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Pew Safe Checking

Transparency in Policies and Fees on Checking Accounts

The Credit Union supports full and fair disclosure of checking account policies and fees by all financial institutions. Recommendations for enhanced disclosures have been outlined by The Pew Charitable Trusts to the Consumer Financial Protection Bureau (CFPB). The Pew recommendations confirmed the need for greater transparency in checking account disclosures to assist consumers in selecting the best checking account for their personal financial needs. Specific recommendations included: full and concise fee disclosures, reasonable and proportional overdraft fees, and elimination of transaction reordering for maximization of overdraft fees.

SECU immediately announced that we had signed on to support the Pew Safe Checking recommendations. With a low $1 monthly maintenance fee (members may donate this fee toward support of SECU Foundation projects across North Carolina), daily interest, no minimum balance requirement and numerous options for preventing overdrafts, SECU’s checking product exceeds the Pew recommendations. As a not-for-profit member-owned cooperative, we are proud to highlight our checking account as a "best practice" in consumer fairness for the CFPB. To that end, SECU has created a one page summary of the full and fair policies, fees and terms of our checking accounts - Checking Account Fees and Terms (Versión en Español).

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*Quoted rates, dividends, annual percentage yields (APY) and rates (APR) are subject to change daily at the discretion of the Board of Directors.