A state staff credit score union (SECU) is a monetary cooperative owned and operated by its members, who’re usually staff of the state authorities or different public entities. SECUs provide a wide range of monetary companies, together with checking and financial savings accounts, loans, and funding merchandise.
SECU’s are sometimes in a position to provide decrease rates of interest on loans and better rates of interest on financial savings accounts than conventional banks and credit score unions. It is because they’re not-for-profit organizations which are owned by their members, quite than by shareholders. In consequence, SECUs can cross on their financial savings to their members within the type of decrease charges and better returns.