We're Strong, Safe, and Secure
There's secure, then there's SECU Secure. When you choose SECU for your financial needs, you can rest assured that your assets are safe and sound. The staff and management at SECU want you to know that we are here to help you work through any financial challenges you experience, now and in the future.
Although there has been recent news about bank failures and ongoing concerns with the sub-prime mortgage market and the economy, we want to reassure SECU members that the Credit Union is safe, sound, and growing.
At SECU, we have been operating in a safe and sound way for over half a century. Every decision we make is to ensure we are doing the right thing for our members. We have not and will not be involved in offering exotic loan products created to exploit market conditions.
Instead, we focus on providing our members excellent value in our products and services. Because of that, we are positioned to help our members in uncertain economic times. Our members’ best interest is always our top priority.
Here are some important facts to consider:
- SECU makes sound lending decisions on all of our loans, whether mortgage, auto, credit card, home equity lines of credit or personal lines of credit.
- SECU has made no “sub-prime” mortgage loans
- We have had very few foreclosures.
- We have low delinquency and charge-off ratios relative to the industry average.
- SECU is regularly audited by:
- Independent accounting firms—State and Federal regulators examine SECU on a regular basis. We are consistently rated as operating in a safe and sound manner.
- The Credit Union’s Supervisory Committee—volunteers from among the membership, appointed by the Board of Directors—audits financial operations by conducting periodic exams on internal procedures to ensure the safety of members’ funds.
- Savings are federally insured up to $250,000 for each member, with an additional $250,000 in insurance for Individual Retirement Accounts, through the National Credit Union Administration and backed by the full faith and credit of the United States Government.
- Credit unions are owned and operated by the members. Our sole interest is to provide financial products and services for the direct benefit of our members—not to pursue speculative financial schemes in order to earn more profit.
At SECU, we employ prudent and conservative lending and investment practices. It is our priority to earn each member’s trust and to constantly strive to exceed member expectations while not putting the institution at risk. Whether saving or borrowing, members can benefit in many ways at SECU while enjoying peace of mind knowing that the Credit Union is well managed and financially healthy.
If you have concerns about accounts you may have with other institutions, there’s no better time to consider switching to SECU. We can help you
Please ask at your branch, call us at 410-487-7328 or 800-879-7328, or read more about Federal Deposit Insurance at SECU.
The Safety of SECU's Investment Portfolio
In these difficult financial times, we have been receiving questions from members concerning the safety of SECU’s investment portfolio. All of the investments are with US government agencies, rated AAA and backed by the United States government. SECU’s investment policy is conservative in nature and therefore the credit union has avoided any and all exposure to the subprime mortgage market. Whereas many financial institutions have losses in their investment portfolios, SECU currently has an overall gain.
SECU has no (zero) exposure to the brokerage community. We have no financial relationships or investments with any brokerage firm.