State Employees′ Credit Union is committed to protecting member deposits.
As a result, the following methods have been implemented:
- Property insurance guards against fire and theft
- Annual reserves for additional protection
- SECU subject to audits by 4 sources: Credit Union Division of
the NC Department of Commerce, Internal Audit, an outside CPA auditing
firm and the National Credit Union Administration
The National Credit Union Administration (NCUA) is an independent United States
government agency that insures the deposits of credit union members nationwide.
Managed by the National Credit Union Administration Board, NCUA examines,
supervises and insures both federally-chartered and qualifying state-chartered
credit unions. Also managed by the NCUA Board, the National Credit Union
Share Insurance Fund (NCUSIF) is a component of NCUA and was established by
Congress on October 19, 1970 to insure member accounts.
- Up to $100,000 basic insured amount
- Includes funds in share, checking, money market share and share
term certificate accounts
- IRAs insured separately up to $250,000
- Health Savings Accounts are insured separately up to $100,000
- No charge for share insurance protection
- Individual accounts with same accountholder totaled and insured up to
$100,000
- Joint accounts insured separately from individual accounts up to $100,000
For complete details, please review the State Employees′ Credit Union
brochure. Questions regarding NCUA insurance can be directed to a local
branch or submitted in writing through Secure Message in Member Access.
