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CU System
Report SECU of N.C. saved members 551M in 2009
RALEIGH, N.C. (6/7/10)--State Employees' CU (SECU) based in Raleigh, N.C., helped its members save $551 million last year, according to a report written by a professor of finance and management at the University of Alabama. Dr. William E. Jackson III is also the Smith Foundation Endowed Chair of Business Integrity in the Culverhouse College of Commerce at the university. Jackson documented savings for SECU members in several categories, including lower loan rates, higher deposit rates, lower fees, and benefits to members from the credit union's Salary Advance Program. Members received nearly $48.4 million in the salary advance program alone. He noted lower rates on six types of loans, with more than $193.9 million in loans overall and with substantial savings in mortgage costs. Higher deposit rates provided nearly $200 million in benefits to members through the credit union's money market shares, regular shares, interest checking, share term certificates and individual retirement account (IRA)/Keogh services. Lower fees netted savings totaling $109.7 million through reduced charges on nonsufficient fund fees and credit card fees, as well as low checking account maintenance fees, said the credit union.
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The report also mentioned the value of SECU's Mortgage Assistance Program for members having difficulty keeping up with their mortgages and SECU's participation in the Internal Revenue Service's no-cost Volunteer Income Tax Assistance program for members of modest means. "Even in a year when the economy of North Carolina suffered severe unemployment and was in an economic recession, SECU of North Carolina produced an exceptional amount of financial benefits for its members," said Jackson in the report. He also noted the credit union provided "significant value to all North Carolinians, especially through competitive pressures on other financial institutions, through generous scholarships and grants from the SECU Foundation, and via its 1,100 no-surcharge Cash Points ATM network." SECU "is tasked with bringing value to its members and all North Carolina consumers," said SECU Board Chairman Jim Barber. "We take this mission very seriously and are pleased to see that our credit union's efforts have resulted in such an exceptional value for members. In a year where the citizens of our state faced tremendous economic challenges, SECU responded in a variety of ways to help keep more dollars where they belong--in the pockets of North Carolinians." The full report is on the credit union's website.
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