking products organized around deposit accounts (checking, savings, money market, certificates of deposit, and IRAs), lending products (mortgages, home equity loans/lines of credit, auto loans, personal loans, recreational loans, student loans, and credit cards), and digital banking services (online/mobile banking, mobile deposit, BillPay, Zelle, and card controls). Member benefits include youth accounts (Burnie Savings Club, Teen$ense), rewards programs (uChoose Rewards), financial education (Zogo, EVERFI, Practical Money Skills, SavvyMoney), loan protection insurance, notary and signature guarantee services, check ordering, Skip-a-Pay, and an annual scholarship program. The credit union serves employees of National Grid and affiliated companies, their families, and community residents meeting eligibility requirements.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Account Free checking account with Bill Pay, e-Statements, Visa Debit Card, surcharge-free ATM access, 50 free checks, unlimited check-writing, no minimum balance, and dividend earnings for credit union members.
• Savings Account Basic share savings account earning 0.35% APY with quarterly compounding, requiring $25 minimum balance for APY. Foundation account for establishing credit union membership.
• Money Market Account Tiered savings account with competitive rates ranging from 0.80% to 1.39% APY depending on balance tier, with monthly compounding for credit union members.
• Certificate of Deposit (Share Certificate) Term deposit accounts with terms from 6 to 60 months. Standard rates range from 2.97% to 4.15% APY, plus a 10-month promotional CD at 4.50-4.60% APY with $500 minimum balance.
• IRA (Traditional and Roth) Individual retirement accounts offering both Traditional and Roth options with variable savings and certificate IRA choices, with rates from 3.00% to 4.15% APY.
• Club Accounts (Christmas, Vacation, Tax Club) Purpose-driven savings accounts for targeted goals (Christmas, Vacation, Tax Club) earning 0.35% APY with $25 minimum balance and quarterly compounding.
• First Mortgage Fixed-rate mortgage for purchase or refinance, borrowing from $20,000 to $750,000 with terms from 10 to 30 years, available for owner-occupied primary and secondary residences.
• First Time Home Buyer Program No down payment or mortgage insurance mortgage program for first-time homebuyers up to a maximum of $250,000, requiring 1 year of membership with direct deposit and automatic payment.
• Home Equity Loan (Fixed Rate) Fixed-rate home equity loan starting at 5.99% APR, with borrowing limits of $20,000 to $300,000, terms up to 10 years, and minimum 600 credit score requirement.
• Home Equity Line of Credit (Variable Rate) Variable-rate home equity line of credit with 2.99% APR introductory rate for the first 12 months, then Prime Rate. $20,000 to $300,000 credit line with 10-year draw period and interest-only payments.
• Auto & Motorcycle Loans Vehicle financing for new and used automobiles and motorcycles, with rates as low as 4.49% APR for new vehicles and terms up to 96 months, including a 0.25% rate discount for direct deposit/VISA/automatic payment.
• Personal Loan Unsecured fixed-rate personal loan from $1,000 to $30,000, with terms from 12 to 60 months and rates from 8.25% APR. No collateral, origination fees, or prepayment penalties required.
• Recreational Loans Financing for boats, campers, and RVs with terms up to 180 months for new and 120 months for used models, rates starting at 4.99% APR and no prepayment penalties.
• CU Student Choice Education Loan Student loans for undergraduate students at eligible schools, distributed through CU Student Choice, with no origination fees, lower interest rates, and deferred payments while in school.
• Consolidated Student Loans Refinancing option for existing student loans from $5,000 to $75,000 with rates as low as 5.50% APR, requiring minimum 640 credit score and one year of employment.
• Classic Visa Credit Card Visa credit card with 6.90-12.90% APR based on creditworthiness, no annual fee, no transaction fee, credit line up to $15,000, and 3.25% APR introductory balance transfer rate.
• Visa Rewards Credit Card Visa Rewards credit card with 8.90-13.75% APR, credit lines from $500 to $20,000, earning 1.5 uChoose reward points per $1 spent on purchases.
• Loan Protection Insurance Insurance products protecting member loans including Credit Life, Credit Disability, and Credit Involuntary Unemployment Insurance, with no medical exams required and premiums added to the loan payment.
• Burnie Savings Club Youth savings account for children ages 12 and under, featuring deposits, withdrawals, interest earnings, and prize rewards for meeting savings goals.
• Teen$ense Checking Teen checking account for ages 13-17 including a Visa debit card, first box of checks free, online and mobile banking access, and over 50,000 surcharge-free ATMs. Requires parent or guardian as joint owner.
• Online & Mobile Banking Fiserv-powered digital banking platform providing 24/7 account access, funds transfers, bill pay, mobile deposit, card controls, multi-factor authentication, and fraud monitoring for all members.
• Notary Public Service Free on-site notary services for members covering affidavits, mortgage papers, powers of attorney, title transfers, and other documents requiring notarization.
• Signature Guarantee Signature verification service for transferring or redeeming securities, available to established members by appointment.

Quantifiable outcome

• 10-Month Certificate earns approximately $37.45 on $1,000 deposit (4.50% APY) or $38.31 with $10,000+ new money (4.60% APY)
• +2 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

Integration18 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• AllPointcoreChannel Partner/ Reseller/ DistributorATM network partnership providing UGEFCU members access to fee-free ATM withdrawals at AllPoint locations nationwide. Clickable link to AllPoint ATM locator provided on credit union website.
• SharenetcoreChannel Partner/ Reseller/ DistributorATM network partnership providing UGEFCU members access to fee-free ATM withdrawals at Sharenet locations. Link to Sharenet ATM locator provided on credit union website.
• ZellecoreTechnology or IntegrationP2P payment integration enabling instant money transfers between bank accounts using email or mobile numbers. Integrated directly into online and mobile banking Bill Pay. No fees for sending money.
• FiservcoreTechnology or IntegrationCore banking technology provider powering the mobile app and online banking platform. Provides account management, transfers, bill pay, and mobile deposit functionality.
• CU Student ChoicecoreStrategic or Co-development PartnerPartnership providing education loans for undergraduate students. Student Choice facilitates the application process and partners with credit unions to fund student loans. No origination fees and competitive rates.
• University Accounting Service (UAS)coreTechnology or IntegrationStudent loan servicer providing 24/7 account access, payment processing, and customer support for UGEFCU student loans. Payments addressed to Carol Stream, IL.
• Trust & WillminorGTM or Marketing PartnerOnline estate planning platform partnership offering UGEFCU members a 20% discount on estate plans. Part of Love My Credit Union Rewards program.
• ZogominorStrategic or Co-development PartnerGamified financial literacy app partnership. UGEFCU members access the app using code 'UGEFCU' and earn virtual 'pineapples' for completing nearly 300 financial literacy modules. Rewards include gift cards.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• SchoolsFirst Federal Credit Union: Large employer-based federal credit union serving school employees and their families. Directly comparable to UGEFCU's occupational/employer-based charter model with a defined field of membership and similar full-service consumer banking menu.
• AmeriCU Credit Union: Rome/Utica, NY-based credit union operating in the immediate Mohawk Valley market with overlapping consumer-banking, mortgage, and auto-loan products. Directly comparable as a New York SEG/community credit union serving overlapping geographic membership.
• BCU (Baxter Credit Union): Employer-based credit union serving select companies and their employees with full-service consumer banking. Closely mirrors UGEFCU's SEG-driven membership model and reliance on employer partnerships for member acquisition.
• First Tech Federal Credit Union: Employer-affiliated federal credit union serving technology-industry employees with full retail banking. Comparable as an occupational-charter credit union using employer relationships as its primary acquisition channel.

Regional players

• Empower Federal Credit Union: Syracuse, NY-based federal credit union operating in the same upstate New York footprint. Comparable as a New York community/SEG credit union offering similar consumer-deposit and lending products within the broader region.
• First New York Federal Credit Union: New York State-chartered credit union serving public-sector and SEG employer groups with full-service consumer banking. Comparable as a New York SEG-based credit union operating under a similar employer-driven membership model.
• Visions Federal Credit Union: Endicott, NY-headquartered credit union serving upstate New York with a comparable consumer banking and lending product suite. Comparable as a regional New York credit union competing for similar upstate membership.
• ESL Federal Credit Union: Rochester, NY-based federal credit union with full-service consumer banking and a similar not-for-profit cooperative model. Comparable as a regional New York credit union with overlapping deposit and loan products.

Broad incumbents

• Patelco Credit Union: Large Bay Area credit union historically rooted in employer/occupational membership that has since expanded. Comparable as an employer-founded credit union offering the same consumer-deposit and consumer-lending menu at greater scale.
• Connexus Credit Union: National credit union offering full-service consumer banking, mortgages, auto loans, and credit cards across a broad field of membership. Comparable as a full-service consumer credit union competing for similar retail banking relationships.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/UGEFCU

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 Utica Gas & Electric Federal Credit Union