Update From Your President & CEO

I am pleased to provide an update on the past fiscal year ending June 30, 2024, and share the good news of what SECU has accomplished to benefit our cooperative’s more than 2.8 million member-owners.

Our earnings came in strong at $209 million, and while that’s quite a bit lower than the $587 million of the previous fiscal year, I’m happy to report that the lower earnings resulted in more money in the pockets of our members in the form of higher deposit rates. Currently, our money market account rate is a strong 2% APY*, and we have top of market Share Term Certificate (STC) rates. If you haven’t already done so, I encourage you to take advantage of our special 9-month STC that is paying 5.1% APY. In addition to competitive deposit rates, SECU also held expenses low over the past year, ensuring that we are good stewards of our members’ dollars.

Your volunteer Board of Directors (composed of current, past, and former state employees representing your best interests) took action to eliminate numerous fees at SECU. The Credit Union no longer charges a stop payment fee, NSF representment fee, overdraft transfer fee, verification of deposit fee, or a returned item fee! SECU’s fees are among the lowest in the country among our credit union peers. To better serve all 2.8 million members, the SECU Board also made some changes to our tier-based pricing model (where loan rates are determined by a member’s credit score) on auto and consumer loan products. In April of 2024, the Board reduced SECU’s 5-tier model to 3 tiers, with A credit score borrowers receiving an A rate, B borrowers receiving a B rate, and C, D, and E borrowers, as well as borrowers with no score, receiving a C rate. Before the introduction of tier-based pricing, SECU provided “one rate for all” that was a B- to C+ rate. The move to a 3-tier model also complemented the August 2023 rollout of a Board-approved 0.50% discount program¹ on closed-end consumer loans for certain qualified current or retired State of North Carolina employees, adding even more value for SECU’s base membership. 

Beneficial process and system changes implemented over the past year include the addition of card lock/unlock functionality on the SECU Mobile App (covering both debit and credit cards), a reduction in certain tickets or slips required by members for teller line transactions, Wi-Fi in SECU branches, and the ability for SECU to email members. Additional updates included a revamp of SECU’s website, the rollout of a chat feature on our SECU Mobile App, and the implementation of a new online branch member sign-in system. We are also now using a member survey tool, which allows us to “listen” and gather more member feedback than ever before! Our survey tool and feedback options on our website, SECU Mobile App, through our Member Services Support Center, and via our branches reflects how important it is to us to listen to and hear from our members.

What else is happening at SECU? Installation of digital display monitors in our branches to provide improved messaging statewide, along with the upcoming launch of our new rewards cards (one of our MOST member-requested products), full implementation of our new digital services platform, voice authentication in our member contact center platform, and initiation of ATM replacements at our branches.

What isn’t changing?

The mission: To be the trusted provider of financial services to every eligible member and to enhance the value of their lives and financial well-being while maintaining our fiscal strength.

The community impact: In addition to our branches helping to better their individual communities, your SECU Foundation is celebrating its 20^th anniversary with over $300 million committed in scholarships, grants, and loans since 2004 to benefit North Carolinians in all 100 counties.

Looking at each member’s situation individually: How SECU lends is a terrific example. SECU lenders do a wonderful job of helping members with personal care, relative to each member’s individual circumstance. SECU has an automated approval consumer origination model; however, SECU does NOT have an auto denial model! Even with automated approval, each application is reviewed by a lending officer before a loan is finalized. In addition, denials are reviewed by SECU’s Fair Lending team to ensure that every Credit Union member whose loan application is denied has the opportunity for further review.

The credit union philosophy: People Helping People®

The commitment of your Board, management team, and all of our SECU team members: In an ever-changing financial services world, your volunteer Board and the entire SECU team is committed to representing state employees’ interests and needs and move the organization forward for you and your families. SECU is the 2^nd largest credit union in the world, with over 2.8 million members and more than $56 billion in assets. The Credit Union, with 7,700 full-time and 500 part-time team members, serves members via 275 branch locations, ncsecu.org, our SECU Mobile App, ASK SECU (our automated voice response system), our 24/7/365 Member Services Support team, and nearly 1,100 CashPoints® ATMs.

Thank you for your membership. We look forward to serving you in the year ahead!