Federal credit unions in North Carolina provide banking services such as loans to the members of that federal credit union. NC credit union members must meet a set of well-defined criteria such as membership in a non-profit group or residency within a geographical area.
Federally chartered credit unions in North Carolina also may serve specific employee groups, known as Select Employee Groups, such as doctors or employees of a specific company. A North Carolina community federal credit union may be able to change to a community charter, which allows it to serve anyone who lives, works, worships or attends school within a defined area.
Government credit unions in North Carolina appear to be similar to banks but their tax exempt status mandates three important differences:
1. A federal credit union in North Carolina must be a non-profit, democratic corporation the members own.
2. Members must elect the board of directors for a credit union and the board must serve as unpaid volunteers.
3. Federal credit unions in North Carolina have a social mission that includes service to members of modest means. A credit union has restrictions on the services and products that it provides and must place restrictions on its membership.
Action Steps
The best contacts and resources to help you get it done
Locate a specific North Carolina local government credit union by name
You can easily locate a credit union if you have some basic information about it such as its name or the location of one of its branches. A credit union's name will normally give you an idea of the basis of its membership, although the requirements for membership are frequently broader than this.
I recommend: Manta displays federally chartered credit unions in North Carolina alphabetically by name and allows the list to be further narrowed by city. Cudata.com shows credit unions in North Carolina by name, along with the city, assets and number of members. Click on any credit union name to get contact information.
Find a North Carolina federal credit union by location
Resources are available to locate all of the federally chartered credit unions in North Carolina based in your area, which you may wish to do because residency is a common membership requirement for many credit unions.
I recommend: The Nation Credit Union Administration can locate a credit union by charter number or by location. The Credit Union National Association has the ability to locate credit unions within a specified radius of a zip code or by city and state.
Join a North Carolina community federal credit union for which you qualify
Examine the membership requirements of a particular federal credit union. NC credit unions have a field of membership, to which you must belong to be eligible to join.
I recommend: Membership in the Blue Flame Credit Union is restricted to employees of Piedmont Natural Gas and their family members. Carolina Federal Credit Union grants memberships to employees of its sponsor companies and their relatives.
Tips & Tactics
Helpful advice for making the most of this Guide
- • A North Carolina federal credit union frequently allows a broader membership base than its name implies. Smaller credit unions may merge into a single credit union with a disparate set of membership qualifications. Additionally, an individual may usually remain a member of a credit union even after he no longer meets the membership requirements, as when a member moves or changes jobs.
