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State Employees' Credit Union (NC)

Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
1.75%5-year CD60 Months Share Term Certificate
1.00%1-year CD12 Months Share Term Certificate
0.75%SavingsShare Accounts

Overview / Commentary
919-839-5000
119 N Salisbury St
Raleigh, NC 27603

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

Membership in State Employees' Credit Union is open to employees of the state of North Carolina, employees of public boards of education, Federal employees working with the North Carolina government, employees of associations formed for the benefit of state of North Carolina employees, County employees of Social Services, Health, Mental Health and Civil Defense, members of the North Carolina National Guard, and immediate family of current members.
See current membership details

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The State Employees Credit Union is the way to go

Growing up, I was fortunate that my parents worked for the State of North Carolina and hence were able to become members of the State Employees Credit Union. As a kid, I was able to set up a "Fat Cat" account and once I started working, open my own checking and savings account through the bank. In my experience and opinion there is no better option. First, the banks are located all over the state of North Carolina. No matter where you are, you are likely only a few miles away from a branch. In fact where I lived, there were 3 locations within reasonable distance. In high school and then college, I was able to go by the bank to deposit my pay checks in between my class schedule without any problems.

The staff at the Credit Unions are also very knowledgable, efficient, and friendly. The day I opened my account, I was able to meet with a bank manager and have the account open within one hour. No matter whether I am going through the driver through service or physically walking into the bank, I never have to wait longer than 5 minutes to have my needs addressed. The bank is large in terms of clientele but operates as a small, niche bank, in terms of efficiency.

Finally and probably most importantly there are very minimal fees, and the growth rates are much better than average. The fee to maintain the checking account is only $1 per month. In my experience, you well make back this $1 every month based on the dividend you earn on your savings account balance at the end of every month. You also do not have to worry about ATM fees because there are numerous branches and ATMs allowed.

I have been banking with SECU for 8 years and will continue to for many more.

North Carolina State Employees' Credit Union

I joined this institution over 10 years ago, when I was teaching full time. They have amazing customer service. The employees seem to genuinely care about providing customers with the best services for their specific needs, not just trying to sell and make a quota. The interest rates offered are some of the highest in the area. They have a very user friendly web site, which allows me to easily move money between my accounts, as well as pay bills directly from my account. Another reason I love NCSECU is because of their commitment to financial literacy for children. They provide special savings accounts for children that are directly linked to the parent's account. Both of my sons have had a savings account through NCSECU since birth. Each month, they send us information containing activities to teach children about savings and how to use accounts responsibly and effectively.

The best choice for banking in NC

Posted by: idahuff88 | Apr 27, 2017

I have been a customer of the State Employees Credit Union (SECU) for over twenty years. It was one of the first places where I ever banked (because a parent was a state employee) and now I do the great majority of my banking with SECU. They consistently provide the highest level of customer service; it is not at all unusual for branch employees to recognize me and call me by name. Their checking and savings products are superb, without hidden fees and onerous minimum balances and better rates than most commercial banks. In addition, the money market savings account has great rates. Because it is owned by its members, SECU can focus on returning value to its members rather than shareholders.

In addition to savings and checking, I maintain a low-rate credit card and an account for bill payment with SECU. Their website makes checking balances, paying bills and opening new accounts very easy. SECU has an extensive network of ATMs in North Carolina. I also maintain my HSA with SECU, and use their brokerage service to manage my brokerage IRA. The brokerage service is through a partnership with Pershing, and offers access to many funds, as well as very competitive fees relative to commercial brokerages. I have access to an investment advisor if I need guidance. In addition to brokerage accounts, SECU offers a regular IRA with fixed return. I also use their safe deposit box service.

In lending relationships, SECU offers a number of mortgage and lending options. The best thing about having a borrowing relationship with SECU is that SECU owns the loan at all times; it isn't sold to another company in a confusing transaction.

SECU is consistently easy to do business with and dependable. The highly useful website and broad network of ATMs ensure that I don't spend more time than I need to inside a branch trying to transact basic business, but there are always helpful folks in the branch or in the call center if I need help.

Good, quality Banking at SECU

When we first moved to NC in October of 2013, I wanted to open an account with a local bank. We already had several accounts at a very large national bank, but were extremely unhappy with it, especially when fraud was discovered. A coworker suggested State Employees Credit Union, SECU, to me, and explained that they had a small-town feel, but had a wide variety of banking and investment options. I went in on a Friday, when I got my first paycheck (couldn't be directed deposited initially), and talked to a banking assistant. She was very welcoming of me to the bank, and the whole community. We talked for a while about my banking and loan needs, though I didn't have loan needs at that moment. She was forth-right and up-front, explaining fees and even though I had chosen a checking account from their website, explained how another one would better suit my needs. After our initial meeting, she followed up with me via phone call to my home a month later, asking if I was satisfied so far with their service and asking if there was anything else they could help me with. About 2 years later, we opened an investment Money Market account with SECU, after meeting with a financial planner in our local office. We've found their associated investment fees to actually be better than with the large national bank we had been banking with. They seem to all have the same kind of products, so that was neither better nor worse. The website is kind of bland and "busy", and it took a while to learn where everything was located and how to do certain banking transactions. I think that could be improved quite a bit. Overall we have been happy with the local service and the overall banking experience.

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Health
B+

Health Grade Components

Overall
NCUA #66310
Year Chartered1937
Employees6135
Primary Regulator
Profit Margin
Return on Assets - YTD0.62%
Return on Equity - YTD8.01%
Annual Interest Income$964.7MM
Assets and Liabilities
AssetsQ4 2016vs Q4 2015$35.03B$31.82B
LoansQ4 2016vs Q4 2015$20.14B$18.29B
DepositsQ4 2016vs Q4 2015$32.03B$29.07B
Equity CapitalQ4 2016vs Q4 2015$2.70B$2.48B
Loan Loss AllowanceQ4 2016vs Q4 2015$222.1MM$207.1MM
Unbacked Noncurrent LoansQ4 2016vs Q4 2015$343.6MM$310.2MM
Real Estate OwnedQ4 2016vs Q4 2015$6.4MM$7.4MM
Rates
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State Employees' Credit Union (NC) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
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
1.00%--Summer Cash
0.75%$25-Share Accounts
0.75%--Holiday Cash Club
0.75%--FAT CAT Share
0.75%$25-Z-Share

State Employees' Credit Union (NC) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.01%$250-Money Market

State Employees' Credit Union (NC) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%--Checking (Share Draft)

State Employees' Credit Union (NC) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.75%$250-48 Months Share Term Certificate
1.75%$250-60 Months Share Term Certificate
1.50%$250-36 Months Share Term Certificate
1.25%$250-18 Months Share Term Certificate
1.25%$250-24 Months Share Term Certificate
1.25%$250-30 Months Share Term Certificate
1.00%$250-6 Months Share Term Certificate
1.00%$250-12 Months Share Term Certificate
Locations

State Employees' Credit Union (NC) has 261 locations. Click to view all State Employees' Credit Union (NC) locations.