News

Anna’s brother-in-law was right.

Here are news items from your credit union.

Virginia Salley and Jean Koon
Former electric cooperative employees Virginia Salley (top photo) and Jean Koon were among the first members of 1st Cooperative Federal Credit Union when they joined on June 1, 1970. They attended the credit union’s 50th anniversary annual meeting on March 30, 2021.

More than 50 years after 1st Cooperative Federal Credit union was chartered, six of the first people to join are still members, and two of them attended the 2021 annual meeting.

Within two months of the credit union’s start in 1970, Virginia Salley and Jean Koon were among several dozen people who had joined. They were recognized on March 30 during the credit union’s 2021 annual meeting as it celebrated its Golden Anniversary.

Virginia, who worked at Coastal Electric Cooperative, also served as the credit union contact for many years. Jean worked at Mid-Carolina Electric Cooperative. Both joined the credit union on June 1, 1970.

Gasoline was 36 cents per gallon in 1970, the average price for a new home was $23,600, and electric cooperative employees were looking for a consumer-friendly financial institution to serve them. South Carolina Electric Cooperative Employees Credit Union was chartered on April 20, 1970, and by the end of June, 79 employees had joined.

Eleven electric cooperatives and the statewide association were represented at the first organizational meeting, according to the credit union’s meeting minutes. Attendees established the number of board members, appointed the secretary and voted on other organizational matters.

In the year 2000, the credit union got a new name — 1st Cooperative Federal Credit Union — and began offering checking accounts and ATM cards.

The credit union welcomed 155 new members in 2020, and 85 were family members of co-op employees or trustees. Almost 2,500 employees, trustees and their family members enjoy 21st century banking services from an institution and people they know.

“We appreciate you passing the word about your exceptional credit union experience to your family members,” Board Chairman Keith Avery told the audience attending the annual meeting, held online due to the coronavirus pandemic. “Parents, grandparents, kids, grandkids, brothers, sisters, in-laws — they all can join, and, clearly, many of them are.”

Credit union membership is open to electric cooperative employees, trustees and their family members, which includes spouses, parents, grandparents, children, grandchildren, siblings and in-laws. More information is available here.

Credit cardsCredit card users will get some relief from rising minimum payments and huge credit card debt starting February 1, thanks to a limited-time offer of lower interest rates.

Faced with financial pressure brought on by holiday shopping, many electric cooperative employees and their families began searching for relief. They will find it in a 6.99% annual percentage rate offered by 1st Cooperative Federal Credit Union.

No matter what credit card they use—store cards or those from other financial institutions—employees, trustees and their families can get 1st Cooperative’s low rate.

“We know from experience that the 6.99% rate will ease the burden on a lot of people,” said Jo Ann Burnside, the credit union’s chief operating officer. “Anyone who is eligible to join the credit union can transfer balances to a new or their existing 1st Cooperative Visa Platinum card.”

The special rate is not offered every year, but dozens of people—new and existing members—take advantage of the offer when it is advertised.

“The savings can be huge, especially if someone is paying the 18% to 29% charged by some other cards,” Burnside said. “We try to make the transfers easy by removing fees on the transfers and giving members the special rate for the life of the transferred balance—until it’s paid off.”

The balance transfer special will be offered between February 1 and April 20, 2021. Members who already have a 1st Cooperative Visa Platinum can make transfers now. Members and non-members can learn how to apply here or by calling 803-796-0234.

Credit union membership is open to electric cooperative employees, trustees, and their families, which include spouses, parents, grandparents, children, grandchildren, siblings, and in-laws.

Checking, saving and borrowing will be easier for members who visit 1st Cooperative Federal Credit Union’s new website that was launched today at www.1stCooperative.com. It also features photos and stories of credit union members on almost every page.

The site brings together all of the credit union’s services on one accessible and functional platform. More online forms have been added to enable members to conduct business 24 hours a day.

“I think a paragraph on the site’s Our Story page says it best,” said Keith Avery, the credit union board’s chairman and CEO of Newberry Electric Cooperative. “Here is how it describes all of us who are members of 1st Cooperative:

‘We work hard and play hard, and when it comes to financial services, we have high expectations. We want our banking easy and our bankers friendly. We want easy access to our money and knowledgeable help with using those funds wisely. When borrowing money, we want friendly service from a human being, not a robotic answering machine.’”

Credit union COO Jo Ann Burnside says the staff receives “a lot of compliments” on their customer service. “This website will help us keep those compliments coming,” she said.

The newest service is a network of thousands of surcharge-free ATMs across the state and nation. More than 700 ATMs in South Carolina are part of 30,000 across the U.S. in the CO-OP ATM Network, making it convenient for members to access their money fee-free at any time. ATM locations are easily searchable at www.CO-OPatm.org. There’s a CO-OP ATM app available, too.

Apple and Google Play app stores also have the free 1st Cooperative Federal Credit Union app, which allows members to deposit a check by simply taking its photo, to view account balances and to transfer funds between accounts.

Credit union membership is open to electric cooperative employees, trustees and their families, which includes spouses, parents, grandparents, children, grandchildren, siblings and in-laws.

Members re-elected two incumbent members of the board of directors Tuesday at the annual membership meeting of 1st Cooperative Federal Credit Union, the first ever held by video conferencing (rather than in person) due to the coronavirus outbreak.

Tony Fogg, chief financial officer for Santee Electric Cooperative, and Lou Green, executive vice president at The Electric Cooperatives of S.C. Inc., will serve another three-year term on the board.

In other news, the credit union’s assets increased by $3 million in 2019 to a total of $18 million, according to a report given by board Chairman Keith Avery. (July 2020 numbers put total assets at more than $20,000,000, a new record.) More than $1 million in loans was added to the credit union’s balance sheet, totaling to $14 million.

Avery, who is also CEO of Newberry Electric Cooperative, reported that the credit union had the largest increase in members ever recorded in one year. More than 40% were family members of co-op employees and trustees.

“We appreciate you passing on your exceptional credit union experience to your family members,” Avery said.

Credit union membership is open to electric cooperative employees, trustees and their families, which includes spouses, parents, grandparents, children, grandchildren, siblings and in-laws. More information is available here.

Tony Fogg and Lou Green
Tony Fogg (top) and Lou Green

Her Story

When Anna needed a new car, her brother-in-law Kenny, a co-op employee, recommended 1st Cooperative, where family members of co-op employees can join, too. She opened her account and bought a new vehicle the same day. Then, for the double-win: While applying for the car loan, she also got a debt consolidation loan and is paying lower overall interest.

That’s great news, Anna, like the information you’ll find on this page.

These instructions apply only for your first time logging on to our new Online Banking system after September 2.

If you are an existing Online Banking user, here’s how to log on to our new Online Banking system:

  • Your temporary Logon ID (username) is the member number for the Primary Member on the account.
    • You must enter leading zeroes to make it 6 digits.
    • Examples: If your current member number is 1234, you would enter 001234. For the member number 12, you would enter 000012.
  • Your temporary Security Code (password) is the last 4 digits of the Primary Account holder’s Social Security number.
    • Example: 9876

You will be prompted to change your Logon ID and Security Code. Once these are changed, you will use your NEW Logon ID and Security Code the next time you log on to Online Banking.

Click here to proceed to Online Banking logon »

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