Charleston Area Federal Credit Union was chartered in September 1952 by federal civil service employees in Charleston County. In June 1985, A.M. Federal Credit Union was merged into our membership. In the following years, many smaller employers petitioned and were granted membership.
In December 1997, Charleston Area Federal Credit Union applied to the National Credit Union Administration (NCUA) to grant a community charter to the credit union which would make credit union membership available to more people. The community charter was approved in November 1998 and now allows anyone who lives, works, worships, volunteers, or attends school in Charleston County to be eligible for membership with us.
What is a Credit Union?
Credit unions are member-owned, not-for-profit financial cooperatives. By making an initial deposit into a savings account, you purchase a share of ownership in the credit union. Credit union ownership entitles you to a vote in electing the Board of Directors at the Annual Meeting. The Board of Directors are regular credit union members who volunteer their time to help their credit union and its members grow and prosper.
Since credit unions are not-for-profit and use volunteer boards, costs are kept low which enables us to provide lower rates on loans and higher rates on deposit accounts.
On the other hand, other financial institutions (banks) primary reason for operation is to make a profit for its stakeholders. Banks are owned by stockholders who elect a paid Board of Directors.
As with all credit unions, Charleston Area FCU is governed by a member-elected Board of Directors. In addition, a Supervisory Committee is appointed by the Board of Directors to oversee our operations and make sure we are operating under sound operating policies and procedures.
Comprehensive audits are performed by an outside CPA firm and the CUMS Audit Division of the South Carolina Credit Union League. Federal examiners from the NCUA also conduct an annual examination to ensure that federal rules and regulations are being followed by the credit union. All the audits and examinations are performed to ensure the safety of our members' funds.
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