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State Employees' Credit Union (NC)

Based on 1 review
Overview / Commentary
919-839-5000
1000 Wade Ave
Raleigh, NC 27605

State Employees’ Credit Union is a North Carolina-based, state chartered credit union, and one of the largest credit unions in the United States. It offers personal banking and loan products, as well as credit card and investment services to its membership, which consists of employees of the state of North Carolina and their employees.

SECU’s personal banking products include checking, savings, Money Market, Certificate, and Individual Retirement accounts. The credit union’s checking account offers a competitive interest rate and comes with a $1 per month maintenance fee that is automatically donated to the SECU Foundation. A debit card, online bill pay, and 50 checks per statement are included for free with the checking account. Education and health savings accounts are available and offer tax incentives on saving money for school and medical costs. SECU’s basic savings account is called a share account and offers a competitive rate of interest and no monthly service charges. The Money Market Share account is similar to the basic share account, but has higher minimum opening deposit and minimum balance requirements. Certificate accounts are available in term lengths ranging from 6 to 60 months and come with fixed interest rates. SECU also provides estate planning, insurance, and investment guidance and planning.

State Employees’ Credit Union online banking provides access to web-based banking services like bill pay, check image viewing, Quicken financial management integration, and transaction history monitoring. SECU has also optimized its website for mobile banking, making it convenient and easy for members to access and manage their accounts via a smartphone or tablet device. The credit union is part of the CashPoint ATM network, which is North Carolina’s largest ATM network.

SECU was founded in 1937 in Raleigh, North Carolina, where its headquarters remain today. The credit union operates hundreds of branches located across the state of North Carolina. Branches offer services like coin sorting, safe deposit boxes, savings bonds, and tax preparation.

Field of Membership Restrictions

State Employees' Credit Union is a member-owned, non-profit cooperative. Membership is limited to persons who meet the eligibility requirements. These are listed on the bank's site but primarily include current and retired state employees and North Carolina National Guard members. - See Details

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Reviews (1)

Love SECU NC

I have never had any problems with this credit union. They charge $1.00 per month and that is it for checking accounts. Even the NSF charges are small. They also have good loan products and a large presence around North Carolina. Much better then any bank.



Health

Data for Q4 2013

Institution Health

B+

Texas Ratio

GRADE:
B+

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 State Employees' Credit Union (NC) had $271.77 million in non-current loans and owned real-estate with $2.21 billion in equity and loan loss allowances on hand to cover it. This gives State Employees' Credit Union (NC) a Texas Ratio of 12.27% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B

The Texas Ratio for State Employees' Credit Union (NC) decreased slightly from 14.44% as of December 31, 2012 to 12.27% as of December 31, 2013, resulting in a positive change of 14.98%.This indicates that the balance sheet and financial strength for State Employees' Credit Union (NC) has improved slightly in recent periods.

Deposit Growth

GRADE:
A+

In the past year, State Employees' Credit Union (NC) has increased its total deposits by $1.55 billion, resulting in 6.65% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth State Employees' Credit Union (NC) has shown is excellent.

Capitalization

GRADE:
C

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. State Employees' Credit Union (NC) has $27.11 billion in assets with $2.21 billion in equity, resulting in a capitalization level of 8.17%, which is average.

Institution Statistics

Overall
NCUA #66310
Year Chartered1937
Employees4796
Primary Regulator
Assets and Liabilities
Assets$27.11 billion
Loans$14.93 billion
Deposits$24.89 billion
Equity Capital$1.99 billion
Loan Loss Allowance$226.67 million
Unbacked Noncurrent Loans$244.97 million
Real Estate Owned$26.80 million
Historic Data - December 2012
Assets$25.48 billion
Equity Capital$1.88 billion
Loan Loss Allowance$212.03 million
Unbacked Noncurrent Loans$244.97 million
Real Estate Owned$49.27 million
Profit Margin - Quarterly
Net Interest Margin3.49%
Return on Assets0.38%
Return on Equity5.2%
Interest Income$712.24 million
Rates

Always verify rates and promotions with the bank or credit union. We are not State Employees' Credit Union (NC), we are a rate comparison website and can not provide official rates or promotions.

State Employees' Credit Union (NC) Savings Account Rates

DetailsAPYMINMAXPRODUCT
1.51%$25-Traditional IRA
1.51%$25-Coverdell Education Savings Account (CESA)
1.51%--Health Savings (HSA)
1.51%$25-Roth IRA
1.51%$25-SEP IRA
0.75%$25-Share
0.75%--Holiday Cash Club
0.75%--Summer Cash
0.75%--FAT CAT Share
0.75%$25-Z-Share

State Employees' Credit Union (NC) Money Market Rates

DetailsAPYMINMAXPRODUCT
1.01%$250-Money Market

State Employees' Credit Union (NC) Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.25%--Checking (Share Draft)

State Employees' Credit Union (NC) CD Rates

DetailsAPYMINMAXPRODUCT
1.50%$250-48 Month Share Term Certificate
1.50%$250-60 Month Share Term Certificate
1.25%$250-36 Month Share Term Certificate
1.00%$250-6 Month Share Term Certificate
1.00%$250-12 Month Share Term Certificate
1.00%$250-18 Month Share Term Certificate
1.00%$250-24 Month Share Term Certificate
1.00%$250-30 Month Share Term Certificate
Locations

State Employees' Credit Union (NC) has 253 locations. Click to view all State Employees' Credit Union (NC) locations.