The CFCU team gathered for a night of celebration, food, and the latest updates from the credit union. The Annual Meeting of Shareholders of Carolina Federal Credit Union was held on Wednesday, May 15th, at 5:30 PM at the Cherryville Golf and Country Club.
During this meeting, they:
Review the 2023 Annual Report and the photos of the 2024 Annual Meeting!
See helpful tips for this transition below.
We are thrilled to unveil the exciting technology upgrades planned for Carolina Federal Credit Union in 2024 and 2025. We hope you’ve been enjoying the latest enhancements at our 1200 E. Church Street ATM. Starting Tuesday, May 7th, you can look forward to an improved experience with CFCU’s online banking portal. Below, you’ll find detailed instructions on how to navigate your first login or enroll for the new portal. While there are currently minimal changes to the online banking portal, these new enhancements mark significant steps towards the development of a brand-new mobile app later this year, as well as an exceptional online banking platform in the future.
Our commitment to investing in streamlined technologies remains steadfast. While exact dates are yet to be finalized, over the coming months, we plan to roll out a brand new CFCU Mobile App, website, and introduce enhanced features like card controls, digital issuance, text notifications, express end-to-end payment services, and much more to enrich our members’ experiences. Rest assured, as these projects progress and more technological enhancements are on the horizon, we’ll keep you updated.
We’re excited about the future at Carolina Federal Credit Union and eagerly anticipate bringing you even more value as a member. During this transition, if you have any questions or concerns, feel free to email us at memberservice@carolinafcu.org. It’s the most efficient way for us to address your inquiries promptly and thoroughly.
During this transition period, we regret to inform you that Face/Touch ID functionality is temporarily unavailable in the Carolina FCU mobile app due to the updated online banking platform. We apologize for any inconvenience this may cause. Rest assured, we are actively seeking a solution for our valued members who rely on Face and Touch ID for convenient access to online banking via the mobile app. We sincerely apologize for any inconvenience this may cause. Should you have any questions or concerns, please don’t hesitate to reach out to us.
To navigate to Accounts, Transfers, Pay Bills, Messages, Settings, and Terms and Conditions tabs in Virtual Branch Next, simply click on the hamburger button (the three horizontal lines) to access the menu on the top left-hand side of the screen. For quick transfers, access the ‘Transfer Money’ option below the list of accounts.
Your favorite accounts, which you may have previously set up in our previous online banking platform, are now available again. To manage these favorites or add new ones, follow these steps:
1. Click on the hamburger button (the three horizontal lines) to access the menu on the top left-hand side of the screen
2. Select ‘Settings’ from the menu options.
3. Within ‘Settings,’ choose ‘Accounts.’
4. Locate the account you wish to set as a favorite and click ‘Edit.’
5. From the editing options, select ‘Add to Favorites’ or unselect as per your preference.
If you are currently enrolled in Online Banking, your Login ID (User ID) and Security Code (Password) will remain the same. When you log on to VB Next for the first time, you will be prompted to accept the terms and conditions and enter a mobile number and unique email address if one does not exist in the online banking system. A mobile number should be used, but any valid phone number is currently acceptable in this field.
Virtual Branch Next (VB Next) will replace our current Virtual Branch experience. With Virtual Branch Next comes new features, such as:
Enhanced search features (keyword search)
Easier site navigation and quick link options
Customizable features such as favorite accounts
Virtual Branch Next is a Single Sign-on (SSO) for the Credit Card Portal (EZ Card), and cardholders can continue to access their CFCU credit card accounts via the Loan Account.
If you have never enrolled in Online Banking, you can now self-enroll with Virtual Branch Next. Click “Enroll in Online Banking,” verify that you are not a robot, and complete the following steps:
Please note that your login ID cannot be: your member number, email address, or social security number.
Black History Month provides an opportunity to celebrate the rich history and culture of the Black American people. As a financial cooperative, we’re using this month to share the history of Black Americans in the world of finance.
Let’s take a look!
The beginning of the credit union movement
In 1849, Friedrich Raiffeisen founded a credit society in Flammersfeld, Germany with the goal of helping members have a higher standard of living by pooling their savings and offering loans to neighbors and colleagues. This historic credit society was the precursor for today’s credit union movement.
Credit unions first reached American shores in 1909, when Alphonse Desjardins organized a credit union in Manchester, New Hampshire to avoid high interest rates being charged by loan sharks. On April 15 of that year, the Massachusetts Credit Union Act was signed into law, defining credit unions as “a cooperative association formed for the purpose of promoting thrift among its members.”
Credit unions serving the Black community
In 1920, the first credit unions servicing the Black American community were established in the U.S., enabling urban groups to move toward financial independence. At that time, the first Black-owned bank in the U.S., the Capital Savings Bank in Washington, D.C., had been open 32 years. However, it wasn’t until the civil rights movement gained momentum in the 1950s that credit unions servicing the Black community became widespread. Then, under the Johnson administration’s Great Society Initiative, hundreds of credit unions were formed to service low-income demographics, often in Black neighborhoods. These credit unions provided low-income groups with the opportunity to grow their money and to get low-interest loans.
Dozens of banks and credit unions owned by Blacks were established at this time, too. These financial institutions played a crucial role in enabling African Americans to buy homes and establish lines of credit despite ongoing racial discrimination.
Today, there are 41 Black-owned financial institutions across the country, including 21 credit unions.
The African American Credit Union Coalition
In 1999, the African American Credit Union Coalition (AACUC), was formed to promote the strength and reach of the global credit union. The non-profit of African-American professionals and volunteers in the credit union industry supports programs that help increase the number of minorities in the credit union community.
Black Americans and finance
Black Americans initially struggled against prejudice and inequality in all financial sectors. It wasn’t until the turn of the 20th century that Black Americans began establishing themselves in the world of finance. Today, the Black American community plays an important role in corporate America despite ongoing discrimination. From financial influencers like Madam Money (Tarra Jackson) to financial podcast hosts like Chris Browning, Black Americans have a powerful impact on the world of finance.
Buying an RV is a big decision. That’s why the more you research before stepping on a lot, the better.
Here are three questions to ask yourself before you shop for an RV.
1. Which class of RV?
There are three classes of RVs: Class A, Class B, and Class C.
Class A are the biggest and most comfortable. Built on big-rig platforms, these are basically rolling houses. They feature full-sized couches and TVs, full bathrooms, kitchens and expandable bedrooms.
Class B motorhomes are on the other side of the spectrum. These are built on full-size van platforms. They include scaled-down versions of the same amenities in Class A motorhomes, in a more maneuverable, less expensive package. Expect to see a small kitchen, a compact bathroom, and sleeping space for 2-3 people.
Class C motorhomes offer a compromise between A and B. These start with cargo-van platforms and extend the wheelbase somewhat to the length of a short bus. Amenities are more complete than in a Class B, but nowhere near as robust as in a Class A.
You may want to investigate other options that can fill the same needs at lower prices. These include camper trailers, pop-ups, and 5th-wheel tow-behind campers.
2. What’s your budget?
How much RV can you afford? Because of the high price tag, financing periods for RVs are typically ten years or longer. Remember: when calculating your monthly budget, you’ll need to include money for fuel, insurance, registration, and maintenance in addition to the monthly payments.
It’s also worth determining what you can budget for a down payment. You may be able to finance 100% of the purchase price of your RV, but putting money down helps protect you against depreciation.
3. When should you get financing?
While many dealers will try to find financing in-house, it’s smart to go in with a pre-approval. It’ll allow you to negotiate from a place of confidence. Also, it’ll prevent you from falling in love with an RV you can’t afford.
If you’re considering an RV, the time to talk about financing is now. How much RV you can afford should be at the forefront of your selection process. If you have any questions about financing an RV or are looking to get pre-approved, contact us today or apply online.
The New Year is a time of renewal; use it to make bold financial changes. If you’re looking for resolutions to improve your personal finances, check out these seven ways to make this the year of the dollar!
1. Track your spending
Determine where your money goes. Carefully record every dollar you spend for a month; apps like Mint can make this process automatic. Keeping track of where your money ends up may ultimately encourage you to spend more judiciously.
2. Make a budget
About 70% of Americans live financially spontaneous lives, without planned spending. This is a circular problem: If your budget doesn’t include setting aside money for long-term expenses and savings, you’ll end up spending everything on unplanned things and events. Stop the cycle by creating a budget that modifies your spending to be more in line with your priorities.
3. Get out of debt
The biggest stumbling block to financial security and saving toward long-term goals is debt. Make the move toward debt reduction this year by adding an extra $50 or $100 to your credit card payments. Alternatively, focus all your payment resources on the highest-interest debt until it’s paid off, then move on to the next highest.
4. Start an emergency fund
The best way to avoid going into debt is to have some money available to handle the occasional, yet inevitable, emergency. Set a specific goal, like adding $10 per month to a savings account. At the end of the year, you’ll have more than $100 available in case something goes wrong.
5. Start a retirement account
When you have a retirement account, your monthly statements serve as reminders to think about and plan for your retirement. The challenge, though, is taking that first step. Don’t get hung up on perfection; any kind of retirement account is better than none. If your job offers a 401(k) matching program, sign up to get at least the full matching funds amount – it’s free money. Do a bit of research, then open the account that seems like the best idea.
6. Automate your savings
Fighting that impulse to spend what you’ve earmarked for savings is a constant struggle; it’s easiest to take the decision out of your hands. Change your direct deposit to put some of your paycheck directly into a savings account, where you won’t even think about spending it impulsively.
7. Get educated
Knowledge is power, and that’s especially true in the world of personal finance. There’s loads of information out there; resolve to read one personal-finance article a week. This will give you great ideas for improving your financial situation.
All of us at Carolina Federal Credit Union hope you have a safe, happy, and prosperous new year!