Question 1

What is EdFed (Educational Federal Credit Union)?

Accepted Answer

EdFed, formally known as The Educational Federal Credit Union, is a federally chartered credit union headquartered in Miami, Florida, serving the educational community of Miami-Dade County. With over 116,000 members and approximately $1.73 billion in assets, EdFed is one of Florida's oldest and most established credit unions.

The institution specializes in providing financial services to employees and students of Miami-Dade County Public Schools, Miami Dade College, and affiliated educational organizations. EdFed operates seven branch locations throughout Miami-Dade County and offers a comprehensive range of financial products with a strong focus on member benefits and community engagement.

Question 2

When was EdFed (Educational Federal Credit Union) founded?

Accepted Answer

EdFed was founded in 1935 during the Great Depression, making it one of Florida's oldest federally chartered credit unions. The institution was originally established as the Dade County Florida Teachers Federal Credit Union by a small group of public school system employees who sought to create a financial alternative for teachers in Dade County.

In 1972, the credit union changed its name to Dade County School Employees Federal Credit Union to reflect expanded eligibility to all school employees. In 2000, it became South Florida Educational Federal Credit Union following the county's name change to Miami-Dade.

On April 1, 2021, on the anniversary of its original charter, the institution rebranded as EdFed - The Educational Federal Credit Union to better convey its deep commitment to serving the educational community. The credit union celebrated its 90th anniversary in 2025 with a renewed mission to educate and empower members to achieve their financial dreams.

Question 3

Where is EdFed (Educational Federal Credit Union) headquartered?

Accepted Answer

EdFed is headquartered at 7800 SW 117th Avenue, Miami, Florida 33183. The credit union maintains its primary operations in Miami, where it has served the local educational community for nine decades.

Question 4

Where does EdFed (Educational Federal Credit Union) operate?

Accepted Answer

EdFed operates exclusively throughout Miami-Dade County, Florida, with seven conveniently located branch locations across the county. The credit union provides its members with access to a vast network of surcharge-free ATMs, including all Publix supermarket locations throughout Florida.

Membership eligibility is focused on the educational community and includes:
• Employees and retirees of Miami-Dade County Public Schools (M-DCPS)
• Employees and retirees of Miami Dade College (MDC)
• Members of United Teachers of Dade (UTD)
• Employees of Larkin University, Florida Memorial University, and South Florida College of Nursing
• Employees of various educational organizations including KIPP Miami, Cristo Rey Miami High School, Mater Academy, and other affiliated schools
• Immediate family members of current members

Question 5

What services does EdFed (Educational Federal Credit Union) offer?

Accepted Answer

EdFed provides a comprehensive suite of financial products and services tailored to the educational community:

Deposit Accounts: Prime Savings accounts, checking accounts with no monthly service fees, vacation club savings accounts, and certificates of deposit with competitive rates. Membership requires a minimum balance of $5 in the Prime Savings account, representing the member's equity share.

Lending Products: Auto and truck loans with free auto buying service, mortgages and home equity loans, personal loans, home improvement loans, and credit cards including the EdFed Rewards VISA Credit Card with no annual fee.

Special M-DCPS Employee Benefits: New employee loans of $1,000 at 0% APR, expedited payroll posting one day before the scheduled pay date through integrated payroll processing, cashback incentives for mortgage and auto loan financing.

Digital Banking: Free mobile banking app available for iOS and Android devices with features including mobile check deposit, bill pay, account transfers, touch ID login, transaction tagging with receipt images, and ATM/branch locator using GPS. The credit union also offers EdFed 24/SEVEN online banking with free bill pay and e-statement services.

Additional Services: Budget planning and credit counseling, free notary service at branches, member-only discounts at local attractions and retailers, free first box of custom checks for new members.

Question 6

What makes EdFed (Educational Federal Credit Union) unique?

Accepted Answer

EdFed distinguishes itself through its 90-year legacy of exclusive service to the educational community. As the official credit union for Miami-Dade County Public Schools, EdFed offers specialized benefits not available to the general public, including expedited payroll processing that credits employee paychecks one day earlier than the scheduled pay date.

The credit union's deep integration with M-DCPS makes it particularly convenient for school district employees, with direct payroll deduction and deposit authorization built into the district's employment processes. New employees receive special benefits including 0% APR loans to help with transition costs.

EdFed's community-focused approach is evident in its member-owned cooperative structure and commitment to financial education. The institution provides personalized budget planning and credit counseling services at no charge, reflecting its mission to educate and empower members.

With strong financial performance including a 15.8% net worth ratio and consistent growth in assets, loans, and membership, EdFed combines the stability of a large institution with the personalized service of a community-focused credit union. The institution's extensive network of surcharge-free ATMs at all Publix locations throughout Florida provides exceptional convenience for members.

Question 7

What type of financial institution is EdFed (Educational Federal Credit Union)?

Accepted Answer

EdFed is a federal credit union chartered and regulated by the National Credit Union Administration (NCUA). As a federally insured credit union, all deposits are insured up to $250,000 by the NCUA.

As a not-for-profit cooperative financial institution, EdFed operates under a member-owned structure where each member holds an equity share (represented by the $5 minimum balance in the Prime Savings account). This cooperative model allows EdFed to return profits to members through competitive rates, lower fees, and enhanced services rather than distributing earnings to external shareholders.

EdFed is a Select Employee Group (SEG) credit union with membership restricted primarily to employees, students, and retirees of educational institutions in Miami-Dade County, along with their immediate family members. This focused membership model enables the credit union to tailor its products and services specifically to the unique financial needs of the educational community it serves.

EdFed (Educational Federal Credit Union)

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About EdFed (Educational Federal Credit Union) in the United States

EdFed (Educa­tional Federal Credit Union)