State Employees’ Credit Union protects members’ financial interests in the aftermath of Hurricane Matthew
RALEIGH, NC (October 26, 2016) — Hurricane Matthew has been devastating for North Carolina and its citizens, with the impact felt physically, emotionally and economically. As a member-owned financial cooperative based in North Carolina and serving 2.1 million members, State Employees’ Credit Union (SECU) took quick action to help members avoid the financial burden of costly fees during the immediate aftermath of the hurricane. The Credit Union waived over $293,000 in Non-Sufficient Funds (NSF) and returned check fees for members participating in SECU’s Another Chance Program over a four day period!
Since 2010, services like the Another Chance Program, the 5:30 p.m. “End of Business Day Cutoff” and Two-Way Text Messaging and Alerts have provided SECU members practical tools to manage their finances and avoid costly fees. Those enrolled in the Another Chance Program receive an alert when a check is attempting to post to their checking account when sufficient funds are not in place to pay the item. The alert notifies members that a deposit or transfer of funds is needed by 5:30 p.m. that same day in order to avoid being charged an NSF fee.
The Credit Union’s prompt action to ensure Another Chance items were not returned immediately following the storm gave members and their finances some much needed breathing room at a very difficult time. Over the four day period, the Credit Union paid more than 7,923 Another Chance items totaling over $1.8 million! Waiving SECU’s $12 NSF fees delivered more than $95,000 in savings, while members were also provided relief of $198,000 from returned check fees of merchant financial institutions.
“During a major weather emergency such as this, the safety and welfare of our members and employees are major concerns,” said Jennifer Hamrick, SECU Executive Vice President of Organizational Support. “Because power outages and flooding issues affected our members and local branches in numerous communities, paying these items was without a doubt the right thing to do. The credit union philosophy is ‘People Helping People®’ and our SECU mission is ‘Do the Right Thing!’ Keeping our members’ best interests at heart is what we do best!”
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 nearly 82 years. The Credit Union also offers a diversified line of financial advisory services including retirement and education planning, tax preparation, insurance, trust and estate planning services, and investments through its partners and affiliated entities. SECU serves over 2.4 million members through 266 branch offices, nearly 1,100 ATMs, 24/7 Member Services via phone and a website, www.ncsecu.org.