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Grassroots ... .... ... .. . April 2020 Volume 36 • Issue 4 www.ncsecu.org

Published monthly for over 2.4 million members of State Employees’ Credit Union.

COVID-19: Information for Our Members Regarding Access to Services Efective March 19th, State Employees' Credit Union (SECU) branches transitioned to drive-thru only service. Branch lobbies are temporarily closed. This action was taken to reduce the possibilities of transmission of the coronavirus to members, their families, and SECU employees. Members who need to access safe deposit boxes, drop of tax return information, or inquire about a loan should call their branch to schedule an appointment.  We continue to closely monitor the guidance of the Centers for Disease Control (CDC) and are taking precautions to help ensure the health and safety of our members and our staf while delivering member service during these unprecedented times.

We ask that, to the extent possible, all members conduct SECU business through other service channels that do not require a visit to the branch. These channels include:

• CashPoints® ATMs: 1,100 machines statewide; deposit checks, get cash, and more.

• SECU Mobile App: Download from the Apple App Store/Google Play

• Member Access at www.ncsecu.org

• 24/7 Member Services Call Center at 888.732.8562. We are experiencing high call volumes between 10am - 8pm daily. Please be patient and use other service channels as much as possible.

• ASK SECU Voice Response Service: Call 800.275.7328 or 919.839.5400

Your Credit Union is here to help you and your family through this difcult time. We ask for your patience as we go through this extraordinary event. Thank you!

Inside This Issue • Refnancing Your Mortgage

with the Credit Union

• Before You Call the IRS

• Suggestions to Make Your Tax Refund Work Best for You

Member Information

Holiday Closing State Employees’ Credit Union will be closed for the following holiday:

Memorial Day Monday, May 25th

For member convenience, all automated services as well as 24/7 Member Services via 1.888.732.8562 will be available.

Youth Saving Challenge Update Annually in April, SECU holds a fun saving contest for FAT CAT and Zard members. Due to COVID 19, we have decided to postpone our 2020 Youth Saving Challenge – GROW Your Savings!” until a later

date. More information, including the new Challenge Week dates, will be posted on the SECU website, www.ncsecu.org, as details are fnalized. Thank you for understanding!

Grassroots is a publication of the State Employees Credit Union Member Communications department. The Credit Union is a member owned cooperative, organized to promote thrift and provide low cost fnancial services. The feld of membership extends primarily to employees and retirees of State Government, Public School Systems, Community Colleges, State Universities and their immediate families.

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Refnancing Your Mortgage with the Credit Union Many members have improved their fnances and saved money by refnancing their mortgage loan with the Credit Union. Could refnancing be right for you? Let’s take a look at a few of the benefts of an SECU mortgage loan.

The Credit Union ofers various rates and terms for both adjustable rate1 and fxed rate mortgage loans. If the APR2 of your current mortgage loan is higher than you would prefer, the Credit Union may have a product with a lower APR that could ft your needs and save you money.

As a not-for-proft cooperative, the Credit Union’s mortgage loan products have fewer fees compared to most lenders – SECU members never have to pay an application fee or credit report fee, and Private Mortgage Insurance (PMI) is not required. The savings from a lower APR loan coupled with not paying the above loan fees should help you keep more money in your pocket!

Refnancing with the Credit Union may bring welcome savings to your monthly budget by reducing your current mortgage loan payment. It might also provide borrowing options to help you pay of or consolidate high-interest debt, decreasing your total monthly obligations.

These are just a few of the advantages of refnancing your mortgage loan with the Credit Union. To fnd out more about how refnancing could help improve your fnancial condition, please contact an SECU Financial Services Ofcer online via secure Member Access or our Mobile App, by phone via 24/7 Member Services at 1.888.732.8562, or call your local branch during regular business hours.

1The Credit Union’s adjustable rate mortgages may not adjust more than 2% every 5 years or 6% over the life of the loan. 2APR = Annual Percentage Rate. APR is your cost over the loan term expressed as a rate.

Before You Call the IRS Every now and then, taxpayers need to contact the IRS to discuss their tax account, correspondence received, or other topics. Depending on the time of year, callers may experience signifcant hold times before reaching a representative. Anytime you're calling the IRS, it's important that you have all pertinent information in front of you to ensure satisfactory confrmation of your identity by the IRS representative.

According to the IRS, their phone representatives take great care to only discuss personal information with you or someone you authorize to speak on your behalf. Below is a list of information to have ready before making your call:

• Social Security numbers and birth dates for all individuals named on the tax return

• Your fling status • Your prior-year tax return • A copy of the tax return in question • Any IRS letters or notices

you received

If you named a “Third Party Designee” on your tax return and this person is calling the IRS on your behalf, he or she will also need to provide their personal identifcation number (PIN) to verify their identity. A Third Party Designee is a person you indicate on your tax return* (if desired) as having permission to talk to the IRS on your behalf. At the time of fling your return, you would have included this person’s name, telephone number, and the PIN they would use to authenticate themselves.

If you had your return completed at the Credit Union and later receive correspondence from the IRS, we may be able to contact the IRS on your behalf. Credit Union preparers will never be listed as a designee on your return, but can obtain written authorization from you if we are able assist with the issue.

*To allow someone not named as a Third Party Designee to call the IRS on your behalf, additional authorization forms or documents will be required.

Welcome NEW Beginnings with an SECU mortgage loan!

Suggestions to Make Your Tax Refund Work Best for You Tax time can evoke a wide range of emotions. While some are dreading the fling deadline, others are anxiously awaiting another tax season that will bring a big refund their way.

Getting a lump sum of money at one time can be exciting and is often viewed as money you would not have accumulated otherwise. However, if you receive a large refund annually, it's important to note that this money is an overage of taxes you've paid during the year – funds which are held by the state or federal government without paying you interest.

To add a little extra to your net paycheck throughout the year, consider decreasing your tax withholdings. It puts the money in your pocket quicker and you can use the additional income for ongoing spending needs or add it to your savings where you can earn dividends!

If you are receiving a refund this year, use the funds to strengthen your fnancial well-being. Here are four suggestions on how to make the money work for you:

• Establish (or add to) an emergency fund. We recommend that you try to put aside enough

savings to cover at least three to six months of expenses in case of a fnancial emergency, such as the loss of a job or the death or disability of a household income provider.

• Get current. If you are behind on your bills, this is a great time to get current. You may be able to say goodbye to any late payment fees that are putting an extra strain on your budget.

• Contribute to an IRA. During your lifetime, retirement will be your largest long-term savings objective. After all, your personal savings will need to support you through a retirement that may last two or three decades. Contributing to an IRA is a great step towards accomplishing this goal.

• Pay down your debt. This option is a defnite consideration once you’ve established the emergency fund mentioned above. If you don’t have an emergency fund, be cautious using the majority of your resources to pay of debt. You may make yourself vulnerable should a catastrophic fnancial loss occur.

Need guidance choosing how your refund will best beneft your fnancial situation? We're here to help – call 24/7 Member Services at 1.888.732.8562 or contact your local branch today!

Visit www.ncsecu.org for details.

SECU State Employees' Credit Union• .. G:r

EQUAL HOUSING OPPORTUNITY

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Share & Deposit Account Rates Financial Condition Efective March 20, 2020 February 29, 2020 (Unaudited)

Minimum Dividend/ Deposit Interest

Accounts to Open Rate*** APY Share $25 0.40% 0.40%

6 Month Share Term Certifcate $250 0.60% 0.60% 12 Month Share Term Certifcate $250 0.65% 0.65% 18 Month Share Term Certifcate $250 0.65% 0.65% 24 Month Share Term Certifcate $250 0.70% 0.70% 30 Month Share Term Certifcate $250 0.75% 0.75% 36 Month Share Term Certifcate $250 0.80% 0.80% 48 Month Share Term Certifcate $250 0.85% 0.85% 60 Month Share Term Certifcate $250 0.85% 0.85% Money Market Share $250 0.70% 0.70% Dividend Checking *$0 0.25% 0.25% Non-dividend Checking** $0 0% 0% IRA/SEP/CESA $25 1.00% 1.01% HSA $0 1.00% 1.01% FAT CAT Share (Ages 0 - 12) $5 0.40% 0.40% Zard Share (Ages 13 - 19) $25 0.40% 0.40% Zard Checking *$0 0.25% 0.25% CashPoints Global (CPG) $0 0% 0% Holiday Cash Club $0 0.40% 0.40% Summer Cash $0 2.03% 2.05% SALO Cash $0 0.40% 0.40%

Quoted rates, dividends and annual percentage yields (APY) are subject to change daily at the discretion of the Board of Directors. For the most up-to-date rate information, visit www.ncsecu.org, call 1.800.ASK.SECU (1.800.275.7328) or 919.839.5400 locally in Raleigh.

*Initial checking deposit must cover frst box of checks (if ordered) and the frst $1 monthly maintenance fee. Unless you opt out, $1 of the monthly maintenance fee for Dividend Checking, Non-dividend Checking, and CPG accounts is contributed to the SECU Foundation. If you do not want to contribute to the SECU Foundation, you may opt out and your account will still be subject to the monthly maintenance fee. Rates and fees are subject to change. **Non-dividend Checking accounts are no longer ofered. ***Share Term Certifcates are paid interest. All other accounts are paid dividends.

Share Term Certifcates are Fixed Rate accounts. All other accounts are Variable Rate accounts with rates subject to change daily after the account is opened.

Fees, other conditions or early withdrawal penalties may reduce the earnings on an account. Ask any employee for further information about the fees and terms applicable to these accounts.

See SECU’s Account Rules and Regulations for more information.

ASSETS Cash, Investments Loans to Members Accrued Interest Receivable Property and Equipment Deposit for Insurance of Accounts Other Assets

YEAR 2020 $ 16,661,062,646

24,302,135,066 77,649,307

1,183,636,192

337,186,078 53,877,567

YEAR 2019 $ 15,589,492,416

22,931,377,006 89,663,861

1,068,795,467

320,874,305 61,499,037

Total Assets $ 42,615,546,856 $ 40,061,702,092

LIABILITIES & RESERVES Checking Accounts Share Accounts Total Accrued Expenses Other Liabilities Reserves/Undivided Earnings

$ 4,888,159,326 34,001,469,632

23,455,120 93,200,716

3,609,262,062

$ 4,749,099,225 32,013,791,174

24,346,808 75,234,608

3,199,230,277

Total Liabilities and Reserves $ 42,615,546,856 $ 40,061,702,092

Important References 24/7 Member Services: 1.888.732.8562 • 919.857.2150 SECU Voice Response: 1.800.ASK SECU • 1.800.275.7328 • 919.839.5400 SECU Online: www.ncsecu.org SECU E-Mail Address: info@ncsecu.org SECU Fax Service: 1.888.SECU FAX • 1.888.732.8329 • 919.857.2000 SECU Insurance Services: 1.866.937.7328 • 919.839.8525 Free Credit Report: www.annualcreditreport.com National Do-Not-Call Registry #: 1.888.382.1222 Opt Out of Junk Mail: www.dmachoice.thedma.org Opt Out of Preapproved Ofers: 1.888.567.8688 • www.optoutprescreen.com Branch Hours: Monday through Friday, 8:30 a.m. to 5:30 p.m.

Board of Directors Bob Brinson, Chair • Chris Ayers, Vice Chair Alice Garland, Secretary/Treasurer • Shirley Bell • Karan Bunn Mark Fleming • Jennifer Haygood • Mona Moon Jo Anne Sanford • Stelfanie Williams • McKinley Wooten Jr.

For SECU loan rate information, visit www.ncsecu.org, contact your local branch or call SECU toll-free at 1.888.732.8562.

Tell Us About It We realize there are ways we can improve our service. If you have a concern, we ask that you contact management at your local SECU branch to expedite feedback. We also welcome your suggestions. Please take a few moments to let us know how we may serve you better.

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Please mail to: SECU – Administration, PO Box 27665, Raleigh, NC 27611-7665

If you feel that State Employees’ Credit Union has not adequately addressed your concern, you can contact the North Carolina Credit Union Division at www.nccud.org or the Consumer Financial Protection Bureau at www.cfpb.gov to fle a complaint.