Every financial cooperative strives to bring value to their members, but State Employees’ Credit Union (SECU) of North Carolina has taken it one step further by sharing with members the quantitative benefits of ownership --- $648 million! The Report on Financial Benefits of Membership in State Employees’ Credit Union of North Carolina in 2011 by Dr. William E. Jackson, III reveals the cumulative dollar benefit, culminating from extensive research and comparisons of SECU products, services and fee structures to the marketplace.
Dr. Jackson --- Professor of Finance, Professor of Management, and the Smith Foundation Endowed Chair of Business Integrity in the Culverhouse College of Commerce at the University of Alabama, documented savings for members in various categories. Those categories included lower loan rates, higher rates on deposits, lower fees and the benefits from the Credit Union’s Salary Advance Loan program. Of the ways that SECU provided financial benefits to its members, the one with the largest impact in 2011 was lower fees on products and services, saving SECU members over $245 million! Jackson notes, “This is consistent with SECU’s strategy to hold the line on fees for financial products at a time when most financial institutions were significantly increasing fees on their products.”
Dr. Jackson further comments, “Even in a year when the economy of North Carolina continued to struggle with severe unemployment, a fragile housing market, and a slow economic recovery, State Employees’ Credit Union of North Carolina produced a remarkable amount of financial benefits and support for its members.”
McKinley Wooten, SECU Board of Directors Chairman, adds, “SECU’s strategy of service is to provide better value than others within the marketplace. The benefit of $648 million to SECU members substantiates the effectiveness of this strategy. With the value figure equating to $752 per member household, we are contributing to the financial success of our members. And, I can think of no better way to further stimulate the North Carolina economy than by putting more money in the pockets of those we serve!”