Originally begun in 1960 as Fort Jackson Federal Credit Union, AllSouth Federal Credit Union is a not-for-profit financial cooperative, owned and operated by its members. This is what distinguishes the Credit Union from other financial institutions. Members deposit their money in a variety of share accounts (savings accounts), and that money, in turn, is lent to members. After operating expenses and reserve requirements are met, income is returned to all members in the form of dividends and comprehensive financial services.
AllSouth Federal Credit Union is governed by a Board of Directors that establishes and reviews policy. The Directors are Credit Union members who are elected by the Membership and serve without pay. Every member has one vote, regardless of how much he or she has in shares. At the Credit Union, there is no select group of stockholders that profits more than anyone else. All Members profit -- individually and collectively.
AllSouth Federal Credit Union serves more than 95,000 members worldwide and has grown to more than $635 million in assets. As stated in our mission, "AllSouth Federal Credit Union is committed to a philosophy of 'people helping people' by providing quality service, as a primary financial institution that assists its members in meeting their financial goals."
As a federally-chartered credit union, AllSouth Federal Credit Union was organized under strict regulatory laws that are monitored and enforced by the National Credit Union Administration (NCUA), an agency of the U.S. Government. Savings are federally insured by the NCUA to at least $250,000 through December 31, 2013 and backed by the full faith and credit of the United States Government. An AllSouth Federal Credit Union IRA is insured separately by the NCUA up to the legal limit, currently $250,000.