Sunday, March 26, 2023

Vermont State Employee Credit Union

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Vermont State Colleges Unit Ratify Two

Thanking Vermont’s CU Employees

The members of the Vermont State Colleges bargaining unit have overwhelmingly voted to ratify a two-year agreement. The extension is in effect retroactively on July 1, 2022, and will remain in effect through June 30, 2024. As a result of the agreement, employees will receive a 3.5% increase in addition to the 1.5% the employees received under the Performance Evaluation Article. Likewise, the parties will receive a lump sum of $500.00 in the first year of the contract and $250.00 in the second year of the contract, which will be received on October 1st of each year.

Vermont State Employees Credit Union

Federally Insured State Chartered Credit Union
Charter Number:
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
Provision for Loan/Lease Losses or Total Credit Loss Expense -461,597

State-chartered credit unions fall under the regulatory authority of their respective states division of financial services.If a credit union does not have the word federal as a part of its name and is not headquartered in Arkansas, Delaware, South Dakota, Wyoming or the District of Columbia, then it is probably a state-chartered credit union, and the state supervisory authority where the credit union’s main branch is located will usually be the regulator.

New Dues Proposal Adopted At Special Meeting Replaces Previously Announced Proposal

In response to numerous requests, VSEA President Aimee Towne called a meeting on Tuesday night to allow attending VSEA members to vote on whether or not a dues proposal agreed to at Annual Meeting would be accepted or would it be changed. In order to change the adopted dues proposal, members attending this meeting would need to vote to rescind the proposal and that is what they didby a wide margin.

Instead, members attending Tuesdays meeting voted to adopt dues proposal one.

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Vermont State Employees Credit Union Q& a

At Vermont State Employees Credit Union direct deposits hit on the day the deposit is received. The exact time may vary.

Find out if you are eligible to join Vermont State Employees Credit Union.

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About Vsecu Vermont State Employees Credit Union Customers Added This Company Profile To The Doxo Directory Doxo Is Used By These Customers To Manage And Pay Their Vermont State Employees Credit Union Bills All In One Place When Adding Vermont State Employees Credit Union To Their Bills& Accounts List Doxo Users Indicate The Types Of Services They Receive From Vermont State Employees Credit Union Which Determines The Service And Industry Group Shown In This Profile Of Vermont State Employees Credit Unionhelp

Vermont Federal Credit Union announces new Chief Operating Officer ...
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Common questions, curated and answered by doxo, about paying Vermont State Employees Credit Union bills.

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Business Master File Data

Below are some key data points from the Exempt Organization IRS Business Master File for this organization. Learn more about the BMF on the IRS website


Loans or credit reporting

Foundation Status:

All organizations except 501


Independent – the organization is an independent organization or an independent auxiliary .

Need To Send Sensitive Information

If you need to provide sensitive information such as account numbers, your Social Security number, or other identification numbers, please log into Digital Banking and submit a secure message. We make every attempt to respond as quickly as possible, but some responses may take up to two business days.

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Woolf And Dwyer: Vote For The New England Federal Credit Union/vermont State Employees Credit Union Merger

As the president and chief executive officer and board chair of New England Federal Credit Union, we believe that our members, staff, and the communities we serve should fully understand the value of the merger with Vermont State Employees Credit Union. It is also important to clarify why it is in the best interest of these constituents and each credit union, as well as for Vermont, to support the merger.

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It is the current leadership that has abandoned the vision and mission of the VSECU and is proposing to turn control of our credit union over to the New England Federal Credit Union board of directors. We think that is wrong, and that VSECU members should soundly reject this merger proposal.

From conflicts of interest to withholding information to providing false information, to stacking the board, to decision making without internal discussion, to substantial executive payouts if VSECU ceases to exist, everything about this campaign has troubled many of those who worked to create a member-centric, democratically controlled institution that could stand the test of time.

VSECU members are now being inundated with surveys and marketing material in an effort to sell this idea. We estimate that if all the costs were ever to be fully disclosed, the price of this initiative would be close to $1 million of the members money. With flashy slogans like Leading from the Future and True to Vermont the relentless campaign is based entirely on bigger is better, and that the merger will somehow produce more of everything and everything will be better.

Why vote no:

  • Vote no to save VSECU. The vision of a not-for-profit democratically controlled financial cooperative focused entirely on serving Vermont and Vermont communities will be lost forever if this merger happens.
  • Vote NO and reject this merger!

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    Are Your Credit Card Balances Out Of Control

    If your debt has become overwhelming, it may be time to consolidate your credit card balances. Save money and streamline your monthly payments by transferring balances from your high-interest cards to the low-interest VERMONT Platinum credit card. Your balance transfers will earn the cards lowest interest rate and you wont pay any transfer fees. Here are more resources to help you take control:

    Vermont Credit Union Puts Pause On Cannabis Banking

    MONTPELIER, Vt. – Vermonts retail cannabis market is moving closer to becoming fully operational later this fall. The industry is expected to pump millions into the local economy, but this week one of the key financial institutions making the marijuana market possible is hitting the brakes.

    The Vermont State Employees Credit Union, or VSECU, has been in the cannabis market for years, banking on the medical side of the industry. Its also one of the major players in the new retail space. But this week the credit union announced its no longer taking on new cannabis businesses due to what they call a sudden spike in cannabis accounts.

    Banking is kind of a critical aspect to our compliance, said James Pepper, chair of the states Cannabis Control Board. He says banks and credit unions help provide a paper trail for the product and the cash, which is a crucial step in legalizing the illicit market. He says the VSECU news was not surprising. I think their exact quote from last July was, if we are talking about 50 to 75, that is doable. If we are talking about 200 to 300, that might be tough for one financial institution to take on that risk.

    Meanwhile, retail license applications are now able to be submitted to the Control Board. The state can begin issuing those licenses on October 1. Once a retail license is issued, cannabis will be available for sale in the Green Mountain State.

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    Rapidly Evolving Vermont Financial Services Landscape

    The banking industry is consolidating rapidly because costs are going up and income is under pressure. Many local Vermont banks have been acquired by large out-of-state banks in the past decade, including well-known brands like the Chittenden Bank/Peoples United, Merchants, BankNorth, and others. This trend will continue because larger banks can spread fixed costs over greater asset and customer bases to offer better rates, lower fees, and more delivery options.

    NEFCU and VSECU, the two leading credit unions in Vermont, must evolve to compete effectively with out-of-state banks while continuing to provide the best products and services to members. This is no small challenge. In a world where consumers expectations have risen, competitive rates, in-person, telephone, and multichannel digital services, fast responses, and local representation are requirements. Small banks and credit unions can offer some of these but face significant challenges in offering multiple points of value. When the consumer makes a choice, the local factor is often overlooked. Therefore, the combination of two of the largest Vermont credit unions is very important. By voting for the merger, VSECU members have a one-time opportunity to accomplish two critical goals: maintaining local ownership while gaining scale to better compete with larger, out-of-state financial institutions.

    The merger benefits members, staff, both credit unions, and the communities they serve in many specific ways:

    Data Sources: Irs Forms 990

    State In The Spotlight: Vermont

    The Form 990 is a document that nonprofit organizations file with the IRS annually. We leverage finance and accountability data from it to form Encompass ratings. .

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    Impact & Results

    This score estimates the actual impact a nonprofit has on the lives of those it serves, and determines whether it is making good use of donor resources to achieve that impact.

    Impact & Results Score

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    Vermont Deputy Sheriffs Vote For Vsea Representation

    Four months after the Governor signed S. 220, granting Vermont deputy sheriffs the right to collectively bargain a first contract, the Vermont State Employees Association is applauding a recent 16-1 vote by the deputy sheriffs for union representation from the VSEA. The total unit size is 20 deputy sheriffs across Vermont.

    On behalf of the State Deputies, I would like to thank the Vermont State Employees Association for all the hard work and assistance they provided in our effort to join, says Vermont Deputy Sheriff Thomas Oliver. We are looking forward to continuing the relationship while working towards a contract.

    It has taken a decade, but VSEA is pleased to finally welcome this group of state employees and be able to now begin working with them to secure a first contract that rewards the great service these men and women provide to Vermont every day, says VSEA President Aimee Towne, noting that the VSEAs campaign to bring representation to these workers actually began back in 2012. The group is excited to get going, and VSEA is excited to help them win the wages, benefits and working conditions they deserve.

    Here is language from S. 220 that was signed in May 2022 and set the wheels in motion for the vote by deputy sheriffs for VSEA representation:

    The Latest Conversations About Finance

    Amazing community and feels like family


    there are no cons to share

    Good coworkers and members, good mission, great retirement support


    Hard to schedule time off

    Great benefits are offered by this company.


    Limited opportunities to be heard

    opportunity for growth within your department or cross departmental moves


    Salary ranges could provide more room for growth

    Work and Life Balance is great


    Banking can be stressful. This company helps reduce that, so not a huge con.

    Have good goals and visions. Community minded.


    Middle management is oblivious to their lack of involvement. Lack of training is a major down fall and does not contribute to a confident employee.


    Fantastic benefits package – including a really excellent retirement match, medical insurance package options, and a generous PTO rollover allowance for unused time off fair compensation collaborative culture open-door policy organization-wide promote from within organization always looking to improve technological advances and working towards more alternate work options


    The majority of their positions are in Central VT, so if you live outside of that area and aren’t looking to commute, the growth opportunities can be somewhat limited. They are looking at increasing alternative work options, which could help cut down on commuting concerns, but until those options are fully vetted and implemented, geographical growth limitations are real.

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    Salary Of Key Persons

    Presented here are up to five of this organization’s highest compensated employees. This compensation data includes salary, cash bonuses, and expense accounts and is displayed exactly how it is reported to the IRS. The amounts do not include nontaxable benefits, deferred compensation, or other amounts not reported on Form W-2. In some cases, these amounts may include compensation from related organizations. Read the IRS policies for compensation reporting

    Reminder Vsea Board Voted Against Vsecu & Nefcu Merger

    Vermont Credit Unions Celebrate Int’l CU Day 2015

    With ballots being prepared to be sent out, a reminder that the VSEA Board of Trustees voted months ago to oppose the merger of the Vermont State Employees Credit Union and the New England Federal Credit Union.

    The Board is encouraging VSEA VSECU members and retirees to oppose the merger and vote no.

    Longtime VSEA members and retirees will remember that the VSECU was started by state employees, for state employees.

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    Diversity Equity & Inclusion

    This organization has not provided information regarding the diversity, equity and inclusion practices it is presently implementing. As such, the organization has not earned a score on this metric. Charity Navigator believes nonprofit organizations implementing effective DEI policies and practices can enhance a nonprofit’s decision-making, staff motivation, innovation, and effectiveness.

    How It All Began

    In 1946, seven employees of the State of Vermont gathered to organize a credit union to offer affordable savings and credit for state employees. One year later, the Vermont State Employees Credit Union was chartered by Vermont. Weve been deeply committed to the philosophy of people helping people and the credit union movement ever since.

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    This Organization Cannot Be Evaluated Because It Is Not A 501 Irs Registered Nonprofit

    Charity Navigator currently only evaluates nonprofits registered with the IRS as 501 organizations. 501 nonprofits are tax-exempt and eligible to receive tax-deductible contributions.

    Note: The absence of a score does not indicate a positive or negative assessment, it only indicates that we have not yet evaluated this organization.

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