Members Choice Credit Union

Name

Members Choice Credit Union

Legal name

Members Choice of Central Texas Federal Credit Union

Website

https://choicefcu.com

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Credit Union Services

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

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

akta.pro industry

PRIMARYFSABAEAA

Community Credit Unions (Retail/Consumer Focus)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Community & Cooperative Banking (Credit Unions, Mutuals)

SECONDARYFSABAEAB

Employer/Occupational Credit Unions

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Community & Cooperative Banking (Credit Unions, Mutuals)

SECONDARYFSAKAAAL

Bank & Credit Union Personal Loans (Unsecured Installment)

Financial & Insurance/Lending & Consumer Finance/Personal Loans (Unsecured Installment)

Keywords

• Retail banking services
• Consumer lending
• Savings and deposits
• Mortgage loans
• Credit union services

Headquarters

HQ city

Waco

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, Others

Revenue model

1. Interest Income from Loans: Primary revenue stream from auto loans, mortgage loans, home equity loans, personal loans, and boat/RV/motorcycle loans. Competitive rates offered to members with varying terms based on creditworthiness.
2. Share Account Fees and Charges: Monthly maintenance fees depending on account type, overdraft fees, wire transfer fees ($25 for outgoing wires), and other service charges.
3. Term Share Certificate Investments: Share and Term Share Certificate accounts where members deposit funds in exchange for dividend rates and APY. Interest rate spreads generate revenue.
4. Service Fees: Fees for money orders, night depository services, safe deposit box rentals ($15-$60 annually), and notary services (free at all locations).

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Members Choice Credit Union is a federally chartered, member-owned credit union that provides retail banking products and services to individuals and families in Central Texas. Its core offerings include checking and share/savings accounts, term share certificates, IRAs, and a full suite of consumer loans (auto, personal, line of credit, boat/RV/motorcycle, mortgage, home equity, and share-secured loans), supported by digital channels (online and mobile banking, mobile deposit, bill pay, eStatements, eAlerts), 24/7 telephone banking, wire transfers, safe deposit boxes, and a financial education program delivered through a partnership with BALANCE.

Product overview

Members Choice Credit Union is a not-for-profit financial cooperative offering a comprehensive suite of banking products and services through a unified platform. The core portfolio includes six checking account types (Value, Regular, Opportunity, Priority Plus, Money Market, and JAMMS), multiple share/savings account options (Regular Share, Special Share, IRA Accounts, and Term Share Certificates in Regular, Priority Plus, and IRA variants), and a full range of lending products (Auto Loans, Personal Loans, Line of Credit, Boat/RV/Motorcycle Loans, Mortgage Loans, Home Equity Loans, and Share/Certificate Secured Loans). Digital banking services including Online Banking with Bill Pay, Mobile Deposit, eStatements, eAlerts, and Telephone Express are provided as integrated features. Youth-focused products (SCRATCH Club and JAMMS) and the Priority Plus senior program extend the product family. Additional services encompass Wire Transfers, Safe Deposit Boxes, Auto Shopping Tools, Financial Calculators, Learning Center resources, community scholarships, and cybersecurity training.

Differentiator

Problem solved

Functional benefit

Brands

• Priority Plus: Premium banking program for members aged 55 and older with aggregate Share balance of $10,000 or more, offering enhanced benefits including free safe deposit box, free checks, and preferred rates.
• SCRATCH Club
• JAMMS (Junior Money Management Society)

Products and services

• Checking Accounts A suite of six consumer checking account options including Value Checking, Regular Checking, Opportunity Checking, Priority Plus Checking, Money Market Checking, and JAMMS Checking for teens, featuring free online banking, bill pay, mobile app, and ATM access.
• Share Accounts Member savings products including a Regular Share Account (required for membership), Special Share Account for additional savings, Priority Plus Share Account for members 55+ with $10,000+ balance, IRA Share Accounts (Traditional, Roth, and Coverdell), and Term Share Certificates with fixed rates for terms from 6 months to 4 years.
• Term Share Certificates Fixed-rate certificates of deposit with terms ranging from 6 months to 4 years, offered in Regular, Priority Plus, and IRA variants with minimums from $1,000 to $90,000 and APYs from 2.80% to 3.60% (effective 1/01/2026).
• Priority Plus Account Package Premium account package for members aged 55 and older with an aggregate Share balance of $10,000 or more, bundling Priority Plus Share Account, Priority Plus Checking with free checks and debit card, preferred rates on certificates, free safe deposit box, free notary, and other free services.
• Youth Accounts (SCRATCH Club and JAMMS) Savings and checking accounts for minors: SCRATCH Club for ages 12 and under with $5 minimum and rewards program, and JAMMS (Junior Money Management Society) Share and Checking accounts for ages 13–17 with ATM card access and financial education focus.
• Auto Loans Vehicle loans for new or used cars, trucks, or vans with competitive rates (as low as 4.84% APR, up to 84 months), pre-approval option, and indirect loan service through dealerships.
• Mortgage Loans Mortgage financing for home purchase or refinancing with competitive rates (4.35%–4.95% APR by term), minimal closing costs, and quick local pre-approval in Central Texas.
• Home Equity Loans Lump-sum loans secured by residential property that let members tap into home equity for home improvements, debt consolidation, or major expenses, with rates from 8.50% to 9.50% APR based on term length.
• Personal Loans and Line of Credit Unsecured personal loans up to $10,000 over up to 60 months at 8.75% APR, and a revolving Line of Credit providing continuous access to funds without reapplying, also usable as overdraft protection for checking accounts.
• Boat, RV, and Motorcycle Loans Financing for boats, RVs, travel trailers, motorcycles, jet skis, and similar recreational vehicles, with up to 100% financing, no payments for 90 days, and competitive fixed-rate terms.
• Share and Term Share Certificate Secured Loans Loans secured by an existing Share or Term Share Certificate account that let members borrow up to 100% of the account balance while the underlying funds continue earning dividends; rate is 2.5% above the certificate's dividend rate.
• Telephone Express 24/7 Phone Banking 24/7 automated phone banking service at 254-776-6581 / 800-283-7139 that provides account histories, fund transfers, check verification, line of credit access, loan payments, and balance inquiries.
• Wire Transfer Services Electronic wire transfer service for personal or business needs; incoming wires free, outgoing wires $25 each, with routing number 311990058.
• Safe Deposit Boxes Secure storage rental at all branches in various sizes (3x5 to 10x10) for valuables, documents, and important items, with annual fees ranging from $15 to $60.

Quantifiable outcome

• Serving over 22,000 members with $175+ million in deposits across 8 Central Texas counties

Named customers3 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

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• BALANCEcoreStrategic or Co-development PartnerMembers Choice partnered with BALANCE to provide certified financial coaches for free member assistance including credit report reviews, pre-purchase education, financial counseling, and guidance for overcoming financial difficulties. BALANCE also offers credit report reviews and financial fitness programs.
• CEFCOminorChannel Partner/ Reseller/ DistributorCEFCO convenience stores host shared ATM locations throughout Central Texas, providing fee-free cash access for Members Choice members. Multiple CEFCO locations (CEFCO #4, #9, #10, #17, #25, #33, #37, #39, #40, #41, #64, #65, #85, #96, #100, #108) in the network.
• CASEY'S General StoresminorChannel Partner/ Reseller/ DistributorCASEY'S General Stores (#4833 and #4859 locations) provide ATM access for Members Choice members in the Central Texas region.
• VA (Veterans Affairs) FacilitiesminorOthersATM locations at VA Canteen Temple, VA Waco, and VA Domiciliary Temple provide access for Members Choice members who are veterans or use VA services.

Scale indicators4 records

Recent moves4 records

Expansion highlights5 records

Broad incumbents

• Wells Fargo: National commercial bank with extensive branch and ATM presence across Texas. Competes directly for Central Texas consumer deposits, mortgages, and auto loans.
• Navy Federal Credit Union: Largest U.S. credit union, federally chartered and serving military members nationwide. Sets the bar for federally chartered cooperative banking scale and digital capability.
• Bank of America: National commercial bank with strong Texas retail presence. Competes for the same consumer banking and lending relationships within Members Choice's service area.
• JPMorgan Chase: National commercial bank with growing Texas branch network. Competes for deposits, mortgages, and consumer lending in Central Texas markets.

Regional players

• University Federal Credit Union (UFCU): Austin/Texas-based community credit union offering consumer banking, mortgages, and lending. Overlaps with Members Choice's Texas footprint and member-base demographic.
• Amplify Credit Union: Texas-based community credit union with consumer deposit, lending, and digital banking products. Comparable cooperative model serving Central Texas-adjacent markets.
• Randolph-Brooks Federal Credit Union (RBFCU): Large Texas-headquartered federal credit union serving Central and South Texas. Comparable community-charter cooperative model with broader geographic reach and deeper product suite.
• TDECU (Texas Dow Employees Credit Union): Texas-based credit union serving consumers across the state with full banking and lending products. Comparable cooperative structure and retail member focus within overlapping Texas markets.

Emerging players

• Ally Bank: Digital-first bank with no branch footprint, offering nationally competitive deposit rates and consumer lending. Represents the emerging digital-banking threat to community credit union deposit bases.

Direct peers

• First Central Credit Union: Waco-based community credit union offering very similar consumer deposit and loan products to Central Texas residents. Most direct geographic and product competitor in Members Choice's home market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/members-choice-of-central-texas-federal-credit-union

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 Members Choice Credit Union