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SECU's Summer Cash Account Keeps Summer Months a Lot "Cooler" for NC Public School Employees!

RALEIGH, N.C. -- State Employees' Credit Union (SECU) realizes there's nothing cool and comfortable about being out for the summer with no paycheck. Thankfully, for many SECU members this wasn't a problem. SECU serves public school employees who are paid on 10 or 11-month schedules, and in 2003 created the Summer Cash account, giving these employees a structured way to save for unpaid months. In 2009, over 26,500 members enjoyed the benefit and saved nearly $93 million for the summer!

Elementary school teacher Lauren McCall, states, "The Summer Cash account has been a lifesaver for me in years past. Not only did it allow me to save the money I needed to pay bills and make ends meet during the summer, it also gave me the opportunity to earn interest on the funds and accumulate greater savings. Even schools that offer 10-month employees a 12-month option can't pay the interest that SECU's Summer Cash account provides. I highly recommend it for anyone who is eligible."

For Summer Cash participants, during the working months a portion of the member's paycheck is sent to SECU electronically for deposit into their Summer Cash account. The amount is determined by the member based on how much savings is needed for the summer months. The deposits accumulate throughout the year, along with dividends that are paid annually at the end of the summer. During the summer months, funds in the Summer Cash account are transferred to the member's SECU account of choice. Members use the same Summer Cash account number each school year, altering transfer amounts as needed.

Leigh Brady, Senior Vice President of SECU's Education Services department comments, "State Employees' Credit Union recognizes it can be difficult to save for those summer months on your own. With the Summer Cash account, SECU provides members a structured savings option, with a competitive interest rate, for those unpaid months! We are thrilled this account is making such a positive financial difference for 10 and 11-month employees and are glad to see so many members utilizing this budget-friendly option."

About SECU

SECU is a non-profit financial cooperative owned by its members. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for more than 70 years. Currently serving over 1.5 million members, SECU provides services through 226 branch offices, over 1,000 ATMs, 24/7 call centers and a
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Publication:Business Wire
Geographic Code:1U5NC
Date:Sep 18, 2009
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