Proudly serving Tarboro, Rocky Mount, Greenville, and surrounding North Carolina areas, Telco Credit Union is a full service non-for-profit financial institution. We offer many services and products, including savings and checking accounts, loans, mortgages, and much more. We’re here to help with all your financial needs. 

Credit unions are federally insured, and they tend to be much smaller than banks. This can make your financial experiences feel more personal; an average bank is around double the size of a credit union. Credit unions are nonprofits that are governed by their members. A credit union offers many of the same services that a bank does, including checking and savings accounts, CDs, IRAs, car loans, mortgages, home equity loans, and credit cards. Many people believe that they must belong to the military or work for the government to join a credit union, which isn’t true!

So what’s the difference between a state-chartered and a federally-chartered credit union? Credit unions in general are categorized into these two groups. They share many characteristics, requirements, and purposes, but the difference in charters impacts the regulation and titling of a credit union. State-chartered credit unions fall under the regulations of their state’s division of financial services. Federally-chartered credit unions fall under the authority of the National Credit Union Administration (and they all have the word “federal” in their name). 


There are some advantages to state charters for credit unions. For example, federal credit unions have maximum interest rate regulations. Different states may have higher limits or no limits at all on interest rate charges. Also, state regulatory authorities usually have a greater level of familiarity with their local credit unions than the National Credit Union Administration enjoys with federally chartered credit unions. Not all states charter or regulate credit unions. Specifically, Arkansas, Delaware, South Dakota, Wyoming, and the District of Columbia do not have state-specific charters, meaning that all credit unions that operate within those states’ borders must be federally chartered.

Even though they include the word “federal” in their name, federal credit unions are not operated by the federal government. Not only are all of these organizations regulated by the NCUA, but they are also insured by the National Credit Union Share Insurance Fund (NCUSIF).

When it comes to your finances, we want to provide you with the experiences you’re looking for. If you live or work in Tarboro, Rocky Mount, Greenville, or surrounding areas in North Carolina, check out Telco Credit Union and consider becoming a member. 

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