Elektra Federal Credit Union is a New York-based credit union established in 1940, serving over 6,200 members with $35.9M in assets and specialized financial services for manufacturing sectors.
Editorially reviewed by Harvey Brooks
Elektra Federal Credit Union was established in 1940 and is headquartered in New York, NY, making it an 84-year-old financial institution with deep roots in the local community. The credit union operates a single branch location at 124 West 30 Street and serves a membership base of over 6,200 loyal members while stewarding $35.9 million in total assets.
Elektra offers a comprehensive range of banking products and services including regular savings accounts, share draft accounts, IRA/KEOGH retirement accounts, auto loans for new and used vehicles, personal loans, and mortgage options. Members can access funds through online banking, a mobile app available on both iOS and Android, online bill pay, and traditional in-branch services. The credit union also provides financial calculators and comparison tools to help members make informed decisions.
What distinguishes Elektra is its specialization in serving diverse manufacturing sectors with tailored financial solutions designed for industry-specific needs. This niche focus differentiates it from general-purpose banks and reflects its membership composition. The credit union maintains active online and mobile banking platforms, though the lobby is currently closed, indicating a shift toward digital-first service delivery.
Elektra is a legitimate federally-chartered credit union with established membership eligibility requirements and community Q&A forums. However, as a small credit union with only one branch and no ATMs, it has limited physical accessibility. The lack of current member reviews and the currently-closed lobby status suggest the institution may be undergoing operational transitions. Prospective members should verify current service availability before opening accounts.
Yes. Elektra Federal Credit Union is a registered company headquartered in 124 W 30th St #211, New York, NY 10001. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
Elektra Federal Credit Union is best suited for manufacturing sector employees in New York seeking specialized, relationship-based banking with industry-tailored financial solutions. The primary caveat is the institution's limited physical accessibility (one branch, no ATMs) and currently closed lobby status, making it most practical for digitally-savvy members or those with local in-person access to the main office.
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