State Employees Cu Of Maryland, Inc is headquartered in Linthicum and is the largest credit union in the state of Maryland. It is also the 48th largest credit union in the nation. It was established in 1951 and as of December of 2013, it had grown to 358 employees and 229,995 members. State Employees Cu Of Maryland, Inc's money market rates are 2X the national average, and it has a B+ health rating.
Must be an employee or member of any of the several listed educational institutions, hospitals and companies in the state of Maryland. - See Details
I've been a member of SECU for about ten years and it was my primary bank for most of that time. I will be closing my accounts soon only because I've left the Maryland area. Overall I'm reasonably satisfied with the bank, though I have had a few issues which required some intervention on my part but always worked out in the end. TL;DR their infrastructure leaves something to be desired, which is not surprising for a small bank, but I almost always got great customer service.
I've been in to branches many times for various services: cashier's checks, notary, car loan, CDs, etc. Most of these experiences were positive, but of course only the negative ones stick in my memory over time.
The most recent examples of my interactions with them had to do with some CDs I had in a ladder. I had a problem because I wanted my CDs be deposited into one of my accounts at maturation. The trouble was I had closed that account after the CDs were opened and before they matured, so each CD ended up auto-renewing instead. The maturations were staggered so each time I would visit a branch to get the problem taken care of, and they would back out the renewed CD and "fix" the others so it wouldn't happen again... only to find out six months later that the next CD in the chain still auto-renewed. It wasn't until the last one that this problem finally was resolved, though on the day after the maturation it temporarily showed the CD renewing and gave me a bit of a scare.
These problems were all technical with their (complex) account management system that I got a glimpse of once. I totally understand how little screwups like this happened with the system they have, and I never had a bad experience resolving them (even on one occasion where I was outside the 5-day grace period to back out of one of the CDs, they accomodated it because they realized it was their fault). The worst it ever got was when I tried to resolve one of the CD renewals over the phone and was told I had to come in to a branch to get it taken care of; a little strange but I was able to oblige.
The previous reviewer is too generous in calling the infrastructure mediocre. I have been a member of SECU for 14 years. My experience with branch personnel is that they have generally been knowledgeable and effective, but the phone service is incompetent and becoming worse. Wait times on hold are a minimum of 20-30 minutes. Despite multiple calls, they have managed to botch a simple request to close a CD account and transfer the balance at maturity.
This is the worst bank ! There transactions do not go through properly and there rules change everytime you speak with a representative. The customer service talks down to you as if you were a child when having problems with your account
This is a bank whom does illegal things with your money. Please do not bank with them you will regert it@!
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 Cu Of Maryland, Inc had $27.35 million in non-current loans and owned real-estate with $282.03 million in equity and loan loss allowances on hand to cover it. This gives State Employees Cu Of Maryland, Inc a Texas Ratio of 9.70% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for State Employees Cu Of Maryland, Inc experienced no significant changes from 9.40% as of December 31, 2012 to 9.70% as of December 31, 2013, resulting in a negative change of 3.20%. This indicates that the balance sheet and financial strength for State Employees Cu Of Maryland, Inc has had no significant changes in recent periods.
In the past year, State Employees Cu Of Maryland, Inc has increased its total deposits by $113.22 million, resulting in 4.94% 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 Cu Of Maryland, Inc has shown is excellent.
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 Cu Of Maryland, Inc has $2.69 billion in assets with $282.03 million in equity, resulting in a capitalization level of 10.50%, which is above average.
|Assets and Liabilities|
|Equity Capital||$262.46 million|
|Loan Loss Allowance||$19.57 million|
|Unbacked Noncurrent Loans||$26.73 million|
|Real Estate Owned||$617,000|
|Historic Data - December 2012|
|Equity Capital||$253.77 million|
|Loan Loss Allowance||$22.72 million|
|Unbacked Noncurrent Loans||$26.73 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||4.35%|
|Return on Assets||0.75%|
|Return on Equity||7.69%|
|Interest Income||$93.53 million|
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|0.10%||-||-||Roth Contributory IRA|
|0.10%||-||-||Coverdell Education Savings Account|
|0.10%||-||-||Roth Conversion IRA|
|0.10%||$300||-||Secured VISA Holding Account|
|0.95%||$100k||-||Business Money Market|
|0.35%||$500k||-||Advantage Money Market|
|0.50%||$100||-||Interest Earning Business Checking|
|0.10%||$10k||-||Premier Interest Checking|
|0.05%||$1k||-||Choice Interest Checking|
|0.05%||-||-||Students' Choice Checking|
|2.00%||$500||-||5 Year CD|
|1.85%||$500||-||5 Year Step-Up CD|
|1.50%||$500||-||4 Year CD|
|1.00%||$500||-||3 Year CD|
|0.80%||$500||-||30 Month CD|
|0.80%||$100k||-||2 Year Jumbo CD|
|0.75%||$500||-||2 Year CD|
|0.60%||$500||-||18 Month CD|
|0.60%||$100k||-||1 Year Jumbo CD|
|0.54%||$500||-||1 Year Premier Relationship CD|
|0.53%||$500||-||1 Year Choice Relationship CD|
|0.50%||$500||-||1 Year CD|
|0.30%||$500||-||1 Year Add-On CD|
|0.30%||$500||-||9 Month CD|
|0.30%||$500||-||6 Month CD|
|0.25%||$500||-||3 Month CD|
|2.00%||$500||-||5 Year IRA|
|1.85%||$500||-||5 Year Step Up IRA|
|1.50%||$500||-||4 Year IRA|
|1.00%||$500||-||3 Year IRA|
|0.80%||$500||-||30 Month IRA|
|0.80%||$100k||-||2 Year Jumbo IRA|
|0.75%||$500||-||2 Year IRA|
|0.60%||$500||-||18 Month IRA|
|0.60%||$500||-||15 Month IRA (Traditional,Roth,CESA)|
|0.60%||$100k||-||1 Year Jumbo IRA|
|0.54%||$500||-||1 Year Premier Relationship IRA|
|0.53%||$500||-||1 Year Choice Relationship IRA|
|0.50%||$500||-||1 Year IRA|