Velocity Credit Union
Velocity Credit Union is headquartered in Austin and is the 24th largest credit union in the state of Texas. It is also the 326th largest credit union in the nation. It was established in 1947 and as of December of 2013, it had grown to 158 employees and 72,799 members. Velocity Credit Union has a A health rating.
Field of Membership Restrictions
1. You can join if you live or work in the following areas: Within a 10-mile radius of any Velocity branch or ATM Travis County Williamson County Hays County Bastrop County Caldwell County 2. You can join if you are related to a member 3. You can join if you are part of one of over 100 sponsoring employers and organizations - See Details
Related Posts
11/8 - Special CD Rates at Velocity Credit Union in Texas - Easy Membership
11/7 - Velocity Credity Union Limited Time CD Rates
10/6 - Comparing the Best Long-Term CD Rates After Early Withdrawal Penalties
9/15 - Best Long-Term CD Rates After Early Withdrawal Penalties
9/15 - Top Long-Term CD Rates at Velocity Credit Union - Easy Membership
9/8 - Comparing Rates of Long-Term CDs After Early Withdrawal Penalties
3/7 - Special 2-Year & 3-Year CD Rates at Velocity Credit Union in Texas - Easy Membership
2/11 - Update to Velocity Credit Union's 18-Month CD & 5-Year CD Rates
1/28 - Special 18-Month CD and IRA CD Rates at Velocity Credit Union in Texas - Easy Membership
4/25 - Special 24-Month CD Rate at Velocity Credit Union in Austin Texas - Easy Membership
3/24 - Velocity Credit Union Extends 9-Month CD Special - Easy Membership
3/2 - Velocity Credit Union's 9-Month CD Special - Easy Membership
2/10 - Velocity Credit Union in Texas Decides to Stay with NCUA Deposit Insurance
2/10 - Velocity Credit Union Extends its 15-Month CD Special - Easy Membership but Soon-to-be ASI-Only
2/1 - 15-Month CD Special at Velocity Credit Union - Easy Membership But Soon To Be ASI-Only
1/6 - Velocity CU Members Approve Conversion to Private Insurance - Future of ASI?
Great Credit Union, Wonderful Personal Service
Velocity has been around Austin for more than 60 years. Love the friendly and knowledgable employees. You are treated like a VIP here, not a "number."
Not Competative These Days
I have been with Velocity Credit Union for more than 30 years. The employees are great with wonderful customer service. I wonder why Velocity is paying such low CD, share, money market rates to their members. They use to be very competitive. I liked the fact I could do all my business with them, but that has changed and I am looking for new opportunities.
Data for Q4 2013
Institution Health
Texas Ratio
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Velocity Credit Union had $1.51 million in non-current loans and owned real-estate with $68.69 million in equity and loan loss allowances on hand to cover it. This gives Velocity Credit Union a Texas Ratio of 2.20% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Velocity Credit Union experienced no significant changes from 2.00% as of December 31, 2012 to 2.20% as of December 31, 2013, resulting in a negative change of 10.14%. This indicates that the balance sheet and financial strength for Velocity Credit Union has had no significant changes in recent periods.
Deposit Growth
In the past year, Velocity Credit Union has increased its total deposits by $16.71 million, resulting in 2.88% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Velocity Credit Union has shown is above average.
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Velocity Credit Union has $667.81 million in assets with $68.69 million in equity, resulting in a capitalization level of 10.29%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 68359 |
| Year Chartered | 1947 |
| Employees | 158 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $667.81 million |
| Loans | $420.97 million |
| Deposits | $597.91 million |
| Equity Capital | $66.57 million |
| Loan Loss Allowance | $2.12 million |
| Unbacked Noncurrent Loans | $1.51 million |
| Real Estate Owned | $0 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $640.25 million |
| Equity Capital | $53.53 million |
| Loan Loss Allowance | $1.93 million |
| Unbacked Noncurrent Loans | $1.51 million |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 4.64% |
| Return on Assets | 1.32% |
| Return on Equity | 13.21% |
| Interest Income | $24.55 million |
Always verify rates and promotions with the bank or credit union. We are not Velocity Credit Union, we are a rate comparison website and can not provide official rates or promotions.
Velocity Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.35% | $50k | - | Traditional IRA Savings | |
| 0.35% | $50k | - | Roth IRA Savings | |
| 0.20% | $100 | - | Regular Share Savings | |
| 0.20% | - | - | Rising Star (Youth) Savings | |
| 0.20% | - | - | Cosmic Teen (Youth) Savings |
Velocity Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.35% | $200k | - | Prestige Money Market Account |
Velocity Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | $15k | - | Choice Business Checking | |
| 0.15% | $2k | - | Priority One Checking | |
| 0.15% | $20k | - | Check Plus Checking | |
| 0.05% | $500 | - | Regular Checking |
Velocity Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.56% | $1k | - | 5 Year Inflation Fighter Share Certificate | |
| 1.00% | $1k | - | 4 Year Inflation Fighter Share Certificate | |
| 0.85% | $1k | - | 3 Year Inflation Fighter Share Certificate | |
| 0.60% | $1k | - | 2 Year Inflation Fighter Share Certificate | |
| 0.60% | $1k | - | 30 Month Inflation Fighter Share Certificate | |
| 0.45% | $1k | - | 1 Year Inflation Fighter Share Certificate | |
| 0.45% | $1k | - | 18 Month Inflation Fighter Share Certificate | |
| 0.25% | $20k | - | 9 Month Mini-Jumbo Share Certificate | |
| 0.20% | $20k | - | 6 Month Mini-Jumbo Share Certificate | |
| 0.20% | $1k | - | 182 Day Short Term Share Certificate | |
| 0.20% | $1k | - | 9 Month Short Term Share Certificate | |
| 0.10% | $20k | - | 91 Day Mini-Jumbo Share Certificate | |
| 0.10% | $100 | - | 2 Year Small Savers Share Certificate | |
| 0.10% | $1k | - | 91 Day Short Term Share Certificate |
Velocity Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.56% | $1k | - | 5 Year IRA Certificate (Traditional,Roth) | |
| 1.10% | $1k | - | 4 Year IRA Certificate (Traditional,Roth) | |
| 0.95% | $1k | - | 3 Year IRA Certificate (Traditional,Roth) | |
| 0.70% | $1k | - | 2 Year IRA Certificate (Traditional,Roth) | |
| 0.50% | $1k | - | 1 Year IRA Certificate (Traditional,Roth) |
| Velocity Credit Union Locations | ||
|---|---|---|
| Branch Office | 4220 S Lamar Blvd Ste 100 | Austin, TX 78704-7924 |
| Branch Office | 900 Round Rock Ave | Round Rock, TX 78681-4510 |
| Branch Office | 610 E 11th St | Austin, TX 78701-2621 |
| Branch Office | 1201 W Braker Ln | Austin, TX 78758-3844 |
| Branch Office | 9300 S Interstate 35 Bldg I | Austin, TX 78748-1751 |