State Employees’ Credit Union (SECU) is among the financial companies operating in North Carolina state. Its headquarters are in Raleigh, North Carolina. It is a chartered credit union regulated under the authority of the Credit Union Division of the NC Department of Commerce. There are various types of accounts that you can get from the credit union, including savings accounts. You will learn how to open the State Employees Credit Union checking account later.
SECU is a secure financial service since its member deposits have insurance from the US government’s National Credit Union Administration (NCUA). It is the second-largest credit union in the United States, both in membership and asset size, and has more than $50 billion in assets and over 2 million members. Also, it has about 265 branches with locations in all of North Carolina’s counties which are about 100 in total.
SECU operates some no-fee automated teller machine networks, making it the largest ATM network in the state of North Carolina. To join the State Employees’ Credit Union, one must be an employee of the state of North Carolina. Also, if you are an immediate family member of a current SECU member, you can apply for an account.
What products does the State Employees’ Credit Union offer?
You can get various products from the credit union, including the following.
- Consumer loans
- Credit cards
- Online banking
The union’s primary checking account earns dividends and low checking fees, which cannot be waived. However, you can avoid the fees when using a savings account. You also benefit from online support 24/7; therefore, if you have any issue with your account, you can benefit from the non-stop support. The checking account allows you to earn a 0.05% APY on SECU’s primary checking account.
Moreover, the institution offers various CDs SECU terms ranging from six months to five years. The certificates require you to have a minimum deposit of $250, and that’s a fantastic minimum compared to numerous banks and credit unions that have minimums beyond that.
It can be the best credit union for a business account, bearing in mind the small deposit amount required plus the high APY on the savings account. If you start your enterprise, you can find it interesting to have your money around.
On the mobile banking side, the union allows you to enjoy online services such as sending money and paying bills, among other types of services. You can get a mobile app for both android and iOs. Online banking saves you from the hassle of walking to the branch to carry out particular transactions.
How to open State Employees Credit Union checking account?
The first step to using the State Employees’ Credit Union is opening your account. Depending on your preferences, that can be a checking, savings, or CD account. One can open their account online or at a branch. Online account opening is the best since it saves a lot of time that you could have wasted going to a branch. You can open it from anywhere as long as you provide the correct details.
To open an account, you must gather all the required items, including the following.
- An identification document: can be an identity card, driver’s license, or passport.
- A Social security Number
- An email address
- Physical address
- Phone number
You may also need to have a bank account to help you add funds to your account once you open it. Once you gather the necessary information, you will need to pass the eligibility test, whereby you should prove that you are an employee of North Carolina. You will also need to become a member before opening your account.
When opening a checking account, you will need at least a $10 membership savings account in your SECU Total Checking & Rewards included during the application. The process takes a few minutes, and you only need to press the “Get Started” button to proceed. The union is among the best credit unions for personal loans that you can get around.
What are the features of the State Employees’ Credit Union checking account?
The credit union has impressive features that make it one of the best credit unions you can find in North Carolina. They include the following.
i) Online banking
We all understand why online banking is essential in our day-to-day financial activities. You can operate various financial activities right from your palm. As I mentioned earlier, you can download an Android or iOS app depending on the phone operating system.
ii) Debit card
Your checking account has a debit card that you can use for your financial activities. You can withdraw money at an ATM or shop from various stores online and physical stores. It allows you to access your checking account balance conveniently.
iii) High-interest savings accounts
The credit union savings account interest rates are impressive. The Regular Share savings account gives you an average daily balance of $100 with a 0.10% APY. The Youth Share Accounts (M3/Elements Savings) give you an average daily balance of $25 with an APY of 0.20%. The Special Share (Secondary Savings) average daily balance is $5 with a 0.10% APY.
iv) Gift cards
Gift cards are unique cards that come loaded with funds so that you can use them to buy goods and services at particular outlets. The union also allows you to buy gift cards for your loved ones to make them happy during their special days. You can buy one online or pick it up at a local branch, available in amounts ranging from $20 to $500.
One can register their card to shop online and manage it 24/7. The only disadvantage with the gift cards is that you must be a member to purchase them. However, anyone can use them.
v) Credit cards
Credit cards allow one to borrow money from their bank or credit union. SECU gives you credit cards with no annual or balance transfer fees. You get a 7.75% Variable APR, which applies to cash advances, purchases, and balance transfers. You also get e-statements to know how you have used your card for a particular time.
vi) Overdraft services
Sometimes, you may lack enough money to purchase something you need. SECU offers you an overdraft with very few fees in such a case. That way, you do not miss something that you love most. When you get an overdraft, you get two overdraft fee-free days and then part with a $0.50 fee for every overdraft transfer. You can have up to two protecting accounts.
vii) Direct Deposit
You can receive your salary directly into your account once you sign up for a direct deposit. That makes it easy for you since you do not need to open a bank account for the same. You can also receive government benefits in your account when you provide your account details to the concerned agency.
viii) Bill pay
We have to pay bills for various life-supporting services offered by various providers. If you thought you could only pay your bills using your bank account, you are wrong since you can use your credit union’s account to pay your bills. The feature has no transaction fees and allows you to pay all of your bills on one side, set up recurring payments, and pay on the go with your mobile account.
Do I need credit scores to open a SECU checking account?
The SECU checking account is a no credit check credit union account. Therefore, you do not need to have a particular number of scores to open an account. Moreover, the institution does not base interest rates on your FICO Score. Every account holder who qualifies for a loan gets the same rate regardless of their credit score. After all, the main aim of a credit union is to uplift its members financially.
Financial institutions require scores to determine the amount of money to give you as a loan. High scores mean high loan amounts and vice versa, and the criteria usually happen at banks and other profit-oriented institutions. Some credit unions also base their decisions on the number of scores. However, the fact that SECU does not base its decisions on credit scores does not mean it does not report to credit bureaus.
How are credit unions different from banks?
The major difference between banks and credit unions is that banks are profit-oriented. In contrast, credit unions aim to uplift their members financially. Also, credit unions are usually localized, while most banks are available country-wide.
Another difference is that credit unions require you to share a common bond with the existing members. At the same time, banks allow anyone with the proper documentation to open an account.
State Employees’ Credit Union (SECU) is among the financial companies operating in North Carolina state. Its headquarters are in Raleigh, North Carolina. It is a chartered credit union regulated under the authority of the Credit Union Division of the NC Department of Commerce. It provides you with various products that range from savings accounts, checking accounts, credit cards, debit cards, overdrafts, etc. Membership is mainly for the employees of the state of North Carolina.