Southern Teachers and Parents Federal Credit Union was established over 80 years ago in 1937. Their mission has always been to provide the most efficient and quality financial services to their members on their journey to financial literacy and success by continuing to educate themselves and their members.
Located off of Harding Blvd. right before entering campus, the credit union mainly serves students and faculty from Southern University and offers the same services that many banks offer such as online account access, financial counseling, etc. But most importantly, the credit union is federally insured, with every account insured up to $250,000 in the event that any money is lost and/or stolen.
The credit union has won several awards throughout its many years as an accredited branch of the National Credit Union Association. This could be due to the high level of accessibility that the union has as the union requires relatively little capital for individuals opening an account when compared to a traditional bank. For example, a student checking account requires a $20 dollar minimum balance, and opening a savings account requires a $5 fee.
Individuals with accounts at the credit union have access to different account managers who can act as a financial literacy coach or advisor who’ll construct a financial plan that balances your monthly income with your monthly expenses. Lending and Collections manager, Regina Moore, express that she just wants to lend a helping hand, “A lot of students they have not been exposed to a financial institution, we are here to guide and lead them to the right path.” As their motto is “Serving the Underserved,” it’s no wonder that the staff of the credit union is more than willing to help students.
With two physical locations, one off of Harding and one located in Thibodaux, Louisiana, and representatives for the New Orleans, West Feliciana, and Shreveport campuses, the Southern Teachers and Parents Federal Credit Union is equipped to serve the Southern community as it continues to grow. Travis Brown, a Mechanical Engineering Major, believes students should know how to handle money because “it’s a crucial asset that can mean being able to eat or go hungry.” For more information regarding services, account information, and rates and fees, go to their website at https://www.stpfcu.com.