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State Employees' Credit Union Review: Reasonable Fees and Rates
Susan Kelly
Dec 15, 2022
Established in 1937 with a meager $437 in assets to serve its three members, the State Employees' Credit Union (SECU) of North Carolina has grown into a thriving financial institution.
The credit union now has over 2.6 million members across the state and serves them through its network of over 270 branches and 1,100 automated teller machines. SECU is member-owned and -operated, like other credit unions.
To be eligible for membership, you must be an employee of either the State of North Carolina, a public board of education, or an association representing state workers. Members of these people's immediate families are also welcome to apply.
The Best of SECU's Offerings
The credit union provides a variety of account type, retirement planning, insurance, and financial management for high-net-worth individuals.
Deposit Accounts
In terms of banking institutions, SECU ranks well. When you create an everyday checking account at SECU, you need $1 to start and only $1 to keep it going. Plus, you may get up to 50 complimentary checks every billing cycle, with additional checks costing 20 cents apiece.
The current dividend rate is 0.05% each year. For young adults between 13 and 19, SECU's Zard program has a Z-Checking account that earns the same interest rate.
Savings Accounts
When a member joins SECU, they are given a basic savings account called a "share savings" The account's minimum opening deposit is $25. However, all balances will earn an annual percentage yield of 0.10%.
However, SECU provides dozens of additional savings account possibilities. In addition, we provide a Summer Cash account designed specifically for teachers and other professionals who only get paid during the summer months.
Neither account has a starting deposit minimum. There are also FAT CAT Share account for youngster, with tax-advantaged choice for education, retirement, and health savings.
Checking Accounts in the Money Market
If you have $250 to start a savings account and can maintain that amount as a minimum to save yourself a $2 monthly charge, consider creating a SECU account.
With a money market account, you may earn more interest than with a share savings account, and there are no limits on how long your money can remain there, unlike with a certificate of deposit.
Withdrawal options are restricted with SECU's account because of the lack of bill pay, ACH transfers, and check writing.
Top-Rated Characteristics
GOBankingRates employs precise criteria to assess and determine the finest financial institutions in the country. Specifically, SECU excelled in the following four areas:
Breadth of Products
Only some have the luxury of time to open and keep track of accounts at several different banks while looking for the best rates and terms.
So it's useful when credit unions are large enough to offer various services, including accounts, financial advising, planning, insurance, and loans.
Receiving special relationship prices for your loyalty is an extra advantage. SECU rates well in delivering practically everything you need in your financial path.
Uselessness or Simplicity
Opening an account with SECU is easy, whether online or in one of their 200+ locations around the state of North Carolina.
One must meet the credit union's membership requirements before joining. The good news is that creating an account and determining eligibility may be completed simultaneously.
The website and smartphone app are feature-rich enough to manage day-to-day financial demands, such as balance tracking, bill paying, and mobile check deposits, for members familiar with digital banking.
Fees
The fees charged by credit unions are often far cheaper than those charged by conventional banks. A perfect example is SECU. SECU doesn't impose overdraft fees, which are normally the highest price a bank charges, and if the overdrawn grace period is used up, the fee is only $12.
Exposure to Banking
Branch locations and ATMs around North Carolina mean that SECU is always within reach. However, you may skip in-person banking for most transactions using SECU's online and mobile banking services. Either choice provides for a great banking experience.
Final Take
With a complete array of banking alternatives — credit cards, loans, insurance, and investment — SECU can assist members in managing their money from their teen years through their elderly years. If you're eligible for membership or believe you might be, it's worth your time to phone or stop by your local branch to chat with a credit union representative about enrolling.
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