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Home My WebLink About07/19/1994, C-5 - MEMBERSHIP IN SESLOC FEDERAL CREDIT UNION ll'��`II�IIIII^� IIMEETING OATS: III�IjI�� city of San tuisosIspo 7/19/94 COUNCIL AGENDA REPORT ITEM NUMBERd6o FROM: Ann Slate, Personnel Director SUBJECT: Membership in SESLOC Federal Credit Union CAO RECOMMENDATION: By motion, authorize the CAO to submit an application to SESLOC Federal Credit Union for City membership. DISCUSSION: Since the late 1950's the City of San Luis Obispo employees have been eligible for membership in the County-City Credit Union (CCCU). That credit union currently offers basic services to employees (SEE: Attachment 1). It is recommended that the City seek membership with SESLOC Federal Credit Union which will provide employees with a broader range of credit union services. Earlier this year, the San Luis Obispo City Employees Association (SLOCEA) announced its intention of seeking application with SESLOC and requested the City to extend payroll deduction privileges to their members who elected to join SESLOC. SLOCEA desired to gain access to the many services offered by SESLOC not offered by CCCU. The Association was aware that several of their members had already joined SESLOC through membership with the Farm Bureau. Employees who had joined the Farm Bureau for a $50 fee became eligible for SESLOC membership by virtue of their Farm Bureau affiliation. SLOCEA had contacted SESLOC and inquired as to what process, if any, was available to them to join SESLOC directly without Farm Bureau membership. The Personnel Department asked SLOCEA to defer pursuing individual membership with SESLOC until the City could explore with the CCCU the possibility of expanding their services to meet the employees' needs and to address some minor complaints SLOCEA had expressed about CCCU practices. Since other employee groups, specifically the Police Officers' and Firefighters' Associations, have expressed a similar interest in SESLOC membership, the Personnel Department staff believed any changes or additions to Credit Union services and payroll deduction privileges should be approached on a comprehensive city wide basis rather than association by association. A city wide approach would be administratively much easier to coordinate. The Personnel Director has met with the CCCU, discussed employee concerns and sought information regarding their future plans for expansion of services. This was followed up with correspondence. Because of their relatively small size (approximately $8 million in assets) and their reasonable and prudent philosophy of providing self-sustaining services or products that do not jeopardize their extremely strong financial status, the CCCU will not be providing soon the wide array of 0-S il��,��ri'��I�I�IIIIII�►hj��U�h city of san LUis osIspo COUNCIL AGENDA REPORT Page 2 services similar to SESLOC and desired by our employees. They have committed to exploring the possibilities of establishing a meaningful first trust deed program together with a credit card program. Applying for membership with SESLOC at this time and becoming affiliated with a larger ($180 million in assets) local institution will enable employees access to the broader services SESLOC provides. They include: checking accounts, 24 hour teller service, check cashing privileges, several loan products (first & second trust deeds, construction loans, mobil home loans) financial counselling and credit cards (SEE: Attachment 2). The City can make payroll deduction available to SESLOC as well. In addition to membership in the CCCU and SESLOC (providing our application is accepted which SESLOC has indicated should present no problems) City employees are eligible for membership in The Golden One, a statewide credit union that has recently opened a branch in San Luis Obispo (SEE: Attachment 3). Through membership in PERS, our employees are eligible to join The Golden One. However, due to limitations in the City's computerized payroll system, we would not be able to make payroll deduction available to members of The Golden One. It is recommended that the City seek membership in SESLOC while continuing our membership in the CCCU. SESLOC will provide an overlap for services not currently provided by County-City Credit Union. FISCAL IMPACT: None. Attachments: 1. CCCU Flyer 2. SESLOC Flyer 3. The Golden One Flyer a credit . mood o < 09' ? o r) 3T ° o z � n ro O' (D 8OC C S T m 21 rno ro 3 n O. rD c ?. (� Q Z CD No n = a � 3 ° w T ""aoma o CrJ Q N r o mcoa d S OO n• M M = N nJ y 03 "17'� M a ao, eo (D ° 5 = N G O m S r7 G. 3 7 CD c „N 3 5. s o yr 'g � o � o � �• �--� CD A �Z dr r. f9w x cyrl `� :•� oN :. ` m DDa3 A U �.� 3 . c C. � Tzi -p 'p T P 7 n m roO y v et r T r, n y Ma S m 9 0 _. oo -y l a_ y ^ -_] n n n `e W p ro T N 7 C '^ Z C fD �• raj S 7 a c r C. 1 J 7 C. 3 p A g g _ n r'e n o c m n c m o y m a � ?'3 S a o ° m aTrD eD eD r- c eD a°, a o ° '3° �° n C � o a � aG o v ° o• 0 3 r 30 'am o 0017 ro "q .CJ. v H N .s N �' T ('J rE ° o p d c. a < d N 00prr r A 7 1 W H N T N O r0 =• r = N n O n G t � c o' � 4 n � y � en Cn lu n aa ' - 0 3 Y _a3 et :5 yM. � aM ? T ccs '� " ca ' � C rrp� . < ro `G �.. N '3 A� s a .14 O. ro n 7 = �. •' ° =• ra fp /!r1 eDn o S DO f0 G d = S 00 .° ro n c = N ro 3 p < K 3 p F na r o CP n TS ^ W `< N N o O ni O o �• m ^ 64s _ A --SERGE Attachment #2 IV FEDERAL CREDIT UNION Pr. With two convenient locations in San Luis Obispo • 11491 Los Osos Valley Road • University Union.California Polytechnic Slate University MEMBERSHIP SESLOC Federal Credit Union,founded in 1942, is a non-profit cooperative owned and directed by its members,based on the Credit Union philosophy,"People Helping People:'SESLOC offers a variety of products and services to serve your financial needs. Membership in any Credit Union is based on a common bond members share. SESLOC's common bond is based on its member's place of employment or group association.Membership is extended to people who are employed by or associated with SESLOC's approved charter groups. The Credit Union may open accounts for persons who are within the field of membership,as defined in the Credit Union chatter. Each member has an equal share in the Credit Union,with a voting privilege as well as the benefits and services SESLOC has to offer. Once an initial deposit is made into your member share account,you are a member and always will be a member as long as you maintain SESLOC s required minimum balance in your account_Membership eligibility is extended to your immediate family members and anyone living in the household.We welcome your membership in SESLOC Federal Credit Union! CREDIT. UNION SERVICES Share(Savings)Accounts Loan Counseling • Basic membership account with a tiered dividend • Advance credit approval • Counseling to determine the type rate structure • $5.00 one-time membership fee • of loan and/or the amount needed Minimum balance required-Under 18,$5.00; 18 and over,550.00. Federal Insured Savings • Member savings accounts insured to$100,000 by the National Share Draft(Checking)Accounts Credit Union Administration(NCUA),an agency of the federal • Requires no minimum balance • No monthly service government_ charge • Unlimited checkwriting • Dividends paid on balances of$100 or more • Members pay for printing of their checks Special Services • American Express Money Orders VISA Card • American Express Travelers Checks • No card issue fee with a SESLOC Share Draft Account • Amusement Park Ticket Discounts • Low interest rate • 25-day grace period • ATM Card • Checking Account Reconciliation Savings Certificates • Direct Deposit-Debit and Credit • Six-month and one-to four-year rates available • Financial Counseling • Financial Spending Plans Tax Shelters • Kelley Blue Book • Individual Retirement Accounts • Deferred • Member Newsletters Compensation Accounts • SEP IRAs • Money Management Brochures • Night Depository Consumer Loans • Notary Public • SESLOC signature loans • Share secured loans_ • Payroll Deduction • New or used vehicle loans • Lines of credit • PERS Deposits • Check guarantee cards • Co-maker loans • Postage Stamps • PriceCostco Club Membership Eligibility Home Loans ♦ Quest Hotel Savings Program Eligibility • Low costs,no points,no pre-payment penalties • Signature Stock Guarantee • First and second mortgage loans • Construction loans • Social Security Direct Deposit • Mobile home loans • Mobile home and land loans • STRS Deposits • Phone Teller 24-Hour Account Service Budget Counseling • Wiring of Funds • Free counseling to assist members with finances • Debt proration available Any policies or sepias stated herein are those in effect on the date of publication and are subject to change without notice.Disclosures of terms and conditions for all swings or loan accounts and electronic services are available at SESLOCs Main Office. & s r..p.rsetm® I MSOS-2194 P.O.Box 5360 • San Luis Obispo,CA 93403-5360 • (805)543-1816 NCUA ,�t�� MENOMONEE 1 Attachment #3 Checking Accounts Golden 1 Metro Network ATMs allow: The Golden 1 Checking Account(interest-bearing) • Withdrawal of funds Money Market PLUS Checking Account • Deposit of funds (interest-bearing) • Transfer of funds between accounts ATM Access Checking Account(no interest) • Payment on Golden 1 loans (including VISA Card accounts) Savings Accounts • Line of credit advances (Quick Draw, Golden Regular Savings(Share)Account Credit Line and Cash Reserve) Money Market Accounts Certificates of Deposit (CDs) A Golden 1 ATM Card provides access to: Individual Retirement Accounts (IRAs) . All Golden 1 Metro Network ATMs Minor's Account(savings account for minors) • All STAR System ATMs Santa Saver Account • All CIRRUS ATMs Trust Accounts • All CO-OP ATMs Personal Loans • All Explore ATMs Savings-Secured (Share) Loan Insurance Services Quick Draw(line of credit) Accidental Death and Dismemberment Insurance Golden Credit Line (line of credit) Group Term Life Insurance Cash Reserve Loan (line of credit) Car and Home Insurance Certificate Loan Credit Life/Credit Disability Insurance Signature Loan Universal Life Insurance Computer Loan Universal Life Insurance with Investment Accounts Student Loans-Stafford, SLS and PLUS Automobile Mechanical Breakdown Insurance Credit Cards Financial Planning Services VISA,VISA II and VISA Gold Cards Free financial planning through PLAN AMERICA"': Secured VISA Card • Retirement analysis and planning Student VISA Card • Income protection analysis Real Estate Loans • Education planning • Tax-deferred annuities First and Second Deeds of Trust • Mutual funds PERS Home Loans Equity Entree (home equity line of credit) Other Services Home Improvement Loan Electronic Direct Deposit (automatic deposit of net Unimproved Land Loan paycheck into checking or savings account) Mobile Home Loan Payroll Deduction (to savings or checking, or to make loan payments) Vehicle Loans Automatic Transfer of Loan Payments New and Used Car,Truck and Van Loans Transfunds-automatic deposit or payment from your Recreational Vehicle, Motorcycle and Boat Loans account at another financial institution to The Auto Buying Services Golden 1 Car Quote (computerized price verification) Senior Class-services for members 55 years of age CU Auto Sales (auto-buying service) or more Credit Union Direct Lending(selected dealerships) Student Pack-services for college students American Express Travelers Cheques and Telephone Services Gift Cheques Telephone Teller(24-hr. audio response) Notary Public service at most offices Phone-A-Loan (24-hr. loan application services) Safe Deposit Boxes (Sacramento Point West Fax-A-Loan (loan application via fax) ' Center office only) Member Service Center (account information by� 36 offices statewide, many open on Saturday telephone) The Golden 1 Credit Unlon 76 ATM locations statewide, most open 24 hours Price Club, Costco and PACE membership eligibility 852 Foothill Blvd. San Luis Obispo, CA 83401 A•24(rev.10/93) AGENDA D?TE' ffEM June 30, 1994 MEMORANDUM TO: Council Colleagues FROM: Allen K Settle SUBJECT: REQUEST FOR POSTPONEMENT OF AGENDA ITEM Some time ago, I made plans to be away from San Luis Obispo over July 7th. Since I am not available for the Council meeting now planned for that date, I would request that Consent Item C-5 on the July 7, 1994 Council agenda be pulled and postponed to the July 19, 1994 Regular Council meeting when I will be present. This is an important issue and I would like to participate in the outcome. Thank you. AS:ss EI LE3RLE ❑ CDD DIR rZr ❑ FIN DIR k 13 FIRE CHIEF O PW DIR O POLICE CHF 13 REG DIR 1] DIR PERS DIR