Routing Number: 253175397
Join the CFCU team for a night of celebration, food, and the latest updates from your credit union. The Annual Meeting of Shareholders of Carolina Federal Credit Union will be held Wednesday, May 15th, at 5:30 PM at the Cherryville Golf and Country Club.
During this meeting, we will:
• Elect 3 Directors for a 3-year Service Term
• Acknowledge the 2024 Scholarship Winners
• Review Business Updates for 2024
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.
Soon, you’ll be able to enjoy our same trusted platform but with a new look and new features! On Tuesday, May 7th, Virtual Branch Next (VB Next) will replace our current Virtual Branch experience. With Virtual Branch Next comes new features, such as:
If you are currently enrolled in Online Banking, your Login ID (User ID) and Security Code (Password) will remain the same – unless your User ID and Password do not meet the following credentials:
If your User ID is your member number, social security number, or email address, you will be prompted to change it.
During your first log-in, if your Security Code (Password) does not meet the Password requirements, you will be prompted to change it. You will also be prompted to accept the new Terms and Conditions for Virtual Branch Next.
Virtual Branch Next will now require a valid phone number and email. When you log on to VB Next for the first time, you will be prompted to 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.
Any recurring transfers scheduled in the Virtual Branch will not transfer over in the conversion to Virtual Branch Next and will need to be rescheduled.
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.
