... "only you" can join!
So let's start the process of looking at what is going on at the national level with credit unions and how that may affect SECU and its' members.
Think we all agree that credit unions for the most part started out as small savings and borrowing cooperatives generally associated with a single employer and viewed as an employee benefit. [link for background references] Or were formed by small local groups who shared a common interest - called a "common bond"- such as a church, social club, or community group. Whatever the "common bond", the themes were small, local, "knew each other" and the goal was access to affordable credit. SECU fit the employer benefit model.
Over the last several decades, businesses throughout the U.S. economy have consolidated. "Local" businesses were either swept up or swept out by the advent of Walmart, Home Depot, Amazon, and "chain" stores of all varieties. Consolidation and mergers sought greater efficiency in business operations and promised greater variety and lower prices for consumers - who could argue with that? "Local" lost out!
The closing of "sponsor companies" and the increasing complexity of regulation led to the merger of many credit unions. But some credit unions simply believed that "bigger meant better". North Carolina credit unions you now know as Allegacy, Skyla, Marine and Ft. Liberty; once served only the local employees of R.J. Reynolds, the City of Charlotte, and members of our Army and Marines. Not exactly "businesses" which are shrinking. Anyone on the planet can now easily join anyone of these credit unions - there is no real limit any longer on membership should a credit union so choose.
But don't jump on those guys! Limited credit union membership is now uncommon, especially among large credit unions all across the Country! Here take a look [link CUs anyone can join].
The SECU Board appeared to be heading full force toward open membership after 2021. The Board hired lobbyists in 2023/24 to push for passage of legislation which would permit all North Carolina credit unions to adopt open membership ("House Bill 410") - including any business or corporation in the U.S.
Would open membership, including all business entities, be beneficial for existing SECU members?
Whaddayathink? Why?
