State Employees Credit Union
State Employees Credit Union is one of the largest United State's state charted credit union which is regulated under the authority of the Credit Union Division of the NC department of commerce. SECU member deposits can be insured by the National Credit Union Administration. It has $36.5 billion in assets, more than 2.1 million members, and 265 branches with locations across United States of America. The mission of this credit union is to be the trusted provider of financial services to every eligible member and enhance the value of the member's lives and financial well-being. In order to accumulate the member's savings, the company promotes thrift among them. It creates a source of credit at a fair and reasonable rate of interest. Through State Employees Credit Union online service ncsecu.org, the members can use and control their money to enhance their economic and social condition. It mainly focuses on continued success by enhancing the lives of North Carolinians. SECU positively impacts both members and non-members by offering substantial benefits including low lending rates, high deposit rates, and low fees. Non-members get benefit from free CashPoints ATM network. The online website gives you the services for members and non-members such as loan products, accounts & cards, estates & trusts, mobile & online, insurance & investments, and services.
State Employees Credit Union Loan Products subsuming auto, mortgages, and personal loan products. Under the Auto category, you can get the product solutions like car buying service, car rental service, GAP coverage, car valuations and vehicle loans. Car buying services are a convenient alternative to shopping from place to place for the best car deal. The persons who are looking for a new vehicle can take advantage from these services. Car buying services are included search by vehicle model or make or features, view interior or exterior pictures of vehicles, build a vehicle with desired options, colors, and special packages, browse incentives, summaries, technical specifications and warranties, compare invoice price with MSRP, request a quote online, vehicle located by the Credit Union Representatives, trade-ins considered and free delivery of a vehicle is available. Car rental service is offered by the company where State Employees Credit Union is proud to offer rental discounts through Hertz. This rental discount program take advantages such as 24-hour reservation service, special discounts on rental rates, pickup and return service is available if you're within 15 minutes of one of over 800 U.S. Hertz local edition locations. The company offers more than 8500 rental locations in 146 countries worldwide and dedicated toll-free rental number is also provided to clear the queries regarding rental service. SECU offers the Chrome Showroom program where it can alleviate the uncertainty of buying a new or used vehicle by providing impartial and informative advice. Car values advantages are included for new and used vehicles. For new vehicles, the members can get the benefits such as search by vehicle make or model or features, view exterior or interior pictures of vehicles, compare invoice price with MSRP, multiple vehicle comparison, and browse vehicle summaries, incentives, technical specifications and warranties. Used vehicle advantages are search by vehicle make or model, compare wholesale to retail prices, determine value based upon mileage and features, multiple vehicle comparison, and vehicle advantages listed. SECU offers GAP coverage on new and used vehicle loans for a flat fee of $275. It is debt cancellation product which covers the difference between the insurance settlement amount and the outstanding loan balance if your vehicle is involved in a total loss claim. This is determined by your auto insurance provider due to theft or at fault accident or flood. If your vehicle is totaled, the insurance settlement is based on the actual cash value of the vehicle not the outstanding loan balance. After the primary insurance has been paid the difference is could create a gap. Based on GAP coverage, this deficiency would be covered up to specific parameters. It is eligible for new and used cars, trucks, vans and SUVs, maximum market value of the vehicle is $100,000, maximum claim benefit of $50,000, maximum loan to value of 125% for terms up to 96 months, not available for classic vehicles, eligible for new loans only and 90-day free look period.
SECU provides the Auto Power Program for new and used vehicles. It allows you to shop for your next vehicle at your leisure and make a deal on the spot. It provides you a blank pre-approved check up to a specific dollar amount for the purchase of your vehicle from a licensed auto dealer. You can make the deal and drive away your vehicle with the Auto Power program. New vehicle loans included fixed rate financing for terms up to 96 months. The company finances up to 100% of the Manufacturer's suggested retail plus plus an additional 25% to cover other purchase related expenses such as tags, tax, and extended warranties, etc. Cash out refinances are limited to the 100% of the value of the vehicle based on the NADA retail value. It must be current, prior or upcoming year model with 10,000 miles or less, maybe repaid at anytime without penalty, and the vehicle must have collision and comprehensive insurance protection with a maximum deductible of $1000 for the duration of the loan. But, you need to make a note that flood, salvage, and reconstructed title vehicles, motorcycles, boats and RVs are not acceptable as collateral. Vehicle lending is limited to residents of North Carolina, Georgia, Virginia, and Tennessee. Members should have 18 years of age or older to be eligible for lending services. The new vehicle loans will be available in different terms such as 36 month terms, 37-60 month terms, 61-72 month terms, and 73-96 month terms. The company provides different payrolls such as Funds Transfer Pay, Direct Pay, and Payroll Deduction.
Used Vehicle Loans
The company offers fixed rate financing for used vehicles also. According to the NADA price value, the company will finance up to 125% of the value of the vehicle for the purchase of a used vehicle. Cash out refinances are limited to 100% value of the vehicle. You can able to determine the value of a vehicle at Auto Center through members access. Used vehicle loan terms are up to 72 months. It may be repaid at any time without penalty. For the duration of the loan, the vehicle must have collision and comprehensive insurance protection with a maximum deductible of $1000. Depending on mileage, the loan term limitations may apply and eligible candidates must have 18 or more than that for lending services. 4.75% APR is for all terms up to 72 months using Payroll Deduction or Funds Transfer Pay. Up to 72 months, the loan terms will be applicable for 5.25% APR using Direct Pay. The Credit Union provides automobile insurance which can help you to obtain a risk free insurance. Cash out is not available on vehicle purchase transactions.
State Employees Credit Union Mortgages included adjustable rate mortgages, home equity line of credit, fixed rate mortgages, mortgage loan toolkit, mortgage assistance program, national mortgage licensing system, and special mortgage programs. The unique adjustable rate mortgage products allow to purchase or refinance primary residences, second homes and rental properties for members. These members reside in and for properties located in North Carolina, South Carolina, Georgia, Tennessee, and Virginia. Funds are collected with each payment. These funds are placed in an escrow account until needed and earn dividends equal to the share account rate. The payments maybe made directly to the Credit Union through Payroll deduction or funds transfer. 5-year adjustable rate mortgage offered by the company. The interest rate may only be adjusted every five years and this product offers additional protection against rate offers. The interest rate may not change by more than 2% every five years or 6% over the life of a loan. 3.625% initial rate for 30-year terms with 80% or less loan to value. Based on adding a margin of 1.5% to the index, future rates and payments can be determined. In this way, the company offers different types of interest rates with various terms such as 4.125% initial rate for 30-year terms with 80.1% to 90% loan-to-value, 4.625% initial rate for 30-year terms with 90.1% to 100% loan to value, and 5.625% initial rate for 30-year terms with 100.1% to 110% loan to value. The other constraints for 5-year mortgage plan included maximum terms of 30 years, no application fees or credit report fees, private mortgage insurance is not required, origination fee of 0.75% of loan amount, 100% financing is available for purchases, up to 90% refinancing available for purchases and refinances of primary residences. For second home residents, the company provides up to 90% financing is eligible for purchases and refinancing. Only one second home per member is eligible for financing. Through this program, up to 80% financing is available for the purchase of a rental property or for a non cash-out refinance of a rental property. This insurance is further limited to 65% loan to value for cash out refinances. Each member may finance up to two rental properties. Under this mortgage plan, manufacturer homes can be typically considered as collateral but must be primary residence of the borrower.
Personal Loan Products
SECU personal loan products included open-end signature, salary advance, share secured, student, term notes, and Visa Credit Card. The features of loans will be different for these loans. The flexible loans are provided by Credit Union variable rate open end signature loan. Without completing a new promissory note, unlimited subsequent advances can be made from this credit line. These advances will be included member access, ASK SECU, your local brand or 24/7 member services. For an existing open-end signature loan, you can process a real-time loan for immediate access to the funds via member access or ASK SECU services. The essential specifications included for this type of loan such as 10.75% APR for Payroll Deduction or funds transfer payment, 11.25% APR for Direct Pay, minimum payment based on the principal balance, overdraft protection for your SECU checking account, lending is limited to the residents of North Carolina, Georgia, South Carolina, Virginia, and Tennessee. In order to get the benefits from open end signature loans, the members must have the age of 18 or more than that for lending services. In a similar manner, the members can able to gain the advantages from salary advance and share secured.
The students who have previously received a Federal student loan from a private lender under the FEEL program should be completed a new promissory note to receive the loans under Direct Loan program. Direct loans will be available for in-state or out of state college or university which is eligible to participate in the federal loan program. SECU offers direct subsidized and unsubsidized loans for undergraduate or graduate students. A direct subsidized loan is available for students who have a financial need. The direct unsubsidized loan is applicable for students who do not demonstrate the financial need. This loans are available for Dependent students including first year of undergraduate school with $5500 with no more than $3500 being subsidized, second year of undergraduate school $6500 with no more than $4500 being subsidized, third year and beyond of undergraduate school $7500 with no more than %5,500 being subsidized. Aggregate lifetime maximums for direct subsidized and direct unsubsidized loans are different for dependent undergraduates $31,000 dependent graduates, $57,000 for independent undergraduate students, and $138,500. Under this loan program, the students do not demonstrate the financial need to borrow a PLUS loan but the graduate or professional students should have a good credit history and should have already applied for your annual loan. After graduation or leaving school, some borrowers consider the multiple eligible federal student loans into one Direct Consolidation Loan.
Accounts & Cards
Under this category, you can find accounts & cards including Cardholder travel information, CashPoints Global, Debit Cards, Visa Credit card, Visa Gift card, and deposit accounts. Through cardholder travel information, the customers can check out the travel checklist and travel tips using online website ncsecu.org. The company used to monitor the accounts on a daily basis for unusual activity through fraud monitoring tools. You can ask your Credit Union about potential fraud blocks in other countries because the services are limited to the locations like Brazil, Romania, Spain, Malaysia, Pakistan, Thailand, Ukraine, and Turkey. In most of the cases, the cards are accessible from anywhere. If not, you can contact the company representatives through a telephone number for immediate response. Before travelling to the international locations, you can intimate the company with information included the particular region where you want to travel. The availability of using the SECU card is extremely limited for Cuba due to the US Trade Embargos and the developing payment landscape in that country. While leaving from your place to another international location, you must ensure that the card is not damaged and the PIN is correct. When you want to plan for international locations, you need to follow some suggestions such as always bring alternative payment method cards, keep your debit or credit cards and any cash in different places, and have all financial information readily available.
State Employees Credit Union online website ncsecu.org provides two types of debit cards such as CashPoints and Visa Check. These cards offers the convenient way to access the funds, make purchases, and obtain account information. SECU debit cards can be used at ATMs or making purchases online and in-store purchases as well. The features included individual ownership, provides account access through ASK SECU and online member access, accepted at CashPoints, and PLUS network ATM locations, photo may be added for additional security and no fee for purchases or transactions performed at a CashPoints ATM. Cashpoints cards checking account is required unless used for purchases, perform ATM transactions, debit funds directly from the primary checking account, make purchases at national Interlink or Maestro merchants, required PIN entry in all purchases, $2500 daily purchase limit, magnetic stripe technology, and $500 maximum daily cash withdrawal limit. For Visa Check cards, you must need to consider into account when you use those cards such as checking account is required, make purchases at worldwide Visa merchants or online, requires PIN entry for debit purchases or required to put a signature for credit purchases.
SECU Deposit Accounts subsuming CashPoints Global, Money Market Share, Coverdell Education Savings, Checking, Holiday Cash Club, Share, Share Term Certificates, Individual Retirement, Health Savings, Summer Cash, and NC 529 plan. Coverdell Education Savings is a method of saving for elementary, secondary, and higher education expenses. You can apply for this coverdell education savings account online through member access. The features are current interest rate is 1.50% APY, $25 minimum depositing amount, earnings grow tax-deferred, tax-free withdrawals to pay qualified education expenses, and contributions made with after-tax dollars. Money Market Share account is used for expanding your savings in an account which offers money market rates with maximum accessibility. Features of this money market share account involving current interest rate is 1.00% APY, $250 minimum opening deposit, $250 minimum required balance, no service charge, accessible via member access, ASK SECU, branch and 24/7 member services, debits from money market share accounts are subject to limitations, no checks can be written and no automated clearing house debits are allowed on market money share accounts.
Insurance & Investments
The State Employees Credit Union offers various types of insurance products such as Annuities, auto, home owners, health, life insurance, and medicare supplement plan. Annuities can be used to meet retirement or other long range goals. It provides a conservative approach to retirement savings with the added advantage of tax-deferred growth. The annuities are categorized into two types single premium deferred and immediate annuities. SECU life single premium deferred annuity features minimum deposit of $5000, maximum issue age of 80, non qualified contracts available, five year interest rate guarantee, five year surrender period with the following surrender charges 5%, 4%, 3%, 2%, and 1% for year 1, year 2, year 3, year 4, and year 5 respectively. Accordingly, the other features are annual 10% penalty free withdrawal provision, 30 day free look provision and this annuity is applicable for North Carolina residents only. Annuities are not federally insured or guaranteed by the Credit Union.
If you want to save the money for long term goals such as retirement or education and desired to broaden your investment options, you can consider the ASK SECU about investing in mutual funds. If you are the member of Credit Union, you will be able to access the low cost, diversified, and bond funds that can help you to achieve long term financial goals with a consistent and regular financial plan. The company's investment representatives will help you to reach your goals and taken into consideration of your financial picture. These representatives are encouraged you to choose the best investment plan and whenever your goals or financial circumstances change.
Mobile & Online
Along with the above mentioned services, you can also get mobile services such as alerts, another chance, one-time passcode, mobile services, mobile payments, two-way text messaging, and visa checkout. Online services included BillPay, online security, financial assessment, member access, real-time loan advance, Visa credit card balance transfer, Visa credit card cash advance, check images, browser requirements, quicken download, and statements.
Credit Union offers other services such as automated services, branch services, and tax services. Automated services are ASK SECU, overdraft protection, direct deposit, wire transfer, payroll deduction, funds transfer, and cashpoints ATM. State Employees Credit Union branch services included coin sorters, checking account switch kit, shred days, notary & signature insurance, currency, and when laid off, turn to SECU. Tax services are low-cost tax program, volunteer income tax assistance, tax refund information, tax preparation, prepare your own taxes, and year-end tax documents. Low-cost tax program is available for qualified members with basic tax preparation needs. It can normally prepare your tax return through the low-cost tax program if the return will not include in the following terms such as rental income, farm income, foreign earned incomes, military income, adoption credits, non-cash charitable contributions, and deductions for business use of the income.