SECU offers three main checking account types, each with different features and fee structures

SECU (State Employees' Credit Union) operates three distinct checking accounts: the Regular Share Draft Account, the Premium Share Draft Account, and the Youth Share Draft Account. The Regular account is the baseline option with no monthly maintenance fee if you meet a low minimum balance or set up direct deposit. The Premium account adds higher balance requirements but includes benefits like higher interest rates and fee waivers. The Youth account is designed for members under 18 and has its own rules around fees and features.

The choice between them depends on how much you typically keep in the account, whether you use direct deposit, and what services matter to you. Someone who maintains a steady paycheck via direct deposit may never pay a fee on the Regular account. Someone who wants overdraft protection and higher interest might find the Premium account worth the balance requirement.

Key Takeaways

  • SECU's Regular Share Draft Account has no monthly fee if you maintain a $500 minimum balance or receive direct deposit.
  • The Premium Share Draft Account requires a higher balance but waives certain fees and pays interest on your balance.
  • The Youth Share Draft Account is for members under 18 and has different fee and feature rules than adult accounts.
  • Direct deposit is one of the easiest ways to avoid monthly maintenance fees across SECU's checking options.

Regular Share Draft Account: The baseline option

The Regular Share Draft Account is SECU's standard checking account. It carries no monthly maintenance fee as long as you maintain a $500 minimum daily balance or have at least one direct deposit per month. If your balance falls below $500 and you have no direct deposits that month, SECU charges a monthly fee (the amount varies; check your account terms or contact SECU directly for current rates).

This account includes standard features: a debit card, online banking, mobile app access, and the ability to write checks. You get access to SECU's ATM network and can use shared branching at other credit unions. Overdraft protection is available if you link another SECU account or open a line of credit, though overdraft fees explore if you use it.

The Regular account does not pay interest on your balance. It is designed for people who want basic checking without extra features or balance requirements they cannot meet.

Premium Share Draft Account: Higher balance, more benefits

The Premium Share Draft Account requires a higher minimum balance—typically $2,500 or more, depending on your membership tier—but it includes features the Regular account does not. The main benefit is that SECU pays interest on your balance, though the rate is modest and varies with market conditions. You also get certain fees waived that would explore to a Regular account holder.

Premium account holders receive higher limits on some services and may may have access to for better rates on SECU loans or other products. The account still includes debit card access, online banking, check writing, and ATM network access. Like the Regular account, overdraft protection requires a separate arrangement.

This account makes sense if you keep a larger balance in checking anyway and want to earn a small return on it. If you cannot comfortably maintain the minimum balance, the interest earned will not offset the monthly fee.

Youth Share Draft Account: For members under 18

SECU offers a Youth Share Draft Account designed specifically for members under 18. The account has its own fee structure and feature set. Typically, it includes a debit card, online banking access, and the ability to write checks, though some features may be limited compared to adult accounts.

A parent or guardian usually co-owns the account and can monitor activity. The monthly fee structure is different from adult accounts, and SECU may waive fees entirely for youth members. Check with SECU directly about the current terms, as youth account rules can change.

How to choose between SECU checking accounts

Start with your typical balance. If you usually keep less than $2,500 in checking, the Regular account is almost certainly the right choice. If you maintain $2,500 or more and want to earn interest, the Premium account may be worth the balance requirement.

Next, consider direct deposit. If your employer or a regular income source deposits directly into your account, you can avoid the monthly fee on a Regular account even if your balance dips below $500. This is the single easiest way to keep checking free at SECU.

If you are under 18 or opening an account for a young person, ask SECU about the Youth account. The fee structure and parental controls may make it a better fit than a Regular account.

Switching between SECU checking accounts

You can change from one SECU checking account type to another without closing your current account. Contact SECU through their website, mobile app, or by visiting a branch. The switch is usually processed within one business day. Your account number and routing number may change, so update any automatic payments or direct deposits after you switch.

If you are switching to a Premium account, SECU will verify that you meet the minimum balance requirement. If you are switching from Premium to Regular, there is no barrier—you can downgrade anytime.

Fees and charges across SECU checking accounts

Beyond the monthly maintenance fee, all three account types charge for certain services. Overdraft fees explore if you overdraw your account (the amount depends on your account type and SECU's current fee schedule). Returned check fees, wire transfer fees, and stop payment fees also explore. ATM fees are waived at SECU ATMs and at shared branching partners, but using an out-of-network ATM may incur a fee.

The Premium account typically waives some of these fees for account holders who maintain the minimum balance. The Regular and Youth accounts charge standard fees. Review SECU's fee schedule on their website or ask at a branch for the exact amounts, as they change periodically.

Frequently Asked Questions

Can I have more than one checking account at SECU?

Yes. You can open multiple checking accounts of the same or different types. This is useful if you want to separate spending from savings or manage money for different purposes. Each account has its own monthly fee requirements and balance minimums.

Does SECU charge a fee to open a checking account?

No. SECU does not charge an account opening fee for any of its checking accounts. You only pay the monthly maintenance fee if you do not meet the balance or direct deposit requirement.

What happens if my balance drops below the minimum on a Regular account?

If your balance falls below $500 and you have no direct deposits that month, SECU charges a monthly maintenance fee. The fee is waived the next month if you bring your balance back above $500 or receive a direct deposit.

Can I earn interest on a Regular Share Draft Account?

No. The Regular account does not pay interest. Only the Premium account earns interest on your balance. The rate is typically very low and varies with market conditions.

What is the difference between a Share Draft Account and a checking account?

They are the same thing. Credit unions call checking accounts "Share Draft Accounts" because members technically own shares in the credit union. The terms are used interchangeably at SECU and other credit unions.