Nova UA Federal Credit Union

What Nova UA Federal Credit Union does

Nova UA Federal Credit Union is a federally chartered, member-owned cooperative credit union headquartered in Clifton, New Jersey, operating two branch locations (Main Office at 851 Allwood Road and Botany Village Office at 237 Dayton Avenue) and serving Passaic County, NJ, with mortgage products extending into New York State. Founded in 1960 by Ukrainian immigrants in Passaic, NJ originally as Self Reliance Federal Credit Union and rebranded to Nova UA Federal Credit Union in 2018, the institution offers a full retail and small-business banking product set: savings and checking accounts (no monthly maintenance fees on personal accounts), share certificates (CDs), IRAs, debit cards including a teen variant, personal and secured credit cards (NOVA Visa, 9.90% APR), residential mortgages, auto and share-secured loans, home equity lines of credit, and a business banking suite (savings, checking, debit and credit cards, member business loans). Deposits are federally insured by the NCUA up to $250,000 per account.

The credit union's technology stack is built on a Fiserv-powered online banking platform delivered through a web portal and a native iOS/Android mobile app, with Zelle for P2P transfers, card-management controls (on/off toggles, merchant/location spending limits, travel notifications), Apple Pay and Google Pay tokenization, wire transfer services (domestic and international), and access to the MoneyPass ATM network of 40,000+ surcharge-free ATMs. Insurance products (AD&D, life, auto, home) are delivered through a joint-marketing partnership with CUNA Mutual / TruStage rather than via in-house underwriting.

Revenue is generated primarily through net interest income on the loan portfolio (mortgages, auto, HELOC, credit cards, business loans), supplemented by transaction-based fees (overdraft, returned items, stop payment, wire transfer, card replacement, $15/month business checking maintenance). As a cooperative, excess earnings are returned to members as higher savings dividends and lower loan rates rather than distributed to outside owners. The 2025 annual meeting reported assets of $152.8 million and net earnings of $542,262, and the institution holds a 5.0-star Bauer Financial rating. The go-to-market motion is direct-to-consumer and community-driven: member acquisition is gated by a $50 share deposit, charter eligibility is tied to membership in the Self Reliance Association of American Ukrainians (Passaic Branch) and similar community organizations, and brand-building runs through church, youth, and Ukrainian cultural event sponsorships including the New Jersey Kings hockey team at the Alexander Cup tournament.

Name

Nova UA Federal Credit Union

Legal name

Nova UA Federal Credit Union

Website

https://novafcu.com

Company type

Private

Founded year

1960

Operating status

Operating

Headcount range

11–50 employees

Short description

Nova UA Federal Credit Union is a federally chartered, member-owned cooperative credit union in Clifton, NJ, offering retail and small-business banking products — deposits, loans, mortgages, credit cards, and insurance referrals — to the Ukrainian-American community and broader Passaic County membership.

Ownership category

akta.pro rank

Product category

Retail Banking (Federal Credit Union)

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

Keywords

• Retail banking services
• Consumer lending
• Business banking
• Credit union services
• Digital banking

Headquarters

HQ city

Clifton

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income on Loans: Primary revenue from interest earned on residential mortgages, auto loans, home equity loans, credit cards, and business loans. Competitive rates offered to members.
2. Fee Income: Various service fees including overdraft fees ($25), returned deposited items ($25), stop payments ($15), wire transfer fees ($25-$65), card replacement fees, and business account maintenance ($15/month).
3. Share/Dividend Payments: As a not-for-profit cooperative, excess earnings are returned to members in the form of higher dividend rates on savings and lower loan rates.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Nova UA Federal Credit Union is a member-owned, not-for-profit federal credit union offering personal and business banking products and services. Its core offerings include deposit accounts (savings, checking, share certificates, IRAs), consumer and business lending products (residential mortgages, auto loans, HELOCs, personal and business credit cards, member business loans), and digital banking capabilities delivered through a mobile app, online banking platform, Zelle, wire transfers, and a 40,000+ ATM network.

Product overview

Nova UA Federal Credit Union operates as a community-focused, member-owned not-for-profit financial institution established in 1960, offering a comprehensive suite of banking products. The product portfolio is organized around three pillars: (1) Core deposit accounts — Savings Account, Share Certificates (CD), IRA, and Checking Account with associated Debit Cards (including a Teen Debit Card); (2) Lending products — Residential Mortgage Loans, Auto & Share Secured Loans, Home Equity Lines of Credit (HELOC), Personal Credit Cards (NOVA Visa with uChoose Rewards), Secured Credit Card, and Member Business Loans for investment properties; and (3) Business Banking — a dedicated suite of Business Savings, Business Checking, Business Debit Card, and Business Credit Card. Digital services are delivered through a Mobile Banking App (iOS/Android) and Online Banking platform, which provide access to Zelle transfers, Wire Transfers, Card Management controls, and Mobile Check Deposit. Insurance products are offered through a TruStage partnership (AD&D, life, auto, home). The organization is completed by an Education Center providing financial literacy content. All products are delivered through two physical branch locations in Clifton, NJ, and are federally insured by the NCUA up to $250,000 per account.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Account Regular share savings account serving as the foundation of credit union membership, earning 0.050% APY with no monthly maintenance fees and a $50 minimum opening deposit.

Quantifiable outcome

• Net earnings of $542,262 in 2025
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Ukrainian Sports Federation of the U.S.A. and Canada (USCAK)minorGTM or Marketing Partner · 17 May 2025Organizer of the Alexander Cup North American Ukrainian Hockey Tournament. Nova sponsored the New Jersey Kings team at this event.
• Self Reliance Association of American Ukrainians – Passaic BranchcoreStrategic or Co-development PartnerPrimary community partner providing membership eligibility for Nova UA FCU. Ukrainian-American community organization whose members can join the credit union.
• Passaic County Historical SocietyminorStrategic or Co-development PartnerCommunity organization whose members are eligible for credit union membership.
• CUNA Mutual Insurance GroupcoreGTM or Marketing PartnerJoint marketing agreement for insurance products. CUNA Mutual provides TruStage insurance products marketed to Nova UA members including life, auto, home, and AD&D insurance.
• MoneyPasscoreTechnology or IntegrationATM network partnership providing 40,000+ surcharge-free ATMs nationwide for Nova UA members.
• FiservcoreTechnology or IntegrationTechnology provider for online banking platform enabling account management, transfers, bill pay, and mobile app services.
• TruStagecoreGTM or Marketing PartnerInsurance products partner offering AD&D, life, auto, and home insurance to Nova UA members through joint marketing.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Pentagon Federal Credit Union (PenFed): One of the largest U.S. federal credit unions offering nationwide consumer banking, mortgages, credit cards, and auto loans. Comparable federal charter and full product stack but vastly larger scale and broader geographic reach than Nova UA FCU.
• Alliant Credit Union: Nationwide digital-first credit union offering full deposit, lending, and credit card products to a broad U.S. membership. Represents the digital incumbent benchmark Nova UA FCU competes with for digitally-mobile members, especially younger depositors.
• Bethpage Federal Credit Union: Large New York-based federal credit union serving the broader Long Island / NY metro community with full-service consumer and business banking. Overlaps with Nova UA FCU geographically and in product breadth, but operates at vastly larger scale.

Direct peers

• Connexus Credit Union: Mid-sized community credit union with a strong digital banking platform, nationwide membership eligibility, and a product set (deposits, mortgages, HELOC, credit cards, business banking) closely mirroring Nova UA FCU. Comparable in scale trajectory and digital-first orientation.
• Self Reliance New York Federal Credit Union: Federally chartered, Ukrainian-American-heritage credit union serving members in the New York metro area with deposit, lending, and community-focused services. Direct comparable on heritage, charter type, mission, and product scope to Nova UA FCU.
• Ukrainian National Credit Union: Ukrainian-American-heritage credit union headquartered in Chicago serving a similar diaspora membership with deposit accounts, loans, and multilingual service. Comparable on target community, cooperative structure, and product set.

Regional players

• Lower East Side People's Federal Credit Union: Community-development credit union serving immigrant and working-class communities in New York City. Comparable on member-owned cooperative structure and mission-driven service to under-served communities, though serving a different geography and demographic.
• BFCU (formerly Bethpage) - skip, replace with Hudson Valley Credit Union: New York / Hudson Valley-based regional credit union offering full consumer and business banking products with similar community-orientation. Comparable regional mid-sized credit union competing in adjacent NY/NJ geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@novafcu
• Facebookfacebook.com/NOVAFCU
• LinkedInlinkedin.com/company/novauafederalcreditunion

Compliance4 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 Nova UA Federal Credit Union