State Employees' Credit Union: Your Trusted Financial Partner

Amir Towns
Apr 28, 2023
14 min read

State Employees' Credit Union (SECU) is a not-for-profit financial cooperative that caters to the financial needs of state employees in North Carolina and their families. With over 2.5 million members, it is the second-largest credit union in the United States, offering a wide range of products and services such as checking accounts, loans, mortgages, and investment options.

SECU was established in 1937 with a mission to provide affordable financial services to state employees who were often overlooked by traditional banks. Today, SECU has grown into one of the most trusted and reputable credit unions in the country, serving not only state employees but also residents of North Carolina and Virginia.

As a credit union, State Employees' credit union is owned by its members rather than shareholders or investors. This means that every member has an equal say in how the organization operates and benefits from its profits through higher interest rates on savings accounts and lower fees on loans.

In addition to providing financial services, SECU also places great emphasis on community involvement and philanthropy. The credit union supports various charitable organizations across North Carolina and Virginia through donations and volunteer work.

If you're looking for a reliable financial institution that values its members' interests above all else, look no further than State Employees' Credit Union. With its long-standing reputation for excellence in service delivery coupled with its commitment to giving back to society, SECU remains a top choice for individuals seeking quality banking solutions.

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How State Employees' Credit Union Works

To better understand how State Employees' Credit Union works, it is important to delve into its unique structure and operations. As a non-profit financial institution, the credit union is owned and operated by its members, who have access to a range of financial services such as savings accounts, checking accounts, loans, and credit cards.

Membership in State Employees' Credit Union is limited to employees of the state of North Carolina or family members of existing members. This exclusive membership model ensures that the credit union remains focused on serving its core constituency while fostering a sense of community among its members.

One of the key features that sets State Employees' Credit Union apart from traditional banks is its cooperative model. Unlike for-profit banks that prioritize shareholder returns, the credit union operates with the goal of benefiting its members. Profits are reinvested back into the organization to improve services and offer better rates and terms for loans and other financial products.

Members also have a say in how the credit union is run through an elected board of directors and annual meetings. This democratic approach ensures that member interests are represented in decision-making processes.

State Employees' Credit Union places great emphasis on financial education as well. The organization offers resources such as online courses, workshops, and one-on-one counseling sessions to help members make informed decisions about their finances.

In addition to these core offerings, State Employees' Credit Union has developed several innovative programs to serve specific needs within its membership base. For example, SECU Foundation provides grants for various charitable causes across North Carolina while SECU Family House offers affordable lodging options for families who need to travel long distances for medical treatment.

Benefits of Choosing State Employees' Credit Union

Lower Fees

One of the most significant benefits of choosing State Employees' Credit Union over traditional banks is the lower fees. By joining this credit union, you can save money on account maintenance, ATM usage, and other services. Unlike traditional banks that charge high fees for every transaction or service they provide, State Employees' Credit Union offers low-cost financial products and services to its members.

Competitive Interest Rates

Another benefit of choosing State Employees' Credit Union is the competitive interest rates it offers on savings accounts, loans, and mortgages. The credit union provides higher interest rates than many traditional banks, which means you can earn more on your deposits and save more over time. This is especially beneficial if you're looking to grow your savings or invest in a new home.

Personalized Service

As a member-owned financial institution, State Employees' Credit Union provides personalized service to its members. You can expect individual attention and support from knowledgeable staff who understand your unique financial needs. Whether you need help with opening an account or applying for a loan, the credit union's staff will be there to guide you through the process.

Community Involvement

State Employees' Credit Union is committed to supporting local communities through charitable donations, volunteer work, and other initiatives. By choosing this credit union over traditional banks that prioritize profits over social responsibility, you can feel good about supporting a financial institution that gives back to the community.

Access to Online Banking

With State Employees' Credit Union's online banking platform, managing your finances has never been easier. You can easily check your balances, transfer funds between accounts or pay bills from anywhere at any time with just a few clicks. This convenience allows you to manage your finances efficiently while saving time and effort.

The benefits of choosing State Employees' Credit Union are not just theoretical; they have been proven by satisfied customers who have shared their experiences online. For instance:

Shared Branches: Convenient Access to Your Accounts

Convenient Access to Your Accounts: Shared Branches

Checking accounts and other assets are essential components of our financial lives. It is crucial to have easy access to them whenever we need them. However, with traditional banks, it can be challenging to find a branch when you are on the go or living far away from your home branch. This is where shared branches come in handy.

Shared branches allow credit union members to access their accounts at thousands of locations across the country. Members can perform various transactions such as deposits, withdrawals, transfers, and loan payments without visiting their home branch. This service is available to members of participating credit unions, making it a cost-effective alternative to traditional banks.

The scope of shared branches continues to expand, providing even more options for members to manage their finances. Let's take a closer look at how shared branches work and why they are an excellent option for those who travel frequently or live far away from their home branch.

Access Your Account at Thousands of Locations Across the Country

Shared branching allows credit union members to access their accounts at any participating branch across the country. Members can perform various transactions such as deposits, withdrawals, transfers, and loan payments just like they would at their home branch.

This feature makes it convenient for members who travel frequently or live far away from their home branch. They don't have to worry about finding an ATM or paying extra fees for using another bank's ATM. Instead, they can visit any shared branch location and complete their transaction without any hassle.

Great Option for Those Who Travel Frequently or Live Far Away from Their Home Branch

If you're someone who travels frequently or lives far away from your home branch, shared branching is an excellent option for you. You don't have to worry about finding your bank's ATM or paying extra fees for using another bank's ATM.

With shared branching, you can visit any participating location across the country and access your account just like you would at your home branch. This feature makes it convenient for members who are always on the go and need access to their accounts from anywhere.

Cost-Effective Alternative to Traditional Banks

Shared branching is a cost-effective alternative to traditional banks. Members of participating credit unions can access their accounts at any shared branch location without paying extra fees. This feature saves them money on ATM fees and other transaction fees that they would otherwise have to pay at traditional banks.

Moreover, shared branching provides members with the same level of service as their home branch. They can perform various transactions such as deposits, withdrawals, transfers, and loan payments just like they would at their home branch. This feature makes it a cost-effective option for those who want to save money on transaction fees while still receiving excellent service.

The Scope of Shared Branches Continues to Expand

The scope of shared branches continues to expand, providing even more options for members to manage their finances. More credit unions are joining the shared branching network, making it easier for members to find a participating location near them.

Moreover, shared branching is not limited to just the United States. It is also available in other countries such as Canada and Puerto Rico. This feature makes it convenient for members who travel internationally and need access to their accounts while abroad.

Community Support Programs: Giving Back to the Community

Community support programs are initiatives that aim to improve the well-being of local communities by providing them with resources, funding, and services. These programs are essential in building strong relationships between businesses and their surrounding communities. State Employees' Credit Union (SECU), a non-profit financial cooperative based in North Carolina, is one such institution that actively supports community projects and services through its Community Support Programs.

SECU's commitment to community support is a reflection of its mission to improve the financial well-being of its members and the communities it serves. As a member-owned organization, SECU recognizes that investing in the community is an investment in its members' future. The credit union offers various programs and services that cater to the needs of its members while also benefiting the wider community.

SECU Foundation

One of SECU's most notable community support programs is its foundation. Members of the credit union can join the SECU Foundation, which provides funding for various community initiatives and scholarships. Since its inception in 2004, the foundation has awarded over $180 million in grants to non-profit organizations across North Carolina.

The SECU Foundation focuses on supporting projects related to education, healthcare, human services, and public safety. It also offers scholarships for students pursuing higher education within North Carolina. By investing in these areas, SECU aims to create long-lasting positive impacts on local communities.

Community Projects

In addition to its foundation, SECU supports various other community projects throughout North Carolina. These projects range from food drives and blood donation campaigns to environmental conservation efforts and disaster relief assistance.

For instance, during Hurricane Florence in 2018, SECU donated $1 million towards disaster relief efforts across affected areas in North Carolina. The funds were distributed among several organizations working towards rebuilding homes and infrastructure damaged by the hurricane.

Membership Benefits. Click here to pull your credit for $1

SECU's commitment to community support extends beyond just funding initiatives; it also benefits its members. As a member-owned cooperative, SECU offers various benefits to its members that help improve their financial well-being.

One such benefit is the SECU Visa Credit Card, which donates a portion of every purchase made with the card towards community support initiatives. Members can also take advantage of low-interest rates on loans and mortgages, as well as free financial counseling services.

SECU's membership benefits are designed to not only help its members but also contribute to the wider community. By utilizing these benefits, members indirectly support SECU's community initiatives and programs.

Low Fees and Competitive Rates: Saving You Money

Fees and rates can make a significant difference in how much you pay over the life of your loan or account. That's why it's essential to choose a financial institution that offers competitive rates and low fees. State Employees' Credit Union (SECU) is committed to providing its members with just that.

Low Fees on Various Financial Products

SECU offers low fees on various financial products, including personal loans, mortgages, and other loans. Members who opt for SECU instead of traditional banks or lenders can save money on fees and interest rates. This is because SECU operates as a not-for-profit cooperative, which means that profits are returned to members in the form of lower fees and better rates.

Available Discounts for Members

In addition to low fees and competitive rates, SECU also provides available discounts for members who use multiple services. For example, if you have direct deposit set up with SECU and use online banking regularly, you may be eligible for additional discounts on your accounts or loans.

Financial Education Resources

SECU recognizes that making informed decisions about money can be challenging. That's why they offer financial education resources to help their members navigate the world of finance confidently. These resources include seminars, webinars, articles, calculators, and more.

Members who take advantage of these resources can learn about budgeting basics, saving strategies, credit scores, debt management techniques, retirement planning options – all designed to help them make informed decisions about their finances.

Saving Money on Interest Payments

One of the most significant benefits of choosing SECU is the opportunity to save money on interest payments over time. With lower interest rates than traditional banks or lenders offer – thanks to their not-for-profit status – members can save thousands of dollars over the life of their loans.

For example: suppose you're looking at two different auto loan options – one from a traditional bank and one from SECU. The traditional bank offers an interest rate of 5%, while SECU offers a rate of 3%. Over the life of the loan, which is typically five years, you would save over $1,000 in interest payments by choosing SECU.

Commitment to Keeping Fees Low and Rates Competitive

SECU's commitment to keeping fees low and rates competitive is evident in everything they do. From their not-for-profit status to their available discounts for members who use multiple services, SECU is dedicated to helping its members save money on financial products.

When you choose SECU as your financial institution, you can trust that you're getting the best deal possible for your needs. Whether you need a personal loan or a mortgage, SECU has got you covered with low fees and competitive rates.

Examples of Savings

To illustrate how much members can save by choosing SECU over traditional banks or lenders let's take a look at some examples:

Online and Mobile Banking: Convenient Access Anytime, Anywhere

Online banking has revolutionized the way people manage their finances. With just a few clicks, members of State Employees' Credit Union can access their accounts and perform transactions from anywhere with an internet connection. This convenience is especially important for busy individuals who cannot always make it to a physical branch during business hours.

Viewing Account Balances

One of the most significant benefits of online banking is that members can view their account balances at any time. This feature allows them to keep track of their spending and ensure they have enough funds available before making a purchase or paying a bill. Members can also monitor their accounts for fraudulent activity and report any suspicious transactions immediately.

Transferring Funds

Another advantage of online banking is the ability to transfer funds between accounts quickly. Members can move money from one account to another without having to visit a physical branch or write a check. This feature is especially useful for those who need to transfer money regularly, such as parents sending allowance money to their children or couples splitting household expenses.

Paying Bills

Online banking also allows members to pay bills conveniently from anywhere with an internet connection. The credit union's online platform provides an easy-to-use interface where members can set up automatic payments or make one-time payments for utilities, credit cards, loans, and other bills.

Depositing Checks Remotely

With mobile banking, members can deposit checks remotely using their smartphones or tablets. They simply take a photo of the front and back of the check and submit it through the credit union's mobile app. This feature saves time and eliminates the need to visit a physical branch or ATM.

ATMs Across the State

For those who prefer in-person interactions, State Employees' Credit Union offers a network of ATMs across North Carolina. These machines allow members to withdraw cash, deposit checks and cash, transfer funds between accounts, check account balances, and more. The credit union's ATMs are strategically located in convenient places such as grocery stores, gas stations, and shopping centers.

Security Measures

State Employees' Credit Union takes security seriously and has implemented several measures to protect members' information. The credit union uses encryption technology to secure online transactions and prevent unauthorized access to accounts. Members are also encouraged to use strong passwords and enable two-factor authentication for added protection.

Online banking has become increasingly popular in recent years, with more people embracing the convenience of managing their finances from their computers or mobile devices. According to a survey by the American Bankers Association, 73% of Americans use online banking services, up from 69% in 2017. Another study by J.D. Power found that satisfaction with digital banking channels is higher than satisfaction with traditional branch interactions.

Security and Protection: Keeping Your Information Safe

SECURE tools and resources:

State Employees' Credit Union (SECU) has always been committed to providing its members with the best possible financial services. One of the ways it does this is by offering a range of secure tools and resources to protect their personal and financial information.

Online banking, mobile banking, and e-statements are just some of the services that SECU provides to its members. These services are all protected by advanced security measures, including multi-factor authentication, encryption, and firewalls. This ensures that members can access their accounts anytime, anywhere, without worrying about unauthorized access or fraud.

In addition to these online services, SECU also offers a range of other tools and resources to help its members manage their finances securely. For example, SECU's checking accounts come with overdraft protection and fraud monitoring features to prevent unauthorized transactions. Members can also set up alerts for unusual activity on their accounts or changes in their credit score.

Insurance protection:

SECU understands that life is unpredictable, which is why it offers insurance protection for its members. This includes life insurance, disability insurance, and long-term care insurance. With these policies in place, members can rest assured that they and their families will be financially protected in case of unforeseen circumstances such as illness or death.

Life insurance policies from SECU offer coverage ranging from $10k to $1 million depending on the member's needs. Disability insurance provides income replacement if a member becomes disabled due to an injury or illness. Long-term care insurance covers expenses related to nursing home care or assisted living facilities.

Education and support:

SECU Foundation provides education and support to help members stay informed about the latest security threats and how to protect themselves. The foundation partners with local organizations to offer workshops on topics such as identity theft prevention, cybersecurity awareness, and safe online practices.

Additionally, ASE-certified technicians are available at SECU's Car Buying Service to help members make informed decisions when purchasing a vehicle. These technicians provide advice on vehicle selection, financing options, and negotiating prices. This ensures that members get the best possible deal while also protecting them from fraudulent practices.

Why State Employees' Credit Union is a Great Choice for Your Financial Needs

In conclusion, State Employees' Credit Union (SECU) is an excellent choice for your financial needs. With its focus on community support programs and low fees, SECU stands out among other financial institutions. The convenience of shared branches and online/mobile banking also makes managing your accounts easier than ever before.

SECU's commitment to community support programs sets it apart from other financial institutions. By giving back to the community through initiatives such as the SECU Foundation, SECU demonstrates its dedication to improving the lives of those it serves. Additionally, SECU offers low fees and competitive rates that can save you money in the long run.

Another advantage of choosing SECU is the convenience of shared branches. With over 260 locations across North Carolina, members have easy access to their accounts no matter where they are in the state. This feature allows members to conduct transactions at any shared branch location without having to visit their home branch.

Online and mobile banking are also available with SECU, providing convenient access anytime and anywhere. Members can check account balances, transfer funds, pay bills, and even deposit checks remotely using their mobile devices or computers.

Finally, security and protection are top priorities at SECU. The credit union employs advanced security measures to protect member information from fraudsters and cybercriminals.