Credit Union Difference

Credit Unions vs. Banks


benefits of a credit union

Credit unions are not-for-profit financial cooperatives that exist to serve members rather than to maximize corporate profits. Like banks, credit unions accept deposits and make loans. And, as member-owned organizations, credit unions focus on providing a safe place to save and borrow at reasonable rates. Carolina Trust returns profits to our members through competitive rates, low fees, innovative services and personal attention.

One Member, One Vote
Credit unions are democratically structured, allowing account holders an equal say in how the credit union is governed, regardless of how much they have invested in the credit union.

Qualifying for Membership
Each credit union has a field of membership, which is typically based on one’s employment, community, or membership in an association or organization. Potential members must meet a field of membership requirement.  Carolina Trust serves individuals and business owners who live, work (or regularly conduct business in), worship, volunteer, or attend school in Horry, Georgetown, Marion, Williamsburg or southern Florence County (south of Lynches River), South Carolina or Brunswick County, North Carolina.  Relatives of members are also eligible to join.

NCUA Share Insurance Coverage

Federally insured credit unions are regulated by the National Credit Union Administration (NCUA) and backed by the full faith and credit of the United States Government.  The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 increased the share insurance coverage on all federally insured credit union accounts up to $250,000.  It is one of the strongest federal deposit insurance programs in the United States.