State Employees Credit Union

Name

State Employees Credit Union

Legal name

State Employees' Credit Union

Website

https://ncsecu.org

Company type

Private

Founded year

1937

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Consumer banking services
• Mortgage lending
• Credit union cooperative
• Retail deposits
• Consumer loan products

Headquarters

HQ city

Raleigh

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income on Loans and Mortgages: Primary revenue driver generated through interest income on mortgage loans (Fixed Rate, ARM, HELOC, Manufactured Home, Historic Preservation), auto loans, personal loans (signature, salary advance, share-secured, term notes), and credit card balances. Credit card variable APRs range from 11.25% to 17.25% depending on product and creditworthiness.
2. Credit Card Interest and Fees: Revenue from variable APRs on Cash Rewards, Points Rewards, and Classic Visa credit cards (including cash advances at 18.00% fixed APR), balance transfer fees (3% or $5, whichever is greater), and international transaction fees (1% applied by Visa).
3. Deposit Account Service Fees: Income from checking, savings (Share, Money Market Share, Share Term Certificates), and other deposit products, including any account/lending fees disclosed in the SECU Fees and Terms document.
4. Insurance Premiums: Premium income from SECU Life Insurance Company (wholly-owned subsidiary) selling Term Life, Whole Life, Annuities, Medicare Plans, Auto & Home Insurance, Travel Insurance, and Pet Insurance. Licensed to sell in North Carolina only.
5. Investment Advisory and Brokerage Fees: Fee-based revenue from Credit Union Investment Services, Inc. (CUIS), an SECU-affiliated investment adviser registered with the State of North Carolina, and SECU Brokerage Services, Inc. (Member FINRA/SIPC), offering investment advisory and securities products to NC residents.
6. Mortgage Origination and Closing Fees: Origination fee of 1% of loan amount (capped at $2,500) on mortgages, plus third-party closing costs (title insurance, attorney fees, appraisal fees, insurance, taxes) passed through to members. HELOCs carry no origination, application, or credit report fees.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels8 records

Core offering

State Employees' Credit Union is a not-for-profit, member-owned financial cooperative that delivers retail banking products and services to 2.9 million members. Its core offering includes deposit accounts (checking, savings, money market, share term certificates, HSA, IRA, youth accounts), consumer loans (mortgages, HELOCs, auto, personal, credit cards), insurance, and investment advisory and brokerage services, distributed through 275 branches, approximately 1,100 CashPoints ATMs, and the Member Access online banking platform and SECU Mobile App.

Product overview

SECU is a not-for-profit, member-owned cooperative credit union headquartered in North Carolina, organized as a single institution that delivers a multi-product financial services portfolio rather than a unified platform. At the core of the digital experience is the Member Access credentialed online banking platform and its companion SECU Mobile App, which provide BillPay, alerts, real-time loan advances, mobile check deposit, biometric authentication, Card Lock, and digital wallet provisioning across Apple Pay, Google Pay, Samsung Pay, and Garmin Pay. On top of that core, SECU offers three Visa credit cards (Cash Rewards, Points Rewards, and Classic) and a full deposit account suite that includes Checking, Share, Money Market Share, Share Term Certificates, HSA, Retirement Savings (IRA), Coverdell ESA, Holiday Cash Club, Summer Cash, FAT CAT (youth), and Zard (teen) accounts, with NCUA share insurance coverage up to $250,000 per ownership category. Lending products span Fixed Rate Mortgages (10/15/20/30-year), a 5-Year Adjustable Rate Mortgage, Home Equity Line of Credit (HELOC), Manufactured and Historic Preservation Home Loans, a First-Time Homebuyer's Mortgage, Auto Loans (with the TrueCar-powered SECU Car Buying Service), and personal loans (Signature, Salary Advance, Share-Secured, Term Notes). The portfolio is rounded out by insurance products from the wholly-owned SECU Life Insurance subsidiary and other carriers (Auto & Home, Annuities, Medicare, Travel, Pet), investment advisory and brokerage services through Credit Union Investment Services (CUIS) and SECU Brokerage Services (SBS), estate planning and trust services, retirement planning, and an extensive Learning Hub of articles and calculators; new lending is restricted to residents of NC, SC, GA, TN, and VA.

Differentiator

Problem solved

Functional benefit

Brands

• SECU Life Insurance Company: Wholly-owned subsidiary offering Term Life and Whole Life Insurance policies to members.
• CashPoints
• CashPoints Global
• FAT CAT
• Zard
• SECU Mobile App
• SECU Foundation
• SECU*RE Rental Housing Locator

Products and services

• Member Access Online Banking SECU's credentialed online banking portal providing BillPay, e-statements, account alerts, multi-factor authentication, real-time loan advances on HELOCs, Visa credit card cash advances and balance transfers, Quicken download, and self-service loan applications for members.
• SECU Mobile App Mobile companion to Member Access offering quick-view balances, mobile check deposit, real-time push notifications for alerts, biometric authentication (face ID/fingerprint), Card Lock, and digital wallet provisioning for Apple Pay, Google Pay, Samsung Pay, and Garmin Pay; compatible with iOS and Android 11+.
• CashPoints ATM Network SECU's proprietary branded ATM network of approximately 1,100 machines providing surcharge-free cash access to members and supporting cash advances and credit card payments.
• CashPoints Global Service enabling SECU members to access their accounts at shared branching locations and ATMs outside of SECU's direct footprint, including travel cash and currency access abroad.
• Cash Rewards Visa Credit Card Visa credit card with no annual fee, 14.25%-17.25% variable APR on purchases and balance transfers, 1.5% cash rewards on qualifying purchases plus 0.5% bonus rewards with qualifying direct deposit (up to 2% total), and 0% introductory balance transfer APR for 12 months on transfers within 90 days.
• Points Rewards Visa Credit Card Visa credit card with no annual fee, 14.25%-17.25% variable APR, 3x points on gas and EV charging, 2x points at restaurants, and 1.5x points on all other eligible purchases; redeemable for cash back, gift cards, merchandise, and travel.
• Classic Visa Credit Card Visa credit card positioned for low-interest borrowing and balance consolidation, with no annual fee, 11.25%-14.25% variable APR, and 0% introductory balance transfer APR for 12 months on transfers made within 90 days.
• Checking Account Everyday-spending checking account that earns dividends and integrates with Member Access for transfers, bill pay, alerts, and debit card access.
• Share Account Core member savings/share account at SECU, eligible for NCUA share insurance coverage.
• Money Market Share Account Tiered money market share account offering higher dividend rates than the standard Share Account while maintaining liquidity.
• Share Term Certificates Fixed-term share certificates (CDs) offering locked-in dividend rates for specified terms.
• Health Savings Account (HSA) Tax-advantaged HSA offered to SECU members, supporting IRS Form 1099-SA/5498-SA tax reporting.
• Retirement Savings (IRA) Traditional, Roth, and SEP IRA accounts with associated IRS Form 1099-R and 5498 tax reporting.
• Education Savings (Coverdell ESA) Coverdell Education Savings Accounts supporting IRS Form 1099-Q and 5498-ESA tax reporting.
• FAT CAT Share Account Savings account branded for children to introduce money management concepts.
• Zard Accounts Checking account product designed for teens within SECU's youth accounts suite.
• Fixed Rate Mortgages (10/15/20/30-Year) Conventional fixed-rate mortgage products with 10-, 15-, 20-, and 30-year term options, no PMI, and no application or credit report fees; available for primary residences, second homes, and investment properties across NC, SC, VA, GA, and TN.
• 5-Year Adjustable Rate Mortgage (ARM) Adjustable rate mortgage with a rate that adjusts every five years, capped at 2% per adjustment and 6% over the life of the loan, with a 30-year maximum term and no PMI requirement.
• Home Equity Line of Credit (HELOC) Variable-rate revolving line of credit secured by primary, secondary, or investment residential property (in NC, SC, VA, or GA), with a 15-year draw period and no application, credit report, or origination fees; initial APR as low as 6.25%.
• Manufactured Home Loans Fixed Rate and 5-Year ARM mortgage products for single- and double-wide manufactured homes that serve as the borrower's primary residence, with a maximum 20-year term.
• Historic Preservation Home Loans Mortgage loans for homes under the jurisdiction of Preservation North Carolina or local historic preservation boards, with a maximum loan-to-value of 70% and a maximum loan amount of $400,000.
• First-Time Homebuyer's Mortgage Specialized 5-Year ARM product for first-time buyers financing up to 100% of purchase price (up to $500,000) plus up to $2,000 in closing cost assistance, with eligibility tied to prior homeownership history or NC public-sector employment.
• Auto Loans New and used vehicle loans with options such as the Auto Power program and an offer to extend the first loan payment up to 90 days for loans originated between June 15 and September 15, 2026.
• SECU Car Buying Service TrueCar-powered vehicle search and pricing tool that provides upfront pricing and connects SECU members to financing for new and used vehicle purchases.
• Signature Loans Unsecured personal loan product offered to qualifying members.
• Salary Advance Loans Short-term personal loan product for qualifying members.
• Share-Secured Loans Personal loan secured by the member's SECU share (savings) balance.
• Term Notes Fixed-term personal loan product for SECU members.
• SECU Life Insurance Wholly-owned SECU subsidiary offering Term Life and Whole Life Insurance products, with an online quick-quote portal allowing coverage decisions in as little as 15 minutes; licensed in North Carolina.
• Auto & Home Insurance Bundleable property and casualty insurance for members' homes and vehicles.
• Annuities Annuity products offered through SECU's insurance planning suite.
• Medicare Plans Medicare plan options offered as part of SECU's insurance planning services.
• Travel Insurance Travel insurance coverage available to SECU members.
• Pet Insurance Pet insurance coverage offered as part of SECU's insurance planning services.
• Financial Advisory Services (CUIS) Investment advisory services delivered through Credit Union Investment Services, Inc. (CUIS), a North Carolina-registered Investment Adviser, with a third-party-hosted Client Portal for online account access.
• SECU Brokerage Services (SBS) FINRA/SIPC-member brokerage through which securities are offered to SECU members; investments are not NCUA insured and may lose value.
• Estate Planning & Trust Services Estate planning guidance and trust services delivered by SECU trust representatives, including Revocable Living Trusts, Special Needs Trusts, Guardianship, Power of Attorney, and Will Substitute resources.
• Retirement Planning Holistic retirement planning offered at no additional cost to members, including a Retirement Income Estimator calculator and personalized planning support.

Quantifiable outcome

• $60 billion in assets
• +6 more outcomes

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature10 records

Partnerships

Eight partnerships are on record, tiered core, strategic and minor.

• TrueCarcoreTechnology or IntegrationTrueCar operates the SECU Car Buying Service, providing members with upfront pricing for new and used vehicles through a TrueCar-powered tool integrated into the SECU auto loan experience. Members can estimate rates and start applications directly from ncsecu.org. SECU is not responsible for offers, purchases, leases, or services provided by TrueCar; TrueCar support line: (833) 544-1576. Pricing may exclude tax, title, tags, government fees, emissions testing charges, and applicable finance charges.
• Engage fistrategicTechnology or IntegrationEngage fi was selected by SECU (announced April 2026) to advance member value through technology transformation, as part of credit union efforts to compete with big banks. This aligns with broader MD|DC Credit Union Association partnerships with fintech firms to improve account opening, digital banking, and financial planning tools.
• Intuit (TurboTax)minorGTM or Marketing PartnerSECU negotiated with Intuit to offer members a discount of up to 20% on TurboTax preparation software via an SECU-branded affiliate link. Intuit is not affiliated with SECU; SECU bears no responsibility for the service. Valid only when accessed via the SECU-provided link.
• Visa Inc.coreOEM/ Whitelabel/ Licensing PartnerVisa is the card network for SECU's three credit card products (Cash Rewards, Points Rewards, and Classic Visa). Members receive Visa Zero Liability for unauthorized transactions and access to contactless payments. Visa applies a 1% fee on international transactions (foreign currency or processed outside U.S.). APRs are pegged to the U.S. Prime Rate plus a margin; Cash Advances have a fixed 18.00% APR.
• Apple Pay, Google Pay, Samsung Pay, Garmin PaycoreTechnology or IntegrationSECU debit and credit cards support tokenized digital wallet payments through Apple Pay, Google Pay, Samsung Pay, and Garmin Pay, enabling tap-to-pay and online checkout via mobile devices.
• SECU Life Insurance CompanycoreOEM/ Whitelabel/ Licensing PartnerSECU Life Insurance Company is a wholly-owned subsidiary of State Employees' Credit Union that sells Term Life, Whole Life, Annuities, Auto & Home, Travel, Pet Insurance, and Medicare Plans. Insurance specialists are licensed to sell in North Carolina only. Life insurance is not NCUA-insured.
• Credit Union Investment Services, Inc. (CUIS) and SECU Brokerage Services, Inc.coreStrategic or Co-development PartnerCUIS is an Investment Adviser registered with the State of North Carolina offering investment advisory services to NC residents; SECU Brokerage Services, Inc. (Member FINRA/SIPC) offers securities. Investments are not NCUA insured, not guaranteed by or obligations of any credit union, and may lose value. CUIS has engaged a third party to maintain its Client Portal.
• Members Trust Company (MTC)minorStrategic or Co-development PartnerSECU Trust Services offers the FlexIRA product through Members Trust Company (MTC), supporting IRA-based retirement planning for members.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• SchoolsFirst Federal Credit Union: California-based credit union serving school employees and public-sector educators, mirroring SECU's historical focus on North Carolina state employees and educators. Offers deposits, mortgages, credit cards, retirement planning, and member-first cooperative economics.
• Navy Federal Credit Union: Largest U.S. credit union with a similar employer-affiliated, public-sector member base (military, DoD civilians, veterans). Operates as a not-for-profit cooperative offering full deposits, lending, credit cards, and insurance nationwide, making it the closest analogue to SECU's structure and product breadth.
• Boeing Employees Credit Union (BECU): Large Washington-state-chartered, employer-affiliated credit union offering full-service consumer banking, mortgages, auto loans, and credit cards to a defined employee/membership base. Closely comparable operating model and product mix to SECU.
• Alliant Credit Union: Large digital-first credit union serving a national membership through online and mobile channels, offering deposits, credit cards, mortgages, and auto loans. Comparable in product breadth though differentiated by nationwide (rather than NC-concentrated) distribution.
• Pentagon Federal Credit Union (PenFed): Federally chartered credit union serving military, government employees, and their families with nationwide deposits, mortgages, and credit cards. Similar public-sector member orientation and full-service cooperative structure as SECU.
• First Tech Federal Credit Union: Employer-affiliated credit union serving technology employees with nationwide membership, full-service deposits, lending, credit cards, and investment services. Comparable cooperative structure and digital-first delivery model.
• Golden 1 Credit Union: California's largest state-chartered credit union, offering deposits, mortgages, credit cards, investment, and insurance products to a broad consumer membership. Comparable scale and multi-product financial services cooperative model.

Broad incumbents

• First Citizens BancShares: North Carolina-headquartered commercial bank with significant retail and mortgage operations across the Southeast. Directly competes with SECU for NC deposits, mortgages, and credit card business, though it operates as a for-profit, publicly listed institution.
• Truist Financial: Top-10 U.S. bank formed from the BB&T/SunTrust merger with Charlotte, NC as its headquarters city. Competes directly with SECU across retail deposits, mortgages, credit cards, and wealth management throughout North Carolina.

Emerging players

• Discover Financial Services: Direct-to-consumer credit card issuer with national scale and no annual fee products. Partial overlap with SECU's Cash Rewards and Classic Visa cards in the consumer credit card category, particularly on balance transfer positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ncsecu

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about State Employees Credit Union