A state staff credit score union (SECU) is a monetary cooperative owned by its members, who’re sometimes state authorities staff. SECUs supply quite a lot of monetary providers, together with checking and financial savings accounts, loans, and bank cards. They’re usually in a position to supply decrease rates of interest and charges than conventional banks as a result of they’re not-for-profit organizations.
SECU’s are vital as a result of they supply reasonably priced monetary providers to state staff. They will additionally assist to advertise monetary literacy and financial improvement of their communities. The primary SECU was based in 1937 in North Carolina. As we speak, there are over 500 SECUs in the USA with over 5 million members.