Shaw University Federal Credit Union
Shaw University Federal Credit Union (SUFCU) is a cooperative non-profit financial institution organized to provide its members with a place to save and a source of loans at reasonable rates. The SUFCU, charted under the Federal Credit Union Act, was founded in 1969 as a member-owned and member-controlled, not-for-profit financial institution. The chief mission of SUFCU is to permit Shaw University employees to save, borrow and participate in its management. SUFCU is funded by shares purchased by its members. The purchase of a share allows the member to become an owner with the right to vote. Member control is exercised democratically, regardless of the number of shares held.
Loans are the primary investment of the credit union and are made exclusively to members. A member in good standing is eligible to receive a loan. To be eligible for a loan an individual must have been a member of the SUFCU for a minimum of 60 days. However, new members who are contracted at nine months with a contracted salary of $25,000 will be eligible after a 45 day minimum membership. Loans are not made for amounts less than $300.
Board of Directors
The Board of Directors is elected by the members from among the active membership. The eleven-member Board meets monthly and provides general direction and control of the SUFCU. No member of the board may be compensated for his/her services.
- Dr. McLouis Clayton, Board President, Faculty Emeritus
- Dr. Mma Kalu, Board Vice President, Academic Division-Head Business and Professional Studies
- Dr. Alfonzo Carter, Board Treasurer, Director of Athletics
- Ms. Vicki Spears, Board Secretary, Administrative Specialist-Academic Affairs
- Mr. Levi Beckwith, Chair of the Supervisory Committee, Program Coordinator-Accounting
- Mr. Brian Cumberbatch, Board member, Chair of the Credit Committee, Data Analyst
- Mr. Lemuel Harrison, Board member
The five-member Credit Committee is elected by the members from among the active membership. The Committee reviews and approves all loan requests. If an application is denied by the Credit Committee, a member may appeal to the Board of Directors.Supervisory Committee
The Board of Directors shall appoint a Supervisory Committee of 3-5 credit union members. The Supervisory Committee conducts an annual audit and verifies members accounts.
Credit Union Membership
- Available to full-time faculty and staff only
- Membership share is $5 per share value
- One-time membership joining fee of $20
- Deposits are made through payroll deduction only.
Rate and Fee Schedule
Dividends are compounded quarterly and credited quarterly based on daily balance.
- Minimum opening deposit is $25
- Minimum balance to avoid a service fee is $10
- Minimum balance to earn dividends is $10
- Return check fee is $20
- Inactive account fee is $10 per month
- Joining fee $20
Documents & Forms
Did you know?
- Is one of the more active fringe benefits enjoyed by employees at Shaw?
- Is one of only two federally chartered credit unions in the State of North Carolina.
- Has over 177 members?
- Has made over $1.5 million in loans to Shaw employees?
- Pays quarterly dividends higher than many other financial institutions in the area?
- Is an easy way to establish and maintain an excellent credit reference?
- Makes saving easy and painless through payroll deduction?
- Causes loan repayment to be easy and painless through payroll deduction?
- Federal Government insures your deposits up to $250,000 for each member?
- Has one of the lowest interest rate available on loans for members?