State Employees' Credit Union (SECU)
What Is the State Employees' Credit Union (SECU)?
The term State Employees' Credit Union (SECU) alludes to a nonprofit financial institution that is owned by employees of the state of North Carolina. The SECU was established in 1937 and is currently one of the biggest credit unions in the United States by asset size and number of members.
The credit union's primary purpose is to offer affordable financial types of assistance to its members including checking and savings accounts, loans, mortgages, and investment savings vehicles.
How the State Employees' Credit Union (SECU) Works
Employees of the state of North Carolina established the SECU in 1937. The union was shaped to give consumer financial services to state and public school employees alongside their families. At the time it was developed, the SECU had under two dozen members and about $450 in assets. As of March 2022, the union's assets have developed to $53.1 billion with numerous as 240 offices across North Carolina that serve more than 1.7 million members. SECU has a network of 1,100 automated teller machines (ATMs) arranged in each district in North Carolina.
To turn into a member, individuals must be employed by the state of North Carolina. Federal employees who work for North Carolina state agencies, who's employers the state's public school boards, members of the state's National Guard, certain region employees, and retired folks from any of the above additionally qualify. Membership additionally stretches out to certain immediate family members including life partners, kin, and children of existing members. The people who fall into any of these categories can become members by opening a Share Account — a savings account — with an initial minimum deposit of $25 or more.
Qualifying individuals can become members of the SECU by opening a Share Account with an initial least deposit of $25.
SECU Mission and Offerings
As referenced over, the fundamental purpose of the union is to furnish its members with affordable and accessible financial services. These services include:
- Essential banking services: Checking and savings accounts
- Loans: Personal, student, automobile loans, and mortgages
- Credit cards
Member deposits with SECU are federally insured by the National Credit Union Administration (NCUA), one of the two organizations that offer deposit insurance — the other being the Federal Deposit Insurance Corporation (FDIC).
Over the long run, the union expanded its offerings to incorporate investment accounts, estate planning, trust services, and insurance products. SECU's investment accounts assist members with putting something aside for retirement and education by giving low-cost diversified stock and bond mutual funds. Investment advisors evaluate a member's objectives and risk profile to pick the best mutual fund for the member's tax-advantaged or taxable investment account. Members who need to invest in stocks, bonds, or other mutual funds can do so online or with the assistance of assistance delegates. The traditional, Roth, and simplified employee pension (SEP) individual retirement accounts (IRAs) have no service or transaction fees. These accounts require a base opening deposit of $25.
Special Considerations
As per its website, the State Employees' Credit Union actively participates in nearby networks by advancing financial literacy and education as well as other effort services. Among these is the SECU Foundation, which was established by the union's members. Chartered in 2004, it supports community projects in housing, education, and medical services in the state, alongside high school and college scholarships, and special grants. A portion of these programs include:
- The SECU Commons, which gives housing to destitute families, adolescents destined to be out of foster care, and mentally unbalanced youthful grown-ups
- Great Shepherd, which offers permanent housing to seniors, veterans, and the crippled
- A Chef's Life, which makes awareness and offers help for nearby food makers
- The People Helping People Scholarship Program, which sends students to a four-year public college
The foundation is funded by the $1 month to month service charge paid for by members with a SECU checking account.
Highlights
- The State Employees' Credit Union is a credit union owned by employees of the state of North Carolina.
- SECU is the second-biggest credit union in the U.S.
- To turn into a member, you must be employed by the State of North Carolina or a connected institution.
- The credit union gives members fundamental financial services, investment services, and insurance products.
FAQ
What Other Products and Services Does SECU Offer?
SECU members additionally approach the credit union's loan products, insurance and annuity offerings, financial advisory, and tax services.
What Is the Fee on a SECU Checking Account?
SECU charges $1 per statement period for the overwhelming majority of its accounts, including its checking accounts. There is likewise a $0.20 per-check processing fee after 50 checks for each period.
Who Can Become a SECU Member?
To open an account with SECU, you or an immediate relative must be an employee of the State of North Carolina (or a federal employee assigned to N.C.), or to those employed in certain departments of district level legislatures inside of N.C.
