Question 1

What is Virginia State University Credit Union?

Accepted Answer

Virginia State University Credit Union is a federally chartered credit union serving the faculty, staff, students, and alumni of Virginia State University, as well as employees of Petersburg and Chesterfield County in Virginia. With approximately $13.1 million in assets and serving over 1,900 members, this community-focused credit union emphasizes member service and financial education for the university community and surrounding areas.

The credit union operates as a not-for-profit financial cooperative, returning earnings to members through competitive rates, lower fees, and personalized service.

Question 2

When was Virginia State University Credit Union founded?

Accepted Answer

Virginia State University Credit Union was founded on January 23, 1939, following authorization granted in October 1938 by President John Manuel Gandy of Virginia State College. The organizational meeting was held at the college, and the credit union was originally established as the Virginia State College Federal Credit Union.

The credit union was created to meet the financial needs of teachers and employees of Virginia State College, which was then a historically Black college in Petersburg, Virginia. The founding Board of Directors included President John M. Gandy, Dean James H. Johnston, John M. Hunter, George G. Singleton, and James B. Cephas.

In 1979, following the institution's name change to Virginia State University, the Board of Directors voted to rename the credit union to Virginia State University Federal Credit Union, which was approved by the National Credit Union Administration on August 30, 1979.

Question 3

Where is Virginia State University Credit Union headquartered?

Accepted Answer

Virginia State University Credit Union is headquartered at 3401 Boisseau Street, South Chesterfield (Petersburg), Virginia 23803. The credit union moved to its own building in 1994, providing expanded facilities to serve its growing membership.

An extension to the building was completed in 2007 to accommodate additional services and member needs.

Question 4

Where does Virginia State University Credit Union operate?

Accepted Answer

Virginia State University Credit Union operates primarily in the Petersburg and Chesterfield County area of Virginia, serving the Virginia State University campus community. The credit union maintains one full-service branch at its headquarters location on the university's campus area.

Membership is available to faculty, staff, students, and alumni of Virginia State University. The field of membership was expanded in 1987 to include students and alumni, in addition to the original employee base. The credit union also serves employees of Petersburg and Chesterfield County government entities.

Question 5

What services does Virginia State University Credit Union offer?

Accepted Answer

Virginia State University Credit Union offers a comprehensive range of financial services including:

Deposit Accounts: Share (savings) accounts, share draft (checking) accounts, Christmas savings accounts, certificates of deposit, and Individual Retirement Accounts (IRAs).

Loan Products: Consumer loans, auto loans, personal loans, and various credit options to meet member borrowing needs.

Credit Cards: Visa credit cards with no annual fee, low APR on purchases, no balance transfer fees, ScoreCard Rewards program, 24/7 fraud protection, and mobile wallet compatibility.

Digital Banking: Online banking platform with 24/7 account access, mobile banking app with mobile check deposit capability, account balance reviews, fund transfers, scheduled recurring transfers, e-alerts, and online loan payments.

Additional Services: Direct deposit, payroll deduction, overdraft protection, wire transfers, Automated Clearing House (ACH) services, CardValet debit card management app, and 24-hour ATM access at the branch location.

Question 6

What makes Virginia State University Credit Union unique?

Accepted Answer

Virginia State University Credit Union stands out for its deep historical connection to Virginia State University, one of America's first state-supported historically Black colleges. Founded in 1939, the credit union has served the university community for over 85 years, weathering economic challenges while maintaining its commitment to member service.

The credit union emphasizes financial education and community support, particularly for students and alumni of VSU. Its partnership with programs like Visa USA and the NFL for financial literacy demonstrates its dedication to helping members develop sound financial habits.

Strong community ties characterize the institution, with service areas extending beyond the university to include Petersburg and Chesterfield County employees. The credit union's low-income designation reflects its mission to serve diverse communities and provide accessible financial services.

Despite its modest size with under 2,000 members, the credit union maintains modern digital capabilities including comprehensive mobile banking, remote deposit capture, and card management tools, ensuring members have convenient access to their finances.

Question 7

What type of financial institution is Virginia State University Credit Union?

Accepted Answer

Virginia State University Credit Union is a Federal Credit Union chartered and regulated by the National Credit Union Administration (NCUA). Member deposits are federally insured up to $250,000 by the NCUA, a U.S. government agency.

As a federal credit union, the institution operates as a not-for-profit financial cooperative owned by its members. Each member has equal voting rights regardless of account balance, embodying the democratic principles of the credit union movement.

Membership eligibility is based on a common bond - specifically affiliation with Virginia State University as faculty, staff, students, or alumni, as well as employment with Petersburg or Chesterfield County government entities. Once established, membership is maintained for life under the "once a member, always a member" principle, even if the individual's employment or student status changes.

The credit union holds a low-income designation from NCUA, recognizing its service to communities where a majority of members meet low-income criteria, which provides certain regulatory benefits and underscores its community development mission.

Virginia State University Credit Union

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About Virginia State University Credit Union in the United States