RALEIGH, N.C., June 29, 2015 (GLOBE NEWSWIRE) -- Value – it's a small word but one that for State Employees' Credit Union (SECU) members has a big impact. SECU members are receiving great value from their not-for-profit cooperative to the tune of nearly $772 million, as validated in The 2014 Report on Financial Benefits of Membership in State Employees' Credit Union of North Carolina, by Dr. William E. Jackson III.
Through his extensive study and comparison of State Employees' Credit Union financial products, services and fee structures to the marketplace, Dr. Jackson found that "almost one out of every five North Carolina citizens was a member of SECU and enjoyed the full range of financial benefits that accompanied SECU membership during 2014. In a year when the economy of the state continued to struggle with high levels of unemployment, a stabilizing housing market, and a rather modest overall economic recovery, the Credit Union produced an amazing amount of financial value and economic support for its members."
Dr. Jackson, who holds the appointments of 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, researched and documented member savings in a number of categories. Lower rates on loans, higher rates on deposits, lower fees, and benefits from SECU's Salary Advance Loan program were among the categories included. Of the ways that SECU provided financial benefits to its members, the category with the largest impact in 2014 was lower fees on products and services, saving members more than $380 million, a 36% increase since 2012!
The report's summary of financial benefits to members also included the Credit Union's Mortgage Assistance Program (MAP), along with SECU's provision of the no-cost tax preparation service through the IRS-sponsored Volunteer Income Tax Assistance (VITA) program. Further documentation reported sources by which SECU provided financial benefits to all North Carolinians, including SECU's no-surcharge CashPoints® ATM network, competitive pressures between commercial banks and credit unions in local consumer lending markets, and the member-funded SECU Foundation.
Dr. Jackson further comments, "The financial benefits provided by State Employees' Credit Union to its members are incredible, representing about $806 per member household. This level of value creation establishes SECU as one of the top performing credit unions in the United States for creating member value in 2014."
Jim Johnson, SECU Board of Directors' Chairman adds, "We continually work to provide members outstanding value and service – it is what they deserve from their Credit Union. At a time when many financial institutions are increasing rates and fees to gain profits, SECU's strategy is to remain consistent and steady on low or no-fee products and services to help provide members financial stability."
A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for 78 years. The Credit Union also offers a diversified line of financial advisory services including retirement and education planning, tax preparation, insurance, trusts, estate planning and investments through its partners and affiliated entities. SECU serves nearly 2 million members through 254 branch offices, over 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.
CONTACT: Leigh Brady, EVP - Organizational Development Office: 919-807-8347 Mobile: 919-327-8869 firstname.lastname@example.org
Source:State Employees' Credit Union(SECU)