State Employees’ Credit Union (SECU): Overview
Understanding SECU: America's second-largest credit union serving over 2.8 million members.
State Employees’ Credit Union (SECU): A Comprehensive Overview
State Employees’ Credit Union (SECU) stands as one of the most significant financial institutions in the United States, serving as the second-largest natural member credit union by both asset size and membership. Headquartered in Raleigh, North Carolina, SECU has established itself as a trusted financial partner for millions of Americans seeking affordable, member-focused financial services. Founded in 1937, SECU has grown from humble beginnings with just 17 members and $437 in deposits to a financial powerhouse managing over $56 billion in assets and serving nearly 2.9 million members across North Carolina.
What Is SECU?
SECU is a state-chartered credit union regulated under the authority of the Credit Union Division of the North Carolina Department of Commerce. As a member-owned financial cooperative, SECU operates on the principle that member interests come first. Unlike traditional banks that prioritize shareholder profits, credit unions like SECU return earnings to their members through lower fees, better interest rates on savings, and more favorable lending terms. Member deposits are insured by the National Credit Union Administration (NCUA), a U.S. federal government agency that provides protection up to $250,000 per share account owner per insured credit union for each account ownership category.
The credit union operates 275 branch locations throughout all of North Carolina’s 100 counties and manages the CashPoints automated teller machine network, which is the largest ATM network in North Carolina. This extensive infrastructure ensures members have convenient access to their financial services regardless of where they live in the state.
History and Growth of SECU
SECU’s journey began on June 4, 1937, when employees of the State of North Carolina founded the organization with remarkable determination and vision. The credit union started with minimal resources—just $437 in assets and 17 dedicated members—and was initially operated from the basement of Raleigh’s Agriculture Building. This modest beginning laid the foundation for what would become a financial institution of significant scale and influence.
The growth trajectory of SECU demonstrates the power of member-focused financial principles. By 1960, just two decades after its founding, SECU had grown to serve over 70,000 members and accumulated nearly $25 million in assets. This rapid expansion reflected the growing recognition among North Carolina state employees of the value that a member-owned credit union could provide.
By 2022, SECU had grown to manage over $53.1 billion in assets and serve 2.7 million members, solidifying its position as the second-largest credit union in the United States. Today, with approximately 2.9 million members and $56.6 billion in assets as of July 2025, SECU’s membership represents approximately one-quarter of all North Carolinians, reflecting its deep integration into the state’s financial landscape and economic life.
Financial Status and Performance
SECU maintains strong financial health and stability. Recent financial data demonstrates consistent growth and sound financial stewardship. As of July 2025, SECU reported $56.6 billion in total assets, representing 1% growth from July 2024’s $56.3 billion. Loans increased by $2.2 billion (7% growth) to reach $36.4 billion, while deposits grew substantially by $5.0 billion (11% growth) to $51.1 billion. Capital increased by $302 million (6% growth) to $5.68 billion.
The credit union’s loan quality remains solid, with loans charged off at only 0.57% and member loan losses remaining below 1%. Although 3+ month loan delinquencies rose slightly to 1.23% from 1.13%, reflecting members experiencing financial difficulties, SECU continues to maintain substantial capital reserves and meet all regulatory requirements. Operating expenses remained flat at 2.13% of assets, demonstrating SECU’s commitment to efficiency and cost control.
Membership Requirements and Eligibility
SECU membership is designed to be accessible to a broad range of individuals connected to North Carolina state employment and their families. Understanding eligibility requirements is the first step for potential members interested in joining the credit union.
Who Can Join SECU?
Primary eligibility includes employees of the State of North Carolina and related entities. Additionally, retirees from the State of North Carolina, immediate family members of current SECU members, and persons sharing an economic unit with a member are eligible to join. Immediate family members include spouses, children, siblings, parents, grandparents, grandchildren, stepparents, stepchildren, stepsiblings, and adoptive relationships.
How to Become a Member
Membership in SECU is obtained by opening a share account with a minimum deposit of $25. Deposits consist of shares that have a face value of $5 each. Initially, at least five shares must be purchased to obtain full membership, though only one share is required for initial membership for children under 13 years of age. There is no minimum amount required to earn the stated dividend rate on accounts, though a Share Account must be opened before a Checking Account can be established.
Required Documentation
Prospective members must provide appropriate documentation based on their eligibility category. State of North Carolina employees and related entities must bring proof of employment status. Retirees must provide their retirement number. Immediate family members of existing members should bring the account number of the existing member. Those sharing an economic unit with a member must provide current utility bills or similar documents proving shared household status.
SECU’s Financial Services and Products
SECU offers a comprehensive range of financial services designed to meet the diverse needs of its member-owners. These services reflect the credit union’s commitment to providing low-cost, high-quality financial solutions.
Deposit Accounts and Checking Services
Members can access various deposit account options tailored to different financial needs. While there is no minimum amount required to open a checking account or earn stated dividend rates, members must maintain sufficient funds to cover the $1 monthly maintenance fee and other authorized charges such as debits, checks, and stop payments. The credit union is committed to offering members low-cost financial services, and service fees are subject to change daily with appropriate legal notification.
Online and Digital Banking
SECU provides comprehensive online banking services including BillPay functionality, allowing members to pay bills online, send money to other SECU members, set up recurring or one-time payments, manage payees, and view payment history. These digital tools ensure members can manage their finances conveniently from any location with internet access.
Wire Transfer Services
Members can enjoy the convenience, security, and prompt delivery of paychecks through SECU’s wire transfer services, facilitating efficient direct deposit arrangements and other fund transfers.
Investment Services
SECU offers investment accounts through Credit Union Investment Services, a wholly-owned subsidiary of SECU. Investment advisory services and retirement planning are available to help members build long-term wealth and prepare for retirement. Securities are offered through SECU Brokerage Services (Member FINRA, SIPC). It is important to note that securities products are not credit union deposits and are not obligations of or guaranteed by SECU or its affiliates. They are not insured by the NCUA or any federal government agency, and securities products involve investment risks, including possible loss of principal.
The CashPoints ATM Network
SECU operates the CashPoints ATM network, which represents the largest fee-free ATM network in North Carolina. This extensive network provides members with convenient access to cash withdrawals and other ATM services throughout the state without incurring additional fees. The no-fee structure reflects SECU’s member-first philosophy and commitment to reducing financial barriers for account holders.
Shared Branch Access and Partnerships
Several otherwise independent credit unions have shared SECU’s extensive branch network, expanding service access for members of partner organizations. Civic Federal Credit Union serves employees of county, city, and other local government agencies in North Carolina and operates largely as a virtual credit union. For approximately four decades, local government employees accessed SECU’s branch network through an arrangement with Local Government Federal Credit Union (LGFCU), which grew to become the fourth-largest credit union in North Carolina. However, LGFCU executives established Civic Credit Union as a lower-cost alternative to SECU’s extensive branch network, with the transition completed in June 2025.
SECU Foundation and Community Support
SECU’s commitment to community development extends beyond traditional banking services through the SECU Foundation, established in 2004. The Foundation operates as a separate entity dedicated to promoting community development in North Carolina communities through funding high-impact projects in housing, education, healthcare, and human services.
Foundation Operations and Philosophy
The State Employees’ Credit Union Board of Directors chartered the SECU Foundation to help identify and address community issues that extend beyond the normal scope of State Employees’ Credit Union operations. Crucially, funding is provided by individual members making voluntary contributions, enforcing the core cooperative concept that SECU represents. This approach ensures that projects are funded by member-owners of SECU, not by the credit union itself, giving credit for community development efforts to the members who make contributions.
Geographic Scope and Notable Contributions
The SECU Foundation focuses its efforts exclusively within North Carolina, ensuring that member contributions directly benefit North Carolina communities. In 2009, SECU Foundation announced a $4 million grant to the North Carolina Museum of Natural Sciences for their planned Nature Research Center, exemplifying the Foundation’s commitment to supporting significant community institutions and cultural resources.
Key Advantages of SECU Membership
SECU membership offers several distinct advantages compared to traditional banking institutions. As a member-owned cooperative, SECU prioritizes member interests, resulting in lower fees compared to many commercial banks. Members benefit from smarter borrowing options, including competitive loan rates and more favorable lending terms. The member-focused approach provides more breathing room in members’ budgets through cost savings and favorable financial terms.
Additionally, SECU members benefit from a powerful voice in financial decision-making. The credit union uses member feedback to shape its services and policies, ensuring that the organization remains responsive to member needs and preferences. This democratic governance structure contrasts sharply with shareholder-driven institutions where customer needs may take a secondary role to profit maximization.
Regulatory Framework and Member Protections
SECU operates under robust regulatory oversight designed to protect member interests. As a state-chartered credit union, SECU is regulated by the North Carolina Department of Commerce under the authority of the Credit Union Division. Additionally, SECU falls under the regulatory jurisdiction of the National Credit Union Administration (NCUA), a federal agency that supervises and insures credit union member accounts.
The NCUA Share Insurance Fund provides comprehensive protection for member deposits, covering up to $250,000 per share account owner per insured credit union for each account ownership category. This insurance coverage ensures that member funds remain protected even in unlikely circumstances of institutional failure.
Frequently Asked Questions
Q: What makes SECU different from a traditional bank?
A: SECU is a member-owned cooperative rather than a shareholder-owned institution. This fundamental difference means SECU prioritizes member interests, resulting in lower fees, better interest rates, and more favorable lending terms. Members also have a voice in organizational governance through democratic processes.
Q: How large is SECU compared to other credit unions?
A: SECU is the second-largest natural member credit union in the United States by both asset size and membership, with nearly 2.9 million members and $56.6 billion in assets as of July 2025.
Q: Are my deposits protected at SECU?
A: Yes, member deposits at SECU are protected by the National Credit Union Administration (NCUA), which insures deposits up to $250,000 per share account owner per insured credit union for each account ownership category.
Q: What is the minimum deposit required to open a SECU account?
A: The minimum deposit to open a share account is $25, consisting of at least five shares valued at $5 each. For children under 13, only one share is required for initial membership.
Q: Where can I access my SECU account?
A: SECU members can access their accounts through 275 branch locations throughout all 100 North Carolina counties, the CashPoints ATM network (the largest fee-free ATM network in North Carolina), and online banking services.
Q: Can family members join SECU?
A: Yes, immediate family members (spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, stepsibling, and adoptive relationships) of current SECU members are eligible to join.
Q: What services does the SECU Foundation provide?
A: The SECU Foundation funds high-impact projects in North Carolina focused on housing, education, healthcare, and human services. Funding comes from voluntary member contributions, ensuring community development efforts are powered by member-owners.
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