The NC Credit Union Act, which provides for the formation and supervision of state chartered credit unions in North Carolina, was enacted in 1915. Credit unions are unique financial institutions. They are cooperative, nonprofit associations, formed to encourage thrift among their members, create a source of credit at a fair and reasonable rate of interest, and provide an opportunity for their members to use and control their own money, in order to improve their economic and social condition. Credit unions are democratically controlled and rely on volunteers to serve on committees and boards.
Did You Know?
- 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 up to $250,000 per individual depositor provided by the National Credit Union Administration.
- Credit Union members have democratic control of the credit union and can attend & participate in regular and special membership meetings.
- As of March 31, 2021, North Carolina is home to 31 state chartered credit unions, serving more than 3 million members, and with assets totaling $59,358,883,699.