Electel Cooperative Credit Union Wake Forest NC | Best Auto Loans & Business Banking

Introduction

Welcome to Electel Cooperative, your trusted partner in financial wellness located at 414 Wait Ave, Wake Forest, NC 27587. Established in 1969, we have proudly served our community for over five decades, growing alongside our members and helping them achieve their financial goals. With a strong commitment to member satisfaction, we currently boast a membership of 7,549 individuals who rely on us for their personal and business banking needs. At Electel Cooperative, we understand that every member's journey is unique. That's why we offer a comprehensive range of services, including checking and savings accounts, auto loans, mortgage financing, personal loans, and credit cards with rewards. Our total assets now stand at an impressive $62,911,546, reflecting our solid foundation and dedication to your financial success. While members can visit us at our branch location, official correspondence should be sent to the same address: 414 Wait Ave, WAKE FOREST, NC 27587. We pride ourselves on being a cornerstone of the Wake Forest community and are committed to providing personalized service from our experienced team of 13 employees, led by our CEO, Scott Armstrong, and Board President, Eddie Durham. Our focus on transparency and member support ensures that you have access to everything you need to make informed financial decisions. With total deposits amounting to $2,688,512 and net worth reaching $8,124,098, we are positioned to provide stability and security for all your banking needs. We invite you to explore how Electel Cooperative can empower your financial journey. Whether you're looking to open an account or need assistance with loans or other services, don't hesitate to reach out. Call us today at 800-849-5600 or visit our website at electel.org for more information. Your financial future starts here!

Branch History & Mission

Community Engagement

Our dedication to community doesn't stop with banking services. We understand the importance of partnerships within Wake Forest and work closely with local organizations to uplift those around us. Whether it's hosting financial literacy workshops or supporting local events, Electel Cooperative aims to make a positive impact. With operating hours from Monday to Friday (and Wednesday mornings), we ensure that our members can connect with us conveniently. You can reach us at 800-849-5600 during business hours to ask questions or get assistance. As we continue on this journey together since 1969, we invite you to be part of our family at Electel Cooperative. Join us today and experience a credit union where you are not just a member but part of a thriving community focused on your financial well-being. Explore how you can become a member by visiting our website or start your application process here. Together, let's build a brighter financial future!

Our Mission

At Electel Cooperative, our mission is clear: we strive to provide exceptional financial services while enhancing the quality of life in our community. We believe in empowering individuals and families through personal banking solutions that include checking and savings accounts, auto loans, mortgages, personal loans, and credit cards with rewards. Our commitment extends beyond financial transactions; we actively engage in community outreach efforts that strengthen ties within Wake Forest. We are proud to embrace technology that enhances your banking experience. With online banking options and mobile applications available, accessing your finances has never been easier. Our services also include secure electronic signatures and e-statements for added convenience.

Branch Location & Accessibility

Accessibility Features

At Electel Cooperative, we prioritize accessibility for all our members. Our branch is fully ADA compliant, ensuring that everyone can easily navigate our facilities. There's ample parking available right outside the entrance, along with ramps and accessible entrances to make your visit as smooth as possible.

Get in Touch

Have questions or want to know more about what we offer? Give us a call at 800-849-5600! We are eager to assist you and provide guidance on how our services can benefit you. So why wait? Stop by Electel Cooperative today and see how we can help make your financial journey easier!

Operating Hours

We understand that life can get busy, so we've tailored our operating hours to accommodate your schedule. You can visit us Monday, Tuesday, Thursday, and Friday from 8 AM to 5 PM. On Wednesdays, we open a bit later at 9:30 AM but stay until 5 PM. These hours allow you plenty of time during the week to take care of your banking needs.

Services Offered

Electel Cooperative offers a variety of services designed just for you! From personal banking solutions like checking and savings accounts to auto loans and mortgages, we have options that suit every financial goal. If you're looking for credit cards with rewards or business banking services like merchant accounts and business loans, we've got you covered. Plus, enjoy the convenience of online and mobile banking whenever you need it!

Member Eligibility

At Electel Cooperative, we believe that joining our community means becoming part of a family that supports each other's financial journeys. If you're looking to become a member, you'll be pleased to know that eligibility is quite inclusive! Whether you live, work, worship, or attend school in the area around 414 Wait Ave Wake Forest Nc 27587, you're likely eligible to join us. This opens the door to a variety of financial services tailored to help you thrive. Becoming a member at Electel Cooperative comes with fantastic benefits like competitive rates on loans and savings accounts, personalized service, and access to online banking tools that make managing your finances easier than ever. Ready to take the next step? You can find more detailed eligibility information by visiting https://electel.org/join-now/ . Once you're ready, opening an account is simple just head over to https://electel.org/apply/ or give us a call at (800) 849-5600 for any questions. We can't wait to welcome you!

Business Banking & Commercial Services

Merchant Services That Matter

Imagine a world where accepting payments is as easy as a swipe or a tap. Our merchant services help you do just that giving you the tools to manage transactions smoothly and efficiently. From point-of-sale systems to online payment options, we ensure that handling finances doesn't become a hassle. Located at 414 Wait Ave Wake Forest, NC 27587, our team is ready to partner with you on your journey toward success. Reach out today at 800-849-5600 to learn how we can assist in driving your business forward!

Tailored 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. Additionally, we also support the broader business community with $0 in non-member commercial loans, providing flexible financing solutions.

Comprehensive List Of Services

Business Banking

For our local entrepreneurs, business banking services including merchant services and business loans are available. We understand the unique challenges small businesses face, and our team is dedicated to providing support tailored specifically for business owners.

Convenience at Your Fingertips

In today's fast-paced world, convenience matters. That's why we prioritize digital banking features such as online banking and mobile applications. Need cash? While we don't have ATMs or drive-thru service at our branch, our online platforms allow for easy access and management of your accounts anytime. If you're ready to explore how we can assist with your financial journey or have questions about any service, please don't hesitate to reach out! You can contact us at (800) 849-5600 or visit our website at Wake Forest for more information. Experience the difference with Electel Cooperative your trusted partner in financial success!

Credit Cards

We also offer credit cards with rewards, giving you the chance to earn points on everyday purchases. Imagine using your card for groceries or gas and watching those rewards add up towards something special!

Home Financing

Thinking about buying a home? Our mortgage loans and refinancing options are here to help turn your dream into reality. We guide you through every step of the mortgage process, ensuring you understand your choices and find a plan that fits your budget.

Personal Banking

When it comes to personal banking, we have you covered with various checking and savings accounts that cater to different lifestyles. Imagine effortlessly managing your money with online and mobile banking options that allow you to check balances, transfer funds, and pay bills from anywhere at any time. For those looking to purchase a vehicle, our auto loans and vehicle financing make it easy to drive off in the car you want without breaking the bank.

Personal Loans

Sometimes life brings unexpected expenses. Whether it's for home repairs or consolidating debt, our personal loans are flexible enough to suit your needs. We work with you to find a solution that alleviates financial stress and helps you regain control of your finances.

Digital & Online Banking

Key Features

With us, you'll also enjoy the benefits of electronic signature authorization, making it simple and secure to handle documents without the hassle of printing or mailing. Plus, our e-statements provide an eco-friendly way to keep track of your financial activities while keeping everything organized in one place. If you're looking for quick transfers between friends or family, our person-to-person transfer feature makes it straightforward to send money directly from your account. Simply log in and send funds in real-time it's that easy! For those who prefer using their smartphones, we offer a mobile application that puts all these capabilities right at your fingertips. While mobile payments aren't currently available, the app keeps you connected with real-time notifications and account management tools. In summary, at Electel Cooperative, our digital and online banking services are crafted to make managing your finances as simple and secure as possible. Explore all that we have to offer today by visiting https://electel.org/ !

Financial Strength

Dedicated Team Ready to Serve You

We also take pride in having 12 full-time employees and 1 part-time employee, ensuring our branches are always ready to serve you with a knowledgeable and committed team. Together with our strong member base boasting 13,360 total share accounts we work diligently to meet your financial needs.

Investments in Your 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 supports members' financial goals across various sectors with $15,516 in used auto loans and a total of $39,484,561 in loans and leases. Our efficient operations are reflected in our net income of $338,023, enabling us to continue offering competitive loan rates and solid financial products for our members.

Join Us at Electel Cooperative

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 414 Wait Ave Wake Forest NC 27587 or call us at 800-849-5600 to learn more about how we can help you achieve your financial goals. Performance insights and financial data are sourced from the National Credit Union Administration (NCUA) at: https://www.ncua.gov , based on the latest results.

Member-Centric Approach

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.

Solid Financial Foundation

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, with over $13,365,171 in used vehicle loans and $11,207,294 in new vehicle loans already helping members get on the road. We offer financing for both new and used vehicles, ensuring you have the support needed to make your purchase easier. Plus, if you're considering refinancing your current auto loan, we can help you explore options that may save you money.

Credit Lines

For those who require additional flexibility, our total credit lines amount to $6,000,000. This option allows you to access funds as needed without having to apply for multiple loans. At Electel Cooperative located at 414 Wait Ave Wake Forest Nc 27587, we are dedicated to serving our community's financial needs. If you have questions or want to learn more about our loan offerings or eligibility requirements, don't hesitate to reach out at 800-849-5600. Performance insights and financial data are sourced from the National Credit Union Administration (NCUA) at: https://www.ncua.gov , based on the latest results. Explore how Electel Cooperative can assist you today!

Mortgage Loans

Thinking about homeownership? Our mortgage options include Junior Lien 1-4 Family Residential Properties loans totaling $7,509,779, making buying or refinancing simple. We strive to guide you through every step of the process so that securing a home doesn't feel overwhelming.

Unsecured Credit Card Loans

Managing day-to-day expenses is important. We also offer flexible terms on unsecured credit card loans, with a total of $2,213,316 in loans helping members manage their finances effectively. These cards can be a great way to build credit while enjoying rewards and benefits tailored for our members.

Loan Aggregator

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ELECTEL COOPERATIVE FEDERAL CREDIT UNION