The term SECU refers to a non-profit financial organization that is possessed by employees of the state of North Carolina. The SECU was established in 1937 and now it has become one of the largest credit unions in the United States. The main purpose of SECU is to provide reasonable financial services to its members such as checking and savings accounts, loans, mortgages, investment savings vehicles, and a lot more.
In this article, we will tell you how you can become a SECU member. Continue reading the article to explore more about SECU, how it works, and its advantages along with other information that can help you with registering your account with SECU or login into your already existing account.
About SECU or State Employees Credit Union
SECU stands for State Employees’ Credit Union and is a state-owned credit union. Its headquarters is in Raleigh, North Carolina. SECU is operated by the Credit Union Division of the North Carolina Department of Commerce. The member deposits are certified by the National Credit Union Administration (NCUA) of the US federal government. It is the second largest real member credit union in the United States in terms of both asset size and membership.
As of March 31, 2017, it has approximately $36.5 billion in assets, 2.1 million members, and 265 affiliates in a total of 100 counties in North Carolina. Credit union membership is commonly limited to employees of the State of NC and their immediate families along with the immediate families of current members.
SECU offers a wide variety of goods and services such as salary advance loans, loans auto insurance to prevent predatory payday auto loans, and several other mortgage solutions to help members who have been victims of subprime mortgage activities. Furthermore, there are youth accounts like FAT CAT and Zard which are available to give business financial education, and summer pay and vacation pay accounts so that they can help members with budgeting.
Among the services of SECU, popular automated services like online BillPay, financial calculators and valuations, and car buying services are now available through its site and secure member access area. This website is dedicated to making the financial situations of all of its members better. Moreover, it was created on the principle of “people helping people” and thus has a strong belief that members and the community must support each other to develop a strong organization.
How does the State Employees’ Credit Union work?
The employees of the state of North Carolina set up the SECU in 1937. The union was primarily created to provide consumer financial services to state and public school employees including their families. When it was developed, it had less than two dozen members and only around $450 in assets. But now as of March 2022, the assets of the union have increased to around $53.1 billion with as many as 240 offices in North Carolina and now it serves more than 1.7 million members. SECU has 1,100 automated teller machines (ATMs) which are situated in every county in North Carolina.
If you also want to become a member of SECU, then you must be employed by the state of North Carolina. People including federal employees working for North Carolina state agencies, people who work for the state’s public school boards, members of the state’s National Guard, specific county employees, and retirees from any of these people also qualify to become SECU members. This Membership also includes certain immediate family members including spouses, siblings, and children of existing members. Those who fall into any of these criteria. can become members by opening a Share Account or a savings account with a starting minimum deposit of $25 or more than this.
Steps for Logging Into State Employees Credit Union: SECU Login
Members of State Employees’ Credit Union or SECU can access their accounts by Member Access which they can open on any computer with Internet access. Members can do most of the same transactions and can also claim to do it online at a branch. So if you also want to sign in to your SECU account, here is the process mentioned below:
- Firstly you need to search & access the official website that is https://www.ncsecu.org/ through your web browser.
- After that, enter your user ID for SECU.
- Type the password of your account.
- Click on the “login” button and you will get access to the state employees’ credit union.
In addition to this, if you are using your mobile phone, then you can also download the SECU app which is available on both the App Store and Google Play Store.
Steps For Forgotten Password
It is always important to keep your password safe and remember it, but in case you have forgotten it at some point then also you can recover it. Here we have mentioned the steps to take your password back. By doing so, you’ll be able to get access to your account again in no time!
- Firstly, visit the website of the state employees’ credit union which is https://www.ncsecu.org/.
- After that, you can directly click on the “Forgotten Password” option which will be available on your screen.
- Then, Type your user ID & the last five digits of your social security number and click on the “Continue” option.
- That’s how you will regain your password as soon as your information has been approved.
Register An Online Account With SECU
If you want to register an online account with SECU, then here are the steps through which you can do it easily:
- Firstly, visit the website of SECU which is https://www.ncsecu.org/.
- Select the option of “Enroll in Member Access” on the screen.
- After that Click on the “Enroll Now” option, type the information, and press “Continue” to complete.
Advantages Of SECU For Loans
The good thing is that there are so many advantages of SECU for those who want loans. Here are a few major advantages of SECU mentioned below:
- Scholarships for college
According to Schenk, half of the country’s State Employees Credit Union offer student grants to their members. They usually choose winners depending on their academic merit as well as community service. However, each scholarship program is different.
- Product discounts
If you are a State Employees Credit union member and looking for product discounts, then you can take advantage of the credit union’s Invest in America program. This is a national rewards program that provides discounts on popular products like GMC vehicles, Dell laptops, and Sprint mobile services. Lisa Rizk, who is the vice president of membership upgrades and also national sales at CU Solutions Group in Livonia, Michigan, says that “you can construct a car and then see what discount you get” which implies that they provide good discounts on products.
- Free online Financial Education Programs
According to Schenk, most State Employee Credit Unions offer educational courses among which are available online. For instance, the Mission Federal Credit Union in San Diego has more than 160,000 members and offers FoolProof Financial Education. This is a video-heavy program that offers children and young adults an arsenal of financial literacy that covers around 16 topics.
- Dividend Bonuses
Some State Employees’ Credit Unions also offer yearly rewards to their members or dividend bonuses as well.
- Savings Bonus Programs
SECU flourishes on incentive-based savings plans. One such very popular program among members is the Saving to Win program which is a lottery-style program that enables savers the opportunity to win cash prizes. State Employees Credit Union offers this service in four states which include Washington, Michigan, North Carolina, and Nebraska.
What makes a SECU Home Equity Line of Credit the best option to choose?
SECU’s home equity line of credit has no confusing rate for buy-downs or discount points. And it is accessible for principal residences, second houses, and rental properties. The following are a few characteristics of their product as mentioned below:
- There are no fees for the application or the credit report.
- They don’t take any origination costs.
- There are several available options for branch closing.
- They offer advances that might be achieved frequently throughout the 15-year draw period.
- Unless advancing without an initial balance, the minimum payment is specified by the interest rate, the frequency of payments, and the largest auto loan balance that has been owed.
- By using their Overdraft Transfer Service, you can also use another account to protect your Credit Union Checking account.
Share Account And Features
People must open a share savings account as it is a savings account with competitive dividend rates and NCUA insurance to become a member of the State Employees’ Credit Union or SECU. A good savings strategy is made on a share account.
Some features provided by SECU are as mentioned below:
- You can view the rate of dividend competition, and the rates for their current deposits and shares.
- They have a minimum opening deposit of only $25.
- You need to keep a minimum balance of your membership of $25.
- They do not charge any monthly service fee.
- They have daily compounded monthly paid dividends.
- It is accessible through ATMs, ASK SECU, branches, their mobile app, online through Member Access, and also mobile access.
- On State Employees Credit Union loans, funds in the account may be kept as collateral.
- In SECU, Share accounts are not acceptable for checks or Automated Clearing House (ACH) debits as well as BillPay transactions.
- You can also make additional shared accounts online.
Conclusion
So overall, the State Employees’ Credit Union or SECU is a credit union that is owned by employees of the state of North Carolina. It is the second-largest credit union in the United States which provides its members with basic financial services, investment services, and insurance products. If you also want to become a member of SECU, then you must be employed by the State of North Carolina or an associated institution. Once you become a member you can log in to SECU online. We hope that this guide was helpful in informing you about SECU, how it works and how you can log in to a SECU account.
FAQs:
1. What is the routing number of the State Employees’ Credit Union?
Ans. The routing number of SECU or State Employees Credit Union is mentioned here so if you want to use it, you can copy the routing number from right here which is 253177049.
2. What are the service charges for SECU accounts?
Ans. The State Employees Credit Union takes pleasure in charging affordable service costs to its members. However, these prices could change every day as they are not fixed. So if you want to check the service charges for a SECU account, you may find their current prices under Rates and Fees on their official website.
3. How can you submit a loan application?
Ans. Members of SECU may submit an application for a loan at the local branch of SECU by calling on 24-hour Member Services or you can apply for a loan online through Member Access as well.
4. What are the other products and services offered by SECU?
Ans. SECU members get so many benefits and also have access to the State Employees Credit Union product and services which include loan products, insurance, and annuity offerings, financial advisory, and tax services as well.
5. Who can become a member of SECU?
Ans. If you want to open an account with SECU, then you must become a member of SECU. Moreover, you can become a member only if you are an immediate relative of someone who is an employee of the State of North Carolina or a federal employee assigned to North Carolina or to those who are employed in certain departments of county-level governments inside of N.C., so if you are relative to above these people then you can become a member of SECU and open an account with SECU to avail its benefits.
