RALEIGH, N.C. – State Employees’ CU said 26,500 of its members socked away $93 million this summer through a special account providing a 12th months of savings for public school employees paid on 10- or 11-month schedules.
For participants in the credit union’s Summer Cash program a portion of the member’s paycheck was sent to the credit union electronically for deposit during the working months. 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.
