SECU Credit Union: What It Offers and How to Join
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Summary:
The State Employees’ Credit Union (SECU) is a prominent financial institution exclusively for North Carolina state employees and their families. Founded in 1937, it has grown to become one of the largest credit unions in the United States, offering a wide range of financial services from basic banking to investments and insurance products. In this comprehensive guide, we’ll delve into the workings of SECU, its membership requirements, products, and the role it plays in local communities. Discover how SECU can be a valuable financial resource for North Carolinians.
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The State Employees’ Credit Union (SECU) defined
The State Employees’ Credit Union (SECU) is a renowned nonprofit financial institution exclusively owned by employees of the state of North Carolina. Founded in 1937, it has evolved to become one of the largest credit unions in the United States, both in terms of assets and the number of members. Let’s explore the workings, history, and significance of this institution.
A brief history of SECU
SECU’s roots can be traced back to 1937 when a group of forward-thinking state employees came together to form a credit union. With just 17 initial members and $437 in deposits, it was a modest beginning. However, the vision and dedication of these employees laid the foundation for what SECU has become today.
As of July 2023, SECU boasts an impressive $50.1 billion in assets, a testament to its growth and the trust it has garnered over the years. Operating through 273 branches across North Carolina and an extensive network of 1,100 automated teller machines (ATMs), it serves more than 2.7 million members. This growth is a reflection of its commitment to serving the financial needs of North Carolinians.
Membership requirements
Becoming a member of SECU is an exclusive opportunity for those employed by the state of North Carolina and a few related institutions. To join, one must meet specific eligibility criteria, which include:
– Federal employees working for North Carolina state agencies
– Individuals employed by the state’s public school boards
– Members of the state’s National Guard
– Certain county employees
– Retirees from any of the above categories
– Immediate family members of existing SECU members, including spouses, siblings, and children
– Employees of specific North Carolina businesses, such as Blue Cross Blue Shield of North Carolina
– Individuals employed by the state’s public school boards
– Members of the state’s National Guard
– Certain county employees
– Retirees from any of the above categories
– Immediate family members of existing SECU members, including spouses, siblings, and children
– Employees of specific North Carolina businesses, such as Blue Cross Blue Shield of North Carolina
These requirements ensure that SECU remains a credit union primarily for those who have a strong connection to North Carolina and its public institutions.
SECU’s wide range of products and services
The primary mission of SECU is to provide its members with affordable and accessible financial services. Here’s an overview of the services and products offered:
Basic banking services
SECU provides members with a comprehensive suite of basic banking services, including:
– Checking accounts
– Savings accounts (referred to as share accounts)
– Money market accounts
– Teen checking accounts
– Youth checking accounts
– Health savings accounts
– Holiday cash club
– Peer-to-peer payments
– Online bill pay
– Savings accounts (referred to as share accounts)
– Money market accounts
– Teen checking accounts
– Youth checking accounts
– Health savings accounts
– Holiday cash club
– Peer-to-peer payments
– Online bill pay
Notably, SECU’s Summer Cash Account is designed to assist individuals, like public school employees, who work only part of the year in saving for the summer when paychecks may not arrive. Additionally, up to $250,000 in a member’s deposits with SECU is insured by the National Credit Union Administration (NCUA), providing peace of mind to members.
Loans and credit cards
SECU offers a variety of lending products, including:
– New and used vehicle loans
– Home loans, including adjustable-rate and fixed-rate mortgages
– Home equity lines of credit
– Personal loans
– Secured personal loans to help build credit
– Auto loans
– GAP coverage
– Home loans, including adjustable-rate and fixed-rate mortgages
– Home equity lines of credit
– Personal loans
– Secured personal loans to help build credit
– Auto loans
– GAP coverage
Furthermore, SECU provides a low-interest Visa credit card without an annual fee, offering members a valuable financial tool with attractive terms.
Investment and estate planning
SECU assists members in saving for their future through investment accounts that offer low-cost, diversified stock and bond mutual funds. Investment advisors work closely with members to assess their goals and risk profile, helping them choose the best mutual funds for their investment accounts. Traditional, Roth, and simplified employee pension (SEP) individual retirement accounts (IRAs) are also available, with no service or transaction fees and a minimum opening deposit of $25.
Community engagement
SECU takes an active role in supporting local communities through financial literacy and outreach services. One prominent initiative is the **SECU Foundation**, established by members and funded by a $1 monthly service charge paid by SECU checking account holders. Chartered in 2004, the foundation is dedicated to supporting community projects in housing, education, and healthcare within the state, along with offering high school and college scholarships and special grants. This commitment to community well-being reflects SECU’s dedication to making a positive impact beyond its financial services.
Membership and fees
When you open a new SECU checking account, it is automatically set up to contribute $1 monthly to the State Employees’ Credit Union Foundation. If you choose to opt out of this contribution, a $1 monthly maintenance fee applies to your SECU checking account.
SECU’s credit card offering
SECU provides one credit card option—the **SECU Visa credit card**. This card stands out with its lower-than-average interest rate, no annual fee, and the flexibility to make balance transfers. It’s a valuable tool for members looking for a cost-effective credit card option.
Who can become a SECU member?
To become a member of SECU, you or an immediate relative must qualify through one of more than a dozen ways, primarily related to employment. Unlike some credit unions where membership criteria may focus on where you live, worship, or attend school, SECU’s membership criteria primarily revolve around your employment status.
The bottom line
SECU can be an excellent fit for those already employed by a North Carolina institution that qualifies for membership or for those with family members who meet the criteria. Credit unions, on average, offer advantageous rates and a community-focused approach. As you consider your financial options, SECU is certainly worth exploring for your banking, saving, and borrowing needs.
The State Employees’ Credit Union (SECU) is a financial institution with deep roots in North Carolina, serving the unique financial needs of state employees and their families. With a rich history, a broad range of financial products and services, and a commitment to community betterment, SECU is not just a credit union; it’s a financial partner dedicated to helping North Carolinians achieve their financial goals.
In conclusion, SECU’s legacy of service and community engagement makes it a valuable resource for those looking to secure their financial future in the Tar Heel State.
Frequently asked questions
What is the primary mission of the State Employees’ Credit Union (SECU)?
The primary mission of the State Employees’ Credit Union is to provide its members with affordable and accessible financial services. This includes basic banking services like checking and savings accounts, as well as various loan options, credit cards, and investment services.
How can I become a member of SECU?
To become a member of SECU, you must meet specific eligibility criteria. Membership is primarily based on employment with the state of North Carolina or related institutions. This includes state employees, federal employees working for North Carolina state agencies, members of the state’s National Guard, and even certain county employees. Additionally, immediate family members of existing SECU members and employees of specific North Carolina businesses may also qualify.
What financial services does SECU offer beyond basic banking?
SECU offers a wide range of financial services beyond basic banking. These services include various types of loans such as new and used vehicle loans, home loans, personal loans, and more. Additionally, SECU provides investment services, offering low-cost, diversified stock and bond mutual funds to help members save for their future. Members can also access credit cards with favorable terms, including a low-interest Visa credit card with no annual fee.
How does SECU contribute to local communities?
SECU actively participates in local community initiatives. One notable example is the SECU Foundation, which is funded by a $1 monthly service charge paid by SECU checking account holders. The foundation supports community projects in housing, education, and healthcare within the state, provides scholarships for high school and college students, and offers special grants. This commitment to community betterment is an integral part of SECU’s mission.
What sets SECU apart from other financial institutions?
SECU stands out due to its exclusive membership criteria, primarily serving North Carolina state employees and their families. Its commitment to community involvement and financial education initiatives, such as providing resources for budgeting and financial literacy, also distinguishes it. Moreover, SECU offers a variety of financial products and services with a focus on affordability and accessibility, making it a valuable financial partner for North Carolinians.
Key takeaways
- The State Employees’ Credit Union (SECU) is a credit union exclusively owned by North Carolina state employees and their families.
- SECU is the second-largest credit union in the United States by asset size, with over 2.7 million members.
- SECU offers a wide range of financial products and services, from basic banking to investment and insurance options.
- Membership is primarily based on employment with the state of North Carolina or related institutions, making it accessible to a specific demographic.
- SECU actively contributes to local communities through initiatives like the SECU Foundation.
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