Business Details
50+ Years
experience
Your Trusted Financial Partner Since 1936
Since 1936, Transit Operations Federal Credit Union has been committed to providing comprehensive financial solutions tailored to our members' needs. As a member-owned, not-for-profit financial institution, we prioritize our members' financial security in all decision-making processes. Our dedication to community-focused banking has earned us recognition as a certified minority depository institution, ensuring equitable access to financial services. With decades of experience serving employees of the Transportation Division of the Metropolitan Council, union members, and their families, we offer personalized financial products including checking accounts, savings plans, and diverse loan options.Our team, led by President/CEO JoAnn Schultz, combines deep industry expertise with a commitment to transparency and member education. We empower our members through low-fee banking, dividend-yielding accounts, and flexible lending solutions designed to meet both immediate and long-term financial goals. Our localized approach ensures we remain deeply attuned to the unique needs of our community while maintaining the highest standards of financial integrity and service excellence.
Services
Share Draft Accounts
Regular Savings
Vehicle Loans
IRA Accounts
Vacation Club Savings
Christmas Club Accounts
Certificate Programs
Signature Loans
Overdraft Protection
Mortgage Services
Details
- Year established: 1936
Highlights and features
- Member-owned not-for-profit financial institution since 1936
- Certified minority depository institution status
- No monthly fees on checking accounts
- Flexible loan options for all credit profiles
- Personalized financial solutions for transit workers
Associations and certifications
- NCUA
Services
Share Draft Accounts
Our no-minimum, no-monthly-fee checking accounts offer payroll deduction, automatic payments, and overdraft protection. Dividends pay monthly on balances over $1,000 while Instant Cash cards provide convenient access. Designed to meet everyday banking needs without restrictive fees.
Vehicle Loans
Competitive vehicle financing options include loans for new (2012+) and used cars, trucks, motorcycles, boats, and recreational vehicles. Rates start at 5.25% APR with amounts up to $40,000 secured by qualified collateral.
Vacation Club Savings
Seasonal savings plans reward disciplined saving through quarterly dividends on minimum $5 balances. Automatic payroll deductions help build funds for vacations, holiday spending, or tax payments without minimum balance requirements.
IRA Accounts
Tax-advantaged retirement accounts earn quarterly dividends on minimum $5 balances while supporting long-term financial security. Instant Cash cards provide future access to retirement funds.
Certificate Programs
Fixed-term certificates offer higher yields by locking funds for 6-36 months. Competitive rates with minimum $1,000 deposits include early withdrawal penalties to encourage disciplined saving.
People
JoAnn Schultz
President/CEO
JoAnn Schultz leads Transit Operations Federal Credit Union with decades of financial leadership experience. She champions member-centric banking while maintaining strict financial oversight and community development initiatives.
Questions
Who is eligible for membership?
Eligibility includes transit workers from specific Minneapolis-St. Paul employers, union members, retirees, and their families. Household members also qualify regardless of employment status.
What loan options exist for poor credit?
We offer secured loans up to $40,000 and unsecured loans up to $3,000. Collateral requirements vary, but we consider applicants with imperfect credit histories.
Are there monthly account fees?
Our basic checking accounts have no monthly fees or minimum balance requirements. Some specialized accounts may have specific maintenance conditions.
How do savings accounts earn dividends?
Most savings accounts pay quarterly dividends on minimum balances. Checking accounts require $1,000 average monthly balance for monthly dividends.
What mortgage services are available?
We process first mortgage applications with current rates based on credit scores. Loan specialists assist with home purchase and refinancing options.
