Black banks get all the love but what about Black-owned credit unions? They are also important and in some ways, a better option than a bank.
When you open an account at a bank, you’re a customer. When you deposit money in a credit union account, you’re both a customer and an owner. The credit union uses the money that you and other members deposit to make loans to other credit union members, much like a bank.
Since a credit union’s main goal is to serve their members, they take the money that would have been profit and instead use it to help credit union members. Credit unions often do this by offering better rates on savings products and lower interest rates on loan products.
Black Owned Credit Unions
FAMU Federal Credit Union (Tallahassee, FL)
Credit Union of Atlanta (Atlanta, GA)
Omega Psi Phi Fraternity Federal Credit Union (Toccoa, GA)
South Side Community Federal Credit Union (Chicago, IL)
Southern Teachers & Parents Federal Credit Union (Baton Rouge/Thibodaux, LA)
Hope Credit Union ( Jackson, MS)
St. Louis Community Credit Union (St. Louis, MO)
Greater Kinston Credit Union (Kinston, NC)
Concord Federal Credit Union (Brooklyn, NY)
Visions Federal Credit Union (Endicott, NY)
Urban Upbound Federal Credit Union (Long Island City, NY)
Urban Upbound Federal Credit Union (Queens, NY)
Faith Community United CU (Cleveland, OH)
Toledo Urban Federal Credit Union (Toledo, OH)
Hill District Federal CU (Pittsburgh, PA)
Brookland Federal Credit Union (West Columbia, SC)
Community Owned Federal Credit Union (Charleston, SC)
Faith Cooperative Federal Credit Union (Dallas, TX)
Mt Olive Baptist Church FCU (Arlington, TX)
Oak Cliff Christian Federal Credit Union (Dallas, TX)
Hill District Federal CU (Pittsburgh, PA)
Howard University Employees Federal Credit Union (Washington, DC)
Phi Beta Sigma Federal Credit Union (Washington, DC)
Virginia State University FCU (Petersburg, VA)
If you would like to add your credit union to the list, SUBMIT HERE.
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