Carpenters Credit Union
Carpenters Credit Union is a federally chartered, member-owned credit union founded in 1954 that exclusively serves United Brotherhood of Carpenters and Joiners of America members, their families, and related trade employees across Minnesota, Wisconsin, and surrounding Midwestern states. It offers vehicle loans, recreational vehicle loans, mortgages, checking, savings, GAP Plus protection, and TruStage insurance referrals, supported by a mobile banking app, online banking, and 24,000+ surcharge-free MoneyPass ATMs.
- Company typePrivate
- Founded1954
- HeadquartersPhoenix, United States
- Headcount501–1,000
- GTM typeB2C
- OfferingServices
Carpenters Credit Union firmographics
Firmographics- Name
- Carpenters Credit Union
- Legal name
- Carpenters Credit Union
- Website
- https://mycarpenterscu.org
- Company type
- Private
- Founded year
- 1954
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Carpenters Credit Union is a federally chartered, member-owned credit union founded in 1954 that exclusively serves United Brotherhood of Carpenters and Joiners of America members, their families, and related trade employees across Minnesota, Wisconsin, and surrounding Midwestern states. It offers vehicle loans, recreational vehicle loans, mortgages, checking, savings, GAP Plus protection, and TruStage insurance referrals, supported by a mobile banking app, online banking, and 24,000+ surcharge-free MoneyPass ATMs.
- Ownership category
- akta.pro rank
Carpenters Credit Union industry classification
Industry- Product category
- Credit Union Banking
- NAICS
- Credit Unions (522130)
- SIC
- Savings Institution, Federally Chartered (6035)
- akta.pro primary industry
- Employer/Occupational Credit Unions (FSABAEAB)
- akta.pro secondary industry
- Faith-Based & Affinity Credit Unions (FSABAEAH)
Keywords
Where Carpenters Credit Union is headquartered
LocationHeadquarters
- HQ city
- Phoenix
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Carpenters Credit Union business model
Business model- GTM type
- B2C
- Offering type
- Services
Revenue model
- Loan Interest: The credit union generates revenue primarily through interest on loans including auto loans, recreational vehicle loans, personal loans, and mortgages. Interest rates vary by loan type and term, with APRs ranging from 4.04% for new vehicles to 11.04% for unsecured loans.
- Fees and Charges: Various fee-based services including overdraft fees ($30), ATM withdrawal fees ($3 after 4 free), Bill Pay ($4.95 monthly, waived for 4+ bills), late loan fees ($30), wire transfers ($30), and other standard banking fees. The fee schedule lists over 30 distinct fee categories.
- GAP Plus Protection: Guaranteed Asset Protection product for auto loans costing $541 (can be added to loan amount), covering deductible up to $500 per loss, unlimited times per year for three years, plus $1,000 toward next vehicle down payment if totaled.
- TruStage Insurance Products: Commission-based revenue from TruStage auto, home, life, and AD&D insurance products offered to members. The credit union receives referrals for TruStage insurance programs including auto/home insurance through Liberty Mutual.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | New & Used Vehicles 2022-2026: 36 months at 4.04% APR, 48-60 months at 5.04%, 72-84 months at 6.04% |
| Subscription | Monthly | Used Vehicles 2017-2021: 7.04% APR |
| Subscription | Monthly | Recreational Vehicles 2018-2026: 25,000+ loan amount, 120-180 months at 8.04% |
| Subscription | Monthly | Shared Secured Loans: up to 60 months at 5.50% APR |
| Subscription | Monthly | Unsecured Loans: up to 36 months at 11.04% APR |
| Transaction based/ take rate | Monthly | Bill Pay: $4.95 monthly (waived if 4+ bills paid monthly) |
| One time/ perpetual license | Pay-as-you-go | GAP Plus Protection: $541 (can be added to loan) |
| Subscription | Monthly | Regular Savings: 0.10% dividend rate, $5 minimum balance required |
| One time/ perpetual license | Pay-as-you-go | Membership: $5 opening deposit required |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels6 records
Carpenters Credit Union product offering
Product offeringCore offering
Carpenters Credit Union is a not-for-profit, member-owned financial cooperative that provides banking and lending products to members of the United Brotherhood of Carpenters and Joiners of America and their families. Its core offering includes savings and checking accounts, auto loans, RV loans, mortgages, insurance products, and digital banking services. The institution has been operating since 1954, focused on serving the financial needs of union carpenters nationwide.
Product overview
Carpenters Credit Union is a not-for-profit, member-owned financial cooperative serving United Brotherhood of Carpenters and Joiners of America members and their families since 1954. The institution operates as a single unified credit union offering a comprehensive suite of banking products centered around a Regular Share Savings Account that establishes membership ownership. Core lending products include New & Used Vehicle Loans and Toys & Trailers (Recreational Vehicle) Loans, with additional Mortgage lending available. The deposit platform comprises Checking Accounts with Visa Debit Cards featuring Apple Pay and Google Pay integration. Insurance products are provided through TruStage partnerships covering Auto & Home, Life, and AD&D coverage. Value-added services include GAP Plus vehicle protection, Overdraft Advance protection, MoneyPass surcharge-free ATM access, and a Credit Score & More monitoring service. Digital banking is delivered through Online Banking, Mobile Banking apps, Bill Pay, and eStatements. The institution also provides free KOFE Member Education for financial literacy. The credit union distinguishes itself through its union-proud culture, rate match guarantee, and pre-approval processes for vehicle loans.
Differentiator
Problem solved
Functional benefit
Brands
- TruStage: Insurance products program offering auto, home, life, and AD&D insurance exclusively for credit union members.
- GAP Plus
- MoneyPass
Products and services
- Savings Accounts
- Checking Accounts
- Auto Loans
- RV Loans
- Mortgages
- Insurance Products
- Digital Banking Services
Quantifiable outcome
- Member saved over $6,000 in interest and reduced monthly payment by over $100
- +2 more outcomes
Companies that use Carpenters Credit Union
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles1 record
Carpenters Credit Union technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
Feature4 records
Carpenters Credit Union partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- TruStage (CMFG Life Insurance Company)coreTruStage provides insurance products exclusively for credit union members including auto & home insurance through Liberty Mutual, life insurance, and accidental death & dismemberment coverage. Carpenters Credit Union members receive $1,000 free AD&D coverage and access to discounted insurance products.
- Assurance PluscoreClaims administrator for GAP Plus protection. Members file claims at www.assuranceplus.com/claims or call 877-296-4892. Processes collision/comprehensive claims exceeding deductible and provides Personal ID Restoration Consulting.
- MoneyPass (Global Cash Access)coreSurcharge-free ATM network providing access to 24,000+ ATMs coast-to-coast. Members can find locations and deposit cash at thousands of MoneyPass ATMs.
- KOFE (Knowledge of Financial Education)coreMember education platform providing free financial information, education tools, and resources including interactive courses, games, webinars, and bilingual (English/Spanish) financial coaching. Coaching available via email, live chat, or 844-212-9841.
- Boat World MarineminorReferral partner for boat loans. Contact: Steve at [email protected] or 763-434-9655. Members looking to purchase boats are referred to Boat World Marine.
- Wilson McShaneminorThird-party administrator for vacation pay funds for members in MN, ND, SD, IA, and NE. Contact: 952-854-0795. Helps members access their union vacation pay through the credit union.
- WI Benefit OfficeminorWisconsin-specific vacation fund administrator for members in WI. Contact: 800-424-3405. Manages vacation pay fund access for Wisconsin union members.
- United Brotherhood of Carpenters and Joiners of America (UBC)coreThe founding union partner. The credit union exclusively serves UBC members, their families, and employees of Carpenters Councils and Training Centers. UBC logo appears throughout the credit union's marketing and materials. One of the oldest and largest trade unions in North America.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Carpenters Credit Union competitors and assessment
Company assessmentBroad incumbents
- Patelco Credit Union: Bay Area-based community credit union serving a broader geographic and professional base. Comparable as a member-owned cooperative with similar product breadth, though materially larger in asset base (~$9B+ in assets vs. Carpenters CU's $43M).
- Navy Federal Credit Union: Largest occupational credit union in the U.S., serving military members, DoD civilians, and their families. Comparable as a closed-membership, occupational-affiliation credit union with a nationwide digital footprint and similar reliance on employer/affinity-based acquisition.
- Alliant Credit Union: Digital-first credit union with open membership through affinity partner organizations. Comparable in digital banking emphasis, broad product suite, and member acquisition through partnership channels rather than physical branches, though at much greater scale.
Direct peers
- SchoolsFirst Federal Credit Union: Occupational credit union serving California school employees and their families. Highly comparable in occupational-affiliation model, mission-driven culture, member retention philosophy, and product positioning around employer-specific needs.
- Connexus Credit Union: Wisconsin-headquartered credit union with national membership expansion through affinity partnerships. Comparable as a credit union of similar size with strong auto lending focus, digital banking capabilities, and ATM network access via CO-OP shared branching.
- Firefighters First Credit Union: Occupational credit union exclusively serving firefighters, emergency responders, and their families. Comparable in narrow occupational charter, member-owned cooperative structure, and tailored financial services for a specific professional group.
- Bellco Credit Union: Colorado-based community credit union that has expanded to multi-state membership. Comparable as a mid-sized credit union with similar product offerings (auto loans, mortgages, digital banking) and a member-owned cooperative structure, though with a broader community charter.
- BECU (Boeing Employees Credit Union): Originally an occupational credit union serving Boeing employees that expanded membership to broader community. Directly comparable in operating model—occupational charter, member-owned cooperative, similar product mix (auto loans, mortgages, savings), and digital banking emphasis.
- Police and Fire Federal Credit Union: Occupational credit union serving police officers, firefighters, and their families. Directly comparable in occupational charter, affinity-based acquisition, similar product mix (auto loans, mortgages, deposit accounts), and member-focused cooperative structure.
- First Tech Federal Credit Union: Occupational credit union serving technology employees (Microsoft, Intel, HP, etc.) and their families. Comparable in occupational charter structure, employer-affinity-based acquisition, nationwide digital service model, and similar product breadth across deposits and consumer lending.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Carpenters Credit Union social profiles
Digital presenceCarpenters Credit Union compliance and trust
Trust signalCompliance3 records
Carpenters Credit Union financial estimates
Financial estimateRevenue estimate
Valuation estimate
Carpenters Credit Union leadership team
Management profileNumber of profiles
Carpenters Credit Union funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Carpenters 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 Carpenters Credit Union
What does Carpenters Credit Union do?
Carpenters Credit Union is a not-for-profit, member-owned financial cooperative that provides banking and lending products to members of the United Brotherhood of Carpenters and Joiners of America and their families. Its core offering includes savings and checking accounts, auto loans, RV loans, mortgages, insurance products, and digital banking services. The institution has been operating since 1954, focused on serving the financial needs of union carpenters nationwide.
Is Carpenters Credit Union a public or private company?
Carpenters Credit Union is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Carpenters Credit Union founded?
Carpenters Credit Union was founded in 1954. It employs 501 to 1,000 people.
Where is Carpenters Credit Union based?
Carpenters Credit Union is headquartered in Phoenix, United States, in the North America region.
How does Carpenters Credit Union make money?
Four revenue lines are on record. Loan Interest is the primary driver. The others are fees and Charges, GAP Plus Protection and truStage Insurance Products.
Who are Carpenters Credit Union's main competitors?
Broad incumbents on record are Patelco Credit Union, Navy Federal Credit Union and Alliant Credit Union. Direct peers are SchoolsFirst Federal Credit Union, Connexus Credit Union, Firefighters First Credit Union, Bellco Credit Union, BECU (Boeing Employees Credit Union), Police and Fire Federal Credit Union and First Tech Federal Credit Union.
Does Carpenters Credit Union have an API?
No public API is recorded for Carpenters Credit Union.
What industry is Carpenters Credit Union in?
Carpenters Credit Union's product category is Credit Union Banking. Its primary akta.pro industry code is FSABAEAB, Employer/Occupational Credit Unions, with a secondary code of FSABAEAH, Faith-Based & Affinity Credit Unions. Its NAICS code is 522130 and its SIC code is 6035.