Electel Cooperative Credit Union Burlington NC | Affordable Auto Loans & Business Banking

Introduction

At Electel Cooperative, we believe in building strong financial futures for our members and the community. Established in 1969, our credit union has proudly served the Burlington, NC area from our convenient location at 300 Rascoe Dameron Rd. With a commitment to providing personalized service and affordable financial solutions, we have grown to support over 7,549 members. Our financial strength is reflected in our impressive portfolio, boasting total assets of $62,911,546 and total deposits reaching $2,688,512. We understand that trust is earned through transparency and reliability; that's why we maintain a solid net worth of $8,124,098 and keep $565,329 in cash to ensure we can meet your needs when you need us most. Under the leadership of CEO Scott Armstrong and Board President Eddie Durham, Electel Cooperative is dedicated to enhancing the financial wellbeing of every member. Whether you're looking for auto loans or personal banking services, our team is here to guide you every step of the way. While members can visit us at our branch location for face-to-face assistance, official correspondence should be sent to the same address: 300 Rascoe Dameron Rd, Burlington, NC 27217. Discover how we can help you achieve your financial goals today! Call us at 336-421-1296 or visit our website at Electel Cooperative for more information. Your journey towards better finances starts with us!

Branch History & Mission

At Electel Cooperative, we take pride in our deep-rooted history and unwavering commitment to serving the community. Established in 1969, our branch has grown alongside Burlington, NC, where we are dedicated to providing exceptional financial services to our members. Located at 300 Rascoe Dameron Rd, Burlington, NC 27217, we have become a trusted partner for many families and individuals looking to achieve their financial goals. Over the years, Electel Cooperative has achieved significant milestones that reflect our commitment to growth and excellence. Today, we serve over 7,500 members and manage total assets of approximately $62.9 million. This growth is a testament to the trust placed in us by our members and the hard work of our dedicated team of 13 employees. Our mission is clear: we aim to empower our members with accessible financial services while fostering a sense of community. We offer a wide range of products including checking and savings accounts, auto loans, mortgage loans, personal loans, and credit cards with rewards. Each service is designed with the member's best interest in mind. While members can visit us at our main location for all their banking needs during our operating hours from Monday to Friday, 8 AM to 5 PM, official correspondence should be sent to our mailing address at 300 Rascoe Dameron Rd, Burlington, NC 27217 if it differs from the branch address. Electel Cooperative embraces digital advancements such as online banking and mobile applications to ensure that banking is convenient for everyone. We also prioritize accessibility and customer satisfaction by providing ADA-compliant services tailored to meet diverse needs. Community support is at the heart of what we do. We actively engage in outreach initiatives that strengthen our local ties and provide assistance where it's needed most. Our partnerships with local organizations help us create positive impacts beyond just financial transactions. We invite you to join Electel Cooperative today! Experience firsthand how we can help you navigate your financial journey while being part of a supportive community. For more information on membership eligibility or to open an account, please visit us online at electel.org or call us at (336) 421-1296. Together, let's build a brighter financial future!

Branch Location & Accessibility

Welcome to Electel Cooperative, your friendly neighborhood credit union located at 300 Rascoe Dameron Rd in Burlington, NC. Nestled in Alamance County, our branch is easily accessible and conveniently situated near several local landmarks, making it a breeze for members to drop by. Whether you're coming from downtown Burlington or the surrounding areas, our location is designed with your needs in mind. While you can visit us at our branch address, official correspondence should be sent to the same address: 300 Rascoe Dameron Rd, Burlington, NC 27217. We are proud to offer accessible features for all members, including ADA compliance and ample parking space to ensure everyone can reach us comfortably. At Electel Cooperative, we understand that your time is valuable. That's why we're open Monday through Friday from 8 AM to 5 PM. Our dedicated team is here to assist you with a range of personal banking services such as checking and savings accounts, auto loans, mortgage options, and more. While we currently do not have ATM services or drive-thru banking available at this location, our friendly staff is always ready to help you with any banking needs. If you have questions or need assistance, feel free to give us a call at 336-421-1296. We invite you to stop by and discover how Electel Cooperative can support your financial journey today!

Member Eligibility

Joining the Electel Cooperative means becoming part of a welcoming community that values your financial well-being. Membership at our branch, located at 300 Rascoe Dameron Rd in Burlington, NC, is open to individuals who live, work, or worship in Alamance County, or have a family member who qualifies. We believe that everyone deserves access to affordable financial services, and as a member, you'll enjoy benefits such as competitive rates on loans and savings accounts, personalized service, and a range of products designed to meet your needs. The process to become a member is straightforward and inviting; simply visit our website for more details on eligibility at Electel Cooperative Membership. If you're ready to open an account or have questions, feel free to reach out to us at 336-421-1296. Join us today and take the first step towards achieving your financial goals!

Business Banking & Commercial Services

Business Loan Options

Our commitment to supporting businesses is evident, with investments in business growth through our commercial lending programs: - We've funded over $0 in commercial loans for our members, helping businesses scale and succeed. - We also support the broader business community with $0 in non-member commercial loans, providing flexible financing solutions. - With an outstanding commercial loan portfolio of $0, we continue to drive economic growth by financing new and expanding businesses.

Merchant Services

In addition to loans, our merchant services simplify payment processing so you can focus on what you do best running your business. From easy credit card transactions to tailored solutions for your unique needs, we ensure you have the tools necessary for success. Located at 300 Rascoe Dameron Rd Burlington Nc 27217 in Burlington, NC, we invite you to explore how Electel Cooperative can help take your business to the next level. Reach out at (336) 421-1296 or visit us online at https://electel.org/ to learn more about our offerings.

Comprehensive List Of Services

Auto Loans & Vehicle Financing

Are you in the market for a new car? Our auto loans and vehicle financing services make it simple to get behind the wheel of your dream vehicle. Picture driving off the lot with affordable monthly payments designed just for you. Whether it's a new model or a reliable used car, we help turn your automotive dreams into reality.

Business Banking Solutions

If you're an entrepreneur or small business owner, our business banking services offer essential tools such as merchant services and business loans. We understand the unique challenges businesses face and are committed to helping them grow by providing tailored financial solutions.

Credit Cards with Rewards

Our credit cards with rewards give you more than just buying power; they reward you for every dollar spent! Picture earning cash back or points on purchases that can lead to exciting experiences or savings down the line. It's like getting paid for shopping!

Digital Banking Convenience

With our online and mobile banking, accessing your accounts has never been easier. You can check balances, transfer funds, and pay bills from anywhere perfect for busy lifestyles! Plus, our ATM and cash withdrawal services ensure you're never far from your money. At Electel Cooperative, we're here not just as a financial institution but as a community partner committed to serving Burlington, NC. For any questions about our services or to speak with one of our friendly team members, please call us at 336-421-1296 during our operating hours of Monday through Friday from 8 AM to 5 PM. Join us today at Electel Cooperative! Your financial journey starts here visit us online at electel.org for more information on how we can help you reach your goals!

Mortgage Loans & Refinancing

For those considering homeownership or looking to refinance their existing mortgage, our mortgage loans are here to guide you through every step. We know how important it is to find the right home at the right price. Let us help make this process smoother with competitive rates and flexible terms that suit your financial situation.

Personal Banking Services

We understand that managing your money can sometimes be overwhelming. That's why we offer personal banking options like checking and savings accounts tailored to fit your lifestyle. Imagine having a checking account that helps you track your spending easily while earning interest on your savings. With our accounts, you can enjoy peace of mind knowing your funds are secure and accessible.

Personal Loans & Debt Consolidation

Life can throw unexpected expenses your way, which is why our personal loans and debt consolidation services exist. If you're feeling overwhelmed by bills or need funds for a special occasion, we provide solutions that help manage those costs effectively. Imagine simplifying multiple payments into one manageable monthly installment!

Digital & Online Banking

Anytime Access

With our 24/7 online banking services, you have full control over your accounts whenever you need it. This means no more rushing to the bank before closing time your finances are just a click away! Whether you're checking balances or making transfers, managing your money has never been easier. Experience the convenience and peace of mind that comes with digital banking at Electel Cooperative today!

Real-Time Management

Need to send money to a friend? Our person-to-person transfer feature lets you send funds directly from your account to theirs instantly. If you're always on the move, our mobile application is here to help you manage your finances right from your smartphone. Although mobile payments are not currently available, our app offers all the essential banking features you need.

Security You Can Trust

Your security is our top priority. That's why we utilize electronic signature authorization for transactions, allowing you to sign documents securely without the hassle of printing and scanning. Plus, with e-statements available, you can keep track of your accounts while reducing paper clutter.

Financial Strength

Growing Together

We have seen growth within our community; currently, we manage a total of 13,360 share and deposit accounts. This showcases the trust placed in us by our growing member base. Our financial strength means we can continue serving you with confidence. Whether you're saving, borrowing, or planning for the future, Electel Cooperative is your trusted partner. Visit us at 300 Rascoe Dameron Rd Burlington Nc 27217 or call (336) 421-1296 to learn more about how we can help you achieve your financial goals.

Investing in Our Future

With $6,647,271 in undivided earnings, we reinvest in innovative banking tools, stronger lending options, and enhanced security measures to serve our members better. Our lending capacity is robust, with $758 in used auto loans and $39,484,561 in total loans and leases available to support your financial goals across various sectors.

Member Savings Security

Members' savings are secured through $9,580,534 in share certificates and $7,017,859 in money market shares, offering stable and rewarding financial growth opportunities. Unlike traditional banks, we prioritize our members. With non-member deposits at $193,183, we ensure that our resources are focused on benefiting you through better loan rates, lower fees, and exclusive perks.

Operational Efficiency

Our commitment to efficiency is reflected in our $-$38,073, which enables us to continue offering competitive loan rates and solid financial products for our members. We also take pride in having 12 full-time employees and 1 part-time employees, ensuring our branches are always ready to serve you with a knowledgeable, committed team.

Strong Financial Health

With a net worth of $8,124,098, we maintain strong financial health, allowing us to offer better rates, lower fees, and enhanced member services. Our net worth ratio of 12.91% demonstrates a solid capital foundation, ensuring that we can continue providing loans, competitive savings rates, and uninterrupted services even in uncertain economic times.

Loan Offering

Auto Loans

Looking to buy a new car? Our auto loans offer some of the lowest rates in the industry. We've already issued over $13,365,171 in used vehicle loans and $11,207,294 in new vehicle loans, helping our members get on the road with confidence. Whether you're purchasing a brand-new model or a reliable pre-owned vehicle, our financing options are designed to fit your budget.

Credit Lines

If you're considering expanding your financial horizons or need funds for unexpected expenses, our credit lines totaling $6,000,000 provide a safety net when you need it most. These lines are designed for flexibility and ease of access. For those interested in refinancing or exploring eligibility options for any of our loan products, we encourage you to visit our website at Electel Cooperative for more information. Performance insights and financial data are sourced from the National Credit Union Administration (NCUA) at: https://www.ncua.gov, based on the latest results. We are committed to providing transparent information so you can make informed decisions about your financial future. Explore how Electel Cooperative can support you through various loan offerings that cater specifically to your needs. Let us help you take the next step towards achieving your financial goals!

Mortgage Loans

Thinking about homeownership? Our mortgage options make buying or refinancing simple and accessible. We currently offer Junior Lien 1-4 Family Residential Properties loans totaling $7,509,779. This allows you to take advantage of competitive rates while securing the home you've always wanted.

Unsecured Credit Card Loans

We also offer flexible terms on unsecured credit card loans. With a total of $2,213,316 in loans available, these cards can help you manage your finances effectively while earning rewards on your everyday purchases.

Loan Aggregator

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ELECTEL COOPERATIVE FEDERAL CREDIT UNION - Burlington, NC

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