A state workers credit score union (SECU) is a monetary cooperative owned by its members, who’re sometimes state authorities workers. SECUs supply a wide range of monetary providers, together with checking and financial savings accounts, loans, and bank cards. They’re typically in a position to supply decrease rates of interest and costs than conventional banks as a result of they’re not-for-profit organizations.
SECU’s are vital as a result of they supply inexpensive monetary providers to state workers. They’ll additionally assist to advertise monetary literacy and financial improvement of their communities. The primary SECU was based in 1937 in North Carolina. Right this moment, there are over 500 SECUs in america with over 5 million members.