On the second floor of Russell House, just beyond the smells of Chick-fil-A and the line at Einstein’s Bros. Bagels, is Carolina Collegiate.
The Carolina Collegiate office at USC is a single branch of the Carolina Collegiate Federal Credit Union, which is headquartered in Columbia. The credit union, which was founded in 1967, nestled itself in between the Office of Student Life and the Russell House theater last June to better serve students and faculty, said Carmen Harris, a member of Carolina Collegiate’s student Board of Directors and fourth-year visual communications student.
Credit unions are similar to banks, but they are non-profit organizations, and they’re smaller than traditional banks. They generally also have fewer fees and can return profits to account holders, or memebers, through dividends.
Second-year psychology student Ikeia Miller, another Carolina Collegiate employee, said students often use the credit union to make deposits and withdrawals.
“A lot of students aren’t from the Columbia area, so it’s a great way for them to get money sent by their parents, and it’s convenient,” Miller said. “We’re also open until 7 p.m., which lets students come by after class and not be rushed.”
The Carolina Collegiate branch in the Russell House is completely student-run, with Zach Chandler, a fourth-year international business and marketing student, presiding over the board of directors.
How many people use Carolina Collegiate on campus? Harris says there are “hundreds and hundreds.” Anywhere between 50 and 75 might come in in a day, he said.
Carolina Collegiate also offers and provides student loans, which Harris said can be helpful for students whose scholarships don’t cover the cost of their tuition.
And as far as Harris is concerned, he said he thinks using a credit union can be more beneficial than going to a larger bank, especially for college students.
“We have better customer service than other banks, and we offer discounts for our customers at places like Groucho’s Deli or Addam’s Bookstore,” Harris said.