These days, it appears “business as usual” means operating in uncertainty. That included the news of several bank closures in March; we understand many of you may have concerns regarding the future of the banking system, and SESLOC, specifically. Because we are owned by our members, we are not subject to the big-profit pressures from investors or stockholders that influences bank decisions and sometimes risk choices. In 2022, 67% of your deposits were loaned back to the membership, which demonstrates truth behind the adage of “lending to your neighbor next door.” The remainder is either in cash at the Federal Reserve Bank, or it is invested in stable U.S. treasury or U.S. agency bond investments. In addition, SESLOC has received the “Well Capitalized” highest rating for safety and soundness from our federal regulator, National Credit Union Administration, for our entire 80-year history. SESLOC remains a trusted financial partner for members today and is equipped to serve the financial needs of more of our friends and neighbors for years to come.
Our current “neighborhood” is comprised of 57,000+ member-owners, who are schoolteachers, first responders, doctors, builders, artists, accountants, students, homemakers, retirees, local business owners, and every resident in between. We share a common bond of living and working on the Central Coast, valuing fair-priced financial services, and genuinely caring for one another. We are proud to be locally headquartered on the central coast. We are actively extending our reach to those in our communities who are underserved or underbanked so that all of us have access to safe and sound financial services. Our industry mission is financial well-being for all.
We appreciate your patience with the recently upgraded Online Banking experience. We knew that transitioning to a new platform would pose some challenges, but we are pleased to see that nearly all online banking users have successfully logged in and are able to manage their finances with better speed and ease. The new self-service tools such as card controls and travel notifications are available today, and you can also see and track your credit score. We are continuing to work on additional features for bill payment, and you will begin to see new functionality over the spring and summer months, like the ability to see all of your billers on one screen to enter your payments with less “clicks” and Spanish-language option just to mention a couple. We are confident that this new system will be more robust and provide you with more digital services whether you are on a mobile device or desktop.
Last quarter, we introduced the Change it Up program and are happy to see many of you taking advantage of the automatic savings from your debit card purchases. This will help grow your emergency fund, save for a wedding, or contribute to another savings goal you might have. Speaking of savings options, we invite you to take advantage of our current specials, including great rates on our new 3- and 6-month short-term share certificates.
But we’re not done. Stay tuned for more digital services, affordable personal loan options (like a small loan for new tires, a quinceañera, or even back to school clothes) and innovative financial education
opportunities coming this year. Our staff is looking forward to joining you at the many upcoming community events and SESLOC Shred Days this summer. Thank you for your confidence and trust in our credit union.