Table of Contents

State Employees' CredIt Union (Secu): What It Is, How It Works

By

澳洲幸运5官方开奖结果体彩网:Adam Hayes

Updated September 08, 2023

Reviewed by Charles Potters

Fact checked by

Suzanne Kvilhaug

What Is the State Employees’🦂 Credit Uniไon (SECU)?

The State Employees’ Credit Union (SECU) is a nonprofit financial institution owned by employees of the state of North Carolina. SECU was founded in 1937 and is now one of the largest credit unions in the United States by asset size and number of members. The credit union's main purpose is to provide affordable financial services to its members, including checking and savings accounts, loans, mortgages, and investment savings vehicles.

Key Takeaways

The State Employees’ Credit Union is a credit union owned by North Carolina state employees.
SECU is the second-largest credit union in the U.S.
The credit union provides members with basic financial services, investment services, and insurance products.
To become a member, you must be employed by the state of North Carolina or a related institution.

How the State Employees’ Credit Uꦇnion (SECU) Works

Employees of the state of North Carolina founded SECU in 1937 to provide consumer financial services to state and public school employees along with their families. At the time, the SECU had 17 members and about $437 in deposits.

As of July 2023, the union's assets have grown to $50.1 billion. SECU's 273 branches across North Carolina serve more than 2.7 million members. SECU has a network of 1,100 澳洲幸运5官方开奖结果体彩网:automated teller machines (ATMs) situated in every county in North Carolina.

To join the credit union, you must qualify as a member and open a Share Account—a 澳洲幸运5官方开奖结果体彩网:savings account—with an initial minimum deposit of $25 or more. Children under age 12 can open a SECU account with just $5 with an adult as a cosigner.

Requirements for SECU Membership

To become a member, fall within the credit union's field of membership. In general, individuals must be employed by the state of North Carolina or qualify through one of the following categories:

Federal employees who work for North Carolina state agencies
People who work for the state's public school boards
Members of the state's National Guard
Certain county employees
Retirees from any of the above
Existing members' immediate family members, including spouses, siblings, and children

Other eligibility opportunities include for employees of specific North Carolina businesses like Blue Cross Blue Shield of North Carolina.

Types of SECU Products and Services

The main purpose of tไhe credit union is to provide its members with afforda𒁏ble and accessible financial services. These services and products include:

Basic Banking Services

SECU offers members a var🌳iety of banking services and programs including:

Checking accounts
Savings accounts (called share accounts)
Money market accounts
Teen checking accounts
Youth checking accounts
Health savings accounts
Holiday cash club
Peer-to-peer payments
Online bill pay

SECU's Summer Cash Account helps those who work only a portion of the year—such as public school employees—to save for the summer, when paychecks don't arrive.

Important

Up to $250,000 in a member's deposits with SECU is insured by the 澳洲幸运5官方开奖结果体彩网:National Credit Union Admi🌼nistrati꧋on (NCUA).

Loans and Credit Cards

SECU's most popular lending products include new and used vehicle loans and 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

SECU also offers a low-interest Visa credit card without an annual fee.

Investment and Estate Planning

SECU’s investment accounts help members save for retirement and education by providin🥂g low-cost, diversified stock and bond mutual funds. Investment advisors assess your goals and risk profile to help you choose the best mutual fund for your investment account.

Members who want to invest in stocks, bonds, or other mutual funds can do so online or with the help of as🐼sistance representatives.

The traditional, Roth, and simplified employee pension (SEP) individual retirement ac♍counts (IRAs) have no service or transaction fees. These accounts require a minimum opening deposit of $25.

Special Considerations

According to its website, the State Employees' Credit Union actively takes part in local communities by promoting 澳洲幸运5官方开奖结果体彩网:financial literacy and education as well as other outreach services.

Among these is the SECU Foundation, which was founded by the union's members and funded by the $1 monthly 澳洲幸运5官方开奖结果体彩网:service charge paid for by members with an SECU checking account. 澳洲幸运5官方开奖结果体彩网:Chartered in 2004, it supports community projects in housing, education, and health care in the state, along with high school and college 澳洲幸运5官方开奖结果体彩网:scholarships, and special grants.

What Is the Fee on a SECU Checking Account?

When you open a new SECU checking account, the account is automatically set up to contribute $1 monthly to the State Employees' Credit Union Foundation. If you opt out of the contribution, you'll pay a $1 monthly maintenance fee for an SECU checking account.

Does State Employees Credit Union Have Credit Cards?

SECU offers one credit card. The SECU Visa credit card's features include a lower-than-average interest rate, no annual fee, and the ability to make balance transfers.

Who Can Become a SECU Member?

To become a SECU member, you or an immediate relative must qualify in one of more than a dozen ways, primarily concerning your employment. While some credit union membership qualifications focus on where you live, worship or attend school, SECU's does not.

The Bottom Line

SECU may be a good fit if you already work for a North Carolina employer that qualifies you for membership or you're related to someone who qualifies. Credit unions, on average, offer advantageous rates. But always compare your options to ensure your money has found the right fit for your checking, saving, and borrowing needs.

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