FAQs

What is a credit union?

A credit union is a not for profit, cooperative financial institution owned and run by its members. Organized to serve, democratically controlled credit unions provide their members with a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to one another. The volunteer board that runs each credit union is elected by the members. Not for profit, not for charity, but for service is a credit union motto.

What is the history of credit unions?

Credit unions are not new. Originating in Europe, credit union history began in this country when the first credit union was formed in Manchester, New Hampshire, in 1909. Today, over 5,000 credit unions with over $1.5 trillion in assets serve more than 118 million people in the United States. More and more people join credit unions every year and they are pleased with the service. Credit unions have rated No. 1 in customer satisfaction at financial institutions for 10 years according to the American Banker Newspaper's annual customer satisfaction survey.

How is a credit union different from a bank?

To join a credit union, you must be eligible for membership. Each institution decides who it will serve. Most credit unions are organized to serve people in a particular community, group or groups of employees, or members of an organization or association.

The credit union difference is evident every day in the service credit unions provide to their members, in the focus and direction as set by the board of directors, and in the credit unions’ commitment to community service. Here is a look at the many other differences between not-for profit financial institutions and the typical banking organization:

Key differences between credit unions and banks:

  • Structure

  • Taxes

  • Market Share

  • Growth

  • Membership

  • Affordability

  • Services

How do I report a lost or stolen VISA® Debit or Credit card?

VISA® Credit Card

To report lost/stolen card you must call (800) 808-7230 or (800) 991-4964. Please also call your local branch to reorder a new card.

VISA® Debit Card

Lost or Stolen VISA® Debit Card please call (866) 546-8273. Please also call your local branch to reorder a new card.

VISA® Debit Card Fraud

If you suspect debit card fraud please call our Fraud Center (800) 237-8990. Fraud email address: fraudctr0270@carolinacoopcu.org

How does my company apply for membership into the credit union?

Third party links

When clicking on a link to a third party website from the the credit union's primary website you are now leaving Carolina Cooperative Federal Credit Union's website and are going to a website that is not operated by the credit union. Carolina Cooperative Federal Credit Union is not responsible for the content or availability of linked sites.

Please be advised that Carolina Cooperative Federal Credit Union does not represent either the third party or you, the member, if you enter into a transaction. Further, the privacy and security policies of the linked site may differ from those practiced by the credit union.

Reading between the lines about interest rates

Many new car dealers advertise unusually low interest rates and other special promotions. Ads promising high trade-in allowances and free or low-cost options may help you shop, but finding the best deal requires careful comparisons.

Many factors determine whether a special offer provides genuine savings. The interest rate, for example, is only part of the car dealer’s financing package. Terms like the size of the downpayment also affect the total financing cost.

Questions about Low Interest Loans

A call or visit to a dealer should help clarify details about low interest loans. Consider asking these questions:

  • Will you be charged a higher price for the car to qualify for the low-rate financing? Would the price be lower if you paid cash, or supplied your own financing from your bank or credit union?

  • Does the financing require a larger-than-usual downpayment? Perhaps 25 or 30 percent?

  • Are there limits on the length of the loan? Are you required to repay the loan in a condensed period of time, say 24 or 36 months?

  • Is there a significant balloon payment —possibly several thousand dollars — due at the end of the loan?

  • Do you have to buy special or extra merchandise or services such as rustproofing, an extended warranty, or a service contract to qualify for a low-interest loan?

  • Is the financing available for a limited time only? Some merchants limit special deals to a few days or require that you take delivery by a certain date.

  • Does the low rate apply to all cars in stock or only to certain models?

  • Are you required to give the dealer the manufacturer’s rebate to qualify for financing?

Questions about other promotions

Other special promotions include high trade-in allowances and free or low-cost options. Some dealers promise to sell the car for a stated amount over the dealer’s invoice. Asking questions like these can help you determine whether special promotions offer genuine value.

  • Does the advertised trade-in allowance apply to all cars, regardless of their condition? Are there any deductions for high mileage, dents, or rust?

  • Does the larger trade-in allowance make the cost of the new car higher than it would be without the trade-in? You might be giving back the big trade-in allowance by paying more for the new car.

  • Is the dealer who offers a high trade-in allowance and free or low-cost options giving you a better price on the car than another dealer who doesn’t offer promotions?

  • Does the "dealer’s invoice" reflect the actual amount that the dealer pays the manufacturer? You can consult consumer or automotive publications for information about what the dealer pays.

  • Does the "dealer’s invoice" include the cost of options, such as rustproofing or waterproofing, that already have been added to the car? Is one dealer charging more for these options than others?

  • Does the dealer have cars in stock that have no expensive options? If not, will the dealer order one for you?

  • Are the special offers available if you order a car instead of buying one off the lot?

  • Can you take advantage of all special offers simultaneously?

You’re not limited to the financing options offered by a particular dealer. Before you commit to a deal, check to see what type of loan you can arrange with your bank or credit union.

Once you decide which dealer offers the car and financing you want, read the invoice and the installment contract carefully. Check to see that all the terms of the contract reflect the agreement you made with the dealer. If they don’t, get a written explanation before you sign. Careful shopping will help you decide what car, options, and financing are best for you.

For more information

The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, (877) 382-4357; TTY: (866) 653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.