CU Smart

Stepping Stones Community Federal Credit Union (SSCFCU)

Since 2012, we have delivered safe and reliable access to savings, credit, and other financial services without the high cost associated with typical check cashing or payday lending.

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Background

Big banks often charge limited-income communities sky-high fees, or disregard them entirely, leaving room for predatory lenders to strike. Chartered on 9/30/2011 to deliver an alternative for the people of Wilmington: safe and reliable access to savings, credit, and other financial services, we offer fee-free accounts with as little as a $5 deposit, coaching to help members leverage our services, so members can build up and secure their savings, as well as access low-interest loans. During the COVID-19 pandemic, we made PPP loans as small as $2,000 and as large as $700,000, distributed computers to homes without one, and became the sole bank serving those in Delaware prisons. Today, we welcome over 2,000 account holders and are capitalized at $600,000—with an ongoing capital campaign to grow substantially. The credit union is currently designated an MDI, a CDFI, and a FHLB Pittsburgh member.

Our purpose is to deliver safe and reliable access to money, credit, and other financial services without the high cost associated with typical check cashing services. We support the dignity of each person as they build their financial success and take ownership of their financial wellbeing. Together, this is possible!

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Highlights

Advancing Minority Homeownership in the City of Wilmington

Through Senator Coons efforts, DCRAC is a recipient of $500,000 in Community Project Funding for Advancing Minority Homeownership. This Initiative launched in November 2022 with a Stepping Stones Community Federal Credit Union mortgage to Angel--our first member homeowner!

A fifth of Wilmington residents are un- or under-banked—even more have zero net worth or less—and they can lose up to $3,000 a year on exploitative financial services like payday lending. If even a fraction of the disinvested residents joined the mainstream financial system through an institution like Stepping Stones Community Federal Credit Union, imagine what that would add to the economy!

Primary Financial Institution for Justice-Involved in Delaware

In partnership with the Department of Correction, we offer access to a bank account (and opportunity to save) to our justice-involved members. Such opportunity allows them soft-landing as returning citizens. In partnership with the prisons, Project New Start, and through our Economic Mobility Corps Ally, we prepare our members for full participation in their own economic mobility journey.

FAQs

How is Stepping Stones Community Federal Credit Union different from any other credit union or a bank?
Financial institutions are federally insured and provide their customers/members an array of financial services. We’re not a standard credit union or a bank, and our only job is making sure you and your family have the tools you need to manage your finances (at low or no cost). Unlike payday and predatory lenders who charge huge fees for small services, we are a community-driven organization, and our job is to help you get the most out of every dollar you earn.
Is my money safe at Stepping Stones CFCU?
Yes. Deposits at the Stepping Stones Community Federal Credit Union are federally insured.
How come you are housed at a tiny row house?
Glad you asked.  We keep the cost of operating the credit union low.  When our costs are low, we have no reason to ask our members to help us pay for things such as electricity or rent.  In other words, it allows us to continue to offer our services at a cost that remains affordable.
Do you offer direct deposits?
Yes. Our members can get their paychecks, benefits checks, tax refund checks, stimulus checks, all directly deposited in their account at no cost!
How much is the minimum deposit required?
At all times, we require our members to keep $5 in their accounts.
Why should I become a Stepping Stones FCU member?

Since 2012, we have delivered safe and reliable access to savings, credit, and other financial services without the high cost associated with typical check cashing services. Stepping Stones is open to anyone with a connection to the City of Wilmington and an interest in becoming a member. We offer fee-free accounts, low-interest loans, and coaching to help you get the most out of our services—and out of your money. When you get a paycheck, we want you to keep as much of it as you can. By using a local credit union, you’re joining with people just like you to support banking services that work for Delawareans, regardless of income—and you’re taking a stand against predatory lenders.

Creating a bank account and using these services means you can build up and secure your savings, as well as access low-interest loans for things like a house or car repairs. When you’re low-wealth, the big banks don’t always go after your business, or they charge sky-high fees to bring you in. It’s a whole other ballgame when you walk into Stepping Stones. We’re not a typical bank—we have the same services, but we’re centered on helping our own community thrive. If you need a loan, you want someone who cares enough to do the due diligence and make sure you’re getting into the right agreement for what you need. When you bank with Stepping Stones, that’s what you get.

Staff, Volunteers, and Board

Matthew Parks
Chairman
Greg Whilby
Vice Chairman
Blanche Jackson
Treasurer
Chris Waters
Dave Ford
Will Pass
Markevis Giddeon
Alisha Adams
Marisela Tovar-Rangel
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DCRAC provides all services at low or no cost without regard to race, color, national origin, religion, gender, familial status, disability, age, creed, source of income, marital status, or sexual orientation. Please contact us for accommodation requests.

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