Velocity Community Credit Union is headquartered in PALM BEACH GARDENS and is the 38th largest credit union in the state of Florida. It is also the 735th largest credit union in the nation. It was established in 1958 and as of June of 2023, it had grown to 81 employees and 24,197 members at 3 locations. Velocity Community Credit Union's savings rates are 8X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Velocity Community Credit Union is open to those who live, work, worship, volunteer, or attend school in Palm Beach County, Florida or have family members who are eligible for membership.
See current membership details
Member 10 Years- No Complaints
I have been a member at nearly 10 different financial institutions over the last 10 years and nothing comes close to Velocity Community Credit Union. The people in the bank are very helpful, polite, and down to earth. The enviroment is always pleasant and you never get the fake friendly vibe that most banks/credit unions put on to try and make their quota. I have never been on hold for more than a minute or two before I am speaking to a real person. I trust this Credit Union with every element of my banking needs. I can gurantee that you will not be disappointed if you become a member. Last not I paid more dumb fees at Chase in one month than I did in ten years at Velocity. Hope this helps!
Velocity Credit Union is a great place to do your banking
I've had some great experiences banking through Velocity. I have financed car loans through this credit union every time I've bought a car and their rates have been very competitive. I recommend them to every car buyer I know.
I also keep my checking and savings at this credit union. I carry Velocity debit and credit cards. I've had very good experiences with their staff and find it's easy to get fast, reliable information from them when you need it. Velocity feels like an old fashioned neighborhood bank. There is not a lot of turnover of staff so it's easy to get to know them and have a personal relationship with each person. I really like this feature.
I like their communication/media department too. They send out email to keep you aware of specials they're running. This is especially helpful during the holidays when they offer many different features to their members.
All in all, I've got to say, that Velocity is a place I like to do business. I trust them. They give you great rates on loans when you need them. They're easy to deal with when you've got a problem.
I'd say they're top rate.
Very Few Negatives
Everything the previous review said is accurate. I only have a few negatives. Direct deposits are not made to your account till 9am that morning. It would be nice to have my money available that morning when I wake at 4am. While you can eventually get used to it, it is very inconvient. They also don't have a direct line to the Federal reserve and electronic bill pays can take up to three days when it should only take one. I like this credit union and will continue to use it. The people that work their are great and down to earth. They go out of their way to make my experience a good one. I sure hope they can improve on the very few negatives they have.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 12458 |
| Year Chartered | 1958 |
| Employees | 81 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.72% |
| Return on Equity - YTD | 16.11% |
| Annual Interest Income | $8.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $481.3MM$492.5MM |
| Loans | Q2 2023vs Q2 2022 | $297.2MM$244.9MM |
| Deposits | Q2 2023vs Q2 2022 | $414.9MM$439.8MM |
| Equity Capital | Q2 2023vs Q2 2022 | $51.7MM$46.3MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $1.1MM$936.00K |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $750.00K$369.00K |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |