A Publication for Members of Credit Union of Southern California SoCal Fall 2023 CU Connection INSIDE: § Message From Our President/CEO § Setting Up an Emergency Savings Fund § Adding Share Certifcates to Your Investment Portfolio § Getting Back on Track § Earn $50 Cash for Referring a New Member § Financial Wellness Resources 866.287.6225 | CUSoCal.org
Financial Security and Future Prosperity At Credit Union of Southern California (CU SoCal), one of our primary focuses is to empower Members to turn wishing and waiting into doing and achieving. We’re committed to offering you competitive rates and providing financial resources such as quick video tips, online classes, and in-person workshops to help you make the most of your hard-earned money. The bottom line? We’re here to help you achieve financial security and financially thrive. That’s why we offer a wide range of savings options, each designed to meet your unique needs and plans. Whether your savings goals are to buy a home, fund a child’s education, start a business, or enjoy a comfortable retirement, CU SoCal has the products and services to get you there. From traditional savings accounts and certificates of deposit to our Soar Money Market Account, we are here to guide you on your savings journey and help you make informed decisions that align with your aspirations. When it comes to savings, every penny counts. For example, establishing direct deposits into your savings account, even if just $10 a pay period, is one way you can build a buffer against unexpected challenges and lay the foundation for achieving your dreams. And, knowing you have a safety net to fall back on in times of need allows you to focus on what truly matters most: your family, passions, and well-being. On behalf of the entire CU SoCal team, I want to express our heartfelt gratitude for your trust and loyalty. Together, let's continue this journey of financial empowerment and work towards a bright, prosperous future. Sincerely, Dave Gunderson President/CEO Tips to Build an Emergency Savings Fund When life catches you by surprise and fnancial uncertainty sets in, the peace of mind that comes with an emergency savings fund can make all the diference. You never know when you’ll need an extra fnancial cushion. These tips will help get you started. START SMALL AND PAY YOURSELF FIRST Set aside a small amount from every paycheck. You can even prioritize your monthly savings total as a “bill” you deduct from each paycheck to pay yourself frst. These payments to yourself can be easily automated using the “Transfer” widget with CU SoCal Digital Banking. Remember, every little bit helps. CREATE A BUDGET AND STICK TO IT Set an attainable savings goal by determining how much you can aford to save each month without stretching your budget too far. By using the “Track Spending and Goals” tool in Digital Banking, you can see where your money goes, set savings goals, and review your savings journey periodically to see if you’re on the right track. CONSIDER A MONEY MARKET SAVINGS ACCOUNT Liquid accounts that also pay you can be ideal for emergency savings funds. You want access to the funds as quickly as possible, but you also want your money to work for you. Money market accounts usually have the highest dividend rates for liquid savings accounts and are a great option. ONLY USE THE ACCOUNT FOR EMERGENCIES In this case, an emergency may refer to sudden car trouble, medical issues, or loss of job—anything that may impose an unexpected fnancial burden and necessitate a safety net. That’s when your emergency fund will come in. To open a CU SoCal Savings account and start building your emergency savings fund, visit www.CUSoCal.org, stop by your local CU SoCal branch, or call 866.287.6225.
Qs As Ask CU SoCal Dear CU SoCal, As an insured deposit product, your Share Should a Share Certifcate be part of my Certifcate pays a fxed interest rate and investment portfolio? reduces the risk of market fuctuations that —- Wondering in Westminster may afect the value of securities such as stocks, bonds, and mutual funds. Dear Wondering: Here’s a tip for taking advantage of A Share Certifcate at CU SoCal is an promotional CU SoCal Share Certifcates, excellent vehicle in which to keep the cash which have higher rates than regular portion of your investment portfolio (or certifcates: link an external account to your any long-term savings deposit) for multiple CU SoCal account using the “Add Account” reasons. Share Certifcates pay higher feature under the Transfer widget in Digital dividends than regular share accounts. Banking. Promotional Share Certifcates In exchange for the higher dividend, you require “new” funds (money that was not agree to keep your funds on deposit for the already on deposit at CU SoCal), and having full term of the Share Certifcate, whether an external linked account makes that’s three months, a year, or three years. transferring new funds easy. You can use We have many terms to choose from to “Quick Apply” in Digital Banking to open meet your individual needs. your promotional Share Certifcate, then Getting Back on Track Jeanette joined CU SoCal as part of our partnership with FedOne Federal Credit Union, where she was a Member since 1998. Having beaten cancer twice, Jeanette is a true survivor. She recently overcame another kind of hardship: a fnancial one. “Before joining CU SoCal, I knew nothing about the credit union. I found out they had excellent Member service, they are very knowledgeable, and helpful. When I had $4,000 in water damage to my property, causing severe hardship, CU SoCal helped me by deferring a loan that I had with them. I'm now back on track. I was blessed.” —Jeanette, CU SoCal Member since 2019 Refer a New Member and Earn $50 in 3 Easy Steps 1. Visit CUSoCal.org/CareToShare to refer a friend or family member who opens a qualifying checking account or funds a qualifying loan.1 2. Your name and address will be on the email invitation you send. Your referred friend will need this information when they open their account. 3. You and your friend each receive $50.1 1. Valid only with new Members. New Members are defned as a person 18 and older who has never been an owner of an account at CU SoCal. All new accounts will be verifed by ChexSystems®, and are subject to approval and Membership eligibility. To qualify for the cash bonus, the referred new Member must open a checking account with a minimum monthly direct deposit of $750 or establish an auto or personal loan within 60 days from establishing Membership. $50 cash bonus will be credited to Member’s CU SoCal deposit account within 90 days from the date the referred Member established their Membership. Ofer cannot be combined with other promotional ofers and is subject to change without notice. Cash bonus may be subject to tax reporting, applicable 1099 may be provided for tax purposes. simply transfer funds into your new account. To learn more about Share Certifcates at CU SoCal, visit CUSoCal.org, stop by any branch, or call us at 866.287.6225. —Your friends at CU SoCal
Board and Supervisory Committee Nominations Three Board Members and three Supervisory Committee Members are up for election in 2024. Robyn Bjorklund, Christopher George, and Christopher Stone have each been nominated to serve three-year terms on the Board of Directors. Greg Kelley, Judy Miller, and David Yamashita have each been nominated to serve two-year terms on the Supervisory Committee. The Nominating Committee has determined that these volunteers are qualifed and have the necessary experience to serve our Membership. As a CU SoCal Member 18 years or older and in good standing, you are eligible to run for an elected position. Petitions for nominations of candidates for these positions will also be accepted. Petitions must be submitted by Friday, January 12, 2024, to the secretary of the credit union. A valid petition must have at least 500 signatures from CU SoCal Members, be accompanied by a signed “Willingness to Serve” statement, a signed “Code of Ethics/ Statement of Consent,” and a statement (not to exceed 250 words) detailing the candidate’s qualifcations for ofce and reasons for candidacy. Petition packages are available upon request from the Member Care Center at 866.287.6225. New Branch Locations We’d like to welcome our new CU SoCal Members from our recent merger with Pacifc Transportation Credit Union (PacTrans), a division of Credit Union of Southern California. We can’t wait to serve you, your family, and friends. As part of the merger, we’ve also added two new branch locations in Gardena and Colton. Use Your Car’s Equity to Pay Down Debt If you’re struggling with high-interest debt, you may be able to leverage the equity in your car with a cash out auto loan refnance. To learn more and apply online, visit CUSoCal.org. You can also apply using Quick Apply in Online or Mobile Banking. Contact Us Member Care Center 866 CU SoCal (866.287.6225) Monday-Friday 9 a.m.–6 p.m. Saturday 9 a.m.–1 p.m. Website CUSoCal.org Email [email protected] Find ATMs Text zip code to 91989 Find Branches Visit CUSoCal.org to use Cali, our 24/7 chat feature Seminars REGISTER: CUSoCal.org/Seminars Homebuying Seminars Become an Informed Homebuyer Attend a local homebuying seminar and prepare for achieving the dream of homeownership. For more information or to register, visit CUSoCal.org/Homebuyers. Breezing Through the Holidays—Budget for Holiday Success CU SoCal—Fontana Branch 16014 Foothill Blvd. Saturday, October 28 | 10 a.m. PT Webinars REGISTER: CUSoCal.org/Webinars Federal vs Private Student Loans Tuesday, October 10 | 10:30 a.m. PT Thursday, October 19 | 5:30 p.m. PT Breezing Through the Holidays—Budget for Holiday Success Tuesday, November 7 | 10:30 a.m. PT Wednesday, November 15 | 6 p.m. PT Thursday, November 16 | 5:30 p.m. PT Identity Theft Solutions Tuesday, December 5 | 10 a.m. PT Thursday, December 14 | 5:30 p.m. PT CU SoCal, Say Cheese! To celebrate International Credit Union Day, all October long we encourage you to share a photo of all things related to CU SoCal. We’ll randomly select fve lucky $1,000 winners from the entries. Visit CUSoCal.org/SayCheese for more information. Say Cheese cash giveaway is valid during the month of October and is available to participants ages 18 and older. Five (5) $1,000 cash winners will be randomly selected from all entries received during the promotion period. Odds of winning depend on the number of entries received. One entry per person. No purchase necessary. To enter without submitting a photo, mail a postcard to CU SoCal Say Cheese, P.O. Box 76000, Anaheim, CA 92809. Include your name and phone number. Cash prize may be subject to tax reporting, applicable 1099 may be sent for tax purposes. Employees of CU SoCal and their immediate family Members are not eligible. Winners agree to let CU SoCal use their name in future marketing. Winners will receive their funds by November 30, 2023. Ofer subject to change without notice. HOLIDAY CLOSURES Veteran’s Day November 10 Thanksgiving November 23-24 Christmas Day December 25 Federally insured by NCUA New Years Day January 1 GROWING TO SERVE YOU BETTER Members....................................154,648 Loans............................ $1,645,063,983 Assets........................... $2,930,949,474 FINANCIAL HIGHLIGHTS as of August 31, 2023.