Question 1

What is Natco Credit Union?

Accepted Answer

Natco Credit Union is a state-chartered community credit union based in Richmond, Indiana, serving over 17,500 members with approximately $146 million in total assets. Originally formed to serve employees of the National Automatic Tool Company (NATCO), the credit union has evolved into a community-focused financial institution serving residents and workers across seven Indiana counties. Natco is designated as a Community Development Financial Institution (CDFI), demonstrating its commitment to serving low-income and underserved populations through affordable financial products and community empowerment programs.

Question 2

When was Natco Credit Union founded?

Accepted Answer

Natco Credit Union was formally organized on October 31, 1944, to provide financial services to employees of the National Automatic Tool Company (NATCO) in Richmond, Indiana. The credit union was established during World War II when industrial workers needed access to affordable credit and savings options.

Over the past eight decades, Natco has expanded significantly through organic growth and strategic mergers, including Ford Motor Credit Union (1970), Belden Credit Union (2000), and Richmond State Hospital Employees Federal Credit Union (2015). The credit union has grown from a small office inside the original NATCO administration building to a multi-branch operation serving a diverse membership base across eastern Indiana.

Question 3

Where is Natco Credit Union headquartered?

Accepted Answer

Natco Credit Union is headquartered at 582 South Round Barn Road in Richmond, Indiana. The main office has undergone several expansions since its original establishment, with additions completed in 1989 and 2000 to accommodate growing membership and expanded services.

Question 4

Where does Natco Credit Union operate?

Accepted Answer

Natco Credit Union operates primarily in east-central Indiana, with branch locations in Richmond and Connersville. The credit union maintains four physical locations: its headquarters at 582 South Round Barn Road in Richmond, a branch at 4 Glen Miller Parkway in Richmond, a branch at 1627 East Main Street in Richmond, and a branch at 240 East 30th Street in Connersville.

Membership is available to anyone who lives or works in seven Indiana counties: Wayne, Fayette, Randolph, Henry, Rush, Union, and Franklin. Additionally, any industrial worker within a 25-mile radius of Richmond and family members of existing members are eligible to join.

Question 5

What services does Natco Credit Union offer?

Accepted Answer

Natco Credit Union provides a comprehensive suite of financial services designed to meet the needs of working-class families and individuals. Deposit products include savings accounts (share accounts), checking accounts, certificates of deposit, and money market accounts.

Lending services feature auto loans (including affordable used-auto loans for credit-challenged members), personal loans, home mortgages, home equity loans, and credit cards. The credit union offers a distinctive Secured Credit Card program with no annual fees, competitive interest rates, and no fees on balance transfers or cash advances, specifically designed to help members build or rebuild credit.

Digital banking capabilities include online banking, mobile banking apps for iOS and Android devices, mobile check deposit, bill pay services, and account alerts. Members have access to a network of surcharge-free ATMs and shared branching locations across the country.

Question 6

What makes Natco Credit Union unique?

Accepted Answer

Natco Credit Union stands out for its deep commitment to community development and financial empowerment for underserved populations. As a certified CDFI since 2011, Natco has received multiple U.S. Treasury grants totaling over $1.3 million to expand affordable lending and financial education programs.

The credit union operates the Natco Community Empowerment Center (NCEC), which provides free financial counseling, credit education, resume preparation assistance, and free basic tax preparation services. In 2016 alone, NCEC served over 12,000 community members and saved local families more than $321,000 in tax preparation fees. Nearly half of Natco's staff have become Certified Credit Union Financial Counselors (CCUFCs), demonstrating the organization's dedication to member financial wellness.

Natco specializes in predatory lender alternative loans, offering affordable auto financing to credit-challenged consumers. These loans come with certified limited warranties, free Carfax reports, and 12-month roadside assistance policies, helping members secure reliable transportation for work while avoiding high-cost predatory lenders. The credit union's mission—"helping people live better lives"—is reflected in its focus on serving lower-income, working-class consumers throughout eastern Indiana.

Question 7

What type of financial institution is Natco Credit Union?

Accepted Answer

Natco Credit Union is a state-chartered credit union regulated by the National Credit Union Administration (NCUA) and supervised by the Indiana Department of Financial Institutions. As a state credit union, it operates under Indiana state law while maintaining federal deposit insurance through the National Credit Union Share Insurance Fund (NCUSIF).

Credit unions are not-for-profit cooperative financial institutions owned by their members. At Natco, each member has equal voting rights regardless of account balance, and earnings are returned to members through competitive rates, lower fees, and enhanced services. The credit union operates under a community charter, allowing membership to residents and workers in designated Indiana counties as well as industrial workers within a 25-mile radius of Richmond and family members of current members.

Question 8

What community programs does Natco Credit Union support?

Accepted Answer

Natco Credit Union demonstrates exceptional community engagement through financial contributions and direct services. The credit union annually contributes over $35,000 to local non-profit organizations and community initiatives throughout its service area.

The Natco Community Empowerment Center serves as a hub for financial education and community support, offering free tax preparation services, financial coaching, credit counseling, and employment assistance including resume writing and mock interviews. The center focuses on serving asset-poor individuals and families in Wayne and Fayette counties, helping them access resources and build pathways to financial stability. This comprehensive approach to community development reflects Natco's vision "to strengthen community through economic empowerment, one step at a time."

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About Natco Credit Union in the United States