Carter Credit Union
Updated: May 4, 2021
This article details everything you need to know about Carter Credit Union (CCU) including:
Brief Summary of Carter Credit Union:
Carter Credit Union was founded in 1954 by Floyd Carter to serve employees of the International Paper Company in Springhill, Louisiana. Carter Credit Union is federally insured as well as federally chartered with a mission of, “people serving people”.
This credit union receives a B- rating for financial health with 515.8 Mill in Total Assets, 8.06 Net Worth Ratio, over 390 Mill in total outstanding loans. It is also important to identify the CCU’s emphasis on real estate loans as most of these outstanding loans come from the 171 Mill in outstanding real estate loans. With all of these interesting financial services statistics, Carter Federal Credit Union is considered well capitalized. CCU also advertises itself as a safe place for Carter members to keep their money and allows up to $250,000 per individual depositor
See How and Why Switching Can Save you Money:
Credit Unions Normally have competitive rates for their members due to the not for profit status. In order to make that point, let’s examine consumer loans for the “average american” versus loan products issued by the Credit Union for three credit score types with a variety of loan categories. *new and used same for auto loans
Average Auto Loan Savings for Consumer by Credit Score
Average Personal Loan Savings for Consumer
Average Credit Card Loan Savings for Consumer by Type
To find out more information about specific loans, you can use Carter’s Loan Calculator
Note*** the goal here is to fill in data on the rate sheet and create three scenarios here for different credit customers. Then we’ll comment on the unique nature of each of these circumstances.
Who is Eligible to Join Carter Credit Union?
Carter Credit Union is what’s known as multiple common bond credit union, meaning those who are eligible for membership of Carter Credit Union must live, work, worship, or attend school (or businesses or other legal entities) in the following Louisiana areas:
Bienville
Bossier City
Caddo
Claiborne
DeSoto
Red River
Webster
or in the Arkansas counties of Columbia or Lafayette
*Immediate family members of current members of DFCU are also eligible to join.
In order to join - potential applications must provide the following items as outlined by CCU’s website:
• Your Social Security Number, if you have one
• Your government-issued ID (i.e. State issued Driver's License/ ID, or Passport)
• Your proof of eligibility for membership (e.g. student or staff ID, utility bill, paycheck stub, etc.)
• Proof of physical address may be required if the address on your government issued ID is not current. A PO Box is not a valid form of a physical address.
• Your checking account or savings routing number and account number (if you are funding your account electronically using another account that you own)
Sign the Electronic Disclosures Agreement
In Depth Look at Carter Credit Union:
CCU currently employs 108 employees and serves 32,131 members, making it larger than 85% of other credit unions in the United States. It is the 8th largest credit union by size in Louisiana and the 643rd largest credit union by size in the U.S. It is also interesting to note that CCU members hold an average of $20,730 in total assets and the average loan and lease size of Carter Credit Union equals to about $16,667. In addition, AUM (assets under management) has doubled in under the past 5 years to reach a current value of 516 Million.
Carter Credit Union currently occupies 9 total branch locations:
Bossier Branch
Coushatta Branch
Magnolia Branch
Mansfield Branch
Minden Branch
Shreveport Branch
Southern University Branch
Springhill Branch
You can locate your nearest branch here. Carter Credit Union also provides members the benefit of Shared Branching. Shared Branching allows all members to do business at credit unions across the country that is a member of a Credit Union Service Center, also known as a network of offices shared by multiple credit unions. Find your nearest ATM Center here.
Other technologies that members can benefit from are
Online Banking/ Mobile Banking System: Carter Mobile App and Carter Live
ACH System: Automatic Clearing House System allows automatic deposits and withdrawals from an outside institution
Credit unions, like banks, charge members multiple fees such as:
Overdraft fees
ATM fees
Debit card/credit card fees
Inactivity or dormant fees
Credit unions also often charge more fees than banks. More specifically, the average fee per member at Carter Credit Union is $194. This amount is 99% higher than the average when compared to other U.S. credit unions. The average fee per member shows you how much you might be expected to pay in fees as a member of CCU.
Fun Perks
Carter Credit Union offers many fun perks for members to enjoy including shared branching, CarterLive 24/7 help in addition to the VITA program and various scholarship awards.
CCU’s VITA program (Volunteer Income Tax Assistance Program) is partnered with the International Revenue Service (IRS) to allow qualified applicants free federal and state tax return preparation and interested free refund anticipation loans. Contact your local branch to see if you qualify for the VITA program.
CCU also awards their Floyd and Gladys Carter $2,000 Scholarship Award to members and their families that are in good standing with CarterCU and also maintain a 2 year minimum membership. This scholarship awards a high school senior planning to attend university a monetary prize of $2,000 at their Annual Membership Meeting. Additional details can be found in the February before the year you would like to apply.
More Savings
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You can contact Crater Credit Union by phone number at (318) 539-4655 or email at cfcu@carterfcu.org or by visiting their website at www.cartercu.org.