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Caro Federal Credit Union

Popular Accounts at this Credit Union

2.00%Reward CheckingKasasa Cash Checking
1.10%5-year CD60 Month Share Certificate
0.20%1-year CD12 Month Share Certificate

Overview / Commentary
4480 Rosewood Dr
Columbia, SC 29209-2629

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 1,705th largest credit union in the nation. It was established in 1967 and as of September of 2017, it had grown to 19 employees and 8,310 members at 3 locations. Caro Federal Credit Union has a B+ health rating.

Field of Membership Restrictions

Membership is open to faculty, staff and students of the University of South Carolina, its regional campuses, and other select colleges and collegiate organizations in South Carolina. (membership eligibility is listed in the credit union's online application)
See current membership details

Reviews (2)

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.

Additional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. Caro Federal Credit Union has a relatively low asset base.

Health Grade Components

NCUA #24404
Year Chartered1967
Primary Regulator
Profit Margin
Return on Assets - YTD0.3%
Return on Equity - YTD2.2%
Annual Interest Income$2.3MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$89.1MM$89.3MM
LoansQ3 2017vs Q3 2016$56.3MM$50.4MM
DepositsQ3 2017vs Q3 2016$76.4MM$76.6MM
Equity CapitalQ3 2017vs Q3 2016$12.3MM$11.9MM
Loan Loss AllowanceQ3 2017vs Q3 2016$455.00K$463.00K
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$490.00K$566.00K
Real Estate OwnedQ3 2017vs Q3 2016$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Caro Federal Credit Union Savings Account Rates

0.10%$500-IRA Share Account
0.10%$500-Roth IRA Share Account
0.10%$500-Education IRA Share Account
0.10%$500-Roth Conversion IRA Share Account
0.03%$500-Investment Plus Savings Account

Caro Federal Credit Union Checking Account Rates

2.00%*-$7,500Kasasa Cash Checking
OTHER TIERS: 0.15% $7,500+

Caro Federal Credit Union CD Rates

1.10%$500-60 Month Share Certificate
1.00%$500-48 Month Share Certificate
0.50%$500-30 Month Share Certificate
0.40%$500-24 Month Share Certificate
0.25%$500-18 Month Share Certificate
0.20%$500-12 Month Share Certificate
0.20%$100-12 Month Scholars Dollars Share Certificate
0.10%$1k-3 Month Share Certificate
0.10%$1k-6 Month Share Certificate

Caro Federal Credit Union IRA Rates

0.50%$500-30 Month IRA Share Certificate
0.50%$500-30 Month Roth Certificate
0.50%$500-30 Month Educational IRA Certificate
0.50%$500-30 Month Roth Conversion Certificate
0.40%$500-24 Month IRA Share Certificate
0.40%$500-24 Month Roth Certificate
0.40%$500-24 Month Educational IRA Certificate
0.40%$500-24 Month Roth Conversion Certificate
0.25%$500-18 Month IRA Share Certificate
0.25%$500-18 Month Roth Certificate
0.25%$500-18 Month Educational IRA Certificate
0.25%$500-18 Month Roth Conversion Certificate

Caro Federal Credit Union Locations
Branch Office4480 Rosewood DrColumbia, SC 29209
Branch Office710 Pulaski StColumbia, SC 29201-3633
Branch Office800 University Way Third Floor AdministrationSpartanburg, SC 29303