Caro Federal Credit Union is headquartered in Columbia and is the 23rd largest credit union in the state of South Carolina. It is also the 1,682nd largest credit union in the nation. It was established in 1967 and as of June of 2020, it had grown to 20 employees and 6,778 members at 2 locations. Caro Federal Credit Union has an A+ health rating.
Field of Membership Restrictions
Membership is open to the following: 1) members of the Friends of Carolina; 2) those affiliated with University of South Carolina, Coastal Carolina University, Benedict College, Midlands Technical College, or Horry-Georgetown Technical; 3) employees of the Veterans Administration Regional Office; 4) family of a current member. (membership requirements are listed in the credit union's online application)
See current membership details
Good, not great, Credit Union
I've banked with Carolina Collegiate for at least 18 years now. I'm considering making a change. It seems like every year their fees go up or they add a new weird fee. For instance, for years we would occasionally count on overdrafts from our checking account to come from our savings account. In the last few years, CCU has started charging fees for each transfer. I know I move money over to checking easily enough through the internet, but this is just an example of the nickel and diming that CCU now practices. They've closed one of their two locations, and the crew at the remaining location has turned over recently. New tellers who are not well trained yet. We've got some accounts at Palmetto Citizens, and we've been pleased with their service. It's just such a pain to transfer all our online payments. Grr.
Nice credit union
Carolina Collegiate Federal Credit Union is a typical local credit union in my opinion. I've banked with several credit unions over the years and this one is reasonably good but because of its size it doesn't offer all the services that a larger one would. They also don't pay very much in terms of interest. I've never had a loan with this institution but I've got several savings accounts and have for nearly twenty years. The customer service at the branch I use is very good. I get taken care of very well there and have for many years. However, the customer service at the main branch leaves a lot to be desired. I tried to contact them for help at one point and a week later I was still waiting. The major shortcoming is the lack of services though. What you can do online is limited, as is what you can do over the phone. All in all though, it's a reliable place to do business.
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24404 |
| Year Chartered | 1967 |
| Employees | 20 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.54% |
| Return on Equity - YTD | 3.94% |
| Annual Interest Income | $1.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $104.4MM$96.0MM |
| Loans | Q2 2020vs Q2 2019 | $69.9MM$60.8MM |
| Deposits | Q2 2020vs Q2 2019 | $90.8MM$82.1MM |
| Equity Capital | Q2 2020vs Q2 2019 | $13.8MM$13.2MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $480.00K$480.00K |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $466.00K$311.00K |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |