Credit Union
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State Employee Credit Union

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About Credit Union

The State Employees’ Credit Union (SECU) is a financial institution that was created to provide affordable financial services to employees of the state of North Carolina and their families. Founded in 1937, SECU is currently the second-largest credit union in the United States by asset size and the number of members.

SECU offers its members a range of financial services, including checking and savings accounts, loans, mortgages, and investment savings vehicles. In addition, SECU provides insurance products such as life insurance, home and auto insurance, and long-term care insurance and promotes local and community development through the SECU Foundation, a charitable organization funded by SECU individual members' contributions whose aim is to address community issues.

To become a member of SECU, individuals must be employed by the state of North Carolina or a related institution or be an immediate family member of an existing member. Once a person meets the eligibility requirements, they can join by opening a Share Account with an initial deposit of $25 or more.

SECU has a vast network of over 240 offices and 1,100 automated teller machines (ATMs) situated in every county in North Carolina, providing easy access to financial services for its members. The credit union is committed to serving the financial needs of its members by providing quality financial products and services, competitive rates, and exceptional customer service.

In conclusion, the State Employees’ Credit Union is a nonprofit financial institution that provides affordable financial services to employees of the state of North Carolina and their families. With its large asset size, extensive network, and commitment to its members, SECU is a valuable resource for state employee and those looking for quality financial services in North Carolina.

Key Features

The State Employee’s Credit Union (SECU) offers a range of key features that make it a valuable resource for its members. Some of these key features include:

Membership eligibility

SECU is a credit union owned by employees of the state of North Carolina and their families, which means that membership is limited to certain individuals. Eligibility criteria include being employed by the state of North Carolina or a related institution or being an immediate family member of an existing member.

Range of financial services

SECU offers a range of financial services to its members, including checking and savings accounts, loans, mortgages, and investment savings vehicles. In addition, SECU provides insurance products such as life insurance, home and auto insurance, and long-term care insurance.

Competitive rates

SECU is committed to providing competitive rates to its members. The credit union offers low-interest rates on loans and mortgages and high-interest rates on savings accounts and investment products.

Extensive network

With over 240 offices and 1,100 ATMs in every North Carolina county, SECU provides its members with easy access to financial services.

Exceptional customer service

SECU is committed to providing exceptional customer service to its members. The credit union has a team of knowledgeable and friendly staff who are available to answer questions and provide guidance to members.

Overall, SECU is a valuable resource for individuals who are looking for affordable financial services and exceptional customer service in North Carolina. With its extensive network, competitive rates, and range of financial services, SECU is a credit union committed to meeting its members' needs.

Requirements

To become a member of the State Employees’ Credit Union (SECU), individuals must meet the eligibility requirements set by the credit union. Membership is limited to those who fall into the following categories:

  1. Employees of the state of North Carolina

  2. Federal employees assigned to North Carolina state agencies

  3. Employees of North Carolina public boards of education

  4. Members of the North Carolina National Guard

  5. County employees: Employees of Social Services, Health, Mental Health and Civil Defense of North Carolina counties

  6. Employees of associations formed for the benefit of the state of North Carolina employees

  7. Employees of agencies or departments whose employees are subject to the North Carolina State Personnel Act

  8. Individuals retired from the above employment or service as pensioners and/or annuitants

  9. Un-remarried spouses of persons who died while in the field of membership

  10. Immediate family members (spouse, parents, siblings, and children) of a current member

  11. Individuals sharing a single economic unit with a current member.

If an individual meets one of these eligibility requirements, they can become a member by opening a share account with a minimum deposit of $25. For children aged 12 and under, a FAT CAT share account can be opened with a minimum initial deposit of $5. Individuals can contact their local branch or SECU's 24/7 Member Services to get detailed information and request membership.

Overall, SECU's membership eligibility requirements are designed to serve the state of North Carolina and its residents, as well as their families and those who share an economic unit with them.

Access on the Go

The State Employees’ Credit Union (SECU) provides its members with easy access to its financial services on the go through a range of digital and mobile banking tools. These tools allow members to manage their finances from anywhere, at any time, using their mobile devices or computers.

SECU's digital banking tools include:

  1. Online banking. Members can access their accounts, view balances, transfer funds, pay bills, and more through State Employees’ Credit Union website.

  2. Mobile banking. SECU's mobile app (iOS and Android) provides members with access to their accounts and the ability to deposit checks, transfer funds, pay bills, and more.

  3. Text banking. Members can access their account balances and transaction history by texting SECU's designated phone number.

  4. Automated telephone banking. Members can use SECU's automated telephone banking system to check account balances, transfer funds, and more.

In addition to these digital banking tools, SECU also provides its members access to a network of over 1,100 ATMs throughout North Carolina. These ATMs allow members to withdraw cash, check account balances, and transfer funds.

Overall, SECU is committed to providing its members with convenient access to its financial services on the go. With its range of digital banking tools and extensive ATM network, SECU makes it easy for members to manage their finances from anywhere, at any time.

State Employees' Credit Union products

The State Employees’ Credit Union (SECU) provides full member access to a range of financial products and services to its members, including:

  1. Basic banking services. SECU offers checking and savings account opening opportunities to help members manage their money.

  2. Loans. SECU offers a range of loan products, including personal loans, student loans, automobile loans, and mortgages.

  3. Credit cards. SECU offers Visa credit cards with competitive rates and no annual fees.

  4. Investment services. SECU offers investment accounts to help members save for retirement and education. These accounts include low-cost diversified stock and bond mutual funds.

  5. Estate planning and trust services. SECU offers estate planning and trust services to help members plan for the future.

  6. Insurance products. SECU offers insurance products such as life insurance, home and auto insurance, and long-term care insurance.

SECU offers specialized products in the following categories:

  1. Auto. SECU offers GAP coverage, auto loans, and other products to help members finance and protect their vehicles.

  2. Mortgages. SECU offers adjustable-rate mortgages, fixed-rate mortgages, home equity lines of credit, and special mortgage programs to help members finance their homes.

  3. Personal. SECU offers open-end signature loans, salary advance loans, share-secured loans, and term notes to help members meet their personal financial needs.

  4. Student. SECU offers student loans to help members pay for higher education.

  5. Cards. SECU offers debit cards, Visa credit cards, and Visa gift cards to help members make purchases and manage their finances.

  6. Share and deposit accounts. SECU offers a range of share and deposit accounts, including checking accounts, holiday cash clubs, individual retirement accounts, money market shares, and share term certificates.

SECU provides its members with a wide range of financial products and services to help them manage their finances and plan for the future.

Which Associations does State Employees' Credit Union belong to?

State Employees' Credit Union is a member of some national and regional credit union associations. Some of these associations include:

  1. Credit Union National Association (CUNA) - a national trade association for both state and federally-chartered credit unions in the United States.

  2. National Association of State Credit Union Supervisors (NASCUS) - an organization that represents the interests of state-chartered credit unions and their regulators.

  3. Various state-level credit union leagues or associations that represent credit unions in their respective states.

State Employees' Credit Union Reliability

State Employees' Credit Union (SECU) is a reliable financial institution that is committed to providing its members with safe and secure financial services. Some of the ways that SECU ensures the privacy and security of its members include:

  1. Privacy and security policies. SECU has strict privacy policies in place to protect the personal information of its members. These policies outline how SECU collects, uses, and safeguards member information. SECU uses advanced security measures to protect its members' accounts and personal information. These measures include firewalls, encryption, and multi-factor authentication.

  2. HMDA. SECU complies with the Home Mortgage Disclosure Act (HMDA), which requires financial institutions to report certain information about mortgage applications and loans.

  3. Equal Housing Opportunity. SECU is committed to providing equal housing opportunities to all its members, regardless of their race, color, national origin, religion, sex, familial status, or disability.

  4. NMLS#430055. SECU is registered with the Nationwide Mortgage Licensing System and Registry (NMLS) as a licensed mortgage lender.

  5. Federally insured by NCUA. SECU is federally insured by the National Credit Union Administration (NCUA), which provides insurance coverage for up to $250,000 per depositor, per insured credit union, in case of a credit union failure.

Overall, SECU is a reliable and trustworthy financial institution that is committed to protecting the privacy and security of its members, complying with federal regulations, and providing equal housing opportunities to all its members.

State Employees' Credit Union vs. Local Government Federal Credit Union

State Employees' Credit Union (SECU) and Local Government Federal Credit Union (LGFCU) are both credit unions serving different membership bases in the United States, primarily in North Carolina. While both are not-for-profit financial institutions owned by their members, they cater to different groups and may have some distinctions in their products and services. Here are some key differences between the two:

  1. Membership eligibility:

    • SECU. Membership in SECU is typically limited to employees of the state of North Carolina, public school employees, employees of state-chartered credit unions, and their immediate family members. Some county and municipal employees may also be eligible.

    • LGFCU. Membership is open to employees and volunteers of local governments in North Carolina, including city and county employees, elected officials, and employees of organizations with close ties to local governments. Immediate family members and household members of existing LGFCU members are also eligible.

  2. Branch locations and network:

    • SECU. With over 250 branches across North Carolina, SECU has an extensive physical presence in the state, which may be more convenient for some members.

    • LGFCU. LGFCU has a more limited number of physical branches, but they have a shared branching agreement with the SECU. This allows LGFCU members to access their accounts and conduct transactions at any SECU branch, giving them access to the same extensive branch network.

  3. Products and services:

    • Both SECU and LGFCU offer a wide range of financial products and services, including savings and checking accounts, loans, credit cards, mortgages, and investment options. There may be some differences in specific product offerings, rates, and fees, which can be best assessed by reviewing their respective websites or contacting them directly.

  4. Community focus:

    • While both credit unions are focused on serving their respective communities, their community outreach initiatives and scholarship programs may vary. You can learn more about their specific community programs and charitable giving on their websites.

To determine which credit union best fits your needs, it's essential to research and compare their products, services, fees, and member benefits, and take into account your eligibility for membership. You can visit their websites for up-to-date information.

State Employee Credit Union

FAQ

Who owns State Employees' Credit Union?

State Employees' Credit Union (SECU) is a not-for-profit financial cooperative owned by its members, who are also its customers. SECU was founded in 1937 by a group of state employees in North Carolina and has since grown to become the second-largest credit union in the United States in terms of assets. As a member-owned cooperative, SECU is governed by a volunteer board of directors who are elected by the membership.

Is State Employees' Credit Union a good credit union?

State Employees' Credit Union (SECU) is widely considered to be a good credit union by many of its members and industry experts. Here are a few reasons why:

  1. Low fees: SECU is known for its low fees, including no monthly maintenance fees and no ATM fees at SECU or network ATMs.

  2. Competitive rates: SECU offers competitive rates on a variety of financial products, including savings accounts, checking accounts, loans, and credit cards.

  3. Wide range of services: SECU offers a wide range of financial services to its members, including online and mobile banking, investment services, and insurance products.

  4. Member-focused: SECU is a member-owned cooperative, which means that its primary focus is on serving the needs of its members rather than maximizing profits.

That being said, it's important to keep in mind that the quality of a credit union (or any financial institution) can vary depending on a variety of factors, including location, membership eligibility requirements, and individual experiences. It's always a good idea to do your own research and compare SECU to other credit unions and financial institutions to determine which one is the best fit for your specific needs and preferences.

Is State Employees' Credit Union hard to get approved for?

State Employees' Credit Union (SECU) has membership eligibility requirements that must be met in order to join, but once you become a member, getting approved for financial products such as loans and credit cards is generally not difficult.

In order to become a member of SECU, you must meet one of the following criteria:

  • Be an employee of the State of North Carolina or a public school system, community college, or university in North Carolina.

  • Be an immediate family member of an existing SECU member, including spouse, child, sibling, parent, grandparent, grandchild, or household member.

  • Be an individual who is a member of the North Carolina National Guard, the U.S. Reserves, or the U.S. Military assigned to a military installation located in North Carolina.

If you meet one of these eligibility requirements, becoming a member of SECU typically involves filling out an application and providing some basic personal and financial information.

Once you become a member, getting approved for financial products such as loans and credit cards will depend on a variety of factors, including your credit history, income, and other financial obligations. SECU, like any financial institution, will review more detailed information about your application and make a decision based on these factors.

Overall, while there are membership eligibility requirements that must be met, getting approved for financial products at SECU is generally not considered to be difficult, provided that you meet the creditworthiness and other financial requirements for the specific product.

Financial products
State Employee Credit Union
Share Secured Loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

from 5.00%
Term
i

Loan term for the financial product

up to 120 months
State Employee Credit Union
Salary Advance Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $500
Rate
i

Effective interest rate on the product

up to 16.75%
State Employee Credit Union
Open-End Signature Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $50,000
Rate
i

Effective interest rate on the product

from 10.75%
Term
i

Loan term for the financial product

up to 120 months
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
100.00 – 20000.00 $
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Effective interest rate on the product

from 0.05 %
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Loan term for the financial product

5 days – 3 months
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100.00 – 4000.00 $
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Personal Loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
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Effective interest rate on the product

6.34 – 35.89 %
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Loan term for the financial product

2 months – 72 months
Rating by Finanso®
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4.25
(20 Ratings)
Recommended FinScore™
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650
1000
$500-$4,000
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Effective interest rate on the product

up to 160%
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Loan term for the financial product

9-18 months
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