Velocity Credit Union is headquartered in Austin and is the 33rd largest credit union in the state of Texas. It is also the 442nd largest credit union in the nation. It was established in 1947 and as of December of 2024, it had grown to 205 employees and 76,644 members at 7 locations. Velocity Credit Union has a B+ health rating.
Field of Membership Restrictions
Membership in Velocity Credit Union is open anyone through joining the the Paramount Theatre Association. Membership is also open to those who live or work in the Texas counties of Bastrop, Caldwell, Hays, Travis, or Williamson, or within a 10-mile radius of any Velocity branch or ATM.
See current membership details
Don't Bother If You Use Other Financial Institutions
Some banks and CUs use ChexSystems to see inquiries from financial institutions. If you are opening multiple accounts at different places to stay under the NCUA, FDIC $250K limits, these inquiries will be used against you by Velocity and your application will be denied. I guess the default assumption is that applicant is laundering drug money.
You will not be told why you were denied, nor asked why you have several inquiries. You will receive no notice other than Application Denied.
This just happened to me. My FICO score is 820, btw. Just be aware of this before you bother applying, if you are managing significant assets across multiple institutions.
I recommend looking at NASA FCU and Connexus instead. I have used both for years without ever encountering problems like this, and their CD rates are ALWAYS at the high end of the spectrum, while loan rates are competitive or better.
If you are wanting a place to open a checking account, or to get a loan on your beater Camry, or to hold a couple thousand dollars or less, Velocity may be a good choice for you. Beyond that, probably not.....
Comments or related questions welcome.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68359 |
| Year Chartered | 1947 |
| Employees | 205 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.24% |
| Return on Equity - YTD | 1.91% |
| Annual Interest Income | $48.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $1.03B$1.04B |
| Loans | Q4 2024vs Q4 2023 | $585MM$615.1MM |
| Deposits | Q4 2024vs Q4 2023 | $840.7MM$861.8MM |
| Equity Capital | Q4 2024vs Q4 2023 | $127.4MM$117.5MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $16.6MM$17.4MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $7.3MM$6.4MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |