What State Employees' Credit Union Is

State Employees' Credit Union (SECU) is a member-owned financial institution that serves public employees in North Carolina. It operates as a credit union, meaning it is run by and for its members rather than shareholders. SECU offers checking and savings accounts, loans, credit cards, and investment services through branches across North Carolina and online banking.

SECU is one of the largest credit unions in the United States by asset size. Because it is member-owned, any profits are returned to members through better interest rates on savings, lower fees, and lower loan rates than you might find at a traditional bank.

Key Takeaways

  • SECU membership is open to public employees in North Carolina, including state employees, teachers, local government workers, and certain retirees.
  • You can open a checking or savings account online or at a branch, and you will need proof of employment and a government-issued ID.
  • SECU offers personal loans, auto loans, mortgages, and credit cards, with rates that typically differ from traditional banks because it is member-owned.
  • SECU accounts are insured by the National Credit Union Administration (NCUA) up to $250,000 per account type, the same protection as FDIC insurance at banks.

Who Can Become a SECU Member

SECU membership is limited to people who work for or retired from North Carolina public employers. This includes state government employees, public school teachers, community college employees, local government workers, and certain other public sector workers. Some family members of may be able to access employees may also join under SECU's field of membership rules.

If you are unsure whether your employer qualifies, you can contact SECU directly or check their website for a list of may be able to access employers. SECU staff can confirm your may be able to access before you open an account.

How to Open an Account

You can open a SECU account online, by phone, or in person at a branch. To start, you will need a government-issued photo ID and proof of your current employment or retirement status. A recent pay stub, employee ID, or retirement letter typically works as proof.

If you open online, you can complete the process in minutes and fund your account when ready with a transfer from another bank. If you open at a branch, bring your ID and employment verification documents with you. Either way, your account is usually active the same day.

SECU offers several account types: a basic checking account, a rewards checking account that pays interest if you meet certain conditions, and savings accounts with varying interest rates. Choose the account that matches how you plan to use it.

Checking and Savings Options

SECU's checking accounts come with a debit card, online banking, mobile app access, and bill pay at no monthly fee. The rewards checking account pays interest on your balance if you meet requirements like setting up direct deposit and using your debit card a certain number of times per month. If you do not meet the requirements, the interest rate drops significantly.

Savings accounts at SECU earn interest, and the rate varies depending on the account type and your balance. SECU also offers money market accounts and certificates of deposit (CDs), which lock your money away for a set period in exchange for a higher interest rate. Interest rates change over time, so check SECU's current rates when you are ready to open an account.

Loans and Credit Products

SECU members can borrow through personal loans, auto loans, home loans, and credit cards. Personal loans are unsecured, meaning you do not have to put up collateral, and you can borrow for almost any purpose. Auto loans are secured by the car you are buying, which typically means a lower interest rate than a personal loan.

SECU also offers mortgages for home purchases and refinancing. Mortgage rates and terms vary based on your credit, down payment, and the property. Home equity lines of credit (HELOCs) let you borrow against the equity you have built in your home.

SECU credit cards work like any other credit card: you make purchases, receive a monthly statement, and pay interest if you carry a balance. SECU members typically receive competitive rates and may have access to rewards programs or cash back depending on the card.

Fees and Costs

SECU charges no monthly maintenance fee on most checking and savings accounts. However, you may face fees for specific actions: overdrafting your account, using an out-of-network ATM, stopping a payment, or requesting a cashier's check. The exact fees vary by account type and change over time.

Loan interest rates and credit card rates depend on your credit score, the type of loan, and current market conditions. SECU members generally pay lower rates than the national average because the credit union returns profits to members instead of paying shareholders.

You can review SECU's current fee schedule on their website or ask at a branch. Many fees can be avoided by using SECU's ATM network, maintaining a minimum balance, or setting up direct deposit.

Account Protection and Safety

SECU accounts are insured by the National Credit Union Administration (NCUA), a federal agency that protects credit union deposits the same way the FDIC protects bank deposits. Each account type is insured up to $250,000 per member. This means if SECU failed, the NCUA would return your money up to that limit.

If you have multiple account types at SECU — for example, a checking account and a savings account — each is insured separately up to $250,000. Joint accounts are also insured separately. SECU's online banking is encrypted and password-protected, and you can set up alerts to monitor your account for unusual activity.

Frequently Asked Questions

Can I use SECU ATMs outside North Carolina?

SECU has branches and ATMs only in North Carolina. However, SECU is part of the CO-OP network, which means you can use thousands of ATMs nationwide without a fee. You can also use your debit card at any ATM, though out-of-network ATMs may charge a fee that SECU will not refund.

What happens if I leave my job or retire?

You can keep your SECU membership after you leave your job or retire, as long as you were a member before you left. Your accounts remain open and you can continue to use all SECU services. You do not have to close anything or move your money.

How do I access my account online?

SECU offers online banking through its website and a mobile app for iPhone and Android. You can log in with your member number and password to check balances, transfer money, pay bills, deposit checks by phone camera, and manage your accounts from anywhere.

What if I have a question about my loan or credit card?

You can contact SECU by phone, email, or in person at any branch. SECU also offers online chat support during business hours. Have your account number ready when you call so the representative can pull up your information quickly.

Does SECU offer investment services?

Yes, SECU offers brokerage services, retirement accounts (IRAs), and investment advisory services through a partnership. These services are separate from your checking and savings accounts and are not insured by the NCUA, so ask SECU about the specific protections that explore to investments.