Credit union membership gives members a voice in determining its direction and policies and access to an array of financial products and services.
An important dispute centers on whether SECU should implement risk-based lending, which would allow rates for higher risk borrowers to increase while rates for lower risk ones decrease; such changes have been denied by previous boards.
Member-Owned Cooperative
Credit unions differ from banks in that all funds used by the organization come directly from its members; all efforts and projects undertaken by the credit union must be funded by them alone. As part of that endeavor, each checking account’s monthly maintenance fee of $1.00 is donated directly to SECU Foundation so as to support community initiatives outside the scope of its regular operations. The Foundation was created in 2004 with this purpose.
Members can access investment accounts to help save for retirement, education and other expenses with low-cost diversified mutual funds offered by their credit union. Furthermore, traditional, Roth and SEP IRAs are offered. Financial advice is also provided at local branches. In addition, insurance products and services as well as tax-advantaged loans and deposit products are all offered through this financial cooperative.
No Minimum Balance
Credit union membership can be an ideal choice for those who value accessibility and personal customer service over high savings rates. Members who join SECU can open either a checking or interest-bearing savings account with low opening deposit requirements and competitive dividend rates; as well as enjoy reduced costs for services like check cashing and teller fees.
SECU provides a broad array of banking products, making them especially appealing to state employees in North Carolina. Their ATM network makes branches and ATMs easy to locate across the state; additionally, SECU boasts an advanced online banking platform and mobile app.
SECU differs from many financial institutions by not imposing a minimum balance requirement, however members should note there are restrictions for certain transactions such as overdraft protection transfers or withdrawals through electronic methods. To avoid fees related to such activity, customers should always have enough in their accounts at any given time.
No Monthly Fees
At SECU, unlike many other credit unions, there are no monthly maintenance fees for checking or savings accounts. Furthermore, SECU provides members with affordable overdraft alternatives, enabling them to link their checking account with savings or credit accounts and receive two overdraft forgiveness days annually for free.
Members can easily manage their accounts online through SECU’s Member Access website, optimized to work on mobile devices and enable members to view balances, transaction histories and perform basic account management tasks from anywhere at any time. Members can also view paycheck stubs/check images and have statements delivered directly each month via email.
The credit union offers various savings accounts, from basic share accounts with no minimum deposits to Money Market Share accounts with higher interest rates and term share certificates offering competitive rates. Furthermore, members can open IRAs and other tax-advantaged accounts. Furthermore, North Carolina residents will find them particularly useful since many branches offer ATM access throughout their state.
No Overdraft Fees
State Employees Credit Union is a not-for-profit financial cooperative. When you join State Employees Credit Union, you become an owner and member. That gives you a say in how the credit union operates and sets policies; at the same time it provides affordable financial services such as checking accounts, loans, mortgages and investment savings vehicles for members to utilize as well as tax-advantaged or taxable mutual funds for investment opportunities.
Member Access, the credit union’s online banking platform, gives members access to their accounts and allows them to perform many of the same account transactions that would normally take place in a branch setting. Members can deposit checks without incurring fees while also using ATMs without fees being assessed against their account balances.
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