Federal Credit Union: SECU Extensive Evaluation 2020

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Triston Martin

May 06, 2022

As it is usually known, SECU is one of the largest credit unions in the United States, with over 260 locations and more than 1100 network ATMs. However, it is only available in North Carolina.


You must be a North Carolina public employee or be connected to one to join. The Union provides its members with a wide range of services, and it is one of the most technologically advanced credit unions. A few of the company's services may be carried out either on a smartphone or through its website and numerous applications.


What Is the State Employees Credit Union (SECU)?


Employees of North Carolina control the State Employees' Credit Union (SECU), a nonprofit financial organisation. Southeastern Federal Credit Union was established in 1937 and is the nation's second-largest credit union regarding assets and membership.


SECU has $41 billion in assets as of 2019 and serviced over 2.2 million members or over 20% of the state's population. All of North Carolina's 265 branches of the SECU employ about 6,000 people.


State Employees Credit Union (SECU) Operation



State employees created the SECU in 1937. The Union was established to serve state and public school personnel and their families with financial services. The SECU had less than a dozen members and assets totalling $450 at its inception. The Union's assets expanded to $45.2 billion1 by June 2020, and it now has 240 locations serving more than 1.7 million members across the state.


In North Carolina, SECU operates a network of 1,100 automated teller machines (ATMs). The state of North Carolina must employ individuals to join. Non-federal government personnel working for North Carolina's public school boards and the state's National Guard, and some county employees are also eligible.


Products SECU


High-net-worth clients can choose from several account options, including retirement planning services, investments, insurance, and financial management.


Accounts Reconciliation


Checking accounts from SECU are among the best in the business. No minimum deposit is required to start SECU's regular checking account, and just $1 is required to maintain the account.


For an additional 20 cents per check, you'll receive up to 50 free checks per billing period. Currently, dividends payout a dividend yield of 0.05 per cent. SECU's Zard programme also includes a Z-Checking account for youth ages 13 to 19, which earns the same interest rate.


You may pay your bills online and avoid overdraft penalties using the check-free account, making it an affordable alternative. It costs $1 per month to maintain the account, but there is no minimum balance.


Cash Flow Management


When members join SECU, they are instantly given a regular "share savings" account. It requires a $25 minimum deposit to open, but your balance will earn 0.01% APY. On the other hand, SECU offers a wide variety of savings accounts.


Teachers and other employees paid only for part of the year might create a Summer Cash account or a Holiday Cash Club account for holiday expenditures. There is no minimum deposit required to start either account.


Money Market Accounts (MM)


Consider creating a SECU Money Market Share account if you have $250 to deposit and can keep it there to avoid a $2 monthly charge. Unlike a certificate of deposit, a money market account has no maturity limits, so you'll earn more interest on your money than you would with a regular savings account (0.15 per cent APY vs 0.10 per cent).


CD Pricing


The credit union counterpart of a CD is a share term certificate, and SECU only has one. An annual percentage yield (APY) of 0.30 per cent to 0.55 per cent is available for terms ranging from six to sixty months long.


With as little as $250, you can get started. "Laddering" certificates allow members with a larger amount of money to invest to ultimately have all 60-month certificates maturing each year to access the funds if they choose to.


Feature Highlights



According to GOBankingRates' criteria, the country's finest financial institutions are ranked. There were four main types of strengths at SECU:


Products' Vast Range


People don't all have the time or inclination to search around for the finest bank alternatives and keep various accounts at various organisations. There are several advantages to a well-rounded financial institution, such as providing a range of services beyond just depositing money into an account. It's a nice perk to be rewarded for your long-term devotion. SECU is ranked well for delivering virtually all of the financial services you'll need.


Affordability


You can create an account online or in SECU's more than 200 offices in North Carolina. Individuals must first meet the credit union's eligibility requirements before they may join.


Fortunately, you may qualify for an account and open one simultaneously, thanks to the convenience of online banking. It's easy for members who are already familiar with digital banking to use the website and mobile app to keep tabs on their accounts, pay bills, and deposit checks on the go.


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