FCPCU 5.30.10

First Carolina People’s Credit Union (FCPCU) boasts a strong history of service, having operated for over 71 years. Initially founded as a small credit union with a handful of members, it has expanded significantly to manage over $31 million in assets. The institution continues to pursue growth while maintaining its commitment to serving its member base.

What is a Credit Union?

While banks are widely recognized financial institutions, credit unions may be less familiar. Credit unions operate as not-for-profit organizations owned collectively by their members, contrasting with banks that are typically for-profit entities owned by shareholders. This cooperative model allows credit unions to prioritize member needs, often providing higher savings rates and lower fees. They emphasize personal service and assist members in planning for their financial futures. The credit union philosophy centers on "members helping members," fostering a community-oriented approach to finance.

Membership eligibility can be determined by various factors including geographic location, employment, or association affiliations. Many individuals appreciate that their financial contributions support fellow members.

What is the Difference Between a Credit Union and a Bank?

A fundamental distinction lies in the not-for-profit status of credit unions, enabling them to offer more competitive interest rates on deposits and lower fees on loans compared to traditional banks. Moreover, credit unions focus on member needs rather than shareholder profits. Membership typically involves a minimal initial deposit that grants individuals ownership rights and influence over collective decisions made within the organization.

How Can I Join FCPCU?

Membership at FCPCU is available to individuals who live, work, worship, or attend school in Wayne, Wake, or Johnston counties. Additionally, employees of specific organizations such as Maola Milk and Ice Cream, the United States Postal Service, and members of Baptist churches are also eligible. A minimum membership deposit of $25 is required to open a share account, which serves as a prerequisite for accessing other financial products offered by the credit union, including share drafts and loans. Prospective members will need to provide two forms of identification, typically a state-issued driver's license and a Social Security card. Minors under the age of 18 must have an adult co-owner on their account.