Norfolk Fire Department Federal Credit Union

Name

Norfolk Fire Department Federal Credit Union

Legal name

Norfolk Fire Department Federal Credit Union

Website

https://norfolkfirefcu.org

Company type

Private

Founded year

1940

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Credit Union (Retail Banking)

NAICS

Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Public Sector & Municipal Credit Unions (FSABAEAK)

akta.pro secondary industry

Employer/Occupational Credit Unions (FSABAEAB)

Keywords

• Credit union services
• Consumer lending
• Savings accounts
• Auto loans
• Community banking

Headquarters

HQ city

Norfolk

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. Loan Interest: Primary revenue from various loan products including new/used auto, boats/RVs, unsecured loans, and VISA credit cards with APRs ranging from 2.99% to 18%.
2. Financial Services Fees: Various fees including ATM transactions ($2.00 after 3 free), NSF returns ($35), dormant accounts ($5/month), card replacement ($10), stop payments ($35), wire transfers ($35 domestic/international), and account research ($55/hour).
3. Share/Dividend Accounts: Savings and investment products including Prime Shares (0.25% APY), IRA Accounts (0.50% APY), and Certificate accounts (2.85% APY for 12-month).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Norfolk Fire Department Federal Credit Union is a federally chartered cooperative financial institution serving Norfolk Fire and Rescue members, their families, and select Small Employee Groups (SEGs). It offers deposit products (Prime Shares, Share Draft, Money Market, Christmas Club, IRA, Certificates), consumer loans (new/used auto, RV/camper/boat, unsecured, overdraft protection), a VISA credit card, safe deposit boxes, and digital banking via a mobile app.

Product overview

Norfolk Fire Department Federal Credit Union offers a unified banking platform providing traditional credit union financial services. The core offerings include mobile banking, various loan products (auto, RV, unsecured, and overdraft protection), Visa credit cards, and deposit accounts (shares, IRA, certificates). The Card Valet add-on enhances debit/credit card security. The mobile banking app serves as the primary digital channel for account transactions.

Differentiator

Problem solved

Functional benefit

Products and services

• Prime Shares Account Member share savings account earning 0.25% APY with a $1,000 minimum balance, available to credit union members.
• IRA Account Individual Retirement Account (IRA) earning 0.50% APY with a $50 minimum balance, available to credit union members.
• 12-Month Certificate 12-month share certificate (CD) earning 2.85% APY with a $10,000 minimum balance, available to members.
• New Auto Loans Financing for new vehicles with APRs ranging from 2.99% (48-month term) up to 18% depending on term and creditworthiness, available to members.
• Used Auto Loans Financing for used vehicles with APRs starting at 5.25% (36-month term) up to 18% across 36–84 month terms, available to members.
• Boat / RV / Camper Loans Financing for new and used boats, campers, and RVs with APRs of 7.50%–10.00% (new) and 10.50%–13.00% (used) across 36–72 month terms.
• Unsecured Personal Loans Unsecured signature personal loans with APRs ranging from 11.50% (12-month term) to 14% (60-month term), with a maximum of 18% APR.
• FYR-Quik / Overdraft Protection Loan Overdraft protection line of credit ("FYR-Quik") for members with APRs of 12.50%–18%, attached to share draft accounts.
• VISA Credit Card VISA credit card offered to members at a fixed 12.00% APR, with foreign cash advance fee of 10% and currency conversion fee of 1%.
• Safe Deposit Boxes Safe deposit box rentals in multiple sizes (3x5 to 10x10) at annual fees ranging from $20 to $60, available at the main Norfolk branch.
• Mobile Banking App iOS and Android mobile banking application that allows members to conduct account transactions, access Card Valet security features, and manage their accounts remotely.

Quantifiable outcome

• Loan rates as low as 2.99% APR for new autos
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

One partnership is on record.

• Co-op Credit UnioncoreChannel Partner/ Reseller/ DistributorPartnership providing access to the Co-op Shared Branching Network, allowing Norfolk Fire FCU members to conduct transactions at other credit union branches across the network. Members can use the shared branch locator on the credit union website.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Regional players

• Langley Federal Credit Union: Hampton Roads-area federal credit union serving military, civilian, and community members. Geographic overlap with Norfolk and adjacent to NFDFCU's field of membership, with overlapping product sets.
• BayPort Credit Union: Hampton Roads and Peninsula-based credit union with consumer lending, deposits, and shared branching. Geographic peer and direct competitor for firefighter, police, and SEG members in the Norfolk region.

Others

• Co-op Solutions (Cooperative Credit Union Network): Network operator providing shared branching, ATM, and digital infrastructure to credit unions including NFDFCU. Functions as an enabling infrastructure partner rather than a direct competitor, but its scope shapes NFDFCU's service footprint.

Broad incumbents

• Virginia Credit Union: Large Virginia-headquartered credit union offering consumer banking across the Commonwealth. Comparable on product set (auto loans, mortgages, deposit accounts) and regional overlap, but operates broadly rather than narrowly serving a public-safety niche.
• Navy Federal Credit Union: Largest U.S. credit union, serving military and veteran communities with a similar occupational/mission-driven charter model. Comparable in federal charter, member-ownership, and emphasis on defined communities — but at vastly larger scale and broader product mix.

Direct peers

• Local Government Federal Credit Union: North Carolina-based federal credit union serving local government, fire, and police employees. Highly comparable occupational charter focused on municipal and public-safety employees with similar member-services orientation.
• Police & Fire Federal Credit Union: Federal credit union serving police, fire, and EMS personnel in Pennsylvania with full-service banking. Directly comparable because of identical public-safety field of membership and federal charter model.
• Firefighters First Federal Credit Union: Federal credit union serving firefighters and their families across California and beyond. Closest analog: same occupational field-of-membership (firefighters), federal charter, full-service consumer lending and deposits — making it the most directly comparable peer to NFDFCU at larger scale.
• Fort Worth Police & Firefighters Credit Union: Texas-based credit union serving Fort Worth police and firefighters with deposits, loans, and member services. Same occupational charter and member-owned cooperative structure.
• San Antonio Fire & Police Federal Credit Union: Federal credit union serving San Antonio-area fire and police personnel. Highly comparable occupational charter and member-focused cooperative model, though at materially larger scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/norfolk-fire-department-federal-credit-union

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Norfolk Fire Department Federal Credit Union