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State Employees' Credit Union (NC)

Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
2.00%5-year CD60 Months Share Term Certificate
1.25%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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Easy And Efficient To Work With

As an employee of the state, we had to establish an account with State Employees Credit Union in order to receive direct deposits, which meant I could get my paycheck on Thursdays rather than Fridays, so I signed up and checked the box to have my money deposited into my savings. I really had no intentions on using the account for more than to receive my checks, but they pay dividends on the money that is in your savings, and it is deposited into my account at the beginning of the following month. And it is not based on how much you leave in the account- the dividends are compounded daily, so I always earned more around the pay periods, leaving what I can in the account until I needed so I could increases my dividends. Then, even more, they have a Holiday Club account that I can put smalls amount of money into throughout the year, and then at the end of October, i get a deposit into my checking account for the money I saved so I can start Christmas shopping. The Credit union is simple, straightforward and easy to use and work with, but they offer little perks that make it easy to earn a little bit of money from doing business with them and even more, save for the holidays without really feeling like i need the money now.

Fantastic Credit Union

Every summer I go into SECU at least once when they will have sandwiches, cookies and drinks for the customers. They say they just want us customers to know how much they appreciate us. One time, I got two money orders for purchases by my handbell choir. After a couple of months, I got word that one of the invoices had not been paid. I went to SECU and asked them to check and see if the money order had been cashed. It had not so they decided to write me a new replacement money order and stop payment on the old one. Recently, I got a letter from the Postal Inspection Service and they told me that my two letters were part of a robbery and saw that one of the money orders was gone. It was the one that I had replaced. I went back to SECU and showed them what had happened and they refunded the cost of making a replacement money order. It was $8.00. I know that most banks would not do this. I love this bank.

No Frills Banking

I have been a SECU member since 1993 through my parents, it was my first bank account and I used it actively until just a few months ago. The bank offers a down home feel, and most of the associates are friendly. Rates are competitive and they provide a few perks to their members, such as discount tickets to them parks and a car-buying service. Their branch locations are pretty convenient as the closest one is less than two miles from my house. My experience has always been positive.

As consistent as my experience has been, I was looking for something a little more. Since I travel out of state often, I wanted free ATM access out of state and also more options for mobile banking. I recently switched to another credit union that has more convenient, mobile-friendly features. My advice to SECU: keep up the great personal service, but you need to upgrade your technology to become more mobile.

No Consistency At All.

First off the only reason I am still currently a customer of this Credit Union is the lack of time to deal with changing institution. My paycheck and the paychecks of all the people I work with are never in at the same time two weeks in a row. Every other coworker I have talked with that is not banking with State Employees Credit Union Has their paycheck available at 12:00 AM payday. Mine hits somewhere between 12AM and whenever State Employees Credit Union feels like they should allow me access to my money. Even their excuses change. Last time I called it had to do something with what ever batch was getting processed at what time. This time it all depends on when the company I work for sends them the file. I work night shift 48+ hours a week, go to school full time, and am a single Father. When a paycheck is suppose to be deposited it needs to be done promptly. Looks like I'm going to have to loose sleep just to start the process of changing all of my banking from State Employees Credit Union to one that can actually do something in a timely manner.

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Health
B+

Health Grade Components

Overall
NCUA #66310
Year Chartered1937
Employees6277
Primary Regulator
Profit Margin
Return on Assets - YTD0.74%
Return on Equity - YTD9.53%
Annual Interest Income$553.6MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$36.88B$33.79B
LoansQ2 2017vs Q2 2016$20.94B$19.20B
DepositsQ2 2017vs Q2 2016$33.73B$30.87B
Equity CapitalQ2 2017vs Q2 2016$2.83B$2.63B
Loan Loss AllowanceQ2 2017vs Q2 2016$228.4MM$224.3MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$325.8MM$293.5MM
Real Estate OwnedQ2 2017vs Q2 2016$7.5MM$9.5MM
Rates
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State Employees' Credit Union (NC) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.51%$25-IRA Savings - Variable Rate
1.51%$25-Coverdell Education Savings Account (CESA)
1.51%--Health Savings (HSA)
1.25%--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
2.00%$250-60 Months Share Term Certificate
1.75%$250-36 Months Share Term Certificate
1.75%$250-48 Months Share Term Certificate
1.50%$250-24 Months Share Term Certificate
1.50%$250-30 Months Share Term Certificate
1.25%$250-12 Months Share Term Certificate
1.25%$250-18 Months Share Term Certificate
1.00%$250-6 Months Share Term Certificate
Locations

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