When Laid Off, Turn to SECU
State Employees' Credit Union understands the importance of helping members improve their financial lives – it
is our mission and goes hand in hand with the "People Helping People" philosophy of the Credit Union.
In today's economy, helping members has become even more important, as there are some members who are experiencing
significant financial difficulties due to loss of income. We are here to help during this challenging phase. Currently,
are being offered in the Raleigh area for Reduced-In-Force (RIF) state employees
at the State Employees’ Career Transition Center.
Here are some of the products and services we offer that may benefit you during this time.
- Budgeting – How can I adjust my budget to live on a reduced income and help to avoid overdrafts?
Our Spending Plan Guideline offers a breakdown of general
monthly expenses and the best way to allocate funds to meet your needs. It also includes tips where SECU can help you
save in each of these areas. For a more detailed look at your expenses, complete the
Financial Assessment available through Member
Access or visit your local SECU branch.
- Mortgage Assistance – I can’t afford my house payment. What should I do?
If you find you are having difficulty making your SECU mortgage payment, we may be able to temporarily adjust
your loan. Visit the Mortgage Assistance Program
page for more details.
- Auto Refinancing – The rate on my car loan is high. Can I refinance?
Visit our refinancing calculator pages to see if you can save money on your monthly
- Health, Life, Auto and Home Insurance – Should I purchase COBRA health insurance? Do I need replacement life insurance?
It is typical to have questions about your Insurance if you've recently experienced job loss. Decisions such
as whether or not to purchase COBRA health insurance or replacement life insurance depend on your individual
life circumstances. To help plan for these insurance related concerns, review
your options or get these questions answered
by a trusted source by visiting your local branch.
- Retirement Planning – What should I do with my 401(k), 457 or 403(b)?
A Financial Services Officer at the Credit Union can help you determine the best way to keep funds
in a tax-advantaged account. Advice is also available in the event that retirement funds are needed to
cover essential expenses. Options differ based on your personal financial situation. See a
Financial Services Officer for a better understanding of
when, or if, you should use existing retirement funds (401k, 457,403b) to help pay bills.
- Unemployment Insurance – How do I apply?
If you have lost your job or are encountering other financial hardships, the
NC Employment Security Commission
has additional information on unemployment insurance services. General information on Employment Security
Commission can be found on the ESC Brochure.
- Taxes – How will unemployment income affect my tax situation?
One often forgotten part of unemployment income is how you will be affected during tax season. You
will want to avoid owing a large amount in taxes. To help plan for these tax related concerns, review
additional information or contact your
local SECU branch.
- Credit – How can I monitor my credit rating?
Knowing what's on your credit report makes financial decisions easier and can save you money in
lower interest rates. Visit the Credit Reports Page for
information on receiving a free credit report from each of the three major credit bureaus.
- Debt Counseling – I don’t earn enough to pay all my bills. What should I do?
Through a partnership with SECU, BALANCE provides financial
counseling and employee assistance programs (EAP) to numerous companies and credit unions nationwide. This
financial counseling service is available to you free of charge.
- Support Services – What government or private resources are available? Where can I find a Food Bank?
For more available resources and information on unemployment, community support services and making ends
meet visit the Additional Resources page.
Remember, SECU will investigate all opportunities which might help members improve their financial well being.
Please visit your local branch
for additional When Laid Off, Turn to
SECU resources and tips.