Question 1

What is Novation Credit Union?

Accepted Answer

Novation Credit Union is a member-owned, not-for-profit financial cooperative headquartered in Oakdale, Minnesota. With approximately $240 million in assets and over 14,600 members, the credit union specializes in serving employees and retirees of 3M and Solventum, as well as residents of McLeod County and Washington County, Minnesota. Founded originally to serve 3M employees, Novation has grown to support members across all 50 states and Puerto Rico through comprehensive online and mobile banking services.

Question 2

When was Novation Credit Union founded?

Accepted Answer

Novation Credit Union was founded on June 24, 1954, by eight 3M employees who established it as Minne-Mine Credit Union. The credit union's original purpose was to serve 3M employees on Friday afternoons during payday, providing them with accessible financial services at their workplace.

In 1998, the institution adopted the name Novation to reflect its evolution and broader mission. Over seven decades, the credit union has expanded from serving a small group of 3M employees to becoming a full-service financial institution supporting thousands of members nationwide.

Question 3

Where is Novation Credit Union headquartered?

Accepted Answer

Novation Credit Union is headquartered at 500 Imperial Avenue North in Oakdale, Minnesota, within the Twin Cities metro area. The credit union maintains physical branch locations in Oakdale (including one at 3M Center) and Hutchinson, Minnesota.

Question 4

Where does Novation Credit Union operate?

Accepted Answer

Novation Credit Union operates primarily in Minnesota, with branch locations in Oakdale and Hutchinson. The credit union serves members across all 50 states and Puerto Rico, making it accessible to 3M and Solventum employees nationwide regardless of their location.

Membership eligibility includes employees and retirees of 3M and Solventum, residents of McLeod County and Washington County in Minnesota, family members of current Novation members, and supporters of the Novation Foundation. The credit union has established partnerships with 3M plants in Wisconsin, Iowa, and South Dakota, conducting regular on-site visits to promote membership.

Question 5

What services does Novation Credit Union offer?

Accepted Answer

Novation Credit Union provides a comprehensive suite of financial services including:

Deposit Accounts: Checking accounts (including Incentive Checking), savings accounts (Primary Savings), and share accounts with competitive rates.

Lending Services: Auto loans, recreational vehicle loans, personal loans, home equity loans, mortgages (including first-time homebuyer programs with no down payment options), and private student loans with lines of credit up to $75,000.

Credit Cards: Visa Platinum Rewards Credit Cards with cash back benefits, including 1% cash back on balance transfers.

Wealth Management: Financial planning services through Novation Wealth Management.

Digital Banking: Online banking platform (eBranch), mobile banking apps for iOS and Android, video banking services for face-to-face consultations, and access to over 35,000 surcharge-free ATMs nationwide.

Additional Services: Digital estate planning tools through partnerships with TruStage and One Digital Trust, scholarship programs, financial education resources, and various member loyalty rewards.

Question 6

What makes Novation Credit Union unique?

Accepted Answer

Novation Credit Union distinguishes itself through its deep-rooted connection to 3M and Solventum, having served these companies' employees for over 70 years. The credit union's commitment to serving members nationwide—regardless of distance from physical branches—demonstrates its adaptability and member-first philosophy.

The institution emphasizes digital accessibility with robust online and mobile banking platforms, video banking services, and an extensive network of surcharge-free ATMs. This "bank from anywhere" approach ensures that members across all 50 states receive the same level of service.

In 2023, Novation launched the Novation Foundation, focusing on reducing financial stress for members, their families, and communities. The foundation supports financial literacy and wellness initiatives, accepting donations as low as $10 to extend membership eligibility to anyone who supports its mission.

The credit union offers distinctive member benefits including loyalty programs that provide rate discounts on loans or increased dividend rates on checking accounts based on member engagement. Novation's referral program rewards both existing and new members, and new members can earn up to $100 in bonuses during their first 180 days.

Question 7

What type of financial institution is Novation Credit Union?

Accepted Answer

Novation Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA) and insured by the National Credit Union Share Insurance Fund. As a member-owned, not-for-profit financial cooperative, the credit union operates under a democratic structure where each member has one vote regardless of account balance.

The credit union's board of directors is elected by the membership and has historically been comprised of active and retired 3M employees, ensuring governance aligned with member interests. All profits generated by the credit union are returned to members through competitive rates, lower fees, and enhanced services rather than distributed to external shareholders.

Membership requires a minimum $5 deposit into a Primary Savings account, which remains the member's property and can be withdrawn if they discontinue their relationship with the credit union.

Novation Credit Union

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About Novation Credit Union in the United States