Jonathan CU SoCal Member since 1996 A Publication for Members of Credit Union of Southern California SoCal Spring 2023 CU Connection Jonathan CU SoCal Member since 1996 INSIDE: § Joint Report of Chairperson and President/CEO § The Benefts of Share Certifcates § A Credit Card Granted, A Lifelong Member Gained § Increase Your Purchasing Power With Rewards Checking § Financial Wellness Resources 866.287.6225 | CUSoCal.org
Joint Report of the Chairperson and President/CEO Robyn Bjorklund Board Chairperson Dave Gunderson President/CEO Since our founding in 1954, we’ve continued to grow and carry on the credit union philosophy of people helping people—a philosophy we are steadfastly committed to. To this day, providing exceptional service and Building Better Lives are foundational to our culture and all that we do.. In 2022, our perpetual pursuit of Building Better Lives led to a year full of accomplishments. In addition to topping our all-time net income record for the second year in a row, we provided our Members with low-cost loans, special certifcate promotions, minimal fees, and convenient access through an enhanced Online Banking platform. We also supported our local communities through charitable donations and community service. Though we are proud of these accomplishments, the numbers below mean more to us than fnancial benchmarks. Behind many of the decimal points and percentages are the stories of our Members, their fnancial frsts and attained aspirations. We know there is a story behind every face. Hearing the stories of our diverse and growing Membership drives our pursuit of the credit union mission. 2022 HIGHLIGHTS Together as a Member-owned fnancial cooperative, CU SoCal achieved the following: • Our Membership increased by 10%, ending the year with 143,519 Members. • Our loans grew by $330 million, a 27% increase. • Our net worth ratio was 11.12%, which exceeded the 9% required for complex credit unions to be considered “well capitalized.” • Our net income of $25.9 million topped our previous high of $22.4 million in 2021. • Our return on assets reached 1.07%. • We earned a superior 5-star fnancial stability rating from BauerFinancial. • We ended the year with a strong Net Promoter Score of 78%. • Our Members earned $16.3 million in direct fnancial benefts.1 • Our Members earned more than $4.4 million in dividends. • Our Members saved $10.7 million on lower interest rates on loans.1 • Members received an average of $261 in household savings.1 • Team members and their families enthusiastically volunteering 680 hours to local schools and charities. • We donated $518,000 to various charities, including our Charity, CU SoCal’s Helping Hands. A BETTER FINANCIAL FUTURE We’re proud to provide you with the products, services, expert advice, guidance, and tools you need to attain your fnancial goals. We’re here to talk with you, not sell to you. We want to hear your story. It’s our hope to brighten your path to fnancial wellness. Highlights include: • We ofered nearly 200 educational blogs, in addition to short videos and online modules. • We hosted 76 free and in-person workshops, lunch-and-learn events, seminars, and webinars. EXCEPTIONAL MEMBER EXPERIENCES The dedication to our Members extends beyond our branches and echoes in every product, service, and Member touchpoint we have. Highlights include: • Added a chat feature to our website to assist Members with their banking needs. • Optimized our online appointment system, allowing Members to book appointments online for added convenience. • Answered 53% of incoming phone center calls within 60 seconds; these calls were answered by a live person, not a recording. • Our call center ranked top fve for Net Promoter Score in asset size and nationwide categories. • Closed out 2022 with a strong Net Promoter Score of 78%. 2023 VISION Our 2023 vision is clear: deepen relationships, enhance experiences, and exceed expectations. We look forward to providing more resources, convenience, and value for our Members. Plans include: • Introducing an upgraded CUSoCal.org experience, which will include Cali, an online resource meant to assist Members and answer commonly asked questions 24 hours a day. • Further enhancing our technology and ability to communicate with Members via text messaging. • Ofering a new signature, high-limit credit card, the frst of its kind for CU SoCal. • Introducing a new Rewards program that ofers expanded benefts to qualifying Members, including an auto loan discount and Dream Points bonus. • Expanding our branch footprint through planned mergers, providing Members with additional branch locations and resources. On behalf of all of us at CU SoCal, thank you for your Membership. Everything we accomplish, we accomplish together. You are the reason we exist, and we are proud of these shared achievements. We look forward to serving your fnancial needs in 2023 and beyond. Robyn Bjorklund Dave Gunderson Board Chairperson President/CEO 1. Source: Credit Union National Association Membership Benefts Report, September 2021-September 2022.
Qs As Ask CU SoCal Dear CU SoCal, What is a share certifcate account? —Curious in Covina Dear Curious: A share certifcate is a type of savings account The dividends you earn on share certifcates If you’re interested in opening a share that pays a high dividend in exchange for are compounded monthly. That means you certifcate, stop by any branch or make a keeping your money on deposit for a set length earn dividends on the amount you branch appointment on CUSoCal.org to of time. It is like a bank certifcate of deposit, but deposited, but also dividends on the avoid a wait time. You can also contact our with a diferent name. CU SoCal ofers share dividends you accumulate during the Member Care Center at 866.287.8326 to open certifcates for up to 60 months. certifcate term. When your share certifcate your account. matures, you can withdraw your money, or, Share certifcates are ideal for funds you won’t Certain share certifcates with special like many Members, roll it over into another need to access for a set term. This is because promotional rates can also be opened in share certifcate to keep your funds withdrawing the funds early, before the Online and Mobile Banking using Quick Apply. growing at a high dividend rate. certifcate maturity date, will cause you to incur a Visit CUSoCal.org for a breakdown of current penalty fee. While the fee may not be substantial, The minimum deposit on most share certifcate rates. it’s best to make sure you won’t need the money certifcate accounts at CU SoCal is $1,000, —Your friends at CU SoCal you put in a share certifcate to reap the full and we also ofer share certifcates for benefts of the account. minors with a minimum deposit of $250. A Credit Card Granted, A Lifelong Member Gained “I love how CU SoCal stays true to their mission of 'Building Better Lives.' They helped me build a better life and establish my credit when they granted me my frst credit card. I was also surprised and very grateful when I was approved for an unsecured loan. CU SoCal knows there’s a story behind every Member’s face, even a young adult like me with no credit history at the time. They are also passionate to help the communities they serve. For these reasons, and so many more, I would highly recommend CU SoCal to all my friends and family.” —Jonathan, CU SoCal Member since 1996 Increase Your Purchasing Power With Rewards Checking • Earn CU SoCal Dream Points on • Pool Dream Points with those qualifed purchases and redeem from your CU SoCal Platinum your points for cash, gift cards Rewards Card for even more or merchandise from more than purchasing power 2,000 merchants nationwide1 • Pay a low monthly fee of just $5 • Get full-service identify theft restoration services2 Sign up today at CUSoCal.org 1. Qualifed purchases are all CU SoCal Debit and Credit Card purchases except: ATM cash withdrawals; cash advances; balance transfers; convenience checks; quasi-cash (purchases that are directly convertible to cash such as casino gaming chips, money orders, wire transfers, travelers checks); fnance charges, fees, and credit insurance, purchases made by or for a business, unauthorized/fraudulent transactions, debit card purchases for less than $1.50. Qualifed debit purchases will result in one (1) point for every three dollars ($3) spent, rounded at each increment of $1.50. Bonus points are occasionally awarded for merchant specifc and CU SoCal special promotions. All transactions and points are subject to verifcation. The point balance is the total of points awarded, less points that are deducted for returns and adjustments. If a transaction is subject to a billing dispute, the point value of the transaction may be deducted from the point balance during the dispute period. If the transaction is reinstated, the points will be reinstated. 2. Available to all named account holders, and extends to three generations of your family. Family members include the primary account holder, primary account holder's spouse or domestic partner, primary account holder's dependents under the age of 25 with the same permanent address, any IRS-qualifed dependents of the primary account holder, and primary account holder's parents (mother or father) with the same permanent address, or who are registered in a senior assisted living facility, nursing home, or hospice. Services continue up to 12 months after death for all family members.
Welcome New CU SoCal Members! We’d like to take this opportunity to welcome our new CU SoCal Members from our recent merger with California Bear Credit Union! We look forward to serving your fnancial needs today and well into the future. and online resource meant to help with your commonly asked questions 24 hours a day. Cali is programmed to answer up to 350 inquiries and ready to help when you visit CUSoCal.org. We recently launched Cali, our chatbot Introducing Cali, Our New Chatbot Low-Cost Vehicle Warranty Without Mileage Limit We now ofer healthCAR, a low-cost, month-to-month auto warranty service designed for used vehicles, with no limit on mileage. The coverage requires no contract and can be cancelled at any time. Visit CUSoCal.org for more information on healthCAR. The New CUSoCal.org Experience Is Coming! The revamped website is coming in spring and will feature new pages, updated page layouts, more ways to connect with CU SoCal, and so much more. 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 Seminars Join us for complimentary seminars and webinars held throughout the year. Everyone is welcome! Saturday, April 1 The Real Estate Store 13225 Philadelphia St., Whittier, CA 90601 Homebuying Seminar | 11 a.m.-12 p.m. Saturday, April 15 Whittier Whittwood Library 10537 Santa Gertrudes Ave., Whittier, CA 90603 Homebuying Seminar | 11 a.m.-12 p.m. Saturday, April 29 Fullerton Public Library 353 W. Commonwealth Ave. Car Buying Strategies | 10 -11 a.m. REGISTER: CUSoCal.org Webinars RAISING A MONEY SMART KID Tuesday, April 11 | 10:30-11:30 a.m. Thursday, April 20 | 5:30-6:30 p.m. FINANCIALLY SAVVY SENIORS Tuesday, May 9 | 10:30-11:30 a.m. Thursday, May 18 | 5:30-6:30 p.m. PLANNING FOR MONEY MILESTONES Wednesday, May 24 | 6-7 p.m. BECOMING A HOMEOWNER Tuesday, June 13 | 10:30-11:30 a.m. Thursday, June 23 | 5:30-6:30 p.m. TO RESGISTER OR VIEW MORE INFORMATION & RESOURCES: CUSoCal.org HOLIDAY CLOSURES Memorial Day May 29 Juneteenth June 19 GROWING TO SERVE YOU BETTER Federally insured by NCUA Members....................................145,078 Loans............................ $1,553,456,934 Assets........................... $2,720,887,001 FINANCIAL HIGHLIGHTS as of February 28, 2023.