Black-Owned Credit Unions are owned by their members. To be considered a Black-Owned Credit Union, more than 50 percent of its current members must be Black.
The key difference in Black-Owned Banks and Black-Owned Credit Unions is that banks are typically for-profit institutions while credit unions are not-for-profit.
But more importantly, credit unions provide a sense of community along with personalized customer service.
Credit unions typically open membership to individuals who share a common bond, such as religion, residents in the same community, occupation, or association in another organization.
Top 20 Black-Owned Credit Unions
These credit unions are members of the National Credit Union Administration’s Minority Depository Institutions and provide depositor insurance up to $250,000.
1. 1st Choice Credit Union
State: Atlanta, GA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
2. Brookland Federal Credit Union
State: West Columbia, SC
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
3. Credit Union of Atlanta
State: Atlanta, GA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
4. Faith Cooperative Credit Union
State: Dallas, TX
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
5. FAMU Federal Credit Union
State: Tallahassee, FL
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
6. Greater Kinston Credit Union
State: Kinston, NC
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
7. Hill District Federal Credit Union
State: Pittsburgh, PA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
8. Hope Credit Union
State: Jackson, MS (branches also in AL, AR, LA, TN)
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
9. Howard University Employees Federal Credit Union
State: Washington, DC
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
10. Mount Olive Baptist Church Federal Credit Union
State: Arlington, TX
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
11. Omega Psi Phi Fraternity Federal Credit Union
State: Toccoa, GA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
12. Oak Cliff Christian Federal Credit Union
State: Dallas, TX
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
13. Phi Beta Sigma Federal Credit Union
State: Washington, DC
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
14. South Side Community Federal Credit Union
State: Chicago, IL
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
15. Southern Teachers & Parents Federal Credit Union
State: Baton Rouge, LA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
16. St. Louis Community Credit Union
State: St. Louis, MO (branches also in IL)
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
17. Toledo Urban Federal Credit Union
State: Toledo, OH
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
18. United Neighborhood Federal Credit Union
State: Augusta, GA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
19. Urban Upbound Federal Credit Union
State: Long Island City, NY
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
20. Virginia State University Federal Credit Union
State: South Chesterfield, VA
Financial products and services:
- Checking accounts
- Savings accounts
- Certificates of deposit accounts (CDs)
- Money market accounts
- Credit cards
- Auto, Personal, and Mortgage loans
- Home equity lines of credit
- Business banking products
Benefits of joining a Black-Owned Credit Union
Joining a credit union can offer a range of benefits, including:
Higher Interest Rates on Savings. Credit unions often provide high rate savings accounts, the best CD rates, and other deposit products compared to traditional banks.
Lower Loan Rates. Credit unions frequently offer lower interest rates on personal loans, auto loans, and mortgages, which can save you money over time.
Lower Fees. Credit unions typically have lower fees for services such as free checking accounts, overdrafts, and ATM withdrawals.
Credit building products. People that need to build credit can often find secured credit cards and loans along with credit builder loans at credit unions. Additionally, second chance checking accounts are typically part of a credit unions financial products.
Personalized Service. Credit unions are known for their personalized and member-focused approach to customer service, often providing a more tailored and responsive experience.
Community Focus. Credit unions are often deeply rooted in their communities, fostering a sense of belonging and local support.
Member Ownership. When you join a credit union, you become a member and part owner of the institution, allowing you to have a voice in its decisions and operations.
Not-for-Profit Status. Many credit unions are not-for-profit organizations, meaning they are focused on serving their members’ needs rather than maximizing profits for shareholders.
Shared Branching and ATMs. Credit unions often participate in shared branching and ATM networks, providing you with access to a larger network of branches and ATMs.
Financial Education. Credit unions often offer financial literacy programs and resources to help you make informed financial decisions.
Ethical and Transparent Practices. Credit unions are known for their ethical and transparent practices, which can provide peace of mind when dealing with financial matters.
Support for Special Groups. Some credit unions cater to specific professions, communities, or organizations, offering specialized services and benefits.
How to Find Additional Black-Owned Credit Unions
Most people seek a credit union near them to establish a long-term banking relationship. The National Credit Union Association (NCUA) has an updated list of Minority Depository Institutions on its website.
Black Americans are one of the highest unbanked groups that often encounter insufficient attention from the financial sector. Black-Owned Credit Unions offer services tailored to cater to the requirements of minority members and communities they serve.
