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Consumer Questions

Below are the most commonly asked questions and answers by consumers. To view all of the commonly asked questions, visit our common questions page.

How do I file a complaint against a state-chartered credit union?

A complaint against a credit union can be filed by submitting a complaint on our website, faxing a complaint form to 984-275-6744, or mailing a complaint form to:

NC Credit Union Division
205 W. Millbrook Road
Suite #105
Raleigh, NC 27609

Do tellers ever make mistakes when giving back money?

Unfortunately, yes. Tellers do not always count your cash before you leave the window or drive-thru. Take a little extra time to count your cash before you leave the window or drive thru.

Can a co-signer on a loan really be held responsible for paying the loan if the borrower doesn't?

Co-signers are jointly and severally liable for repaying the loan if the borrower defaults; therefore, carefully consider the pros and cons prior to signing any loan contracts.

Is approval required to change the name of a state-chartered credit union?

A request must be submitted to the Credit Union Division for approval and amendment to the bylaws.  NCGS §§54-109.4, 54-109.2 (b)(1) and 54-109.5

Are all state-chartered credit unions in North Carolina federally insured?

Yes, NCUA provides share insurance for credit union deposit accounts up to $250,000. For more information please visit MyCreditUnion.gov/share/insurance.

How can I find information on a closed or merged state-chartered credit union?

Contact the Division by phone, 984-275-6730 or email your questions to support@nccud.nc.gov

How do I find information on starting a new state-chartered credit union?

Visit our Chartering Information page for information on starting a new state-chartered credit union. See N.C.G.S. §54-109.2 for the laws related to starting a state chartered credit union.

For additional information, contact Administrator Kristina Ray at 984-275-6730 or email at support@nccud.nc.gov.


How can I make more informed choices about my money?

The Consumer Financial Protection Bureau (CFPB) enforces federal consumer financial laws and protects consumers in the financial marketplace.  Ask CFPB provides clear answers to many financial questions about your money.

How can I verify someone is authorized to represent a financial institution as a mortgage loan originator?

You can visit www.nmlsconsumeraccess.org, a free service to confirm that the financial services company (credit union, bank, etc.) or professional with whom you wish to conduct business is authorized to do so in your state.

How can I research the financial condition of a state-chartered credit union?

The National Credit Union Administration (NCUA) provides federal deposit/share insurance for all state-chartered credit unions in North Carolina and for most credit unions throughout the United States. NCUA collects and maintains quarterly call report and profile data used to generate financial performance reports (FPRs) for credit unions they insure and/or regulate. You may access publicly available call reports, profile reports, and FPRs on the NCUA website.

What can I do if my state-chartered credit union turns me down for a loan?

Review the Adverse Action Notice you are provided for the reason(s) you are being denied. The credit union may offer financial counseling to help you strengthen certain financial areas. If you feel that you should not have been turned down, you may ask the credit union about an appeals process.

Additionally, if you have exhausted the appeals process with the credit union, you may submit a complaint with the NC Credit Union Division.

How many state-chartered credit unions are in NC?

We regulate 30 state-chartered credit unions with branches located throughout North Carolina. Please visit our Credit Union Directory for more information.

How long does it take to resolve my complaint with my state-chartered credit union?

Your complaint will be worked as quickly as possible after a written & signed complaint form is received.  All pertinent documentation that you feel would substantiate your complaint should also be submitted at that time.  The length of time to resolve your complaint depends upon various factors such as complexity, further documentation needed, etc.  Your complaint is tracked internally to ensure that steps toward resolution continue.

What do I need to do to serve on the Board of Directors for my state-chartered credit union?

Each credit union has its own policy that defines eligibility & procedures to serve on the Board of Directors.  Please contact the Manager or a representative for further information.

Can I buy stock in a state-chartered credit union?

No. Although credit unions are owned by their members, no member "owns" more of the credit union than any other member. Members of credit unions are required to have deposits (called "shares") in the credit unions, although the amount required is minimal. The Board Members are volunteers of like-minded individuals of the membership that have a passion for providing financial services to each member in an economical and affordable way, helping each member achieve their own financial goals. No member profits from ownership in anyway of credit union shares, other than simply the interest paid on their deposits. Many other financial institutions, like publicly and privately owned banks, pay returns to investors in their institutions (stock), along with the interest on the deposits they may or may not have in the institution (which are not required).

Why would I want to be a state-chartered credit union member?

Credit unions offer members a low-cost alternative to other financial institutions. Historically, credit unions afford their members lower rates on loans, higher rates on savings, and lower fees on financial products. Members' savings in all state-chartered credit unions are protected by federal deposit insurance, through the National Credit Union Administration up to $250,000 per individual depositor.

How do I learn about the State Home Foreclosure Prevention Project?

Contact the NC Housing Finance Agency at 1-888-442-8188 or visit their website at www.nchfa.com.

Who do I contact about a Federal Credit Union complaint?

Members can email the National Credit Union Administration's Office of Consumer Protection (NCUA OCP) consumerassistance@ncua.gov, contact them via telephone at 703-518-6339 or fax 703-518-6682, or visit their website at www.mycreditunion.gov for more information.

Members can also submit their complaint to:

1775 Duke St.
Alexandria, VA 22315

How can I claim my money that a state-chartered credit union has Escheated to the State of North Carolina?

Various companies and businesses, including credit unions, are required to Escheat or turn over dormant and/or unclaimed funds to the Department of the State Treasurer for safekeeping.

You can search for and claim your cash online at NC Cash or call 1-866-622-2741 for assistance.

How can I get my state-chartered credit union to put in additional ATMs or branches that are more convenient for me?

You can talk with the credit union management and make your needs known;  it may be that the credit union is already aware of a membership need and are addressing options.  However, it does come down to a business decision as there is a cost and/or benefit associated with every decision.

Why does my state-chartered credit union not offer business loans?

The decision as to which type of loans a credit union makes is a business decision for the credit union and not subject to regulation.  Business lending requires expertise in that area and qualified staff.

Why does my state-chartered credit union not offer 30-year fixed rate mortgage loans?

The decision as to which types of loans a credit union makes is a business decision for the credit union and not subject to regulation.  Long term fixed rate loans present certain interest rate risks for the credit union that must be managed.

Do all state-chartered credit unions in North Carolina have federal deposit/share insurance?

Yes, up to a general amount of $250,000 per account.  Please see your credit union and refer to the National Credit Union Administration for specifics.