The NCSECU, or North Carolina State Employees Credit Union, has initiated a pioneering service that provides its members with "another chance."

When a late deposit, check book addition error, or unforeseen expense would otherwise incur a hefty fee, the "Another Chance" service will send members a text message alert.

According to the State Employee's Credit Union website, members who register on the scheme will then have until the end of the working day to transfer the required funds to cover the deficit.

If the text message alert is sent on a Saturday or holiday, members can make the necessary payment the next business day.

Sue Douglas,  SECU’s Senior Vice President of Operations, confirmed, “It has never been the focus of SECU to benefit from members’ errors, and we feel confident that our efforts over the past two years have resulted in an overall plan that will minimize returned items and any potential fees for members. Another Chance is a terrific addition to SECU’s ongoing efforts to put financial literacy into practice and keep money where it belongs – in the pockets of our members!”

The State Employee's Credit Union website states that the only condition for the "Another Chance" service is that members are required to also register for the overdraft protection scheme, a banking service which has been offered by NCSECU for over 20 years, and recently expanded.

The overdraft protection scheme provides a similar service to "Another Chance". A second account is created that saves additional money, to be used should the member be at risk of incurring an overdraft fee. The necessary funds, should they be sufficient, are transferred automatically when required, thus preventing additional charges.