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State Employees’ Credit Union keeps millions in the pockets of North Carolinians through VITA Tax Service
Posted: 04-23-2008 : RALEIGH, N.C.
Raleigh, NC – State Employees’ Credit Union (SECU) announces the highly successful results of its participation in the IRS Volunteer Income Tax Assistance Program (VITA). In a span of three months, SECU employees helped 15,000 qualifying individuals claim more than $8 million in tax credits, including earned income tax credits of $4.7 million and child tax credits of over $2.3 million, with a total of $14 million in tax refunds. As the VITA services are free, those helped in the program also saved more than $2.2 million in tax preparation fees! All 217 SECU branch locations served as VITA sites during this first year of participation, with two trained SECU employees serving as VITA representatives in each branch.
SECU partnered with Local Government Federal Credit Union and the Internal Revenue Service to offer the VITA service, assisting low to moderate income taxpayers in claiming eligible tax credits and avoid costly tax return preparation fees. In addition to the VITA service, both Credit Unions were able to offer a low-interest, no fee refund anticipation loan alternative for its members participating in the VITA program. This service saved credit union members more than $60,000 in costs associated with refund anticipation products. Congressman David Price spoke during a news conference at the SECU-Centennial Parkway branch in February and commended both Credit Unions on their efforts to provide an alternative to high-interest refund anticipation loans.
Josh Kelly, Vice President of SECU’s Financial Advisory Services department states, “State Employees’ Credit Union is extremely pleased with the amount of savings we were able to generate for thousands of North Carolinians. The numbers were impressive given that this was our first year of participation in the IRS VITA program, and we fully expect next year to be even more successful, as ‘word of mouth’ advertising spreads throughout our membership and into our State’s communities. The IRS training our staff received was extremely beneficial and much appreciated!”
SECU’s Board of Directors Chairman Shirley Bell adds, “The VITA program is just one more way State Employees’ Credit Union has made a difference for North Carolinians and reaffirmed our mission of ‘People Helping People.’ Keeping money in the pockets of our members is key to helping ensure their financial success, and the VITA service was instrumental in allowing SECU to assist North Carolinians in claiming their tax credits and refunds, placing millions of dollars back into North Carolina’s economy!”
About SECU
SECU is a non-profit financial cooperative owned by its members. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for 70 years. Currently serving over 1.4 million members, SECU provides services through more than 215 branch offices, 975 ATMs, two call centers and a website—www.ncsecu.org.
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