State Employees Credit Union of North Carolina has branches throughout the state, offering banking and loan products for its members. Members can access their accounts either by visiting one of its branches, using its mobile app, or calling its member services line.
Credit union deposits offer competitive APYs and low minimum deposit requirements, making this account type an excellent value proposition.
Credit cards
SECU offers the full suite of banking products, such as checking, savings, money market, certificate accounts and an attractive APY with competitive service charges and minimum balance requirements. In addition, tax-advantaged education and health savings accounts are also offered at SECU.
SECU provides mobile and online banking, such as bill pay, check image viewing, Quicken financial management integration and transaction history monitoring, along with several branch locations and fee-free ATMs across North Carolina. Established in 1937, it serves employees of the State of North Carolina and their families.
SECU, as a member-owned cooperative, does not have shareholders, so profits from operations are distributed directly back to members in the form of reduced fees and better interest rates on loans. Although its loan volume has lagged behind that of its U.S. peers in recent years, SECU is taking steps to increase borrowing by offering discounted borrowing rates for members with strong credit ratings as well as offering small business loans not currently offered elsewhere.
Loans
Credit unions offer their members many services, including loans. When an emergency strikes or you simply want to make a large purchase, a loan from your credit union might be just what is necessary – just make sure that if this is something new for you that you take the time to research before applying.
SECU’s turning point comes amid an industry-wide boom in loan growth and increased competition with local banks, as well as recent efforts by its $1-per-month credit union to reorganize senior leadership and implement changes that were previously rejected by its founders.
SECU’s policy changes are creating tension among some members. One individual contacted SECU and complained to its board about SECU’s risk-based lending forcing him to pay higher rates on home and car loans. As a response, three meetings were held in November and December in Greensboro to explain these new policies.
Savings accounts
The State Employees’ Credit Union (SECU) is a member-owned financial institution. Among its primary fields of membership are North Carolina state employees and their family members; however, SECU also offers personal banking and credit card products to other state workers and their families.
SECU offers various savings accounts to its members, such as the EZ Savings account with its low APY and one deposit per month requirement, and Holiday Cash Club to assist members save for holiday shopping expenses. Both accounts can be funded either through payroll deduction or funds transfer.
State Employees Credit Union offers more than savings and checking accounts; in addition to home, personal, auto loans and unsecured lines of credit loans. Furthermore, this credit union provides various investment accounts such as IRAs and certificates as well as health, life and auto insurance policies.
Investments
State Employees Credit Union of North Carolina is a nonprofit financial institution owned by its members in North Carolina. It offers checking and savings accounts, loans, investments and insurance products that are tailored specifically for state employees as well as their family members. Furthermore, there are branches throughout North Carolina to assist those who don’t have access to traditional banks.
Under Blaine’s direction, SECU defied traditional credit-union conventions by raising deposit rates for weaker borrowers and charging different home loan interest rates based on credit ratings, which no other credit union does. He also introduced tax preparation services and low-interest salary-advance loans at SECU that outwit both H&R Block and payday lenders.
Credit union members can save for retirement and education with low-cost diversified mutual funds held in taxable investment accounts, opening traditional, Roth, or simplified employee pension (SEP) IRAs through investment representatives or Member Trust Company – a federal thrift regulated by the Office of the Comptroller of the Currency that offers investment services through Member Trust Company. Member Trust Company does not protect any deposits; investments do not come insured under NCUA or any other government agencies – including potential principal loss.
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