A state employees credit union (SECU) is a financial cooperative owned by its members, who are typically state government employees. SECUs offer a variety of financial services, including checking and savings accounts, loans, and credit cards. They are often able to offer lower interest rates and fees than traditional banks because they are not-for-profit organizations.
SECU’s are important because they provide affordable financial services to state employees. They can also help to promote financial literacy and economic development in their communities. The first SECU was founded in 1937 in North Carolina. Today, there are over 500 SECUs in the United States with over 5 million members.