State Employee Credit Union Review | increase money (2023)

Reviewed by:jessica sain-baird

The Share account is the cornerstone of the SECU universe as it is required if you wish to open any other type of account with the credit union. While the APY is fairly low compared to some online banks, it's actually currently nearly double the national average. The account has no monthly fees and a small minimum opening deposit.

Dividends are compounded daily and paid monthly. Funds in the account may be used as collateral for SECU loans, but checks, ACH direct debits, and bill of exchange transactions are not acceptable.

You can open a SECU Share account online or by visiting a branch.

The Zard Share account is designed for youth aged 13-19. Some additional benefits include a $1,000 life insurance policy, access to a website dedicated to Zard's financial education, and a quarterly newsletter called "Money Matterz."

As with regular stock accounts, teenagers are limited to six withdrawals per month, excluding ATM withdrawals and in-person withdrawals. Daily transaction limits are $200 for ATM withdrawals and $500 for Zard CashPoints card purchases. Account holders who choose the Zard Visa Check Card will see their monthly purchase limit increased to $1,000.

You can open a SECU Zard Share account online or by visiting a branch.

The FAT CAT Shares account is the SECU savings account for children up to the age of 12. The account is designed to educate account holders about finances while providing them with an interest-free, fee-free account with a minimum balance of $5.

SECU offers a "gift bag" for new account holders that includes a savings account. This account also includes quarterly financial newsletter Paw Prints, free life insurance worth $1,000, and a special website that teaches finance through educational games.

Unlike some other SECU accounts, opening a FAT CAT Share account requires you to visit a local branch with an adult co-owner.

The summer money account is an exclusive savings option for employees of public schools or public universities and adult education centers who are paid 9, 10 or 11 months a year. Account holders can direct SECU to withhold funds from each of their paychecks during the school year; During the months they're not working, SECU transfers funds from those saved paychecks to cover the lean summer months. There are no fees or minimums with this account, and you pay a very respectable APY of around 6 times the APY of the standard stock account.

You can open a SECU Summer Cash account online or in a branch.

The SECU Holiday Cash Club account is a way for savers to raise money for the holidays. Accounts like this can help keep customers out of debt during the holiday season, when gifts are given. The SECU version of the Holiday Cash Club account has no monthly fee or minimum initial deposit, along with the same standard APY offered by the credit union stock savings account.

You can make deposits into this account at any time up until October. On the last business day of October, your balance will be transferred to one of your other SECU accounts in time for you to spend over the holidays.

You can open a SECU Holiday Cash Club account if you are already a member, through the online member access portal or by visiting a branch.

The SECU money market stock account earns a slightly higher APY than the credit union stock savings account, but from there the differences between the two accounts aren't that significant. Dividends are compounded daily and paid monthly, but there is no check writing or ACH access to funds in this account.

This account is subject to Federal Regulation D requirements, which means certain withdrawals are limited to six per month (although this does not apply to in-person or ATM withdrawals). Unlike a stock savings account, you cannot use the deposit balance as collateral for a SECU loan.

You can open a SECU Money Market Share account through the online member access portal or by visiting a branch.

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Although the amount is tiny, the SECU checking account pays interest. However, there is also a mandatory monthly fee of $1. If you prefer, you can donate this fee to the SECU Foundation, but you will still be billed $1 monthly. Since the account's APY is very low, it may not be enough to cover the monthly fee depending on the balance.

You can write up to 50 checks per month for free; After that, you pay a handling fee of $0.20 per item. SECU offers a very generous overdraft fee schedule, with the first two overdrafts per year being free; subsequent overdrafts are only $12. Overdraft protection is available on this account, reducing fees to just $0.50 per instance after the first two free transfers. Daily transaction limits with a SECU Visa debit card are $1,000 for ATM withdrawals and $4,000 for purchases.

You can open a SECU checking account through the online member access portal or by visiting a branch.

The CashPoints® Global account is an alternative checking account that SECU describes as perfect for travelers and students. The highlight of this account is that it does not charge fees for insufficient funds. However, the account also pays no interest and has the same $1 monthly fee as other SECU accounts. As long as a debit/ATM card is provided, you may not write checks to that account or make ACH withdrawals. However, if you use a SECU Visa debit card, you can withdraw $1,000 daily from ATMs, along with $4,000 in debit card purchases.

You can open a SECU CashPoints® Global account through the online member access portal or by visiting a branch.

Zard Checking is the account associated with the Zard Savings Account, both of which are designed for teenagers aged 13-19. The account does not require a balance but pays interest, although it has the same small fee as a regular SECU checking account. Zard Checking charges a $1 monthly fee, but also offers the same free $1,000 life insurance as the Zard savings account. The daily ATM withdrawal limit is $200, while a daily purchase limit of $1,000 also applies via the Zard Visa card. Standard overdraft protection is available on this account.

Opening the Zard current account, like the Zard savings account, requires an adult guarantor for those under the age of 18. This account must be opened in a SECU branch, not online.

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At SECU, account holders can invest in single CDs with terms ranging from six to 60 months or in a series of five staggered term stock certificates with staggered terms. The staggering process is simple, it consists of dividing the amount to be invested by five and investing equal amounts in 12, 24, 36, 48 and 60 month CDs. As each CD matures, it is automatically rolled over to a new 60-month CD. Note that there is no jumbo or punitive CD in SECU.

All SECU CDs renew automatically, but there is a seven-day grace period when they expire. Each SECU-CD also has a prepayment penalty of 90 days interest or full interest, whichever is less.

You can open a SECU CD through the online member access portal or by visiting an agency.

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The customer experience at State Employees' Credit Union can be excellent if you are a North Carolina resident. All SECU forces are concentrated in this federal state, all branches of the savings and credit cooperatives and 1,100 ATMs are also located here.

Outside of North Carolina, you'll probably be better served by another institution. However, if you are an eligible member and are traveling abroad, you can still access your account through the credit union website or mobile apps. Available on the Apple App Store and Google Play, the SECU mobile app offers a variety of basic banking features, including:

• Account management, including balances and transaction information.
• mobile deposit
• 24/7 messaging center
• bill payment
• Money transfers between accounts, including SECU loan payments
• Real time loans and credit card loans
• Biometric login authentication

SECU also offers 24/7 customer service; can be reached at 888-732-8562.

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Juan Csiszar| taxpayer

John Csiszar earned the designation of Certified Financial Planner and worked as an investment advisor for 18 years before writing and editing for various private clients.

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