My Credit Union

What My Credit Union does

MY CREDIT UNION is a federally chartered, member-owned financial cooperative operating under the "People Helping People" philosophy since 1957, serving 24,000+ consumer and small-business members across 16 Minnesota counties with a primary branch footprint in the Twin Cities metro (Bloomington x2, Richfield, Inver Grove Heights, Rosemount). The institution delivers the standard retail banking product set: free personal checking with no minimum balance, savings accounts, youth savings (Honeybee Club), a four-tier Visa credit card suite (Classic, Platinum, Signature, Business), debit cards, and a lending portfolio spanning auto loans (from 4.49% APR, up to 125% LTV, 84-month terms), home equity, mortgages, recreational vehicle financing, and SBA-eligible business lending. Underlying technology consists of vendor-supplied digital channels (CUDL loan application, mobile banking app with biometric login and remote check deposit, dedicated MYCU Cards management app, online banking with bill pay, electronic statements, and Visa Checkout) integrated with Apple Pay, Google Pay, and Samsung Pay, plus a broad surcharge-free ATM network of up to 80,000 locations.

Revenue is generated through the standard credit union mix of net interest income on the loan portfolio (auto, mortgage, home equity, recreational, business, and credit card balances), recurring dividends paid out as interest on deposits, transaction-based service fees (overdraft $25, stop payment $30, domestic wire $25, international wire $100, notary $5 for non-members), business account maintenance fees on a tiered balance schedule, and credit card fee streams (late payment $29, returned payment $30, 1% foreign transaction on Classic/Platinum). Customer acquisition is community-led and direct-to-consumer, anchored by the geographic field-of-membership charter, local event sponsorships (Heritage Days, Inver Grove Heights Days, PennFest), the Flags for Fort Snelling veteran initiative, scholarships, and free financial education seminars. Member-adjacent services are delivered through partner relationships rather than in-house build: LSS Financial Counseling (up to 6 free annual sessions), TruLync Medicare Advisors for seniors and veterans, Enterprise Car Sales for certified pre-owned vehicle financing, Osaic Institutions for retirement and investment advisory, and NetGiver for fee-free charitable giving.

Name

My Credit Union

Legal name

MY CREDIT UNION

Website

https://mymncu.org

Company type

Private

Founded year

1957

Operating status

Operating

Headcount range

51–100 employees

Short description

My Credit Union is a Minnesota-chartered, member-owned financial cooperative founded in 1957, serving 24,000+ consumer and small-business members across 16 counties through 5 Twin Cities branches and full digital banking. It offers retail deposits, consumer and business lending, a four-tier Visa card suite, and member services via community, veteran, and senior-focused partnerships.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

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

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending products
• Business banking solutions
• Credit union services
• Digital banking platforms

Headquarters

HQ city

Bloomington

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Income from interest earned on loans including auto loans, mortgages, home equity loans, credit cards, and business loans. Rates vary by product with APRs ranging from 4.49% for auto loans to 12.99% for Classic Visa cards.
2. Service Fees: Various fees including overdraft/insufficient funds charges ($25), check stop payments ($30), wire transfers ($25 domestic, $100 international), notary services ($5 for non-members), and business account maintenance fees based on balance tiers.
3. Account Fees: Monthly maintenance fees for business checking based on average balance ($0-$10/month), deposit fees, and check processing fees. Consumer checking has no minimum balance requirement with dividends earned on balances over $500.
4. Credit Card Fees: Late payment fee ($29), returned payment fee ($30), replacement card fee ($10), document copy fee ($3), and 1% international transaction fee on Classic/Platinum/Business cards.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels7 records

Core offering

My Credit Union is a Minnesota-based not-for-profit financial cooperative that provides personal and business banking products including checking and savings accounts, Visa credit cards, auto/home equity/mortgage/recreational loans, and business lending, distributed through five branch locations, mobile and online banking channels, and a 40,000+ ATM network to members across 16 Minnesota counties.

Product overview

MY CREDIT UNION is a Minnesota-based credit union offering a comprehensive suite of financial products and services organized into personal banking, business banking, and community programs. Personal banking includes checking and savings accounts (with Honeybee Club youth savings), Visa credit cards (Classic, Platinum, Signature, and Business tiers), debit cards, auto loans, home equity loans, mortgage loans, and recreational loans. Business services encompass business checking, organizational checking, business savings, business lending (including SBA loans), and business credit/debit cards. Digital banking services include online banking, mobile banking app with check deposit, bill pay, mobile wallet (Apple Pay, Google Pay, Samsung Pay), MYCU Cards App for card management, electronic statements, financial calculators, and Visa Checkout. Partner services include Enterprise Car Sales, LSS Financial Counseling, TruLync Medicare Advisors, and NetGiver charitable giving. Community programs feature the Adventure Club (55+ travel), Community Foundation, scholarships, Flags for Fort Snelling, and various community events and volunteer opportunities.

Differentiator

Problem solved

Functional benefit

Brands

• MYCU Cards App: Mobile application for managing MY CREDIT UNION Visa credit and debit cards, including card controls, transaction alerts, and mobile wallet integration.
• MYCU Mobile Banking App
• MY Retirement & Investment Solutions
• Mobile Wallet
• LSS Financial Counseling

Products and services

• Personal Checking Account Basic checking account with no minimum balance required, free debit card, 24/7 online account access, unlimited check writing, and ATM access for individual members.
• Savings Account Savings account with competitive dividend rates for accumulating funds, designed for individual members.
• Honeybee Club Youth savings program designed to encourage financial literacy and savings habits for children.
• Visa Classic Credit Card No annual fee credit card with 12.99% APR, 25-day grace period, $500 minimum credit line, and rewards redemption for travel and merchandise.
• Visa Platinum Credit Card No annual fee credit card with low 9.90% APR and 25-day grace period on all new purchases.
• Visa Signature Credit Card No annual fee travel credit card with $5,000 minimum credit line, travel insurance, no international transaction fee, and cash back option.
• Visa Business Credit Card No annual fee business credit card with 1.99% intro APR for 6 months and 1% cash back as statement credit, designed for business members.
• Visa Debit Card Debit card accepted anywhere Visa is accepted with 24/7 checking account access and access to 40,000+ fee-free ATM locations for individual members.
• Auto Loans Vehicle financing with rates as low as 4.49% APR, no payments for up to 60 days, finance up to 125% loan to value, and terms up to 84 months.
• Home Equity Loans Loans using home equity as collateral for various financial needs of individual members.
• Mortgage Loans Home financing options including purchase mortgages and refinancing solutions for individual members.
• Recreational Loans Financing for recreational vehicles with terms up to 120 months for large recreational vehicles.
• Overdraft Protection Account protection service that prevents financial mishaps and helps avoid unwanted fees from insufficient funds.
• Business Checking Account Checking account designed for business members with tiered fee structures based on average monthly balance.
• Organizational Checking Checking account designed for non-profit organizations and associations.
• Business Savings Account Savings account for business members to accumulate funds and earn dividends.
• Business Lending Business loans and lines of credit for equipment, vehicles, real estate, and working capital including SBA guaranteed loans.
• Investment Services Financial advisory services through Osaic Institutions including retirement planning, wealth management, investment services, 401k rollovers, college savings, estate planning, and brokerage.
• Mobile Banking App Mobile app offering fingerprint scan login, bill pay, mobile check deposit, secure messaging, goal tracking, money transfers, and ATM/branch locator for members.
• Bill Pay Free online bill payment service allowing one-time or recurring payments to any business or individual with a U.S. mailing address.
• Mobile Wallet Digital payment service supporting Apple Pay, Google Pay, and Samsung Pay for contactless purchases using MY CREDIT UNION cards.
• MYCU Cards App Card management app for credit and debit cards allowing balance viewing, payments, transaction monitoring, card locking, travel notices, and digital card issuance.
• Electronic Statements Paperless statement delivery with 18 months of archived statements and email notifications when statements are ready.
• Adventure Club 55+ travel and social club offering group tours, bingo events, day adventures, and overnight trips for members with $2,500+ relationship.

Quantifiable outcome

• Rates as low as 4.49% APR for auto loans, saving members money compared to traditional banks
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

AI capability4 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Enterprise Car SalescoreChannel Partner/ Reseller/ DistributorPartnership providing MY CREDIT UNION members access to certified pre-owned vehicles from Enterprise's fleet. Members receive exclusive rate buydown discounts during spring and fall sales events. All vehicles pass ASE-certified inspections. Financing handled directly through the credit union for seamless purchasing experience.
• LSS Financial CounselingcoreStrategic or Co-development PartnerProvides up to 6 free annual confidential counseling sessions for members covering budgeting, debt management, credit improvement, financial wellness, student loans, and housing counseling. Most sessions are in-person with some available by phone or internet. Details remain confidential from the credit union.
• TruLync Medicare AdvisorscoreStrategic or Co-development PartnerOwned by Minnesota Credit Union Network, offering Medicare guidance to MN seniors including veterans. Licensed agent Dave Brown provides consultations. Service available to credit union members and all Minnesota seniors. Free seminars and plan reviews offered.
• Osaic InstitutionscoreChannel Partner/ Reseller/ DistributorInvestment and insurance products and services offered through Osaic Institutions, Member FINRA/SIPC. Financial advisor Lisa Blevens stationed at credit union branches provides retirement planning, wealth management, 401k rollovers, estate planning, and brokerage services.
• NetGiverminorGTM or Marketing PartnerFee-free charitable giving platform allowing members to donate to 501(c)(3) organizations with 100% of donations going to cause. Connects members with nonprofits while supporting community giving through the credit union.
• TruLync Medicare Advisors Event SponsorsminorGTM or Marketing PartnerSponsors for veterans' Medicare seminars include Minnesota Credit Union Network, UCARE, Medica, and MY CREDIT UNION, with representation from various veteran-facing nonprofits at events.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• SPIRE Credit Union: Twin Cities–area community credit union offering consumer checking, savings, auto, mortgage, and business lending plus digital channels. Directly overlapping geography and member value proposition.
• Affinity Plus Federal Credit Union: Minnesota-based member-owned cooperative offering full-service personal and business banking across a wider Minnesota footprint. Comparable community/member-owned model with similar product breadth and digital banking offering.
• Wings Financial Credit Union: Minnesota-based community credit union serving aviation-affiliated and broader Twin Cities members with comparable deposit, lending, and digital banking products. Direct competitor for member households in the metro.
• TopLine Federal Credit Union: Twin Cities metro community credit union serving similar Minnesota counties with comparable personal/business banking, auto loans, and digital services. Most direct competitor for MYCU's geographic footprint and member base.
• Hiway Credit Union: St. Paul–based member-owned credit union serving the Twin Cities workforce with similar full-service banking, auto/credit card lending, and community-oriented programs. Strongly comparable model and geography.

Broad incumbents

• SchoolsFirst Federal Credit Union: Large member-owned credit union operating with similar community-cooperative philosophy, full product suite, and digital banking. Provides a reference point for scaled-up MYCU aspirations.
• Alliant Credit Union: Large nationwide digital-first credit union with member-owned structure and fee-free checking. Represents the broader incumbent credit union model that competes for digitally savvy members in MYCU's market.

Regional players

• First Alliance Credit Union: Rochester, MN-based community credit union serving southern Minnesota with personal and business banking. Comparable member-owned structure and community focus.
• Connexus Credit Union: Large Wisconsin-headquartered credit union with significant Minnesota presence offering similar full-service banking and auto/home lending. Greater scale and geographic reach overlap MYCU's territory.
• Greater Minnesota Credit Union: Community credit union headquartered in central/southern Minnesota serving residents and businesses across the broader state. Comparable member-owned model with similar personal/business product set.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/MyCreditUnionMN
• LinkedInlinkedin.com/company/mycreditunion
• Instagraminstagram.com/my_creditunion
• Xx.com/my_creditunion

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 My Credit Union