Acronym 101 – The Low Down on SEGs

By A.J. Watts, Member Development Specialist, Affinity Federal Credit Union

The personal finance world is full of acronyms. MLO, HOA, VPM. The list goes on. But there’s one acronym that’s relatively unknown, yet packs a major punch. SEG (Select Employee Group). What is it and why does it matter? This month, we connected with A.J. Watts, member development specialist at Affinity Federal Credit Union to learn more.

Affinity Select Employee Group

What is a SEG?
SEG stands for Select Employee Group and is an organization or business interested in partnering with Affinity to offer membership benefits to its members or employees.  

What are the benefits of becoming a SEG?
Once an organization or business becomes an Affinity Select Employee Group, employees can become members and take advantage of everything we offer, including:

    • A full range of financial products and services
    • Better rates on savings and loans
    • Lower and fewer fees
    • Free checking
    • Free financial planning and member education
    • Free on-site financial wellness seminars
    • High-yielding health savings accounts
    • Free employee benefits

What differentiates Affinity’s SEG program from others?
If a company becomes a SEG, employees in turn become members and can take full advantage of Affinity’s offerings. We put our members’ best interests first and consistently strive for high satisfaction. We’ll handle enrollment, administration and more, and a dedicated representative provides the company with tools to help communicate these benefits to employees. We also:

    • Provide brochures, payroll inserts, emails, welcome kits and information for the company’s website or newsletter
    • Offer onsite enrollment visits to onboard employees in person, as well as answer additional questions about our products and services
    • Share monthly newsletters detailing promotions (special offers, new deals, etc.)
    • Provide access to a dedicated Member Development Team that focuses on engagement and financial education, while providing the highest level of member care

What makes an ideal applicant?
SEG applicants consist of key decision makers within groups such as clubs, associations, organizations, schools and small-large businesses that are interested in partnering with Affinity Federal Credit Union.  

What do you think are the most common misconceptions around this process or being involved as a SEG?
Many feel that becoming a SEG is a difficult process. It’s also often believed there are associated fees, which isn’t the case. In fact, becoming an Affinity SEG is easy and free of charge. Your Affinity representative will walk you through the entire enrollment process to help make joining easier. During the onboarding process, we’ll even conduct a complimentary financial consultation to evaluate your employees’ financial needs, assist them with meeting their goals and offer cost-saving alternatives.

This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition are made.  

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