Velocity Credit Union is headquartered in Austin and is the 34th largest credit union in the state of Texas. It is also the 429th largest credit union in the nation. It was established in 1947 and as of June of 2023, it had grown to 211 employees and 80,155 members at 7 locations. Velocity Credit Union's CD rates are 5X the national average, and it has a B+ health rating.
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
I have been a member of my credit union for over seven years. I have always had a good experience with them. When I have gone into the lobby to meet with a teller the lines have moved quickly and I have always been greeted with a professional and friendly attitude from the teller. Customers are also allowed to turn change into dollars from the change machine, free of charge. I am also enrolled in a Rewards program. For every transaction ran as a credit card I accumulate points that can be used for a variety of different things. On the times that I have used the customer service phone number I have always had my issue or question resolved right away. Good experience overall and I am a satisfied customer!
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."
I started at velocity because my dad worked for the City of Austin which had a branch in it's main office. Velocity Credit Union is the perfect choice for those looking for a no-frills bank without wanting to pay many fees or worry about the shady practices large banks like Wells Fargo has recently been convicted of participating in. The bank has great customer service and the people that work there are always ready to help. The two downsides to this credit union are number of locations and web services. In terms of number of locations, it is better than most credit unions but nothing near most banks, even in Austin where they are big there's only 4 locations I know of, as opposed to ten plus Wells Fargo banks, for example. The second downside is their online services and app, the online system works fine but looks dated and the app is well behind those of large banks. It does the job but for more advanced features and GUI wise it is 5 or so years behind. However, overall, they are great as they are free for nearly everything except checks, offer great service, and helped me tremendously with getting my mortgage later on since I had already been a checking customer for so long.
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.
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.
DO NOT DO BUSINESS WITH THESE PEOPLE! They are crooks. They will nickel & dime you any way they can. I tried to be a responsible customer, setting up auto-payments, on their deadline, but they chose to charge me a day after to collect late fees. And get this, even though they saw I had auto-withdraw, they still won't reverse their late fees. Stay far, far away...they are definitely not worth your time or money!
Overall | |
---|---|
NCUA # | 68359 |
Year Chartered | 1947 |
Employees | 211 |
Primary Regulator |
Profit Margin | |
---|---|
Return on Assets - YTD | 0.09% |
Return on Equity - YTD | 0.74% |
Annual Interest Income | $20.0MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2023vs Q2 2022 | $999.2MM$1.08B |
Loans | Q2 2023vs Q2 2022 | $580.6MM$584.1MM |
Deposits | Q2 2023vs Q2 2022 | $872.0MM$951.0MM |
Equity Capital | Q2 2023vs Q2 2022 | $118.2MM$119.8MM |
Loan Loss Allowance | Q2 2023vs Q2 2022 | $5.4MM$5.5MM |
Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $4.4MM$2.5MM |
Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
Always verify rates and promotions with the bank or credit union. We are not Velocity Credit Union; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.90%* | $200k* | - | Money Market Account | ||
OTHER TIERS: 0.60% → $2k - $50k | 0.75% → $50k - $90k | 0.85% → $90k - $200k |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.05% | $750 | - | Check Plus Checking | |
0.05% | $500 | - | Regular Checking | |
0.05% | $15k | - | Choice Business Checking |
Velocity Credit Union Locations | ||
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Branch Office | 900 Round Rock Ave | Round Rock, TX 78681-4510 |
Branch Office | 705 E 12th St | Austin, TX 78701-1909 |
Branch Office | 1201 W Braker Ln | Austin, TX 78758-3844 |
Branch Office | 9300 S Interstate 35 Bldg I | Austin, TX 78748-1751 |
Branch Office | 1230 E New Hope Dr | Cedar Park, TX 78613 |
Corporate Office | 4515 Seton Center Pkwy Suite 165 | Austin, TX 78759-5290 |
Branch Office | 4220 S Lamar Blvd Ste 100 | Austin, TX 78704-7924 |