Author Archive for Allison

Black History Month and Credit Unions

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. 

Personal RV Buying Guide

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

Notebook with writing of "New Year" and check marks beside Goal, Plan, and Action. With a red pen sitting beside the notebook.

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!

Free Homebuyer Education Webinar

Join the Carolina Federal Credit Union Team for a FREE Online Homebuyer Education Webinar on Tuesday, August 29th, from 6:30 PM – 7:00 PM. We will discuss detailed home buying and closing processes, key mortgage FAQs, advice, and much more. Plus, a chance to win a $50 home improvement gift card!

Register here or call us at 704-435-0186.

Online Banking Seminar

Join the CFCU team to review Carolina Online (CFCU’s Online Banking Portal) on June 28th at 6:00 PM.

Location: 1200 E. Church St. Cherryville NC 28021

During the seminar we will review:
– Online Banking Enrollment
– Internal Transfers
– Customizing your Online Banking
– Account
– Bill Pay
– Account to Account Transfer
– Zelle
– Questions + Answers

CFCU will provide light refreshments.