Question 1

What is SLB Employees Credit Union (SECU)?

Accepted Answer

SLB Employees Credit Union (SECU) is a not-for-profit, full-service federal credit union serving employees of SLB (formerly Schlumberger) and its subsidiary companies. Headquartered in Sugar Land, Texas, SECU operates with approximately $897 million in assets and serves over 28,000 members worldwide.

The credit union follows a Member Owned, Member Led℠ philosophy, emphasizing that members are both owners and decision-makers in the organization. SECU has earned a five-star rating from BauerFinancial Inc. for 85 consecutive quarters through March 2025, indicating it is one of the safest financial institutions in the United States.

Question 2

When was SLB Employees Credit Union (SECU) founded?

Accepted Answer

SECU was chartered on December 6, 1946, and began operations in February 1947 as "Schlumberger Employees Credit Union." The credit union held its first meeting in 1947 with just 152 members and $5,200 in assets.

The credit union was established to serve the employees of Schlumberger, a global oilfield services company. In 2023, the credit union rebranded to SLB Employees Credit Union to reflect the parent company's name change, while maintaining the same commitment to superior member service. Over its 77-year history, SECU has grown significantly, expanding from its original member base to serve a global membership spanning 74 countries.

Question 3

Where is SLB Employees Credit Union (SECU) headquartered?

Accepted Answer

SECU is headquartered at 205 Industrial Boulevard in Sugar Land, Texas 77478. The credit union's mailing address is PO Box 1349, Sugar Land, Texas 77487-1349.

Sugar Land is located in the Greater Houston metropolitan area, convenient to SLB's corporate operations and many of its employees in the United States.

Question 4

Where does SLB Employees Credit Union (SECU) operate?

Accepted Answer

SECU serves members worldwide, with a presence in 74 countries and across 31 U.S. states. The credit union primarily serves full-time employees of SLB and its subsidiary companies, as well as individuals eligible for SLB retirement benefits.

While physically headquartered in Sugar Land, Texas, SECU provides digital banking services to members globally. Members can access over 5,000 shared branch locations nationwide through the CO-OP Shared Branch Network and more than 55,000 surcharge-free ATMs through the Allpoint ATM Network.

The credit union recently expanded its membership to include ChampionX employees, further broadening its service footprint.

Question 5

What services does SLB Employees Credit Union (SECU) offer?

Accepted Answer

SECU offers a comprehensive range of financial products and services:

Deposit Accounts: Share savings accounts (minimum $5 deposit), youth accounts, 55Plus accounts for members age 55 and above, budget checking, standard checking, and interest-bearing checking accounts. Certificates of Deposit (CDs) are available with 6-36 month terms, with a $1,000 minimum opening balance.

Lending Services: Vehicle financing with up to 100% financing including tax, title, and license, personal loans, boat/motorcycle/RV loans, home equity loans, and mortgage services. Members can receive pre-approval for auto loans to shop with "cash purchase" bargaining power.

Retirement Accounts: Traditional and Roth Individual Retirement Accounts (IRAs) with competitive rates and NCUA insurance protection.

Card Services: VISA credit cards with no annual fees, low APRs, and a ScoreCard Rewards program for earning points on purchases. VISA debit cards are available for all qualifying accounts. The credit union offers the My Cards self-management application for card control.

Digital Banking: Net24 online and mobile banking platform offering 24/7/365 worldwide access, mobile deposit capture, free online bill pay (U.S. residents), account transfers, eStatements and eNotices, secure messaging, and account alerts via email or text.

Additional Services: Wire transfers (domestic and international), financial planning and brokerage services through SECU Financial Services, insurance products through TruStage, notary and signature guarantee services, direct deposit and payroll deduction, cashier's checks, and foreign check collection.

Question 6

What makes SLB Employees Credit Union (SECU) unique?

Accepted Answer

SECU distinguishes itself through several key features that serve its global membership of energy sector professionals:

Global Reach with Local Service: Unlike most credit unions, SECU serves members in 74 countries worldwide, offering international toll-free numbers and supporting members who work across the globe. This international focus reflects the global nature of SLB's operations.

Superior Financial Strength: With a net worth ratio of 24.44% (well above regulatory requirements) and 85 consecutive quarters with a five-star BauerFinancial rating, SECU demonstrates exceptional financial stability. In 2023, the credit union returned a record $6.7 million to members through dividends and interest.

Lifetime Membership: Members retain their credit union membership even after leaving SLB employment. The "once a member, always a member" policy ensures continued access to services throughout members' lifetimes.

Member-Focused Innovation: SECU actively invests in technology, including the My Cards application for self-service card management, enhanced digital banking platforms, and mobile deposit capture. The credit union's marketing team also travels to SLB sites to provide in-person assistance with membership and services.

Extensive ATM and Branch Network: Members access over 55,000 surcharge-free ATMs and 5,000 shared branch locations nationwide, despite having only one physical branch location.

No-Fee Philosophy: SECU offers numerous free services including online banking, mobile deposit, bill pay, eStatements, overdraft protection (up to 3 free per month), and access to shared branches and ATM networks.

Question 7

What type of financial institution is SLB Employees Credit Union (SECU)?

Accepted Answer

SLB Employees Credit Union is a federal credit union chartered under federal law and regulated by the National Credit Union Administration (NCUA). Member deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), backed by the full faith and credit of the United States government.

As a federal credit union, SECU operates under a cooperative structure where members are both customers and owners. The credit union is governed by a volunteer Board of Directors elected from the membership, ensuring democratic control and member representation.

Membership Requirements: Full-time employees of SLB and its subsidiary companies are eligible for membership, as are individuals eligible for SLB retirement benefits. Once an individual joins, their immediate family members (spouse, children, and stepchildren) become eligible for membership. Members establish ownership with a minimum $5 deposit in a share savings account.

Field of Membership: SECU has a single common bond field of membership based on employment with SLB and related entities. This employment-based charter creates a focused membership of energy sector professionals with shared financial needs and circumstances.

Question 8

How does SLB Employees Credit Union (SECU) engage with its members?

Accepted Answer

SECU maintains strong member engagement through multiple channels and initiatives:

Annual Meetings: The credit union holds annual meetings with strong participation. The 77th Annual Meeting in February 2024 attracted 1,130 registered participants from 74 countries and 31 states, with 311 attending the live webinar.

On-Site Outreach: SECU's marketing team travels to Houston and Sugar Land area SLB sites to educate employees about services, assist with membership applications, and provide information about loans and other products.

Member Surveys: The credit union regularly conducts member surveys to gather feedback and improve services. Recent efforts resulted in a Net Promoter Score improvement of +5 points.

Educational Resources: SECU provides financial literacy resources and educational materials to help members make informed financial decisions throughout their careers and retirement.

Communication: Members receive regular updates through the "Shareholder" newsletter, website announcements, and direct communications about new products, services, and promotional offers like the Holiday Sweepstakes for credit card users.

SLB Employees Credit Union (SECU)

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About SLB Employees Credit Union (SECU) in the United States