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State Employees' Credit Union

As a not-for-profit cooperative, State Employees' Credit Union operates solely for the benefit of its membership. Member benefits are typically measured by the cost of financial services provided; by the range of financial products offered and by the convenience of access to those services and products. The credit union way is to continually invests and reinvest in member service. As a federally insured, state-chartered financial institution, State Employees' Credit Union is obligated to meet the rigorous requirements of a highly regulated industry. Safety and soundness in all operations are paramount. As a fiduciary on which membership relies, State Employees' Credit Union must be operated with unquestionable fidelity to the principles of honesty, integrity, prudence and equity. State Employee Credit Union strongly believes that in order to build a sound organization you need the support of the members and community. They truly believe that their credit union organization was built on the principle of "People Helping People." The membership always comes first at the Credit Union! State Employees’ Credit Union, is a not-for-profit financial cooperative owned by its members, it was founded June 4, 1937, with 17 members and $437 in assets. It was initially operated on a part-time basis from the basement of the Agriculture Building in Raleigh. Over the years, State Employee Credit Union has grown in services, membership, and assets. As of March 2012, SECU serves 1.7 million members with just under $25 billion in assets, six Contact Centers open 24/7, a voice response telephone service and an interactive website.

The Good

  • Share accounts
  • Checking accounts
  • Certificates of deposit

State Employees' Credit Union is a member-owned, not-for-profit cooperative. Membership is limited to persons who meet the eligibility requirements. You must live in the state of North Carolina and work as an employee of the State, public schools, or be retired from either of those positions or other various state employment positions within the Health, Mental Health, Social or Civil Defense. You are also eligible if one of your immediate family members are employed in any state position, or if you share a single economic unit with a current State Employees Federal Credit Union member.

Share Accounts

State Employees Credit Union offers a variety of accounts for the customers to choose from with incredible rates compared to other Credit Unions around the nation. In order to establish membership with State Employees' Credit Union, an individual is required to open a share account first. A share account is a savings account that offers competitive interest rates and federal insurance protection, the share account is the beginning of a healthy savings plan. It features the following benefits:

  • $25 minimum opening deposit
  • $25 required minimum balance
  • No service charge
  • Dividends compounded daily, and paid monthly
  • Accessible via ATM, ASK SECU, Member Access, branch and SECU Contact Center
  • Funds may be used as collateral on State Employee Credit Union loans

Checking Accounts

State Employees' Credit Union offers a checking account that is convenient and affordable. By owning a State Employee Credit Union checking account, your $1 maintenance fee is automatically contributed to the State Employee Credit Union Foundation. The State Employee Credit Union Foundation promotes local and community development by primarily funding high-impact projects in the areas of housing, education, healthcare and human services. They also offer a checking account Switch Kit online to make a transition from another checking account easier on their customers. Their checking accounts come with the following features:

  • Current interest rate is 0.25% / 0.25% APY (based on current trends)
  • $0 required minimum balance
  • Dividends-earned compounded daily, paid monthly
  • $1 monthly maintenance fee, unless instructed otherwise, is automatically donated by the member to State Employee Credit Union Foundation
  • 50 checks per statement period free
  • Accessible via ATM, ASK SECU, Member Access, branch and SECU Contact Center
  • Overdraft protection is available with no fee for two separate days per year
  • Online BillPay service
  • Debit cards for purchases and ATM transactions
  • Automated drafts and deposits
  • Online images of most cleared checks

Certificates of Deposit

State Employees Credit Union also offers great rates on their share certificates or their Certificates of Deposit. They have terms that start at 3 months and can extend up to 60 months with a tiered rate amount depending on how much you wish to invest and for how long.

The Bad

  • Lack of options
  • Mobile features

Lack of Options

State Employee Credit Union does have several options for branches and ATMs, but we could not locate the exact number for either. For this reason, they could not be scored accordingly. Also, State Employee Credit Union only offers one type of credit card for their customers, and it is very basic.

Mobile Features

State Employees Credit Union doesn't offer a mobile app and options for mobile check deposits. These are two very common features that most credit unions offer. State Employees Credit Union needs to catch up with their mobile applications options because it offers convenience to their customers.

The Bottom Line

State Employees Credit Union only offers one credit card option for customers, however, their rates are incredible even for their basic accounts compared to many other credit unions. State Employees Credit Union is actually a credit union that is found in many other states by the same name the services they offer in each state are consistent throughout while the rates may vary from state to state. Based on rates alone, States Employees Credit Union would be a good option to invest and get a greater financial return on your basic deposits and on your CDs. However, there are some pitfalls that State Employees Credit Union encounters including not providing some information on their website.

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