Select Employee Group (SEG)
What Is a Select Employee Group (SEG)?
A Select Employee Group (SEG) is a group of employees from a specific company or organization that is eligible to join a credit union through a partnership between the employer and the credit union.
Credit unions often use SEGs as a way to define membership eligibility within their field of membership.
Why It Matters
SEGs allow credit unions to serve employees of certain businesses or organizations while expanding access to financial services. This structure helps credit unions grow their membership while maintaining their cooperative model.
Employees who belong to an SEG may gain access to credit union products such as savings accounts, loans, and financial education.
How Select Employee Groups Work
When a company partners with a credit union, its employees may become eligible to join the credit union.
The process typically involves:
- establishing a partnership between the employer and credit union
- including the company within the credit union’s field of membership
- allowing employees to open accounts and access services
Family members of employees may also qualify for membership in some cases.
SEG vs Field of Membership
- A Select Employee Group is one category of eligible members.
- Field of membership defines all individuals who qualify to join a credit union.
FAQs About SEGs
Who qualifies for SEG membership?
Employees of organizations partnered with the credit union.
Do employees have to join the credit union?
No, membership is optional.
What benefits do SEG members receive?
Access to credit union financial products and services.
Related Terms
- Credit Union
- Field of Membership
- Membership Eligibility
- Financial Cooperative
- Community Credit Union
