State Employees Credit Union Reviews
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. 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;
| Feature | Standard Checking Account | Z-Checking Account |
| Minimum Deposit | No minimum deposit required | No minimum deposit required |
| Minimum Balance | $1 minimum balance needed | Specifics not mentioned |
| Checks | Up to 50 free checks per statement period | Specifics not mentioned |
| Dividend Rate | 0.05% | Specifics not mentioned |
| Fees | Typically low to no monthly maintenance fees | Specifics not mentioned |
| Target Audience | All members | Teenagers aged 13 to 19 |
| Program | Not part of a specific program | Part of the Zard program for teens |
| Additional Features | Not specified | Money 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 Account | Minimum Deposit & Balance | Dividend Rates | Target Audience | Additional Features |
| Basic Share Account | $25 | Nominal, specific rate varies | All members | Establishes and maintains SECU membership |
| Zard Share Account | – | – | Teenagers aged 13 to 19 | Tools for financial literacy, savings encouragement |
| FAT CAT Share Account | Very low | – | Children aged 12 and under | Designed for young savers, accessible minimum deposit |
| Money Market Share Account | $250 | Higher than regular savings | All members | Greater flexibility and access compared to CDs |
| Summer Cash Club Account | – | – | All members, educators (Summer Cash) | Save for specific purposes (Summer or Holiday expenses) |
| Holiday Cash Club Account | – | – | All members | Save for specific purposes (Summer or Holiday expenses) |
| Health Savings Account (HSA) | – | – | Individuals with high-deductible health plans | Save 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 Type | Conventional Loans |
| Down Payment | Low down payment options |
| Mortgage Insurance | No requirement for private mortgage insurance (PMI) |
| Financing | 100% financing available for qualified borrowers |
| Geographic Limitation | Primarily 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 Services | Description |
| 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/Institution | State Employees’ Credit Union | Bank of America | Wells Fargo | Truist Bank |
| Membership Eligibility | State employees in NC and their families | Open to all | Open to all | Open to all |
| Product Range | Checking, Savings, CDs, Mortgages, Loans, Investment Services | Wide range including Checking, Savings, CDs, Mortgages, Loans, Credit Cards, Investment Services | Wide range including Checking, Savings, CDs, Mortgages, Loans, Credit Cards, Investment Services | Wide range including Checking, Savings, CDs, Mortgages, Loans, Credit Cards, Investment Services |
| Checking Account Fees | Low to none, depending on account type | Varies, can be waived with specific requirements | Varies, can be waived with specific requirements | Varies, can be waived with specific requirements |
| Savings Account Rates | Competitive, often above national average | Generally lower, typical of large banks | Generally lower, typical of large banks | Generally lower, typical of large banks |
| CD Rates | Competitive, often above national average | Varies, generally lower than credit unions | Varies, generally lower than credit unions | Varies, generally lower than credit unions |
| Mortgage Options | Conventional with low-down-payment options, limited to certain states | Wide range, including government-backed options | Wide range, including government-backed options | Wide range, including government-backed options |
| Customer Service | High focus on personalized service, with local branch access in NC | National branch network, online and mobile support | National branch network, online and mobile support | National branch network, online and mobile support |
| Online and Mobile Banking | Available, with functional and user-friendly platforms | Advanced platforms with a wide range of features | Advanced platforms with a wide range of features | Advanced platforms with a wide range of features |
| Geographical Reach | Primarily in North Carolina and a few neighboring states | Nationwide | Nationwide | Primarily in the Southeastern US |
Pros and Cons Analysis
Pros
- SECU is available with a huge offering of CDs, savings, and money market accounts. These accounts are competitive from the perspective of national averages.
- 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.
- As it is a credit union, it operates with the interests of its members. It ultimately results in lower fees and better rates.
- SECU has a broad presence horizon in North Carolina, it shows a commitment to the communities it serves.
Cons
- Membership is primarily limited to North Carolina state and public-service employees and their families.
- 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
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.
Yes, SECU provides both online and mobile banking services, allowing members to manage their accounts, pay bills, and perform other banking transactions digitally.
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.