Harbor Pointe Credit Union

Name

Harbor Pointe Credit Union

Legal name

Harbor Pointe Credit Union

Website

https://hpcu.us

Company type

Private

Founded year

1933

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

Keywords

• Retail banking services
• Consumer lending
• Credit union services
• Mortgage lending
• Membership banking

Headquarters

HQ city

Duluth

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest charged on loans including auto loans, mortgages, personal loans, credit cards, and business loans. Competitive rates offered to members.
2. Fee Income: Various service fees including overdraft fees ($30/item), wire transfer fees ($25 domestic, $75 international), ATM fees, account maintenance fees, and loan documentation fees. Some services have no fees (basic checking, online banking).
3. Share/Dividend Accounts: Members deposit savings in share accounts, money market accounts, and certificates. Credit union pays dividends (interest) to members and uses deposits to fund loans.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Harbor Pointe Credit Union is a member-owned, not-for-profit financial cooperative providing deposit accounts (checking, savings, money market, IRAs, share certificates), consumer and business lending (auto, mortgage, home equity, personal, recreational vehicle, student, business loans), credit cards (Classic Rewards Visa, Premier Black Visa, Debit Mastercard), and digital banking services to individuals and small businesses across the Duluth, Minnesota region and surrounding counties.

Product overview

Harbor Pointe Credit Union is a full-service financial institution offering a comprehensive suite of banking products and services through three branch locations in the Duluth, Minnesota area. The product portfolio centers on core deposit products (checking, savings, money market, IRA accounts) and lending products (vehicle loans, mortgages, personal loans, business loans, credit cards). Digital banking is delivered through Online Banking and Mobile Banking platforms with features including mobile check deposit, Bill Pay, Zelle P2P payments, and Mobile Wallet support for Apple Pay, Google Pay, and Samsung Pay. Additional services include safe deposit boxes, wire transfers, notary services, and coin counting. The credit union partners with TruLync Medicare Advisors for member Medicare education. Products are interconnected through shared digital banking access, with checking accounts serving as the hub for Visa credit cards, debit cards, and loan products.

Differentiator

Problem solved

Functional benefit

Products and services

• Checking Accounts Personal checking account products including Classic Checking and Virtual Checking options with features such as Bill Pay, Zelle, direct deposit, and debit card access. Targeted at individual consumers.
• Savings Accounts Basic share savings accounts with NCUA insurance coverage up to $250,000, targeted at individual members.
• Money Market Savings Savings account product with competitive tiered interest rates. Subject to federal regulation limiting transfers to six per statement period.
• IRA Savings Individual Retirement Account savings options including Traditional and Roth IRA variations for retirement savings.
• Youth Accounts Savings accounts for children from birth through age 12. Smart Saver youth accounts earn 3.00% APY on balances up to $2,000. New accounts receive $25 deposit and children entries for bike giveaway with deposits.
• Teen Accounts Savings and checking account products designed for teenage members, bridging youth banking to adult financial services.
• Share Certificates Term deposit products with competitive APY rates. Current offerings include 4.00% APY on 5-month and 11-month terms with $2,500 minimum balance, and up to 4.06% APY on 12-month certificates.
• Auto Loans Vehicle financing for personal automobiles. Special promotional rate of 2.50% interest (3.113% APR) available for 2021 model year or newer, up to 60-month term, with minimum 700 credit score requirement.
• Recreational Vehicle Loans Financing options for recreational vehicles including RVs, boats, and other recreational transport.
• Mortgage Loans Home purchase financing with APR as low as 5.25%. Offered with local mortgage experts at three full-service branch locations.
• Home Equity Loans Credit lines secured by home equity for various financial needs including home improvements, debt consolidation, or major purchases.
• Mortgage Refinance Refinancing options for existing mortgages to potentially lower rates or access home equity.
• Construction Loans Short-term financing for home construction projects, bridging to permanent mortgage upon completion.
• Share Secured Loans Secured personal loans using savings account balance as collateral. Current rate of 1.55% APR. Useful for establishing or rebuilding credit history.
• Line of Credit Revolving credit product providing flexible access to funds up to an approved limit.
• Unsecured Personal Loans Personal loans without collateral requirements, based on creditworthiness.
• Student Loans Education financing products for college and vocational school expenses.
• Business Accounts Checking and savings accounts designed for business members with monthly service fees and volume-based transaction pricing. $10/month service fee for Business Checking.
• Business Loans Commercial lending products including term loans and lines of credit for business financing needs.
• Classic Rewards Visa Credit card product with rewards program. Earns one ScoreCard point per dollar charged. Includes ScoreCard rewards redemption options for travel, hotels, car rentals, gift cards, and merchandise. No annual fee.
• Premier Black Visa Premium credit card product with enhanced benefits and rewards structure compared to Classic Rewards.
• Debit Mastercard Debit card providing access to checking account funds worldwide wherever Mastercard is accepted. Features include instant issue at account opening, chip-enabled security, contactless/tap-to-pay capability, and Mobile Wallet compatibility. No monthly fee. Daily limits of $500 at ATM and $1,500 point of sale.
• Visa Gift Card Prepaid gift cards available for purchase at $4.00 per card. Usable anywhere Visa is accepted.
• Online Banking Digital banking platform providing 24/7 account access. Enables viewing balances, transaction history (200 days savings, 90 days checking), transfers between accounts, check copies, and statement access. Includes Bill Pay and Zelle integration.
• Mobile Banking Smartphone application for banking on-the-go with features including mobile check deposit, account management, debit card controls (Card Manager), and access to Mobile Wallet. Available for iOS and Android.
• Mobile Check Deposit Remote deposit capture feature allowing members to deposit checks via smartphone camera. Daily deposit limits up to $5,000. Funds typically available within two business days.
• Audio Teller Automated phone banking service providing account information and transactions via telephone.
• Coin Counting Service Self-service coin counting machine available at all branches. Business accounts subject to 1% fee; combined balances under $50 subject to 1% fee.
• Night Depository After-hours deposit drop box service available at all branch locations for making deposits when offices are closed.
• Notary Services Notary public services available at branch locations for document authentication.
• Safe Deposit Box Secure document storage at main downtown office. Sizes range from 3x5 ($25/year) to 10x10 ($90/year). All boxes are 22 inches long.
• Wire Transfer Domestic and international money transfer services. Domestic wire: $25 outgoing, $5 incoming. International wire: $75 outgoing.

Quantifiable outcome

• Smart Saver youth accounts earn 3.00% APY on up to $2,000 balance
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• TruLync Medicare AdvisorscoreStrategic or Co-development PartnerPartnership to provide Medicare educational resources and guidance to members approaching age 65. TruLync offers free consultations, educational seminars (held at Hermantown Chamber and HPCU offices), and one-on-one appointments with licensed insurance agent Tammy Kausch. Seminars available in-person and via Zoom. HPCU refers members to TruLync for Medicare decision support.
• Gillette Children's HospitalminorOthersChain of Hearts charity partnership raising funds to help fund treatment for children with disabilities and complex medical conditions in Minnesota and western Wisconsin. HPCU sells chain links and hearts at all locations and matches funds raised up to $500.
• Duluth Public Schools (formerly ISD 709)coreStrategic or Co-development PartnerOriginal field of membership was ISD 709 educators and their families. The credit union was founded in 1933 at Old Central High School specifically to serve Duluth teachers. This educational institution partnership laid the foundation for the credit union's existence.
• NCUA (National Credit Union Administration)coreOthersFederal regulatory agency that insures all Harbor Pointe Credit Union deposits up to $250,000. NCUA insurance is similar to FDIC insurance for banks and provides the regulatory framework within which HPCU operates.
• Early Warning Services, LLC (Zelle)coreTechnology or IntegrationLicensed provider of Zelle P2P payment service integrated into HPCU's online and mobile banking Bill Pay. Members can send and receive money typically within minutes using email or mobile number.
• FiservcoreTechnology or IntegrationTechnology platform provider for online account opening applications, loan applications, and digital banking services. The membership and loan application portals are powered by Fiserv.
• Local Community OrganizationsminorOthersAnnual sponsorships and donations to local charities, youth programs, sports teams, arts programs, and educational organizations. Includes support for organizations such as Duluth Lions Club, CHUM, Habitat for Humanity, and others in their 5-county service area.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• TruStone Financial Credit Union: Minnesota-based community credit union with consumer deposits, lending, and digital banking products. Comparable member-owned cooperative model and full-service product offering.
• Members Cooperative Credit Union: Headquartered in Duluth, MN, serving a similar northeastern Minnesota region with full-service consumer and business banking. Directly overlaps HPCU's geographic market and member base, making it the most relevant peer.
• Hiway Credit Union: Minnesota-headquartered community credit union with full-service consumer and business products. Comparable cooperative structure and similar competitive positioning on rates and fees for members.
• TopLine Federal Credit Union: Minnesota community credit union with comparable full-service consumer and business banking, including mobile and online channels. Similar cooperative structure and competitive savings/loan pricing model.
• Wings Financial Credit Union: Minnesota-based community credit union offering a broad product suite of deposit, lending, and digital banking services. Comparable member-owned model with a similar mix of consumer and business products.
• Affinity Plus Federal Credit Union: Minnesota-based community credit union offering similar consumer deposit, lending, and digital products. Larger scale gives broader geographic reach but comparable member-owned value proposition and product portfolio.
• Superior Choice Credit Union: Community credit union based in Superior, WI — directly across the border from Duluth and serving Douglas County, WI, which overlaps HPCU's service area. Comparable product mix and member-eligibility model.
• Northwoods Credit Union: Wisconsin-based community credit union serving northern WI residents with similar deposit, lending, and digital banking offerings. Comparable size and member-owned cooperative structure.

Broad incumbents

• BMO Harris Bank (U.S. Community Banking): Large commercial bank with a meaningful branch presence in the Upper Midwest including the Duluth region. Competes for the same consumer and small-business deposits and loans but operates as a for-profit, multi-state institution.
• U.S. Bank (Upper Midwest Retail): National commercial bank with retail branches across Minnesota and Wisconsin. Serves overlapping consumer and small-business customers in HPCU's geographic area as part of a much larger multi-state footprint.

Market position

Weaknesses4 records

Competitive moat4 records

Key risks4 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCUhbEUw6HlHf3slT2P5AHng
• Facebookfacebook.com/hpcu.us
• LinkedInlinkedin.com/company/harbor-pointe-credit-union

Compliance2 records

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 Harbor Pointe Credit Union