The Credit Union Difference

Banks v. Credit Unions

Compare Credit Unions vs. Banks

We are member-owned and exist only for the financial benefit of our membership. As a result, South Carolina Federal is able to pay competitive dividends on savings and offer attractive interest rates on loans.

South Carolina Federal Credit Union

Banks

Profit

Member-owned: 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

Insurance

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.

You

Member and Owner

Customer

Products and Services

Full-service financial institution

ATMs

In addition to our own ATMs, part of the Allpoint Network of more than 55,000 surcharge-free ATMs worldwide.

Most banks offer ATMs.

Wealth Management

We provide investment opportunities through South Carolina Federal Investment Solutions^TM.

Most banks offer investment services.

Community Involvement

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.

Varies

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We are multiple common bond (as defined in the National Credit Union Administration (NCUA)’s Chartering and Field of Membership (FOM) Manual, the Multiple Common Bond (MCB) Charter covers “a credit union [serving] more than one group, each of which has a common bond of occupation and/or association.”) and if you can live within 30 miles of a South Carolina Federal Financial Center. Source: cucollaborate.com/blogs/multiple-common-bond-charter-overview

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