A Quarterly Publication for the Members of Schlumberger Employees Credit Union • Fall 2013
SECU Visa Cards – Value,
Safety, Security, & EMV
Often we take for granted the simple and
convenient ways our Credit and Debit card
programs provide access to funds. Actually,
beyond the physical plastic, there is a lot
more value in our cards than meets the eye.
Callahan & Associates ranked SECU’s
credit card program #15 out of 7,105
Credit Unions nationwide (Top 1%) with
46% of our members holding SECU credit cards (2013 Credit Union
Directory). We believe this is because of the superior value, safety, and
security that SECU provides its members. 0821
Value can be measured in several ways. Key benefits that differentiate
SECU cards include:
• ScoreCard Rewards We provide ScoreCard Rewards points for every signature purchase at Point-of-Sale (POS). Our Credit card offers 1
point for every dollar of purchases and our Debit card offers 1 point
for every two dollars of purchases.
Rewards points are redeemable for both gifts and travel. See
www.ScoreCardRewards.com for details.
• Lower Fees While many financial institutions charge additional
Credit/Debit card fees such as annual maintenance, rewards program,
over-the-limit (Credit), and/or charge higher fees for international
assessment, late payment (Credit), and cash advance (Credit), SECU
strives to keep your fees to a minimum. See www.secu.slb.com (Ask a
Question: Card Fees)
• ATM Feature Our Credit cards offer access to both Savings and
Checking funds at ATMs, same as our Debit cards, which also allow
“cash-back” (where available) from Checking for Point-of-Sale PINbased transactions.
Safety Although cash may be the most convenient, our cards provide
additional safety:
• Exposure to theft is reduced by carrying less cash.
• Lost or stolen cards can be blocked and reissued.
• Merchandise chargeback/dispute rights are available for signature
purchases.
• Fraudulent transaction reimbursement, eliminating liability to the
cardholder.
Security Our card program has built-in protections designed to keep the
criminals at bay:
•
Card management via EnFactSM (sophisticated Fiserv FalconTM-based
system to protect against fraudulent use).
• 24/7 Call Center offers card assistance and contacts our cardholders
when suspicious transactions occur.
• Cash access requires your secure Personal Identification Number (PIN),
which can also be used to activate reissued cards at an ATM.
•
Inactive cards are automatically decommissioned after 6 months of
inactivity. Cardholders receive an inactivity notice after 5 months of
non-use. Cards left inactive for over a 12-month period will forfeit any
accumulated ScoreCard Rewards points and the card account will be
closed.
SECU’s Visa program also offers convenient access to 55,000 SurchargeFree Allpoint ATMs (www.AllPointNetwork.com) worldwide.
EMV “Europay,
MasterCard, Visa” Chip
Card We are in the process of
rolling out a limited number
of EMV Credit cards for our
international members and
travelers. Our card is designed
for online authorization, a
standard already adopted in
Asia, Russia, U.S., and many
parts of Europe.
Our chip card will initially contain a magnetic strip, providing the same
functionality as our other credit cards. The chip addition will allow
international residents and travelers to use our card on systems around
the world that require the chip for processing.
This card is based on the Platinum platform, and will be available to
qualified members with an Annual Percentage Rate (APR) set according to
the cardholder’s credit score and our risk-based lending procedures.
The general SECU rollout of EMV cards to all cardholding members is not
expected to take place until the 2015 timeframe once U.S. merchants have
made the necessary Point-of-Sale equipment upgrades.
In Summary SECU’s card program is not only industry leading but one
of many services that brings true value to our members. Whether you use
our Debit or Credit cards, you will find them convenient, safe, and secure
for financial transactions around the world.
To apply for our Credit or Debit card, visit www.secu.slb.com (Ask a
Question: Cards, or select the Cards pull-down)
From the President:
Your credit union continues to have solid growth
through August YTD with assets up 14.38% to
$561.5 million and membership up 4.8% to 27,088.
Our capital remains strong at $67.8 million, yielding
a capital/assets ratio of 12.1%, which is almost twice
the adequate safety margin as per NCUA (National
Credit Union Administration – the Federal regulatory agency that
insures credit unions) requirements.
SECU remains 5-Stars rated for the 39th consecutive quarter through
September 2013. The 5-Stars rating is the highest rating offered by
BauerFinancial, Inc., indicating that SECU is one of the safest financial
institutions in the U.S.
Technology and Product Updates
We have several projects in the works, which are scheduled to be rolled
out soon:
• EMV (Chip Credit Card) – We are in the early stages of testing
these cards and anticipate limited availability for member use by
December. Orders will initially be targeted to overseas travelers and
non-U.S. residents.
• Online Account Opening – This system is designed to open
new memberships, services, and underwrite loans using electronic
signature. For current members, the system will be linked within
Net24 Service to add convenience in opening new services. We
anticipate having availability to members by December.
• Mobile Capture/App – This system will allow members to deposit
checks via mobile phone and access their accounts using an App
(iPhone/Android). This project will kick off in the 2014 timeframe.
• Dynamic Travel – Launching in Q4 2013, our ScoreCard Rewards
will be enhanced to the Elite Dynamic Travel Program, allowing our
cardholders more flexibility and options when redeeming points
for travel. Points can then be used for the entire booking without
advance notice or Saturday night stay required.
Look for current technology updates on our home page:
www.secu.slb.com (SECU News and Events).
Thank you for your continued support!
Harold Ottis,
President
Harold Ottis
Harold Ottis,
President
Keep Your Accounts Active!
Every state requires financial institutions to report when property,
cash, or other assets have been abandoned or unclaimed by their owner.
Accounts with no activity within the last three years are declared
abandoned, requiring the accounts to be closed, and the funds sent
(escheated) to the state. Each year, SECU will mail reminder notices
to members with accounts set to escheat. If no response is received
by the notice deadline, their account funds will be sent to the state.
To retrieve escheated funds from the state, you will need to contact your
state (of residence). For the State of Texas, contact TX Comptroller of
Public Accounts (Unclaimed Property Division).
Website: txcpa.cpa.state.tx.us or Telephone: 800-321-2274
YOU MAY QUALIFY FOR
$250,000 OF Life Insurance
for as low as $9.73* A month
TruStage™ Life Insurance!
What is life insurance?
Life insurance is an important part of a financial safety net.It helps
provide peace of mind, knowing your loved ones will receive money,
when they need it most.
How does it work?
Life insurance pays your beneficiaries money, which can be used
for any purpose. It can:
• Provide cash for daily living expenses
• Fund your children’s education
• Meet monthly mortgage payments
• Protect your loved ones’ future
Trusted by your credit union
You trust your credit union to provide value. It endorses TruStage
products and programs because for more than 75 years we’ve been
providing exceptional value and superior service exclusively to
credit unions and their members. 0218
Call us toll-free today for more information.
1-855-612-7909
Monday – Friday (7am – 9pm CT), Saturday (8am – 4 pm CT)
Visit us at TruStageTermLife.com
TruStage products and programs are made available through the
companies of the CUNA Mutual Group. They have been providing
insurance and financial services designed for credit unions and
their members for more than 75 years, serving more than 13
million credit union members.
TruStage™ is the marketing brand for the insurance issued by CMFG
Life Insurance Company. The insurance offered is not federally insured or
guaranteed or sold by your credit union. Products may not be available in all
states. Be sure to understand the complete details of coverage, including any
exclusions and limitations.
* This is a 10-year level premium term policy with a level death benefit renewable
to age 90. Rate shown is for a female, age 35 for preferred plus category, and is
based on age, gender, no tobacco use, and other underwriting requirements.
Your rate and availability will be subject to underwriting and based on your
health and other factors, you may be offered a higher premium rate or you may
be denied coverage. Rates shown are also based on automatic account billing.
Premiums will increase annually after the initial 10-year period. Life insurance
policies contain exclusions, limitations, and terms for keeping them in force.
Not available in New York. Policy # Term-2000 MC2276AA-0812
Announcing New SECU Staff
Brittany Dent
Brittany, a native of New Orleans with 5 years of
Teller experience, joins our team as Teller. Outside of
spending time with her family and friends, Brittany’s
hobbies include shopping, reading, and listening to
music.
Deidra Head
Deidra, with over 15 years of credit union experience,
joins our team as Member Services Representative
(Dairy Ashford). Deidra enjoys spending time with
family and friends, listening to music, singing, and
playing with her dog.
Sara Turcios
Sara, with nearly 8 years of experience in the finance
industry, joins our team as Compliance Analyst. She
enjoys the outdoors, movies, football, and cooking up
new recipes for her family. 0420
Brittany Vaughan
Brittany, a native Texan from Houston with 5 years
of industry experience, joins our team as Member
Services Representative. Hobbies include watching
Texans football, singing, playing piano, dancing, and
reading good books.
Benny Kettler Retires
After 15.5 years of SECU service, Loan Officer Benny
Kettler retired from Schlumberger on July 31.
Benny has served our members professionally with
great enthusiasm and will certainly be missed!
On behalf of all the SECU Staff and Directors, we
wish Benny the best in all her future endeavors.
Loan Specials
Take advantage of our Great Rates
“While they Last”
Auto/Specialty
- ALA 1.75% APR*
Refinance Auto/Specialty
- 2% Below Competitor
Card Consolidation
- ALA 5.49% APR*
(non-SECU cards)
*APR is Annual Percentage Rate. Auto/Specialty: No down payment required
with approved credit. Refinance: Rate floor is 1.75% APR, must provide proof
statement with competitor rate. Members must qualify! See www.secu.slb.com
(Ask a Question: Loan Specials) for details.
Qualifying for a Mortgage
Having gone through an economic cycle of tighter money, financial
institutions in general have been more careful with lending long-term. SECU
has not been an exception to this rule. But with careful advance planning of
your finances, you should be able to qualify for a mortgage at SECU. Some of
the typical financial considerations include:
Credit Score SECU requires a minimum of 620 FICO. If your score is lower,
then any of the following factors may help you qualify:
• Larger down payment
• Lower debt-to-income ratio
• Proven history of saving money
• Reasonable explanation
If you have no previous credit history, we will also work with you to help
you qualify. To view your free credit report or order your credit score, go to
www.AnnualCreditReport.com or to find information on how to improve
your credit score, go to www.secu.slb.com (Ask a Question: Improving
Credit) 0114
Assets to Close Plan to have adequate savings to cover both closing costs
and down payment on your home. Your source of funds can be any of the
following:
• Savings/Checking (make sure these funds are not moved around, particularly in recent months)
• Gifts from relatives (requires evidence of gifting)
• 401K loans
• Equity from sale of previous residence
• Sale of other assets (stocks, vehicles, etc.)
Income Your ability to repay the loan is key. If your income is unstable
(based on bonuses or “at risk” pay), or if it is your first day on the job, then
it may be more difficult to secure financing. Although a new employment
situation can be challenging, SECU also takes into consideration the length
of time you were employed on your previous job.
Although these qualification requirements can be hurdles to some, with
good financial planning you should be able to overcome them and secure
mortgage financing at SECU. Make sure to visit Sallye Gibson, our mortgage
loan officer, as she will provide valuable assistance to get you on a solid track
to achieve your goals.
Mortgage Assistance
Contact Sallye Gibson, the SECU mortgage loan officer (Toll Free: 800-4606990, Direct: 281-285-3237, or Email: SGibson@slb.com). Sallye is located
at SECU’s Sugar Land main branch office. If you are in the area, come by and
visit. Sallye can provide you with a wealth of information without obligation!
Wire Update (Dodd-Frank Act)
On October 28, 2013, a new Dodd-Frank provision will be in
effect. This Federal amendment was put in place to protect
consumers who send cross-border money transfers. In effect,
members sending international wires must be given a 30-minute
rescission period following SECU’s prepayment notification of
the wire transmission. In compliance with this ruling, SECU
will be emailing Members the following two notices:
1) Prepayment disclosure - including exchange rate, fees, and
net remittance amount to the recipient.
2) Post payment disclosure - including receipt of prepayment
disclosure, proof of payment, and date funds will be available
to the recipient.
Save That Date
SECU plans to hold the Annual Meeting of Members on
Monday, February 17, 2014. As in the past, this meeting will
be held online only.
It Pays to Read the Shareholder!
Locate the first four sequential numbers of your birth date
(MMDD) in this newsletter and win $25. Only Primary
members are eligible, using the current issue. Last issue,
we had 10 winners!
SECU’s Historical Member,
Assets, and Loan Chart!
Members
30000
Assets ($Mil)
Loans ($Mil)
600
25000
500
20000
400
15000
300
10000
200
5000
100
0
0
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
Aug
'13
LOAN RATES
RATE (APR)
TERM (Months)
Auto: New/Used
1.75%*
2.24%*
2.60%*
2.95%*
3.45%*
24
25-36
37-48
49-60
61-72
100% of list (new),
100% NADA value (used),
+ TT&L
$15K minimum
$25K minimum
Specialty:
RV, Boat,
Motorcycle
1.75%*
2.24%*
2.60%*
2.95%*
3.45%*
24
25-36
37-48
49-60
61-72
100% of list (new),
100% NADA value (used),
+ TT&L
$15K minimum
$25K minimum
Share-Secured
CD Secured
Stock Secured
Signature
Signature
Signature
Signature
Div rate + 2.75%
CD Rate + 2.75%
6.40%
9.49%*
10.49%*
10.99%*
11.49%*
SAVINGS RATES
12 - 60-months
Same as Term of CD
60% loan on SLB stock
Computer, Furniture, etc.
If Consolidation, see Special!
36
12
13-18
19-30
31-36
SAVINGS TYPE
TERMS
(Effective September 1, 2013)
RATE (APY)
Regular Share
(paid quarterly)
YouthPlus*
6-month CD
12-month CD
18-month CD
24-month CD
36-month CD
IRA Savings
IRA 6-month CD
IRA 12-month CD
IRA 18-month CD
IRA 24-month CD
IRA 36-month CD
Checking*
Christmas Club*
$100 min.
no min. bal.
$1000 min.
$1000 min.
$1000 min.
$1000 min.
$1000 min.
$40 min.
$500 min.
$500 min.
$500 min.
$500 min.
$500 min.
$500 min.
no min. bal.
0.20%
4.26%
0.35%
0.50%
0.75%
0.85%
0.95%
0.20%
0.35%
0.50%
0.75%
0.85%
0.95%
0.02%
0.22%
*APR is Annual Percentage Rate. APY is Annual Percentage Yield. Rates are subject to change. The Regular Share rate is determined by the board of
directors, and declared on the third Monday of the last month of the quarterly period affected. Rates marked by * are “As Low As” rates that depend
on credit performance (see details on the SECU website). Loans are subject to minimums borrowed and members must qualify, except for stockand share- secured loans. Auto loans are available for up to 100% of list (new) or 100% of NADA value (used) plus TT&L. Checking interest is paid
on standard and 55Plus accounts only. *YouthPlus and Christmas Club rates are for balances up to $5000. Greater than $5000 balances earns the
Regular Share rate.
SECU Statement of Condition
SECU Executive Board
Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bill Carpenter
Vice Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jerry Harper
Treasurer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . David Durham
Secretary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bob Fons
Other Board Members
(As of 08/31/2013, $ in Millions)
ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SAVINGS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LOANS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
MEMBERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
John Crawford
Nadia Markakis
Kannan Venkataraman
Laura Paddy
Christopher Westerlund Joe Van Valkenburgh
ABA Routing Number:
The SHAREHOLDER is a non-subscription publication of the
Schlumberger Employees Credit Union, 225 Schlumberger Drive, Email:
Sugar Land, Texas 77478. It is distributed to the actual and potential
membership of the SECU. Call-24: local 281-285-4748 / toll-free
800-752-0990, Mortgage Partner: 800-460-6990, SECU Office:
281-285-4551 / 800-272-7328, Fax: 281-285-4436.
313084564
secu@slb.com
We also publish the Shareholder online!
Federally Insured
Publisher: Jerry Hammervold
by the NCUA
(Effective September 1, 2013)
FINANCING
LOAN TYPE
Web Page:
$561.5
$487.9
$145.4
27,088
www.secu.slb.com
Your savings federally insured to at least $250,000
and backed by the full faith and credit of the United States Government
NCUA
National Credit Union Administration, a U.S. Government Agency
Member Owned, Member LedSM