Last spring, Coastal Federal Credit Union opened a branch in Carrboro. They also offered ownership to all Weaver Street Market owners.
What are the benefits of banking with a credit union? According to MyCreditUnion.gov, “Credit unions are not-for-profit organizations that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates.” Because credit unions do not pay profits to outside stockholders, earnings are returned to members in the form of lower loan rates, higher dividends on deposits, and lower fees. Credit unions cannot be sold because the members are the owners.
Coastal branches, including the one in Carrboro, offer teller hours from 7 AM to 7 PM, 7 days a week. (They manage this by using remote tellers, whom you view and talk with via a screen.) Coastal offers checking accounts with no monthly fee, as well as all the items you usually find at banks: mortgage loans, IRAs, planning for retirement or college, bill pay services, and more. They welcome people to drop in at 310 East Main Street to learn more. Or visit http://bankbetter.org/.