State Employees Credit Union is a popular bank that is credible to known due to its exceptional range of financial products and services. They are considered competitive in terms of their rates and low fees. Moreover, it is extremely beneficial for all those who authentically meet their membership criteria.

Their comprehensive service offerings range, from savings and checking accounts to beneficial mortgage loans and investment options. These perspectives are highly crucial to dealing with a diverse range of financial needs of the customers.

All these offerings make the bank a valuable financial institution for eligible members residing in North Carolina‚Äč. Let’s have a deeper overview of the details in the section below;

Bank Overview

State Employees’ Credit Union (SECU) is one of the most unique and highly innovative financial institutions. The bank is primarily based in North Carolina and first appeared in 1937.

Over time, the bank has gained significant recognition and growth both in terms of official assets and membership. Presently, the SECU proudly serves a total of 2.6 million members. This serving includes a large number of offerings including versatile financial products and services.

The credit union has a unique image that makes it different from available traditional bank options. It is a member-owned and non-profit organization. This well-defined structure mainly focuses on delivering quality financial services to its members. It works a lot for generating profits for shareholders.

In terms of services and products, there available a broad range of;

  • Checking and savings accounts
  • Certificates of deposit
  • Money market accounts
  • Mortgage loans

All of them are described separately in the section below;

State Employees Credit Union Locations

SECU has a boasted and extensive network of branches and ATMs. The network has spread throughout North Carolina.

There are around 270 branches available for the bank with around 1,100 ATMs also.

The credit union works with convenient access to banking services for all its members. These branches are strategically located and available to serve the large & broad membership base.

Each branch is exceptionally equipped with offerings and a range of services. It is a highly feasible option for everyday banking needs and even more complex financial planning and advice.

Checking Accounts at State Employees’ Credit Union

State Employees’ Credit Union (SECU) stands with an incredible reputation due to its various checking accounts. Each account is flexible enough to meet the distinct needs of its eligible members. A very deep and closer look at the types and features of checking accounts is;

FeatureStandard Checking AccountZ-Checking Account
Minimum DepositNo minimum deposit requiredNo minimum deposit required
Minimum Balance$1 minimum balance neededSpecifics not mentioned
ChecksUp to 50 free checks per statement periodSpecifics not mentioned
Dividend Rate0.05%Specifics not mentioned
FeesTypically low to no monthly maintenance feesSpecifics not mentioned
Target AudienceAll membersTeenagers aged 13 to 19
ProgramNot part of a specific programPart of the Zard program for teens
Additional FeaturesNot specifiedMoney management education for teens

Saving Accounts

In addition to the checking accounts, the variety of savings account options at the concerned bank is significantly notable. The accounts are well designed to meet the unique financial goals and circumstances of its members. The precise types of savings accounts provided by SECU include:

Savings AccountMinimum Deposit & BalanceDividend RatesTarget AudienceAdditional Features
Basic Share Account$25Nominal, specific rate variesAll membersEstablishes and maintains SECU membership
Zard Share AccountTeenagers aged 13 to 19Tools for financial literacy, savings encouragement
FAT CAT Share AccountVery lowChildren aged 12 and underDesigned for young savers, accessible minimum deposit
Money Market Share Account$250Higher than regular savingsAll membersGreater flexibility and access compared to CDs
Summer Cash Club AccountAll members, educators (Summer Cash)Save for specific purposes (Summer or Holiday expenses)
Holiday Cash Club AccountAll membersSave for specific purposes (Summer or Holiday expenses)
Health Savings Account (HSA)Individuals with high-deductible health plansSave for medical expenses with tax advantage

CD Rates and Money Market Accounts

The competitive CD rates offered by the bank are quite higher than the national average. Here are the required highlights:

  • 6-month CD: 4.50% APY.
  • 12-month CD: 5.60% APY.
  • 2-year CD: 4.30% APY.
  • 5-year CD: 3.50% APY.

On the other hand, the SECU is very significant in terms of Money Market Share Accounts. It provides a deep balance between the higher earning potential of a CD with the liquidity of a savings account. Some of its key features include;

  • Minimum Deposit and Balance – A minimum deposit and ongoing balance of $250 is required.
  • Dividend Rates – The account offers competitive dividend rates, which are compounded daily and paid monthly.

Mortgage Loans 

The most significant range of mortgage products, along with SECU is;

Loan TypeConventional Loans
Down PaymentLow down payment options
Mortgage InsuranceNo requirement for private mortgage insurance (PMI)
Financing100% financing available for qualified borrowers
Geographic LimitationPrimarily available in North Carolina and neighboring states

In addition to mortgages, SECU has a profile with a broad range of loans;

  • Auto loans
  • Personal loans
  • Home equity loans.

These products are precisely designed to meet different financial needs.

Additional Products and Services

SECU works with traditional banking products. Along with this, there are some additional services available also

Financial ServicesDescription
Insurance– Auto, home, and life insurance coverage
Investment Services– Retirement planning and wealth management
Financial Planning– Tailored advice and planning to meet individual needs
Estate Planning– Assistance in managing assets and estate planning

Comparison Overview with Other Institutes

Feature/InstitutionState Employees’ Credit UnionBank of AmericaWells FargoTruist Bank
Membership EligibilityState employees in NC and their familiesOpen to allOpen to allOpen to all
Product RangeChecking, Savings, CDs, Mortgages, Loans, Investment ServicesWide range including Checking, Savings, CDs, Mortgages, Loans, Credit Cards, Investment ServicesWide range including Checking, Savings, CDs, Mortgages, Loans, Credit Cards, Investment ServicesWide range including Checking, Savings, CDs, Mortgages, Loans, Credit Cards, Investment Services
Checking Account FeesLow to none, depending on account typeVaries, can be waived with specific requirementsVaries, can be waived with specific requirementsVaries, can be waived with specific requirements
Savings Account RatesCompetitive, often above national averageGenerally lower, typical of large banksGenerally lower, typical of large banksGenerally lower, typical of large banks
CD RatesCompetitive, often above national averageVaries, generally lower than credit unionsVaries, generally lower than credit unionsVaries, generally lower than credit unions
Mortgage OptionsConventional with low-down-payment options, limited to certain statesWide range, including government-backed optionsWide range, including government-backed optionsWide range, including government-backed options
Customer ServiceHigh focus on personalized service, with local branch access in NCNational branch network, online and mobile supportNational branch network, online and mobile supportNational branch network, online and mobile support
Online and Mobile BankingAvailable, with functional and user-friendly platformsAdvanced platforms with a wide range of featuresAdvanced platforms with a wide range of featuresAdvanced platforms with a wide range of features
Geographical ReachPrimarily in North Carolina and a few neighboring statesNationwideNationwidePrimarily in the Southeastern US

Pros and Cons Analysis

Pros

  1. SECU is available with a huge offering of CDs, savings, and money market accounts. These accounts are competitive from the perspective of national averages.
  2. The bank has a strong focus on the objective of customer service. It provides a vast network of branches to customers with a 24/7 hotline.
  3. As it is a credit union, it operates with the interests of its members. It ultimately results in lower fees and better rates.
  4. SECU has a broad presence horizon in North Carolina, it shows a commitment to the communities it serves.

Cons

  1. Membership is primarily limited to North Carolina state and public-service employees and their families.
  2. Most services are concentrated in North Carolina, limiting accessibility for those outside the state.

Customer Reviews

The customer reviews of State Employees’ Credit Union generally reflect a positive sentiment, particularly praising:

  • Customer Service: Many customers appreciate the personalized service and the availability of staff to address their needs.
  • Rates and Fees: Satisfaction with competitive rates on savings and loan products and lower fees compared to traditional banks.

However, there are also instances of dissatisfaction, particularly concerning:

  • Eligibility Restrictions: Some potential members express disappointment over the limited membership eligibility criteria.
  • Service Accessibility: For those outside the core geographic area, accessing services can be a challenge.

Final Personal Review – Services, Customer-Centric Approach

In terms of personal consideration, the SECU is known to deliver a strong customer-centric approach for consumers. It has been evident through its flexible financial products and services.

It shows a strong commitment to the audience by serving the specific needs of its member base. Primarily, its services for the state and public-service employees in North Carolina, are exceptionally commendable.

Additionally, the credit union is also known to focus on competitive rates and its low fee structure. The bank further enhances its appeal for the customers to grab its membership.

Conclusion

Overall, the State Employee Credit Union bank is an extremely notable financial institution that is easy to access for the people residing in North Carolina. The bank is dedicated enough to facilitate the state as well as other public-service employees in terms of their financial horizon.

In addition to all this, the range of financial products that is provided by the bank is competitive. All of its savings and CD rates are comparable with the top-rated financial options along with its mortgage and loan options and cater well to its member base.

On the whole, the customer-centric approach of the bank is credible and is evident by its extensive customer service network and community-oriented services.

FAQs

What is the eligibility for State Employees’ Credit Union?

To get the membership, it is basic and easily available for the employees of the State of North Carolina. The public boards of education and other associations that serve the state employees, as well as their immediate family members, get membership easily.

Does SECU offer online and mobile banking services?

Yes, SECU provides both online and mobile banking services, allowing members to manage their accounts, pay bills, and perform other banking transactions digitally.

Are there fees for SECU checking or savings accounts?

While SECU strives to keep fees low, some accounts may have monthly maintenance fees. It’s best to check the specific account details for the most current fee structure.