Frequently Asked Questions

Frequently Asked Questions about Self-Help Federal Credit Union and Self-Help Credit Union

What is Self-Help Federal Credit Union?
Self-Help Federal Credit Union (SH Federal CU) is a federally chartered, federally insured credit union founded in July of 2008.  Its mission is to offer low income people, initially in California, responsible alternatives to high-priced high-fee fringe financial services.

What is Self-Help Credit Union?
Self-Help Credit Union (SHCU) is a North Carolina chartered credit union founded in 1984 to provide financing to underserved communities. SHCU offers loans to individuals, communities and entrepreneurs to buy homes, finance businesses and support nonprofits and community facilities. SHCU also funds affordable housing development and targeted commercial real estate development.

How is SH Federal CU different from SHCU?
Both credit unions are federally insured and affiliated under the “Self-Help” umbrella, but one is state chartered and the other is federally chartered.  And while both have the same mission of creating and protecting ownership and economic opportunity, they focus on different programs:

•    Deposits in SH Federal CU will fund our efforts to offer responsible financial service alternatives to underbanked consumers, initially in California.

•    Deposits in Self-Help Credit Union fund responsible home, business and non-profit loans at reasonable rates to individuals, communities and entrepreneurs. 

Why did you start Self-Help Federal Credit Union?
Self-Help’s organizational structure served well for many years, facilitating our work nationally and in North Carolina.  However a federally chartered credit union provides additional efficiencies in serving vulnerable communities across the country, initially in California, a state with 36 million people, many outside the economic mainstream.

Can I deposit in both SH Federal CU & SHCU?
Yes! We welcome your deposits in both SHCU & SH Federal CU. In fact, depositing in both is a great way to gain additional NCUA insurance as well as support our shared mission of creating and protecting ownership and economic opportunity for people of color, women, rural residents and low-wealth families and communities.  Your deposit in SHCU funds responsible home and business loans at a time when reckless predatory lending has wreaked havoc in communities across the nation. Your deposit in SH Federal CU will help underbanked families and individuals retain more of their income as they begin to build savings.

Note you will receive separate statements and other information from each credit union.

What are the requirements for joining Self-Help Federal Credit Union and SHCU?
To open an account for the first time in either credit union, we require a one-time membership fee of $25.  Of that fee, $20 is a tax-deductible membership contribution to the Center for Community Self-Help, a nonprofit 501(c)(3) organization that develops and coordinates Self-Help’s programs, raises resources, and advocates for economic opportunity.  The other $5 represents your non-refundable share ownership in the credit union.

For those who have already opened an account in SHCU, the fee to open a second account in SH Federal CU is the $5 share ownership fee.  You are already a member of the Center for Community Self-Help and do not need to make the $20 contribution again.