South Carolina credit unions are financial institutions that provide banking services to the members of that credit union. SC credit union members control the credit union and must meet membership requirements such as living in certain areas or belonging to a non-profit group.

Federally chartered SC credit unions also may serve specific employee groups, known as Select Employee Groups, such as teachers or employees of a specific company. These credit unions may be able to change to a community charter, which allows them to serve anyone who lives, works, worships or attends school within a defined area.

The primary difference between a bank and a SC credit union is that credit unions are tax exempt. There are three basic reasons why this is so:

1. A credit union in SC must be a non-profit, democratic corporation that the members own.

2. The board of directors for a South Carolina federal credit union must be elected by its members and serve as unpaid volunteers.

3. A SC federal credit union provides service to members of modest means as part of its social mission. It must also place limitations on memberships with restrictions on the products and services it provides.

Action Steps
The best contacts and resources to help you get it done

Locate specific South Carolina credit unions by name

You can easily locate a credit union if you have some very basic information about it such as its name or the location of one of its branches. A credit union's name normally will give you an idea of the basis of its membership, although the requirements for membership are frequently broader than this.

I recommend: Credit Unions Online provides an alphabetical list of websites for credit unions in South Carolina. The Credit Union Locator lists all registered credit unions with a location in South Carolina.

Find a South Carolina credit union by location

Resources are available to locate all of the credit unions based in your area, which you may wish to do because residency is a common membership requirement for many credit unions.

I recommend: Enter your zip code on the home page of Credit Union Lending Systems to find a credit union that you are eligible to join. USA Credit Unions shows all of its credit unions in South Carolina on a single page and includes a credit union locator that you can enter a name or zip code to find other institutions.

Select an individual SC federal credit union

Examine the membership requirements of a particular federally chartered credit union and the services that it provides to know if you are eligible to join and if it will provide the services you need.

I recommend: SRP Federal Credit Union is in North Augusta and generally requires its members to reside in Allendale, Barnwell or Edgefield counties in South Carolina. The South Carolina Federal Credit Union is a larger credit union with a membership area that includes Charleston and its surrounding counties.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Natural-person credit unions serve individuals and form the majority of South Carolina federal credit unions. Corporate credit unions serve natural-person credit unions by providing them with operational support, products and other services. Corporate credit unions also act as a funds clearing house for natural-person credit unions.