Headquartered in Raleigh, North Carolina, the State Employees' Credit Union (NCSECU) is the second largest credit union in the United States, with more than 2.1 million members and approximately $37 billion in assets.
It has come a long way from its humble roots in 1937, when North Carolina state officials raised $437 to found the State Employees Credit Union, SECU.
Today, the credit union primarily serves employees in the state of North Carolina, as well as family members or current SECU members. And with 256 branches and more than 1,000 ATMs, getting there is easy.
Whether you're looking for credit products, credit or debit cards, insurance and investments, or real estate and trusts, State Employees Credit Union has a lot to offer.
The highlights of the savings and credit cooperative for public servants
|CREDIT UNION FOR GOVERNMENT EMPLOYEES|
4.5 out of 5 stars
Credit Union ATMs for Government Employees
If you are already a member of State Employees Credit Union and are looking for the nearest ATM or branch, visit this pageBranch and ATM locatorthat will guide you to the ones closest to your area.
Just enter an address and you will be automatically connected to the nearest branches and ATMs.
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Employee Credit Union
The State Employees Credit Union offers auto loans, mortgages and personal loans.
Whether you are considering joining NCSECU or are a member looking to borrow money, you will find a wide range of loan products and services.
Credit Union offers fixed-rate new vehicle financing for terms up to 8 years at up to 100% of the Manufacturer's Suggested Retail Price or MSRP, plus an additional 25% to cover taxes, warranties and other expenses.
Rates for 3-year maturities when taking out loans to buy a new car are as low as 2.75% when using payroll deductions or wire transfers and as low as 5.75% for direct payment loans with maturities of 73 to 96 months.
Used car loans with a term of up to 6 years are also possible.
You can borrow up to 125% of the vehicle's value based on NADA's retail value and the vehicle will be held as collateral until the loan is paid off in full.
Used car loan rates start at 5.25% APR using payroll deductions or wire transfer payments and end at 5.75% for direct payments.
A useful feature that NCSECU offers is an unbiased self-assessment service.
Whether you're looking for a new or used vehicle, NCSECU can help you balance the uncertainty of buying at the right price.
You can easily search for a make/model of vehicle, select interior/exterior features, search vehicle overviews, technical specifications, incentives and warranties, and compare invoice prices with MSRP values.
State Employees Credit Union offers fixed rate mortgages, adjustable rate mortgages, and home equity lines of credit.
NCSECU Adjustable Rate Mortgages
The maximum term for a standard 5-year adjustable-rate mortgage is 30 years, which means the interest rate can only change every five years.
The more money you deposit initially and the lower the loan-to-value ratio, the lower your interest rate will be.
There is a 0.75% origination fee with a limit of $1500, but you will not be charged any credit report fee or application fee.
And no private mortgage insurance is required.
Financing up to 110% is available for single-family primary residences with no down payment or no down payment refinance.
However, if you want to get a loan to buy a rental property, you are limited to 80% financing.
NCSECU Fixed Rate Mortgages
You can apply for a fixed-rate mortgage for a primary home, second home, or rental property as long as you are a member of a credit union and live or own property in North Carolina.
The interest rate charged depends on the type of mortgage, the number of units, the occupancy status, and the purpose of the loan.
No matter which fixed-rate mortgage you choose, you don't need to purchase private mortgage insurance.
Fixed interest terms can be as short as 10 years and up to 15 years with monthly and biweekly payment options.
Processing fees charged are 0.75% of the loan amount with a cap of $1,500, but there are no application or credit reporting fees.
NCSECU Home Equity Line of Credit
Home equity lines of credit are available for primary homes, second homes, and rental properties in North Carolina, South Carolina, Georgia, and Virginia.
It is a variable-rate, secured perpetual loan that allows you to borrow against the equity in your home.
You can receive repeat advances up to the maximum loan amount over a 15-year draw period.
And you can borrow up to 90% of your home's value with no processing fees or discount points, though processing fees of up to $1,600 may apply.
To give you an idea of how much you'd pay monthly for a home loan for a $150,000 home that you borrow 90% on, here's a quick home loan calculation.
|approximate property value||150.000 $|
|Multiply by 90%||x0,90|
|Less mortgage balance||-95.500 $|
|Estimated credit line||39.500 $|
|minimum monthly payment||$ 480|
Here is an example of the payment schedule:
|effective interest rate||Bimonthly or Fortnightly for $1,000||Monthly for $1,000||Teacher Skip for monthly order 1000$|
|up to 12%||$ 6,00||$ 12,00||$ 16,00|
|12,25% → 15%||$ 7,00||$ 14,00||18,00 $|
|15,25%+||$ 8,00||$ 16,00||$ 20,00|
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Employee Credit Union
Accounts and Cards
NCSECU offers a variety of accounts including checking, savings, Coverdell, and 529 plans.
SECU checking accounts
SECU checking accounts offer 0.25% interest, which may not sound like much, but it is a quarter point higher than what most banking institutions offer on checking account balances.
Dividend payments are compounded daily and paid monthly, but you will be charged a $1 monthly maintenance fee. The upside, though, is that the fee is automatically donated to the SECU Foundation unless you specify otherwise.
You also get two days a year overdraft protection, online BillPay service, 50 free checks per billing cycle, and debit cards for purchases and ATM transactions.
No minimum balance required.
To become a member of the State Employees Credit Union, you must open a stock account.
A minimum of $25 is required to open a stock account and a balance of $25 must be maintained.
Balances earn 0.75% per year and no service fee is charged to the account.
The primary limitations on account sharing are not check writing privileges or ACH fees.
The Coverdell Education Savings Account
Coverdell accounts are designed to help you save on elementary, secondary and college education costs.
The current interest rate is 1.51% APY with a minimum deposit of $25.
You do not have to be a parent to open a beneficiary account. Grandparents and others can also set up Coverdell accounts.
The way it works is that after-tax dollars are brought in, and then the earnings grow before taxes.
An NC 529 plan is designed to help save on college expenses and requires a minimum contribution of $25 and a maximum balance of $450,000.
ONC 529-PlanoIt has 14 investment options, including the SECU Federal Guaranteed Deposit Account.
Employee Credit Union
Insurance and Investments
NCSECU offers health insurance, auto insurance, life insurance, annuity and Medicare supplement plans, and investment accounts.
When you decide to retire, a fixed-rate annuity can provide a predictable income stream, but be wary of fees you may pay up front.
NCSECU memberships require a minimum deposit of $5,000, but are only available up to age 80.
You get a 5-year interest rate guarantee and a 5-year buyback period.
The transfer fees are:
There is also an annual payment clause of 10% without penalty.
The NCSECU is only available to residents of North Carolina.
Whether you're looking for health insurance, auto insurance, or life insurance, you'll find plenty of options at SECU.
SECU represents Blue Cross and Blue Shield of North Carolina® as an authorized agency.
Insurance is also available for:
- mobile shelters
- modular houses
- investment income
- Vento & Hagel
- ships and boats
- recreational vehicles
- all off road vehicles
- caravan/mobile home
- general liability insurance
When it comes to life insurance, you can get $10,000 to $100,000 life insurance.
Life insurance from $25,000 to $250,000 is also available for simplified products. Terms from 10 to 30 years are available.
State Employees Credit Union can help you get started with a diversified portfolio of stocks and bonds to build long-term savings.
You have one?IRA,IRA Rothor SEP IRA, Credit Union Investment Services charges an annual fee of 0.25%.
Investment accounts are designed for investors who have a time horizon of at least 5 years and have at least $250 to investfinancial goals.
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Who is eligible to convert
A member of the NCSECU?
Membership is limited primarily to eligible state and federal employees.
State Employees Credit Union is owned by its members. However, membership is limited to those who meet the following eligibility requirements:
- North Carolina state officials
- Federal employees working with North Carolina state departments
- employees of public educational institutions
- Members of the North Carolina National Guard
- Immediate family of a current member
- Individuals who share a single economic entity with a current member
For a full list of admission requirements, seeHere.
Employee Credit Union
Advantages and disadvantages
|Government Officials Credit Union Professionals||Contras Credit Cooperative Government Officials|
|✅Extensive network of branches: SECU branches are spread across North Carolina (there are over 250), as well as 1000 ATMs.||❌checking account monthly fee: While it's only $1 a month, it's annoying to see a monthly fee on your checking account.|
|✅Consult current account interest: Even checking account balances that don't normally earn interest receive a nominal APR.||❌geographic coverage: SECU primarily serves North Carolina residents, although some products are available to members residing in nearby states.|
|✅rental products: Whether you're looking for a home loan, car loan, or personal loan, SECU offers a wide selection with reasonable interest rates, fees, and terms.||❌Membership Eligibility: NCSECU membership is open primarily to employees of the state of North Carolina.|
|✅Safe: Home, auto, health and life insurance products are available at competitive interest rates.|
|✅mobile website: While there is no mobile app available, the SECU website is mobile responsive.|
|✅investment accounts: SECU can help you build a diversified and profitable portfolio to meet your retirement goals.|
|✅Low overdraft fees: You are entitled to two days a year without overdraft fees, but after that you will be charged $12 per item.|
Summary of the Credit Union for Public Servants
State Employees Credit Union is the second largest credit union in the United States, with more than 250 branches and 1,000 ATMs in North Carolina.
No matter what your banking needs are, NCSECU likely has you covered. The credit union offers personal, home and auto loans, home, health, auto and life insurance, and investment products such as annuities.
One notable feature is that each member earns interest on their checking account balance, but there is also a $1 monthly fee for each checking account balance.
You can even get help with estate planning, wills, guardianships, and powers of attorney.
Perhaps the biggest drawback is that the NCSECU is primarily available to North Carolina state employees and eligible federal employees.
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