South Carolina Federal Credit Union

What South Carolina Federal Credit Union does

South Carolina Federal Credit Union is a member-owned, not-for-profit financial cooperative founded in 1936 and headquartered in the North Charleston area of South Carolina. It serves consumer and small business members through 30+ financial centers spanning the state's Lowcountry, Midlands, Grand Strand, and Upstate regions, supported by 70 proprietary ATMs and access to 55,000+ surcharge-free Allpoint ATMs, a Contact Center, and Live Chat. The core product platform spans checking tiers (Premium, Simple, Self-Service, 25-and-Under, Military Friendly), savings and money market accounts, share and IRA certificates, Platinum/Platinum Cash Rewards/World Mastercard credit cards on Mastercard rails, and a full consumer lending suite (auto, mortgage, HELOC, boat, RV, personal, lot). The underlying technology is a third-party-supported digital banking stack including native iOS and Android apps, Zelle with QR support, Apple Pay/Google Pay/Samsung Pay tokenization, remote deposit capture, and My Credit Score via TransUnion/Savvy Money; a major core banking system upgrade was completed in April 2025. Business banking, insurance (through wholly-owned South Carolina Federal Insurance Solutions, which acquired Arthurs Insurance in November 2022), and investment advisory (through LPL Financial referral under South Carolina Federal Investment Solutions) extend the platform beyond core consumer banking.

South Carolina Federal earns revenue primarily through net interest income on consumer and business lending (auto loans from 4.99% APR, mortgages from 5.500%, credit cards from 13.74%-17.99%, plus business term loans, LOCs, CRE, SBA), deposit spread on savings and money market (up to 3.25% APY), credit card interchange and balance transfer fees, account and wire transfer fees, insurance commissions from the subsidiary, and referral fees from LPL Financial for investment products. Distribution combines direct-to-consumer in-branch service, appointment-based sales, Bank at Work enterprise outreach to employer groups (e.g., McLeod Health, Prisma Health), community-driven demand generation via sponsorships and the scholarship program, and self-serve digital channels. The institution is NCUA-insured up to $250,000 per member, holds a Bauer 5-Star rating (2026), and has been named a Glassdoor Best Place to Work for seven consecutive years (2019-2025).

Name

South Carolina Federal Credit Union

Legal name

South Carolina Federal Credit Union

Website

https://scfederal.org

Company type

Private

Founded year

1936

Operating status

Operating

Headcount range

501–1,000 employees

Short description

South Carolina Federal Credit Union is a member-owned financial cooperative founded in 1936 serving South Carolina consumers and small businesses through 30+ branches, full-service banking, lending, credit cards, insurance, and investment referral products.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union)

NAICS

Credit Unions (52213), Credit Unions (522130), Commercial Banking (52211), Commercial Banking (522110), Credit Card Issuing (52221), Credit Card Issuing (522210), Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035), National Commercial Banks (6021), Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industries

Military & Veterans Credit Unions (FSABAEAI), Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF)

Keywords

• Consumer banking
• Credit union services
• Mortgage lending
• Auto loan financing
• Small business banking

Headquarters

HQ city

North Charleston

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Auto Loan Interest Income: Origination and servicing of new and used auto loans plus external refinances; rates from 4.99% APR (new, 0-75 months) up to 6.24% APR (used, 76-84 months); promotional 90-day no-payment feature on new loans and external refinances.
2. Mortgage and Home Equity Interest Income: Origination of fixed-rate, adjustable-rate, and jumbo mortgages, plus HELOCs, construction permanent loans, and lot loans; refinance rates as low as 5.500%-6.125% with APR 5.607%-6.190%; first mortgages serviced by Dovenmuehle.
3. Credit Card Interest and Interchange: Platinum, Platinum Cash Rewards, and World Mastercard products with APRs from 13.74% to 17.99% plus 2% foreign transaction fee on Platinum tiers and 3% balance transfer fee; interchange income from cardholder spend.
4. Deposit Spread Income (Money Market and Savings): Money Market APY up to 3.25%, Share Savings, Share Certificates, IRA Savings, and Christmas Club; spread between deposit costs and loan yields is a primary revenue engine for the credit union.
5. Investment Services Referral Fees (LPL Financial): Referral arrangement with LPL Financial LLC; SC Federal receives referral fees from LPL (creating a disclosed conflict of interest). Securities and advisory services offered through LPL; non-deposit investment products historically also offered through CUSO Financial Services (CFS).
6. Membership and Account Fees: $10 Share Savings account to open membership; Foundation membership option for $5 one-time; fee schedule covers wire transfers, account services, and other banking fees. Deposits NCUA-insured up to $250,000.
7. Insurance Commissions: Wholly-owned subsidiary South Carolina Federal Insurance Solutions earns commissions on property, auto, life, umbrella, pet, health, identity theft, and business insurance products; acquired Arthurs Insurance in November 2022; opened new Seneca office in October 2020.
8. Business Banking Fees: Business checking, savings, money market, share certificates, business loans (term, LOC, CRE, SBA), business credit cards, ACH origination, wire transfers, remote deposit capture, and Clover merchant card processing.
9. Wire Transfer and Payment Service Fees: Outgoing wire transfer requests handled online for under $3,000 (24-48 hour processing); over $3,000 routed through Contact Center. Incoming wire transfer instructions provided as printable PDF. Per published fee schedule.

Pricing tiers

Go-to-market motion5 records

Distribution channels8 records

Marketing channels9 records

Core offering

South Carolina Federal Credit Union is a member-owned financial cooperative that provides consumer and business banking, consumer and commercial lending, credit cards, investment services, and insurance products to members across South Carolina. Membership is established by opening a Share Savings account with a $10 deposit, granting access to deposit products (checking, savings, money market, share certificates, IRAs), lending products (auto, mortgage, HELOC, personal, boat, RV), Mastercard credit cards, business banking and treasury services, Zelle P2P payments, and digital banking across web, iOS, and Android.

Product overview

South Carolina Federal Credit Union is a member-owned financial institution offering a comprehensive platform-plus-modules product architecture spanning consumer banking, business banking, lending, investments, and insurance. The core deposit offering is built around Share Savings (membership share opened with $10) plus tiered Personal Checking accounts (Premium, Simple, Self-Service, 25-and-Under, Military Friendly) and Personal Savings products (Money Market, Share Certificates, IRA Savings, IRA Certificates, Youth Savings, Christmas Club). Consumer credit products include the Platinum Mastercard, Platinum Cash Rewards Mastercard, and World Mastercard credit cards (with a 0% intro APR promotional offer through March 1, 2026), all linked to the uChoose Rewards program, plus a full consumer lending suite (Auto Loans with 90-day no-payment promo, Home Loans / Mortgage / HELOC / Lot Loans, Boat Loans, Personal Loans & Lines of Credit, and Recreational Vehicle Loans). The Business Banking portfolio mirrors and extends the consumer platform with Easy and Premier Business Checking, Basic Business Savings, Business Money Market, Business Share Certificates, a Business Mastercard Credit Card and Debit Card, business lending (Business Term Loan, Business Line of Credit, Business HELOC, Commercial Real Estate Loans, SBA Loans), and treasury services (Cash Management, ACH, Remote Deposit Capture, Clover Merchant Services). Digital Banking is delivered through Online Banking, a native Mobile Banking app on iOS and Android, Phone Banking, the Zelle person-to-person payments integration, Digital Wallet (Apple Pay / Google Pay / Samsung Pay), Wire Transfers, ACH Stop Payment, and My Credit Score (TransUnion via Savvy Money). South Carolina Federal Investment Solutions extends the platform into wealth management via LPL Financial and CUSO Financial Services, and the wholly-owned subsidiary South Carolina Federal Insurance Solutions provides Auto, Property, Personal, Health, Business, and Identity Theft insurance. Member education is delivered through the Enrich (iGrad) Financial Wellness Program, Solutions Finder, Financial Calculators, Security Center, and InBalance Blog. All of these modules operate over a single shared member relationship accessed via a unified Online Banking login.

Differentiator

Problem solved

Functional benefit

Brands

• South Carolina Federal Investment Solutions: Investment and retirement planning services offered in partnership with LPL Financial.
• South Carolina Federal Insurance Solutions

Products and services

• Premium Checking Personal checking account for South Carolina Federal members seeking the full suite of checking features and account benefits.
• Simple Checking Standard personal checking account option for individual credit union members.
• Self-Service Checking Self-service oriented personal checking account designed for members who prefer to manage their banking primarily through digital channels.
• 25-and-Under Simple Checking Entry-level personal checking account targeted at members age 25 and under, students, and young professionals.
• Military Friendly Checking Checking account designed for active military service members and their families, with no monthly fee and military-friendly terms; openable by phone or at any financial center.
• Share Savings Foundational membership share savings account; opening one with a $10 deposit establishes credit union membership and grants access to all other products and services.
• Money Market Tiered money market savings account offering APYs as high as 3.25% while maintaining full access to funds for personal savers.
• Share Certificates Term share certificates (CDs) for personal accounts with terms ranging from 3 to 60 months and varying APYs.
• IRA Savings Individual Retirement Account savings options for members, including Roth and Traditional IRAs for long-term retirement saving.
• IRA Certificates Term IRA certificates for retirement savings within South Carolina Federal's long-term savings offerings.
• Youth Savings Savings account for minors that helps younger members start saving; Kids Savings accounts are opened at any South Carolina Federal financial center.
• Christmas Club Specialty holiday goal-based savings account that helps members set aside funds throughout the year for holiday spending.
• Platinum Mastercard Lowest interest rate Mastercard credit card offering 0% intro APR for 6 months on purchases within the first 60 days of card opening, with variable APR as low as 13.74% thereafter. Earns uChoose Rewards points ($1 = 1 point).
• Platinum Cash Rewards Mastercard No annual fee cash back Mastercard with APR as low as 14.74%. Earns uChoose Rewards points automatically on net purchases; 2,500 points redeemable for $25 cash back.
• World Mastercard Premium-tier Mastercard credit card offering 1.5% cash back per dollar spent, APR as low as 15.74%, and Mastercard Zero Liability Protection.
• Auto Loans New, used, and refinanced auto loans with APRs as low as 4.99% (new) or 5.49% (used), 90-day no-payment promotional offer, plus Auto Refinance, Financing at the Dealership, and First-Time Auto Buyers programs.
• Home Loans (Mortgage) Fixed-rate, adjustable-rate, and jumbo mortgages plus mortgage refinancing, first-time homebuyer programs, mortgage pre-qualification, and lot loans. APRs as low as 5.835%.
• Home Equity Loans and Lines of Credit (HELOC) Home equity loans and revolving lines of credit (HELOC) allowing members to borrow against their home equity.
• Boat Loans Boat loan financing for watercraft of all types with quick pre-qualification for credit union members.
• Personal Loans and Lines of Credit Secured and personal loans with flexible repayment plans for credit union members, including a Share Loan option.
• Recreational Vehicle Loans Financing for recreational vehicles including motor homes, motorcycles, and travel trailers.
• Lot Loans Lot loan program for purchasing a vacant residential lot to build a home.
• Easy Business Checking Entry-level business checking account with low minimum opening deposit and a debit card rewards program for small business members.
• Premier Business Checking Premium-tier business checking account with the full feature set for higher-volume business members.
• Business Mastercard Debit Card Business-branded Mastercard debit card earning uChoose Rewards points on signature-based transactions for business checking account holders.
• Basic Business Savings Foundational business savings account for credit union business members.
• Business Money Market Business money market account offering competitive dividends for credit union business members.
• Business Share Certificates Term share certificates for businesses with regular ($500 minimum) and jumbo ($50,000 minimum) tiers and terms ranging from 3 to 60 months.
• Business Term Loan Fixed-term business loan for business purchases, projects, or expansion, delivered through the credit union's Business Team.
• Business Line of Credit Revolving business line of credit providing flexible access to working capital for credit union business members.
• Business Home Equity Line of Credit Home equity line of credit product for business owners leveraging home equity for business funding.
• Commercial Real Estate Loans Commercial real estate loans for acquiring, refinancing, or improving commercial real estate held by business members.
• Small Business Administration (SBA) Loans Access to SBA loan programs for qualifying small business members, delivered through the Business Team.
• Business Mastercard Credit Card Business Mastercard credit card offering purchasing power, cost-control features, generous rewards, and up to five free cards for employees of business members.
• Bank at Work Workplace banking program bringing concierge-level service, personalized financial wellness tools, and workshops to employer groups across South Carolina at no cost.
• Cash Management Services Business cash management services including Online Business Banking, ACH transactions, and Remote Deposit Capture.
• Remote Deposit Capture Remote Deposit Capture allowing business members to deposit checks electronically from their own location.
• ACH Transactions Automated Clearing House (ACH) origination services for business members to send and receive electronic payments.
• Merchant Services (Clover) Card processing services for business members through Clover Business Solutions, accepting all major cards with funds deposited into business checking within 72 hours.
• South Carolina Federal Investment Solutions Investment advisory and brokerage services delivered in partnership with LPL Financial (and CUSO Financial Services, L.P. for non-deposit products), including Financial Planning, Retirement Planning, Account Review, and Estate Planning.
• South Carolina Federal Insurance Solutions Wholly-owned insurance subsidiary offering Auto, Property (Homeowners, Flood, Condo), Personal (Umbrella, Pet, Wedding, Life, Event, Legal Services via LegalShield), Health (Critical Illness via Aflac, Medicare, Vision via VSP), Business, and Identity Theft insurance via IdentityForce.
• Online Banking Free web-based banking portal allowing members to manage accounts, pay bills, transfer funds, view statements, view tax documents, and access card management features 24/7.
• Mobile Banking App Native iOS and Android mobile application providing up-to-date balances, recent transaction review, mobile deposit, bill pay, Zelle, and card management for credit union members.
• Zelle Person-to-person payment service embedded within Online and Mobile Banking, supporting send, request, receive, split, and QR-code based money movement typically settled within minutes, with no SC Federal fees.
• Phone Banking Automated telephone banking system enabling balance checks and internal credit card and loan payments 24/7 via (800) 845-8355.
• Digital Wallet Tokenization support enabling all South Carolina Federal Mastercard debit and credit cards to be added to Apple Pay, Google Pay, and Samsung Pay for contactless in-store, in-app, and online payments.
• My Credit Score Free credit score and report monitoring service powered by TransUnion through Savvy Money, with daily monitoring, email alerts on profile changes, and personalized money-saving offers.
• Wire Transfer Services Self-service wire transfer request forms for incoming and outgoing domestic wires, with consumer outgoing wires of $3,000 or less handled via Secure Forms in Online or Mobile Banking.
• Online Loan Payment Portal Third-party hosted payment portal (paybill.com ClientId=scfederal) enabling non-banking users to make one-time or registered recurring payments on Auto, Recreational, Personal, and Share Loans via ACH or debit.
• uChoose Rewards Card-linked rewards program integrated with SC Federal Mastercard credit and debit cards; Platinum earns 1 point per $1 with 5-year expiration, Platinum Cash Rewards and World earn 1 and 1.5 points per $1 respectively with no expiration, Business Debit earns 1 point per $5 on signature transactions, Business Credit earns 1 point per $1.
• Financial Wellness Program (Enrich / iGrad) Personal finance education platform powered by iGrad under the Enrich brand, providing articles, videos, webinars, calculators, and financial wellness content to credit union members.

Quantifiable outcome

• Money Market APY as high as 3.25%
• +6 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

AI capability4 records

Feature7 records

Partnerships

15 partnerships are on record, tiered flagship, minor and core.

• MastercardflagshipTechnology or IntegrationMastercard is the payment network behind South Carolina Federal's Platinum, Platinum Cash Rewards, and World consumer credit cards as well as Business Mastercard Debit and Credit Cards. Mastercard ID Theft Protection and Zero Liability protection are included benefits. uChoose Rewards program runs on Mastercard rails. All South Carolina Federal Mastercard debit and credit cards support Apple Pay, Google Pay, and Samsung Pay digital wallets.
• Zelle (Early Warning Services, LLC)flagshipTechnology or IntegrationZelle is integrated into SC Federal's Online and Mobile Banking for P2P payments, including Send, Request, and Split features. Available to over 2,200 bank and credit union apps; money typically available in minutes. No fees from SC Federal. Both consumer and small business accounts can use Zelle with QR code support.
• LPL FinancialflagshipStrategic or Co-development PartnerSouth Carolina Federal Investment Solutions refers members to LPL Financial for securities, advisory, and insurance products. LPL pays referral fees to SC Federal, creating a disclosed conflict of interest. Portfolio access provided via accountview.lpl.com. Resources for retirement planning, estate planning, financial planning, and account consolidation.
• CUSO Financial Services, L.P. (CFS)minorStrategic or Co-development PartnerCFS is a registered broker-dealer and SEC Registered Investment Advisor that historically provided non-deposit investment products and services to SC Federal members. Investment Representatives registered through CFS; credit union contracted with CFS to make these products available.
• Clover Network (First Data Merchant Services LLC dba Clover Business Solutions)coreTechnology or IntegrationSC Federal works with Clover to give business members the ability to accept debit and credit card payments. Funds deposited directly into the business checking account within 72 hours of transaction. All major cards accepted.
• Dovenmuehle Mortgage, Inc.coreImplementation/ SI/ Consulting PartnerDovenmuehle services first mortgage loans on behalf of South Carolina Federal. Members contact Dovenmuehle at (877) 636-9534 for payoff quotes on first mortgages.
• TransUnion (Savvy Money)coreTechnology or IntegrationMy Credit Score is provided by TransUnion through Savvy Money and offered free to members. Provides credit score, full credit report, daily monitoring with email alerts on changes to credit profile. Soft inquiry so it does not affect credit score.
• Allpoint NetworkcoreTechnology or IntegrationAllpoint provides surcharge-free ATM access through 55,000+ participating ATMs nationwide, supplementing SC Federal's 70 proprietary ATMs.
• Enrich (iGrad)coreTechnology or IntegrationEnrich is a personal finance program provided by iGrad and offered by SC Federal as a service to members. Powers the Financial Wellness video and webinar library, including how credit cards work, identity theft webinars, credit card management tips, and budgeting resources.
• AflacminorChannel Partner/ Reseller/ DistributorAflac provides Critical Illness Insurance to SC Federal members through a dedicated partner campaign link. Listed as a Health Insurance partner option.
• VSP Direct (Vision Service Plan)minorChannel Partner/ Reseller/ DistributorVSP Direct provides Vision Insurance to SC Federal members via dedicated welcome portal. Listed as Health Insurance partner.
• LegalShieldminorChannel Partner/ Reseller/ DistributorLegalShield provides legal services plans to SC Federal members through a dedicated External Links page. Listed as a Personal Insurance partner.
• Pet Insurance (benefits.petinsurance.com)minorChannel Partner/ Reseller/ DistributorPet insurance benefits offered to SC Federal members through a dedicated partner URL. Listed as a Personal Insurance partner option.
• ProtectMyWeddingminorChannel Partner/ Reseller/ DistributorWedding insurance offered to SC Federal members through ProtectMyWedding with a dedicated broker ID. Listed as a Personal Insurance partner option.
• ProtectMyEventsminorChannel Partner/ Reseller/ DistributorEvent insurance offered to SC Federal members through ProtectMyEvents with a dedicated broker ID. Listed as a Personal Insurance partner option.

Scale indicators9 records

Recent moves16 records

Expansion highlights6 records

Others

• LPL Financial: Independent broker-dealer and RIA that delivers investment and advisory services to South Carolina Federal members under the SC Federal Investment Solutions brand. Comparable as the upstream provider of the credit union's wealth management referral partnership and indicative of conflict-of-interest dynamics in cooperative wealth offerings.
• Clover Network (Fiserv): Merchant card processing platform providing Clover point-of-sale and card acceptance services to SC Federal business members. Comparable as the technology/infrastructure enabler behind the credit union's merchant services revenue stream.

Broad incumbents

• Navy Federal Credit Union: Largest US credit union with deep digital capabilities and a comprehensive banking, lending, and investment product set. Comparable as a broad-cooperative incumbent showcasing the upper-bound scale of member-owned retail banking and digital product breadth.
• Suncoast Credit Union: Large Florida-based credit union with similar full-service consumer and business banking, lending, and investment offerings. Comparable as a larger Southeast cooperative peer that demonstrates scale economics in member-owned retail banking.

Regional players

• Coastal Federal Credit Union: North Carolina-headquartered credit union with similar size and full-service consumer/business banking model. Comparable as a Southeast cooperative peer with overlapping product breadth (deposits, lending, credit cards, wealth, insurance).
• Truliant Federal Credit Union: Mid-Atlantic and Southeast credit union offering consumer and business banking, lending, and wealth services. Comparable in scale, product breadth, and member-owned cooperative model; competes for similar demographic segments.
• First Citizens Bank: Major North Carolina-headquartered bank with strong South Carolina presence across consumer, business, and wealth banking. Comparable in physical distribution scale and full-service product set, competing directly in SC deposit and lending markets.
• SouthState Bank (SouthState Corporation): Southeast regional bank with significant South Carolina branch presence offering consumer and business banking, lending, and wealth services. Comparable as a competing deposit-gathering institution in the same SC metros.

Direct peers

• Founders Federal Credit Union: Large South Carolina-headquartered credit union serving the Charlotte-Rock Hill corridor and across SC. Directly comparable member-owned cooperative model, similar consumer/business banking and lending product set, and competing for the same South Carolina deposit and loan market.
• Palmetto Citizens Federal Credit Union: South Carolina-based member-owned credit union offering consumer and business banking, lending, and digital services. Comparable cooperative structure, regional footprint overlap, and similar member demographic in the Midlands.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/scfederal
• LinkedInlinkedin.com/company/south-carolina-federal-credit-union
• Instagraminstagram.com/scfederalcu
• Xx.com/scfederal

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about South Carolina Federal Credit Union