SECU's Tax Preparation Services Save Members More Than $11 Million in Tax Prep Fees

        Print
| Source: State Employees' Credit Union (SECU)

RALEIGH, N.C., April 24, 2014 (GLOBE NEWSWIRE) -- Since 2008, State Employees' Credit Union's (SECU's) tax preparation services have helped thousands of North Carolinians save millions of dollars in fees annually, and this year is no exception. Recently concluding the 2013 tax season, SECU tax preparers helped nearly 91,000 taxpayers claim over $123 million in tax refunds, saving these members more than $11 million in tax preparation fees!

Through the free Internal Revenue Service (IRS) sponsored Volunteer Income Tax Assistance (VITA) program, SECU preparers filed over 80,000 member returns statewide, up from last year's figure of 68,000. In its fifth year offering a low-cost tax preparation service for members with incomes over the $52,000 VITA threshold, SECU helped 10,500 taxpayers file returns at a cost of just $75 per return, significantly lower than the $130 industry average.

The Credit Union also assisted participating members in claiming all tax credits for which they qualified – nearly $54 million in total credits, including $34.2 million in Earned Income Tax Credits, $17 million in Child Tax Credits and $2.5 million in Education Tax Credits this season.

"I have used SECU's tax preparation service for the last few years and it has been a wonderful experience," says SECU member Brian Wilner. "The staff at the Morganton - Carbon City Road branch makes me feel at ease and are very thorough in asking questions and going over the return with me to make sure I am getting all of the deductions and credits for which I am eligible.  The Credit Union has saved me over $200 per year in preparation fees from what I used to pay. The service gets better each season and I plan to continue using SECU to prepare my taxes every year."

Tenesha Carter, Senior Vice President of SECU Tax Preparation Services adds, "Through SECU's ongoing partnership with the IRS to offer VITA in conjunction with the Credit Union's low-cost paid tax preparation service, members have greater accessibility to free and affordable tax services. Both programs continue to experience growth, validating the overall financial benefits for members."

About SECU

A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for close to 77 years. With nearly 1.9 million members, SECU provides services through 253 branch offices, 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.

Leigh Brady, EVP - Organizational Development
Office:  919-807-8347 | Mobile:  919-327-8869 |