State Employees’ Credit Union (SECU) Definition

(Many of the links in this article redirect to a specific reviewed product. Your purchase of these products through affiliate links helps to generate commission for LiveWell, at no extra cost. Learn more)

Understanding State Employees’ Credit Union (SECU) – A Finance Blog

When it comes to managing your finances, one institution that may come to mind is the State Employees’ Credit Union (SECU). But what exactly is SECU, and what sets it apart from traditional banks? In this finance blog post, we’ll dive into the definition of SECU and explore its unique features and advantages.

SECU is not your typical commercial bank. It operates as a non-profit financial cooperative, which means it is owned and controlled by its members, rather than by shareholders seeking profits. Established in 1937, this credit union was created to provide affordable and accessible financial services to employees of the state of North Carolina and their families.

So, what makes SECU different from traditional banks? Here are a few key characteristics that set it apart:

1. Member Ownership: Unlike banks, which are owned by shareholders, SECU is owned by its members. Every member has an equal stake in the organization and has a say in its decision-making process.
2. Focus on Community: As a financial cooperative, SECU is built on the principle of “people helping people.” It is deeply committed to supporting the local communities it serves, using its resources to provide scholarships, grants, and other charitable initiatives.
3. Competitive Rates and Fees: SECU offers competitive interest rates on loans and savings accounts, as well as low or no fees on many of its products and services. This can save members money and help them grow their savings faster.
4. Financial Education: SECU is dedicated to helping its members improve their financial literacy. It provides educational resources, workshops, and personalized assistance to help members make informed financial decisions and achieve their goals.

Joining SECU is typically restricted to employees of the state of North Carolina and their immediate family members. However, in some cases, employees of local government agencies and certain public sector organizations may also be eligible for membership.

In summary, State Employees’ Credit Union (SECU) is a member-owned financial cooperative that offers a wide range of financial products and services to employees of the state of North Carolina and their families. With its focus on community, competitive rates, and commitment to financial education, SECU provides a unique alternative to traditional banks. If you’re looking for a more personalized and community-oriented banking experience, SECU may be the right choice for you.