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Select Employee Group (SEG)

What exactly is a Maine Savings Select Employee Group (SEG)?

A SEG is a business/organization that chooses to have a relationship with us to benefit its employees/members.  That relationship establishes the employees/members of the business/organization (and their families) as eligible for membership in Maine Savings.

Becoming a SEG simply means that your business/organization wants its employees/members to have the option to join.  Participation by employees/members is completely voluntary and becoming a SEG does not mean you are endorsing Maine Savings over any other financial institutions.  Your business/organization and its employee/members are free to continue any existing relationships with other institutions. 

Why should your business or organization become a SEG?

It's easy, free, and comes with no obligations.  Your employees/members will be able to enjoy the benefits of membership if they choose to join Maine Savings.  Maine Savings offers members a full range of financial services, including checking, and savings, mortgages, and other loans, all delivered with exceptional personal service.  As a credit union we are typically able to offer lower loan rates and higher returns on deposits than a bank can.  We have terrific products like our RedWallet® Checking, and we have state-of-the-art online and mobile banking. 

How does your business or organization become a SEG?

Simply write a letter on your company letterhead declaring your desire for your business to become a SEG. 

The letter must include a few things, as determined by NCUA (the federal body that regulates credit unions):

  • A letter, or equivalent documentation, from the group requesting credit union service.  The letter must indicate:
    • that the group wants to be added to the applicant federal credit union's field of membership
    • the number of persons currently included within the group to be added and their locations; and
    • the group's proximity to credit union's nearest service facility.
  • The most recent copy of the group's charter and bylaws or equivalent documentation (for associational groups).

If you have any questions about becoming a SEG or about writing your letter, please let us know.  We are here to help and look forward to working with you and your employees/members in the future.