State Employees’ Credit Union
The bottom line
- SECU offers more than 250 branches and 1,000 network ATMs in North Carolina, making it one of the largest credit unions in the U.S., but it has no presence outside the state
- To be eligible for membership, you generally have to be a public employee in North Carolina, or be related to one
- Great rates on SECU’s share certificates — the credit union equivalent of certificates of deposit — help them get a high NerdWallet rating, 4.5 stars out of a possible 5
» Compare more CDs on our roundup of best CD rates this month
Read on for more details about State Employees’ Credit Union’s checking and savings accounts, share certificates, customer experience and overdraft fees.
4.5 / 5.0
SECU’s checking account earns 0.25% annual percentage yield on all balances. That’s more than what many traditional banks and even some online banks offer.
But the account also has a mandatory $1 monthly service charge. That may not seem like much more than an annoyance, but there are other credit unions and banks with checking accounts that don’t have any monthly fees.
Free ATMs in North Carolina but not elsewhere: Despite having hundreds of ATMs in North Carolina, SECU isn’t a member of a nationwide shared network of ATMs, so you could face fees when traveling out of state.
» Want more options? See NerdWallet’s best checking accounts
Savings and money markets
4.0 / 5.0
SECU requires you to open a savings account — often called a share account at a credit union.
It has a low $25 minimum-deposit requirement, and the 0.75% APY is well above the national average of 0.06% APY. The SECU share account can be a good place to park your cash, as long as you keep at least $25 in the account. If the balance falls below that amount, there’s a $1 monthly fee.
SECU also offers a money market account that earns an APY of 1.01% in return for a higher minimum deposit than the share account.
» See higher rates on our list of best savings accounts
4.5 / 5.0
SECU offers a variety of share term certificates, the credit union equivalent of certificates of deposit. The certificate terms range from six months to five years and earn better rates than many other bank and credit union certificates. Some banks, however, offer higher rates, which you can compare here.
3.5 / 5.0
SECU’s network is best for those living in North Carolina. Its branches and ATMs don’t extend beyond the state.
Membership is limited primarily to employees of the government and their families. You can’t qualify by living, working or worshipping in a certain geographic area, as you can with some other credit unions. If you’re eligible, though, you’re joining a big community. The credit union claims membership of about 20% of North Carolina’s 10 million residents.
No mobile banking app is available for smartphone or tablets, but SECU offers a mobile version of its website. And its call center is staffed 24 hours a day, seven days a week.
4.0 / 5.0
Overdraft fees are low compared with those of many other financial institutions. SECU waives nonsufficient funds fees for the first two days you overspend your checking account per year. After that, it charges $12 per item. The national median cost of an overdraft fee is $34. Another plus: Unlike many banks, SECU doesn’t have an overdraft penalty program, which would let your balance go negative and lead to overdraft coverage fees.
SECU doesn’t have a daily limit for nonsufficient funds fees. Some banks charge a maximum of five NSF fees daily, even if a customer has more than five instances of nonsufficient funds on a given day.
» Learn the basics about overdraft fees
SECU offers a bonus program called Another Chance to alert members about pending nonsufficient funds transactions. The program gives members until 5:30 p.m. that day to make a checking deposit to cover the shortfall.
Overdraft transfers are a cheap option if you’re worried about getting hit with nonsufficient funds fees. You link an SECU savings or credit account to your checking account for overdraft transfers, and the credit union will charge only 50 cents per transfer for up to six transfers each month (after your two free days are used up). After six transfers in a month, the fee goes up the nonsufficient funds fee amount of $12. Repeatedly going above six can cause you to lose this overdraft transfer option.
Updated Dec. 7, 2017.
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.
Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.