Service First Federal Credit Union
- Company typePrivate
- Founded1934
- HeadquartersSioux Falls, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
Service First Federal Credit Union firmographics
Firmographics- Name
- Service First Federal Credit Union
- Legal name
- Service First Federal Credit Union
- Website
- https://servicefirstfcu.org
- Company type
- Private
- Founded year
- 1934
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Ownership category
- akta.pro rank
Service First Federal Credit Union industry classification
Industry- Product category
- Retail Banking
- NAICS
- Credit Unions (522130), Credit Unions (52213)
- SIC
- Savings Institution, Federally Chartered (6035)
- akta.pro primary industry
- Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)
- akta.pro secondary industry
- Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)
Keywords
Where Service First Federal Credit Union is headquartered
LocationHeadquarters
- HQ city
- Sioux Falls
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Service First Federal Credit Union business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Interest Income: Primary revenue from interest earned on loans including mortgages, auto loans, personal loans, student loans, home equity, recreational loans, and business loans. Interest rates offered are competitive compared to banks.
- Fee Income: Various fees associated with accounts and services including potential NSF charges, late fees, and service charges disclosed in fee schedules.
- Insurance Products: Revenue from insurance products including GAP Coverage, Mechanical Breakdown Protection, Credit Insurance, and DFS Insurance offerings. Member benefits include guaranteed acceptance for AD&D insurance up to $300,000.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Share Certificates |
| Subscription | Monthly | Auto Loans |
| Subscription | Monthly | Personal Loans |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels6 records
Service First Federal Credit Union product offering
Product offeringCore offering
Service First Federal Credit Union is a not-for-profit, member-owned financial cooperative offering retail banking products including personal and business checking and savings accounts, share certificates, and a full suite of consumer and commercial lending products (mortgages, auto, home equity, student, recreational, and personal loans). Members access services through branch locations in Sioux Falls and McCook, digital channels (online and mobile banking), My Express Teller video banking, and an 85,000+ ATM network. Insurance products such as AD&D, GAP, Mechanical Breakdown Protection, and Credit Insurance complement the financial product suite.
Product overview
Service First Federal Credit Union is a not-for-profit, member-owned financial institution offering a comprehensive suite of banking and insurance products. The core banking platform consists of personal and business checking and savings accounts, complemented by a full range of lending products including auto loans, mortgages (with multiple loan types: conventional, FHA, VA, USDA, construction, lot, and jumbo loans), recreational loans, home equity, student loans, and personal loans. The digital banking infrastructure includes online banking, mobile banking apps (iOS and Android), and My Express Teller video teller kiosks. The credit union also offers Share Certificates for savings, credit cards for personal and business use, and specialized products like DriveDown auto loan refinancing. Insurance offerings include Accidental Death Insurance, GAP Coverage, Mechanical Breakdown Protection, Credit Insurance, DFS Insurance (home, auto, health, life, business), and Additional Protection products. Business banking services include checking, savings, loans, credit cards, and merchant services. Members access over 85,000 surcharge-free ATMs through multiple network partnerships (CO-OP, Allpoint, Advantage, In-Balance), with integrated payment services including Zelle for person-to-person transfers. Financial tools such as loan calculators and Skip A Pay services complement the product portfolio.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Checking Checking accounts for individual members with online and mobile banking access, digital account management, and associated debit card services.
- Personal Savings Savings account products for individual members offering competitive rates and secure fund storage with digital access.
- Online Banking Digital banking platform enabling members to manage accounts, view transactions, pay bills, transfer funds including Zelle, and access account services through web browsers.
- Mobile Banking Mobile application allowing members to conduct banking transactions, deposit checks, transfer funds, and manage finances on smartphones and tablets. Available on iOS and Android.
- Auto Loans Vehicle financing for new and used automobiles with competitive rates as low as 4.15% APR, no application or origination fees, and various term options.
- Mortgage Loans Home purchase loans including conventional, FHA, VA, USDA, construction, lot, and jumbo loans, plus refinancing options for members.
- Recreational Loans Financing for recreational vehicles including boats, RVs, and other leisure equipment.
- Home Equity Home equity lines of credit and loans allowing members to borrow against their home's equity for various purposes.
- Student Loans Education financing options for members pursuing higher education or refinancing existing student debt.
- Personal Loans Unsecured personal loans with rates as low as 9.30% APR for various member needs.
- DriveDown Auto Refinancing Auto loan refinancing product designed to lower monthly payments or interest rates on existing vehicle loans.
- Credit Cards Credit card products for personal use with various reward and rate options.
- Share Certificates Certificate of deposit products with rates as high as 3.00% APY, requiring funds to be held for specified terms.
- Business Checking Commercial checking accounts with features designed for small businesses, including online banking and merchant services.
- Business Savings Savings accounts tailored for business needs with competitive rates and digital access.
- Business Loans Commercial lending products including term loans and lines of credit for business operations and growth.
- Business Credit Cards Credit card products designed for business spending with expense management features.
- Merchant Services Payment processing and point-of-sale solutions for business members to accept card payments from customers.
- Accidental Death and Dismemberment Insurance AD&D insurance providing $2,000 no-cost coverage to members, with optional coverage up to $300,000, underwritten by Minnesota Life Insurance Company. Guaranteed acceptance for members age 18 or older.
- GAP Coverage Guaranteed Asset Protection that waives the remaining loan balance not covered by insurance in case of total loss or theft, subject to LTV maximums. May also cover up to $1,000 of deductible.
- Mechanical Breakdown Protection (MBP) Vehicle protection covering mechanical and electrical failures for new and used vehicles after factory warranty expiration. Includes $0 deductible, roadside assistance, rental car allowance, and hybrid battery coverage.
- Credit Insurance Insurance product designed to pay off debt if the borrower is unable to work due to unexpected circumstances.
- DFS Insurance Home, auto, health, life, and business insurance products offered through independent DFS Insurance agents.
- Additional Protection Insurance Hospital confinement and cash benefit insurance products with guaranteed acceptance for members.
- My Express Teller Interactive video teller machines allowing members to connect with live tellers during business hours without a debit card. Supports deposits, withdrawals, loan payments, and fund transfers; available 24/7 as standard ATM.
Quantifiable outcome
- Over 20,000 members served
- +2 more outcomes
Companies that use Service First Federal Credit Union
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Service First Federal Credit Union technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature3 records
Service First Federal Credit Union partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Minnesota Life Insurance CompanycoreProvides Accidental Death and Dismemberment (AD&D) insurance coverage to Service First members. Members receive $2,000 no-cost coverage with guaranteed acceptance for up to $300,000 in optional coverage.
- DFS InsuranceminorIndependent insurance agents providing Home, Auto, Health, Life, and Business Insurance products to Service First members. DFS offers wide range of insurance products tailored to individual and business needs.
- CO-OP Financial ServicescoreProvides ATM network access. Service First members have surcharge-free access to over 85,000 ATMs through CO-OP network plus Advantage, Allpoint and In-Balance networks.
- Zelle Network (Early Warning Services)corePowers instant money transfers between Service First members and users at other financial institutions. Enables convenient peer-to-peer payments using email addresses or mobile phone numbers.
- John Morrell (Historical)minorOriginal founding employer group in 1934. John Morrell Employees Federal Credit Union was formed by meat processing plant employees and later renamed Service First Federal Credit Union.
Scale indicators4 records
Recent moves7 records
Expansion highlights5 records
Service First Federal Credit Union competitors and assessment
Company assessmentEmerging players
- SoFi: Digital-first bank and lender offering deposits, personal loans, mortgages, and credit cards with a strong national brand and mobile-first experience. Represents the competitive ceiling/threat for Service First's deposit and consumer-lending segments among younger, mobile-native consumers.
- Alliant Credit Union: National, digitally-led credit union offering high-yield savings, lending, and a strong mobile experience with broad community-charter membership. Comparable to Service First on membership eligibility model while representing the digital-first trajectory Service First may need to follow.
Regional players
- CorTrust Bank: South Dakota community bank with branch presence in Sioux Falls and surrounding markets. Offers a similar deposit/lending mix to Service First and competes for the same local consumer and business relationships.
- Dacotah Bank: South Dakota-based community bank with a footprint spanning SD, ND, and MN. Closely comparable to Service First in scale, community-bank model, and agricultural/metro customer mix, providing a strong regional benchmark.
- Great Western Bancorp: Sioux Falls-headquartered community/regional bank serving SD, MN, IA, NE, and AZ with consumer and commercial banking products. Direct geographic competitor to Service First in its home market and a natural peer on deposit gathering and small-business lending.
Broad incumbents
- Pentagon Federal Credit Union (PenFed): One of the largest US credit unions, offering the full suite of consumer and mortgage products Service First provides but at national scale. Relevant benchmark for competitive rate-setting, digital banking expectations, and product roadmap.
- Connexus Credit Union: Large, multi-state community credit union with a similar full-service model (deposits, mortgage, auto, digital banking) and member-owned cooperative structure. Useful peer for benchmarking product breadth and digital execution against a more scaled community-charter credit union.
- Navy Federal Credit Union: Largest US credit union by membership, providing deposit, lending, and digital banking services with strong brand and technology investment. Sets the upper-bound benchmark for what members expect from a credit union on mobile UX, rates, and product depth.
Direct peers
- First Bank & Trust: South Dakota-headquartered community bank with branches across the Sioux Falls region, offering a comparable mix of personal/business deposit and lending products. Competes head-to-head with Service First for the same consumer and small-business customers in the Sioux Falls MSA.
- Bellco Credit Union: Colorado-based community credit union of comparable scale and member-owned model offering deposits, mortgages, consumer loans, and insurance-adjacent products. Strong analog for Service First on community-charter economics and member-engagement strategy.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Service First Federal Credit Union social profiles
Digital presenceService First Federal Credit Union compliance and trust
Trust signalCompliance3 records
Service First Federal Credit Union financial estimates
Financial estimateRevenue estimate
Valuation estimate
Service First Federal Credit Union leadership team
Management profileNumber of profiles
Profiles4 records
Service First Federal Credit Union funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Service First Federal Credit Union M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Service First Federal Credit Union
What does Service First Federal Credit Union do?
Service First Federal Credit Union is a not-for-profit, member-owned financial cooperative offering retail banking products including personal and business checking and savings accounts, share certificates, and a full suite of consumer and commercial lending products (mortgages, auto, home equity, student, recreational, and personal loans). Members access services through branch locations in Sioux Falls and McCook, digital channels (online and mobile banking), My Express Teller video banking, and an 85,000+ ATM network. Insurance products such as AD&D, GAP, Mechanical Breakdown Protection, and Credit Insurance complement the financial product suite.
Is Service First Federal Credit Union a public or private company?
Service First Federal Credit Union is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Service First Federal Credit Union founded?
Service First Federal Credit Union was founded in 1934. It employs 101 to 250 people.
Where is Service First Federal Credit Union based?
Service First Federal Credit Union is headquartered in Sioux Falls, United States, in the North America region.
How does Service First Federal Credit Union make money?
Three revenue lines are on record. Interest Income is the primary driver. The others are fee Income and insurance Products.
Who are Service First Federal Credit Union's main competitors?
Emerging players on record are SoFi and Alliant Credit Union. Regional players are CorTrust Bank, Dacotah Bank and Great Western Bancorp. Broad incumbents are Pentagon Federal Credit Union (PenFed), Connexus Credit Union and Navy Federal Credit Union. Direct peers are First Bank & Trust and Bellco Credit Union.
Does Service First Federal Credit Union have an API?
No public API is recorded for Service First Federal Credit Union.
What industry is Service First Federal Credit Union in?
Service First Federal Credit Union's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAA, Community Credit Unions (Retail/Consumer Focus), with a secondary code of FSAKAAAL, Bank & Credit Union Personal Loans (Unsecured Installment). Its NAICS code is 522130 and its SIC code is 6035.