Should I Put My Investment Money In Nc State Credit Union
Land Employees' Credit Marriage Review: Depression Fees and Competitive Rates
- Most SECU
- Products
- All-time Features
- Cyberbanking Experience
- Fees
- Competitors
- Concluding Take
GOBankingRates Score
Quick Take: State Employees' Credit Union of N Carolina ( SECU) has a comprehensive selection of banking, loan, credit menu, insurance and investing products and services, all under 1 roof. Ane of the reasons information technology'south #34 on GOBankingRates Top 100 Banks is its offerings, ranging from accounts for children to manor planning . However, you'll need to qualify for membership as a land or public-service employee (or be related to one). This State Employees' Credit Matrimony review will detail everything you need to know.
- Latitude of Products
- Ease of Use
- Customer Service
- Fees
How did we calculate this?
Pros
- 1-finish shopping for financial services
- Several tax-advantaged accounts to choose from
- Depression account fees
- Customer service available at 272 branches or by calling the 24/vii hotline
Cons
- $25 membership fee ($five for children age 12 and nether)
- No way to avoid monthly maintenance fees
About State Employees' Credit Union
State Employees' Credit Union (SECU) was founded in 1937 in North Carolina with $437 in assets, operating role-time to serve its handful of members. Today, with over 270 branch locations and more than than 1,100 ATMs, the credit union serves more than ii.six million members statewide.
Like all credit unions, SECU is nonprofit and member owned. To be eligible for membership, you must be an employee of either the State of North Carolina, a public board of didactics or an clan that serves land employees. Firsthand family members of these individuals are also eligible.
SECU stands autonomously from other financial institutions for its diversity of products and stellar customer service, ranking #four in the annual GOBankingRates listing of Best Credit Unions.
SECU Products
The credit marriage provides a diverseness of account types, retirement planning, investment services, insurance and financial management for high-net-worth clients.
Checking Accounts
SECU comes in potent amidst checking business relationship options. There's no minimum deposit to open SECU'due south standard checking account and simply a $1 minimum residue required to maintain the account. In improver, you'll get up to 50 costless checks per statement period, then 20 cents each. Dividends currently pay out 0.05%. SECU also offers a Z-Checking account in its Zard program for teens ages xiii to 19, earning the same corporeality of involvement.
If a standard checking account doesn't quite fit your needs, consider a CashPoints Global business relationship and debit card. The check-gratuitous account allows y'all to pay bills online and saves you from overdraft fees, making it a low-cost option. There's a $1 monthly maintenance fee just no minimum remainder requirement.
Savings Accounts
Members automatically receive a standard "share savings" business relationship when they join SECU. A minimum amount of $25 is required to open it simply your rest will earn 0.ten% APY. Notwithstanding, SECU offers plenty of other savings account options.
You can besides open a Vacation Cash Society account for holiday spending or a Summer Cash business relationship meant especially for teachers and other employees who simply get paid during role of the calendar yr. Neither account has an opening eolith minimum.
There are as well Zard and Fatty CAT Share accounts for kids, plus tax-advantaged options for education, retirement and wellness savings. Look to earn the standard dividend of 0.x% APY for most of SECU's savings account options, except for the Summer Cash account, which earns 0.35% APY.
Coin Market place Accounts
If you accept $250 to open a savings account and can maintain that amount as a minimum balance to save yourself a $2 monthly fee , consider opening an SECU Money Market Share account. You'll earn college involvement with a money market account than the share savings account (0.fifteen% APY vs. 0.10%), and there are no maturity restrictions like you have with a certificate of eolith.
Coin market accounts allow you to write checks and make some monthly bill payments and withdrawals for convenience. Nevertheless, SECU'south Money Marketplace Share account does not allow for bill pay, ACH transfers or check writing, limiting withdrawal options.
CD Rates
A share term certificate is the credit wedlock equivalent of a certificate of eolith and SECU offers only one. Terms range from six to threescore months with rates of 0.thirty% to 0.55% APY.
You lot can start with as little as $250. Members with more money to invest can "ladder" certificates so that eventually, you have all 60-month certificates earning the highest rates, with one maturing each yr so that you tin access the funds if y'all wish.
Best Features
GOBankingRates uses specific criteria to score and identify the best financial institutions in the country. Among SECU'south strongest features were four item categories:
Breadth of Products
Not everyone has the time to shop around for the best bank options and maintain multiple accounts beyond several institutions. So it'south convenient when credit unions are large plenty to offer a variety of services including accounts, financial advisory and planning, also as insurance and loans. Receiving special human relationship rates for your loyalty is an added bonus. SECU ranks well in providing about everything you demand in your financial journeying.
Ease of Use
SECU makes information technology simple to open an account online or at the 200+ branches throughout North Carolina. The credit union requires individuals to qualify for membership start. Fortunately, the process of qualifying for an account — and opening i — can be handled at the aforementioned time. For members comfy with digital banking, the website and mobile app are robust enough to handle everyday financial needs such as balance tracking, bill payments and mobile cheque deposits.
Customer Service
Besides the local service bachelor at SECU branches, the credit spousal relationship is available 24/vii past phone. The Ask SECU cognition base can answer oftentimes asked questions.
Fees
Credit unions typically have lower fees than traditional banks. SECU is no exception. Overdraft fees, which are typically the nearly expensive fee a bank charges, are free at SECU or just $12 if the business relationship's overdrawn grace flow is exhausted.
Editor'due south Favorite
One of SECU'south greatest strengths is in creating products that address the specific needs of its members. Salary Advance Loans and Summer Cash savings accounts are especially useful for educators.
Banking Experience
Co-operative locations and ATMs located throughout North Carolina hateful SECU is e'er within reach. Even so, you can avoid in-person banking for well-nigh transactions by using SECU's online and mobile banking services. Either option makes for a positive banking experience.
Client Service
Local branches take calls during normal business hours, which are viii:30 a.m. to 5:30 p.k. Or you can call Member Services 24/seven for assistance. Cocky-service for business relationship action and information is available via Fellow member Admission, Mobile Access and the Inquire SECU 800-number.
Branch Availability
SECU operates 273 branches located throughout North Carolina. Visit the SECU Locate Us folio to search for your nearest branch or browse a full list of locations.
Digital Experience
SECU's online and mobile platforms have all the usual features, such as funds transfers, bill pay, peer-to-peer payments, account alerts and account activity. Online banking as well integrates with Quicken, allowing you to download information from almost SECU deposit, credit bill of fare and loan accounts. You can even take an advance on the available rest of some loan types in real time.
The mobile app is available for iOS and Android. App Store ratings requite it just 3.i out of five stars, but it has four out of v stars on Google Play.
Convenience
With over 270 branches and ATMs with no surcharges or access fees located in every canton in North Carolina, SECU gets high marks for convenience.
How To Open an Account
Visit a branch or call Member Services at 888-732-8562 to request membership . Once your eligibility has been verified, you'll plant your membership past opening a share savings account with a $25 initial eolith . And so you can enroll in Fellow member Access, which gives you access to online and mobile banking, to open additional accounts.
Fees
Although SECU has monthly fees y'all tin't avoid, yous'll pay just $1 and can take it donated to the SECU Foundation if you lot prefer. SECU does charge a non-sufficient funds fee, just your share savings business relationship — the one that establishes your membership — automatically provides overdraft protection , and you tin can designate other accounts and lines of credit for this purpose as well.
- Credit union membership fee: $25
- Monthly maintenance fee: $1, can be designated every bit SECU Foundation donation
- Overdrafts/non-sufficient funds: $12
- Overdraft transfers: 50 cents after the offset ii days of the calendar year in which you lot'd typically incur the fees
- Returned checks: $5
- ATM fee: 75 cents per completed transaction or inquiry at a VISA/Plus ATM; 35 cents per incomplete transaction or inquiry
- Wire transfers: $ten to send domestically, $25 to send internationally
Country Employees' Credit Matrimony vs. Competitors
Before you make a final determination about which financial institution to banking company with, consider several options. Here are some details about SECU's competitors to aid you determine how SECU stacks up.
| Bank | Best For |
|---|---|
| State Employees' Credit Union | Innovative savings products that assistance members stay on summit of their finances |
| Navy Federal Credit Union | Membership benefits geared specially to members of the armed services |
| Coastal Federal Credit Wedlock | Broad membership eligibility within North Carolina |
| Wells Fargo | Sheer volume of products and services bachelor |
Land Employees' Credit Wedlock vs. Navy Federal Credit Union
Navy Federal Credit Union members are current or past members of the military or their family members, then the credit spousal relationship provides them with special services, such every bit an overseas customer service number they tin call collect while deployed . SECU besides caters specifically to its membership, which includes North Carolina educators, with products such equally the Summer Greenbacks account that makes managing irregular paychecks easier.
State Employees' Credit Union vs. Coastal Federal Credit Wedlock
Coastal Federal Credit Union is easier to join because eligible members include individuals who live, work, worship, attend school or do business in a number of North Carolina counties , whereas SECU membership is more specific and restricted. Only if yous're eligible, SECU gives y'all more account options for your children, especially teenagers.
Land Employees' Credit Marriage vs. Wells Fargo
As one of the nation'south largest banks , Wells Fargo offers a dizzying array of financial products and services, and lots of options inside each category, such equally checking. Unlike banks, credit unions are non-profit, member-owned fiscal institutions. As such, SECU maintains a more local focus and a strong commitment to its members and its community.
Final Take
With a comprehensive array of banking options — plus credit cards, loans, insurance and investing — SECU tin can assistance members manage their money from their teen years through their gilt years. If yous're eligible for membership or think you might be, it's worth your while to call or stop past your local branch to talk to a credit union representative about joining.
State Employees' Credit Union FAQ
Some other points y'all may be interested in include:
- Who tin go a member of Land Employees' Credit Union?
- To be eligible for membership, you must be an employee of the state of North Carolina, a public board of didactics or an association that serves land employees. Immediate family members of these individuals are as well eligible.
- Are SECU employees state employees?
- SECU is licensed -- or chartered -- by the state of North Carolina, but it is non a state bureau. Like other credit unions, it's owned by its members.
- Is SECU merely in North Carolina?
- Although other states have credit unions named Land Employees' Credit Wedlock, the North Carolina credit unit of that name is specific to North Carolina. Its 270+ branches and 1,100+ ATMs are all located within the country.
- What's the difference betwixt SECU and LGFCU?
- Local Government Federal Credit Union membership is open to employees and volunteers of North Carolina land departments and agencies or local jurisdictions, whereas SECU as well includes individuals who work for associations that serve country employees.
- Does SECU offer free money for signing up for an account?
- SECU isn't running any free-money promotions correct now, just it does offer some freebies. All branches have FAT True cat coin sorters you can utilise free of charge, and SECU also provides free notary services and costless shred days when you can securely dispose of paper documents.
Cynthia Bowman contributed to the reporting for this article.
Rates are bailiwick to alter. Data on accounts is authentic equally of Jan. 12, 2022.
Editorial Annotation: This content is not provided by SECU. Any opinions, analyses, reviews or recommendations expressed in this article are those of the writer alone and have not been reviewed, approved or otherwise endorsed by SECU.
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Source: https://www.gobankingrates.com/reviews/state-employees-credit-union/
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