Massachusetts State Employees Credit Union

History
Massachusetts State Employees Credit Union was chartered in 1921. Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens.The Credit Union was established to provide much needed economical financial services to active and retired employees of the Commonwealth of Massachusetts. The Credit Union has grown over the years and is now a full service institution providing valuable financial services to over 15,000 members. Current and retired employees of the various agencies, authorities, departments and districts of the Commonwealth are also eligible to join, as are family members of all eligible persons. Once an eligible person joins the Credit Union they may continue their membership even if they change their employment status. This is referred to as “once a member, always a member.”

What is a Credit Union?
Credit unions are not-for-profit financial cooperatives serving members who share something in common-employment, association membership, or residence in a particular geographic area. More than 70 million U.S. consumers are member-owners of, and receive all or part of their financial services from, the nations 12,047 credit unions.

How Credit Union’s Work
Credit unions are democratically owned and controlled institutions based on ‘people helping people’ principles. Credit union boards of directors are elected by members; each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and lower cost services.

Our Mission
The mission of Massachusetts State Employees Credit Union is to be our members primary financial institution by offering a complete set of convenient, competitive and appropriate services through a professional staff. By utilizing a process of planned and informed decision making, we will maintain a financially sound institution for our members.

Regulations
Credit unions are chartered under either federal or state law. Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA’s three board members are nominated by the President and confirmed by the Senate. State chartered credit unions are regulated by their state credit union department. MSECU is regulated by the Massachusetts Division of Banks. NCUA administers the federal insurance fund (NCUSIF), which covers all federal credit unions and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.