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.
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
Related Posts
10/18 - 2.07% APY, 5-Year CD. Quick Look.
5/19 - Velocity CU Features 33-Month IRA Step Up Certificate
9/5/15 - Velocity CU 5-Year CD Promotion Available Through September
8/6/15 - Dog Days Of Summer 5 Year CD 2.22%
4/1/15 - Velocity CU 30-Month CD/IRA Promotional Extended Through April 30, 2015
3/29/15 - Velocity CU 30 Month CD Promotion
8/12/14 - Velocity CU 5-Year CD/IRA Promotional Extended Through August 30, 2014
8/3/14 - Velocity Credit Union (5 Yr CD, 2.02%APY) Limited Time Offer ANYONE CAN JOIN THIS CU
11/19/11 - Velocity Credit Union Extends CD Promotion - CD Application & Deposit Insurance Issues
11/8/11 - Special CD Rates at Velocity Credit Union in Texas - Easy Membership
11/7/11 - Velocity Credity Union Limited Time CD Rates
9/15/11 - Top Long-Term CD Rates at Velocity Credit Union - Easy Membership
3/7/11 - Special 2-Year & 3-Year CD Rates at Velocity Credit Union in Texas - Easy Membership
2/11/11 - Update to Velocity Credit Union's 18-Month CD & 5-Year CD Rates
1/28/11 - Special 18-Month CD and IRA CD Rates at Velocity Credit Union in Texas - Easy Membership
12/16/10 - Top 5-Year CD and IRA CD Rates at Velocity Credit Union in Texas - Easy Membership
4/25/10 - Special 24-Month CD Rate at Velocity Credit Union in Austin Texas - Easy Membership
3/24/10 - Velocity Credit Union Extends 9-Month CD Special - Easy Membership
3/2/10 - Velocity Credit Union's 9-Month CD Special - Easy Membership
2/10/10 - Velocity Credit Union Extends its 15-Month CD Special - Easy Membership but Soon-to-be ASI-Only
2/1/10 - 15-Month CD Special at Velocity Credit Union - Easy Membership But Soon To Be ASI-Only
12/4/09 - Velocity Credit Union in Texas Begins Voting Process for Switch to Private Insurance
2/20/09 - 3.14% 12-Month CD at Velocity Credit Union in Texas - Easy Membership
2/3/09 - 3.44% 18-Month CD at Velocity Credit Union in Texas - Easy Membership
6/24/08 - 4.06% 15-Month CD at a Texas Credit Union (Velocity).
4/23/08 - 4.06% 12-Month CD at a Texas Credit Union (Velocity).
3/15/08 - 4.32% 9-Month CD at a Texas Credit Union (Velocity).
4/11/07 - $30 Checking Account Bonus at a Texas Bank (Velocity)
My experience at my credit union
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!
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."
Great local CU - But behind on Tech
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.
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.
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.
Velocity Credit Union Crooks
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!
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| 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 |