RALEIGH, N.C.–In the wake of Hurricane Matthew, State Employees’ Credit Union (SECU) said it took quick action to help members avoid the financial burden of costly fees during the immediate aftermath of the hurricane. SECU said it waived over $293,000 in Non-Sufficient Funds (NSF) and returned check fees for members participating in SECU’s Another Chance Program over a four day period!
Since 2010, services like the Another Chance Program, the 5:30 p.m. “End of Business Day Cutoff” and Two-Way Text Messaging and Alerts have provided SECU members practical tools to manage their finances and avoid costly fees, the credit union reported. Those enrolled in the Another Chance Program receive an alert when a check is attempting to post to their checking account when sufficient funds are not in place to pay the item. The alert notifies members that a deposit or transfer of funds is needed by 5:30 p.m. that same day in order to avoid being charged an NSF fee.
SECU said its prompt action to ensure Another Chance items were not returned immediately following the storm gave members and their finances some much needed breathing room at a very difficult time. Over the four-day period, SECU paid more than 7,923 Another Chance items totaling over $1.8 million.
Waiving SECU’s $12 NSF fees delivered more than $95,000 in savings, while members were also provided relief of $198,000 from returned check fees of merchant financial institutions.
“During a major weather emergency such as this, the safety and welfare of our members and employees are major concerns,” said Jennifer Hamrick, SECU Executive Vice President of Organizational Support. “Because power outages and flooding issues affected our members and local branches in numerous communities, paying these items was without a doubt the right thing to do. The credit union philosophy is ‘People Helping People®’ and our SECU mission is ‘Do the Right Thing!’ Keeping our members’ best interests at heart is what we do best!”
Meanwhile, In support of fellow North Carolinians who have suffered devastation from Hurricane Matthew, State Employees’ Credit Union (SECU) members via the SECU Foundation responded with a $500,000 grant for North Carolina Feeding America Food Banks to assist victims in the counties directly impacted by the storm.
“The state’s food banks are a critical resource during disaster relief efforts, providing water, food, cleaning supplies and other needed items,” the credit union said. “This grant will support the food banks that directly serve residents in the flood ravaged areas.”
SECU Foundation Board member and Greenville, N.C. resident Al Delia added, “As an eastern North Carolinian, I see the destruction that the floods resulting from Hurricane Matthew have caused. Thousands of lives and dozens of communities in this region are devastated. Many of our members, neighbors, friends and families are experiencing pain and hardship. State Employees’ Credit Union is a part of the communities shattered by this disaster and understands that recovery will take weeks, months and in some instances, years. That is why, through the SECU Foundation, we acted quickly to provide a large contribution to Feeding America Food Banks to help with recovery.”