Southeast Financial Credit Union Rates & Review

Southeast Financial Credit Union Review

Southeast Financial is a Tennessee credit union with membership open to anyone who is interested in the credit union's saving, checking and loan products.

Chartered in 1993, Southeast Financial Credit Union is one of the largest credit unions in Tennessee. Its history includes the Tennessee Telco Credit Union founded in 1936. As of 2010, this state chartered credit union had over 65,000 members in several states. The credit union is federally insured through the National Credit Union Share Insurance Fund.

Membership

Unlike many credit unions, anyone can join to be a member of this bank. Customers can qualify by community or employer affiliation, or simply make a $5 donation to the Autism Society of Middle Tennessee to qualify for membership.

Checking account types

Southeast Financial customers can select from a few different types of checking accounts. There is a free no-frills checking account that can be supplemented with online bill pay for a small fee. There is a low-fee club checking account offering periodic discounts on travel, medical prescriptions, entertainment and groceries. There is also a special no-fee Silver Checking account for customers over age 50.

Savings account choices

Savings options start with a basic "share" account. This is the customer's share or portion of ownership in the credit union. Other savings account options include a Christmas Club savings account, a DreamBuilder CD that starts at just $100 and cashes out in only six months, other CDs, IRAs and money market accounts starting at $2500.

Credit cards and loans

Customers of this bank can apply for two different credit cards. One is a MasterCard, the other is a VISA Platinum card. These are both low-interest credit cards with no annual fee and no fees for cash advances or balance transfers. Customers of this bank have access to low interest loans. Loan types include mortgages, auto loans, lines of credit and consumer loans.

Deposit insurance

Southeast Financial Credit Union has been insured through the National Credit Union Administration (NCUA) since 1993, the year of its NCUA charter. NCUA coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are NCUA-insured up to at least $250,000 per account holder.

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