Banks vs Credit Unions
The South Carolina Federal difference.
South Carolina Federal
||Not-for-profit: when the credit union earns income, it is invested back into the organization
||For profit: when banks earn income, they split dividends to the stockholders who have invested in the bank.
|Board of Directors
||Credit union members. Volunteers elected by the membership.
||Paid Board of Directors.
||National Credit Union Administration (NCUA) protects member funds up to $250,000.
|| The Federal Deposit Insurance Corporation (FDIC) protects bank customer funds up to $250,000.
|| Member and Owner
|Products and Services
|| Full-service financial institution
||Full-service financial institution
||Part of the Allpoint Network of more than 55,000 surcharge-free ATMs worldwide.
||Most banks offer ATMs.
||We partner with CUNA Mutual and provide investment opportunities through South Carolina Federal Investment SolutionsTM
||Most banks offer investment services.
||South Carolina Federal's community involvement ranges from Financial Literacy in schools to donating time and money to The Trident United Way and The American Red Cross, among many others.