The State Employees Credit Union (SECU) is a credit union-owned by employees of the state of North Carolina. So far, the North Carolina state employees’ credit union is the second-largest credit union in the United States of America.
State Employees Credit Union SECU
The State Employees Credit Union is solely for the employees of North Carolina. If you are a newly hired state employee and you want to join the North Carolina workforce, read on to learn about the State Employees Credit Union of North Carolina.
State Employees’ Credit Union
First of all, let’s get to know what the state employees’ credit union is all about, how the union works, and the login of the state employee credit union web account online.
What Is the State Employees’ Credit Union?
The State Employees’ Credit Union (SECU) is a nonprofit financial organization that is owned by employees of the state of North Carolina. The financial institution was established in 1937 and has become one of the largest credit unions in the United States by asset size and a number of members.
However, the major responsibility of the organization is to offer financial services to its members, such as mortgages, loans, vehicle loans, and salary advances. The SECU reports members’ credit data to TransUnion, Equifax, and Experian. These are the top three credit bureaus.
How Does the State Employees’ Credit Union (SECU) Work?
As mentioned above, the Employees of the State of North Carolina, as mentioned above, was established in 1937 with the aim of offering financial services to state and public school employees, including their families.
From the beginning, the institution began with a small fraction of members and had about $450 in assets. As of March 2022, the union’s assets have matured from $450 to $53.1 billion. They have about 240 offices across North Carolina that serve more than 1.7 million members.
The State Employees’ Credit Union offers its members basic financial services, investment services, and insurance products. However, to become a member, you must be an employee of the State of North Carolina or any related institution.
The credit union has a network of 1,100 automated teller machines (ATMs) in each county in North Carolina.
How to Become a North Carolina State Employees’ Credit Union
To become a member of the North Carolina state employees credit union, one must be employed by the state of North Carolina. Also, all federal employees that work for North Carolina state agencies, members of the state’s National Guard, certain county employees, and employees at the state’s public school boards, as well as retirees from any of the above, can become members too.
The state employee credit union membership covers, to an extent, immediate family members of the union, including their spouses, siblings, and children of existing members. With an initial minimum deposit of $25 or more, all those that are in these categories can become members when they open a share account and a savings account.
State Employees’ Credit Union (SECU) Services
The major aim of the state employee credit union, as mentioned earlier, is to offer its members affordable and accessible financial services. The state employee credit union services include the following:
- Online Banking Services
The state employees’ credit union banking services offer their customers bank services, including checking and savings accounts. Loan services include personal, student, automobile, and mortgage loans.
- Credit cards
The state employees’ credit union offers credit card services to its customers. Members are free to deposit with SECU. The union is registered and federally insured by the National Credit Union Administration (NCUA) and the Federal Deposit Insurance Corporation (FDIC).
- Other Services
The other services rendered by Union are as follows: insurance products, investment accounts, trust services, and estate planning.
Moreover, the State Employees’ Credit Union investment accounts enable members to enhance their savings for retirement and education. They also provide low-cost diversified stock and bond mutual funds. Also, the services of an investment advisor are rendered to help members access their goals and risk profile to enable them to make the best choice of mutual fund for their tax-advantaged or taxable investment account.
However, any member that wants to invest in stocks, bonds, or other mutual funds can do so online or with the help of customer representatives. Other investment services, like the traditional and simplified employee pension (SEP) individual retirement accounts (IRAs), are all offered for free but require a minimum opening deposit of $25 to open an account.
State Employees’ Credit Union Community
As part of its community projects, the State Employees’ Credit Union partakes in the promotion of financial education and literacy as well as other outreach services to its community.
The main channel is the SECU Foundation, which was founded by the union’s members. The foundation was chartered in 2004 and supports community projects in housing, education, and health care. Also available are high school and college scholarships, as well as special grants. Some of these programs are as follows:
At Good Shepherd, they offer permanent housing to seniors, veterans, and disabled citizens.
The SECU Commons provides housing for homeless families, youths ready to be out of foster care, and autistic young adults.
While, Chef’s Life, create awareness and offer support for local food producers. Also, the People Helping People Scholarship Program provides scholarships for students to attend a four-year public university.
The Secu Foundation achieves this landmark achievement by funding service charges paid by members on the SECU checking account of $1 monthly.
What Is the Fee on a SECU Checking Account?
SECU charges $1 per statement period for many of its accounts, including its checking accounts. There is also a $0.20 per check processing fee after 50 checks per period.
How long does it take for a SECU card to come in the mail?
We will mail your Social Security card as soon as we have all of the necessary information. You should usually receive it within 7–10 business days from that time.
What Other Products and Services Does SECU Offer?
SECU members also have access to the credit union’s loan products, insurance and annuity offerings, financial advisory, and tax services.
Who Can Become a SECU Member?
You can become a SECU member by opening an account with SECU. Also, your immediate relative must be an employee of the State of North Carolina (or a federal employee assigned to N.C.). Those employed in some departments of county-level governments inside of N.C.
What is a share account at State Employees Credit Union?
To establish membership with State Employees’ Credit Union, an individual must open a share account, which is a savings account that offers competitive dividend rates and is insured by NCUA. A share account is the foundation of a healthy savings plan.