SHAREHOLDER
SPRING 2 3
Buying and financing a car can feel a bit like learning a new
language. We break down some key terms and concepts that can
help you get behind the wheel and on the open road.
• Budget: This is the amount of money you can afford to spend
on a car per month. Keep in mind, your monthly budget for your
car could include your loan payment, insurance payment, fuel,
and upkeep. Use our Auto Loan Calculator online to adjust your
interest rate and loan term to meet your desired budget. Search
“Auto Loan Calculator” in the Ask A Question feature on our
website.
• Depreciation: Every brand-new car loses about 10% of its
value the moment it’s driven off the lot, and up to 20% after one
year of being driven (ramseysolutions.com). It’s important to
understand that if a wreck happens, you may owe more on your
loan than what insurance will pay you. That’s why SECU offers
GAP, or Guaranteed Asset Protection, for auto loans at lower
costs than the dealer. Ask your Loan Officer about adding GAP to
your auto loan when you finance with SECU.
• Down Payment: A down payment is a lump sum amount, paid
up front, that will reduce the total cost of your loan needs, which
lowers your monthly payment 0626. You can make a down
payment with the dealer or private party when purchasing your
car.
• Financing: Financing is another way of saying “loan.” You can
opt to finance through SECU, another lender, or your dealer. Keep
in mind that credit unions typically offer lower loan rates than other
larger financial institutions. You can use our Auto Loan Application
to get pre-approved for your financing before you shop.
• Incentives: These are special offers from car manufacturers and
dealers that are passed down to the buyer in terms of savings.
Incentives usually urge the buyer to purchase quickly, so be
sure to read the fine print, especially for 0% or low interest rates.
Consider also if accepting a low interest rate forfeits any cash
back incentive, or if it’s best to finance with SECU and take the
dealer’s cash back incentive.
• Interest Rate: The Annual Percentage Rate, or APR, of a loan
is the interest rate you’ll pay. Interest rates are determined by
a member’s credit score. In general, members with excellent
credit scores will secure lower interest rates than members with
less-than-stellar credit. You can improve your credit score and
refinance your vehicle down the road to lower your interest rate.
SECU offers competitive interest rates that are often much lower
than other larger financial institution’s rates.
• Lenders: Lenders are the institutions that lend money to you to
purchase your vehicle. As a SECU member who qualifies for a
loan, you can opt to use us as your lender.
• Term: A term, or loan term, refers to how long you have to pay
back your loan. SECU offers loan terms from 24 to 84 months.
Typically, the shorter a loan term, the lower the interest rate. Since
these two factors determine monthly payment, a shorter term with
a lower rate may equal a higher monthly payment than a longer
term with a higher rate. The borrower (you) saves interest money
by opting for a lesser term.
SECU is here to help you navigate the winding road of buying a
new car. We offer our Auto Buyer’s Workshop every other month
and encourage you to sign up and attend online! We’ll go over
these terms a little more in depth, along with a few tips and tricks
to help you purchase and finance your new vehicle. Register for
the workshop on our website, www.secu.slb.com, in the News &
Events section.
Key Terms to Know When Buying a Car
Surcharge-free ATMs with Allpoint
Did you know SECU is teamed up with Allpoint to give our members access to over 55,000 surcharge-free ATMs
worldwide? Just use your SECU debit card anywhere you see the green Allpoint logo for a surcharge-free withdrawal.
Members can make up to four withdrawals per month with their SECU debit card at an Allpoint ATM or SLB campus ATM
for no fee. After the fourth withdrawal, you’ll incur the fee set at the ATM. Find an Allpoint ATM near you by scanning the
QR code, or use our zip code locator at the bottom right-hand side of our website.
Your credit union remains strong through February 2023 YTD
with $901 million in assets, and 28,000 members. Our capital has
grown to $182 million, yielding a net worth ratio of 20.3%, which is
a more than adequate safety margin as per NCUA (National Credit
Union Administration – the Federal regulatory agency that insures
credit unions) requirements.
SECU continues to remain 5-Stars rated for the 77
th
consecutive
quarter through March 2023. The 5-Stars rating is the highest
rating offered by Bauer Financial, Inc., indicating that SECU is one
of the safest financial institutions in the U.S. You can rest assured
we have your best interest in mind.
76
th
Annual Meeting of Members Held
SECU held the 76
th
Annual Meeting of Members on Monday,
February 20, 2023, via live webinar with a strong attendance.
794 people from 65 countries and 29 states registered to attend;
194 people attended, consisting of both members and potential
members.
Joe Van Valkenburgh, SECU Chairman of the Board of Directors,
kicked off the annual meeting with a general overview of “What
is a Credit Union,” followed by an explanation of Schlumberger
Employees Credit Union. SECU is a member owned, member led
financial institution, sponsored exclusively by SLB. We continued
to see growth in 2022. SECU’s assets, member deposits, and
member numbers remained stable and secure. At the time of
the Annual Meeting of Members and Spring 2023 Shareholder
publication, SECU boasted a superior 5-star rating for the 76th
consecutive quarter.
Following Van Valkenburgh, Harold Ottis, SECU President,
presented the President’s Report. SECU’s assets remained stable
during 2022. Our Loan Growth increased 28.0% and we are still
very well-capitalized, at over 19%. Ottis also discussed fraud
awareness, which still trends among financial institutions. SECU
provides our members safe and secure ways to conduct their
transactions through mobile and online banking, but we urge our
members to be aware. Ottis ended his portion of the meeting by
discussing credit union plans as we move forward into 2023.
We continue to provide expanded staff training to our team to
create a better member experience from more knowledgeable
staff. Ottis expects 2023 assets to approach $1 Billion, up from
$926 million in December 2022. SECU’s 2023 Board of Directors
required no vote. All incumbents were re-elected to serve
continuing terms. The presentation concluded by addressing
some of the Questions and Comments left in the registration
meeting sign-in. SECU reminds members to notify us via Net24 of
Travel Plans, and to be aware of scam and fraud attempts.
SECU Member Survey
We will be sending out a Member Survey this summer to all our
members with active email addresses on file. We conducted
member surveys in 2019 and 2021 to gauge awareness and
use of our products and services, quality of our member service,
and left an open-ended area for member feedback. We will be
repeating the survey this year to see how we’ve grown over the
last two years and will report our survey findings in the Fall 2023
edition of the Shareholder. To ensure you receive the survey link,
please make sure your contact information is up-to-date in your
Net24 Online Banking profile. We carefully review the data and
responses from the survey; your survey participation is incredibly
valuable to our institution.
Technology Update
In Q1, we added a SWIFT/BIC Code
for members who are sending wires
internationally. When originating a wire
from another financial institution outside of
the United States, you should provide the
sending institution with SECU’s BIC/SWIFT:
SCECUS41 and follow the account formatting
requirements. Please note that all incoming
wires must be sent in US Dollars.
On behalf of SECU board of directors and
staff, we thank you for your continued support.
From the President:
Call for your FREE, no obligation quote.
Toll-free: 1-888-380-9287
Visit us at TruStageAutoHome.com
TruStage
®
Auto & Home Insurance Program is made available through TruStage Insurance Agency, LLC P.O. Box 61, Waverly, IA 50677-0061
and underwritten by Liberty Mutual Insurance Company or its subsidiaries or affiliates, 175 Berkeley Street, Boston, MA 02116 USA. © 2022
Liberty Mutual Insurance. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify. Discounts
are not available in all states and discounts vary by state. A consumer report from a consumer reporting agency and/or motor vehicle report
will be obtained on all drivers listed on your policy where state laws and regulations allow. Please consult your policy for specific coverage
and limitations. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by your credit union. *Savings validated
by new customers who switched to Liberty Mutual in 2021 and participated in a countrywide survey. Savings may vary. Comparison does not
apply in MA. **Discounts and savings are available where state laws and regulations allow, and may vary by state. Certain discounts apply to
specific coverages only. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify. © TruStage
AUT-2948745.3
You could save $652* on car insurance
You could save on customized auto insurance with discounts like:
**
Special Savings Opportunity—Save on auto insurance just for being
a credit union member.
Multi-Car Discount—The more cars you have, the more you’ll save.
Claims-Free Discount—Earn discounts for continuous years of
claims-free driving.
Switch to Liberty Mutual Insurance® made available
through the TruStage® Auto & Home Insurance Program.
TruStage® Auto & Home Insurance Program is made available through TruStage Insurance Agency, LLC P.O. Box 61, Waverly, IA 50677-0061
and underwritten by Liberty Mutual Insurance Company or its subsidiaries or aliates, 175 Berkeley Street, Boston, MA 02116 USA. © 2022
Liberty Mutual Insurance. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify. Discounts
are not available in all states and discounts vary by state. A consumer report from a consumer reporting agency and/or motor vehicle report
will be obtained on all drivers listed on your policy where state laws and regulations allow. Please consult your policy for specic coverage and
limitations. The insurance oered is not a deposit, and is not federally insured, sold or guaranteed by your credit union. *Savings validated by new
customers who switched to Liberty Mutual in 2021 and participated in a countrywide survey. Savings may vary. Comparison does not apply in MA.
**Discounts and savings are available where state laws and regulations allow, and may vary by state. Certain discounts apply to specic coverages
only. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify.
©
TruStage AUT-2948745.3
Harold Ois
President
*APR is Annual Percentage Rate. Rates depend on terms and
conditions. Contact a Loan Officer today!
*ALA is As Low As *Rates are accurate as of this edition’s
Shareholder publication and are subject to change.
Auto Loan (ALA*)
Boat Loan (ALA*)
Motorcycle Loan (ALA*)
Consolidate (ALA*)
VISA Card (ALA*)
4.99
% APR*
4.99% APR*
4.99% APR*
5.49% APR*
9.90% APR*
Contact a Loan Officer today!
Featured Loan Rates
Hit the Road or Open Water
This Spring
RV & Boat Loans with SECU
With spring break here and summer just around the corner, many
people are looking at hitting the road in an RV or taking a trip out
to the lake in their new boat. When thinking about purchasing
an RV or a boat, many people choose to finance because of
the great benefits a loan can provide, like paying off your boat
or RV over a period of months/years rather than all up front.
With SECU’s Vehicle Loans, members can cover their purchase
without breaking the bank, with financing options from 24 to 84
months.
Financing (or refinancing) an RV with SECU can help you make
your purchase easier to afford. SECU’s Vehicle Loan allows
members the flexibility of financing terms up to 84 months, no
pre-payment penalty, and monthly auto payments drafted from
their SECU account for on-time payments. Members can use our
online loan calculator to find a term that fits with their monthly
budget. Just search for “Loan Calculators” in our Ask a Question
website feature.
When considering a boat loan, you’ll want to decide if you’re
in the market for a new or used boat. SECU will finance either!
Consider that a new boat may cost more than a used boat up
front but will likely need less repairs at the beginning 1005. Your
financing options of up to 84 months can help you budget for
repairs, upkeep, and fuel.
SECU Vehicle Loans for an RV or boat work the same way as any
other type of loan you might take out with SECU. When you fill
out your loan application, you let us know the maximum expected
cost of the RV or boat and your desired loan term. Your loan
officer can help you determine your estimated monthly payments
once you have your interest rate in hand.
If you’re ready to get started, use our Online Application Portal to
apply for a Vehicle Loan, or contact us today at [email protected].
SECU Staff Happenings
SECU welcomes several new members to the team!
Denise Loya joins as a Member Service Representative. Prior to
joining SECU, she was with California Credit Union for five years.
She moved from Los Angeles, California. Currently, she enjoys
cooking, baking, and being a ‘tourist’ to the Houston area, where
she now calls home. She is Italian with a little bit of Hispanic
heritage.
Maritza Rivera is SECU’s newest Receptionist. She joins SECU
from Wells Fargo and is a native Californian, born and raised in
Santa Maria, a small city in California’s Central Coast. Outside of
work, she enjoys spending time with family, cooking, and camping.
She is bilingual in English and Spanish.
Delroy Willis is a new Member Service Representative at SECU.
Delroy was a Lead Teller Associate with Wells Fargo for 5.5 years.
Though he grew up in Florida and Jamaica, he has lived in Houston
for over 10 years. He enjoys working out, playing video games,
and is on a flag football team. Outside of work, he is studying
Cybersecurity & IT and will graduate April 2023. He is the first
Jamaican-American born in his entire family, and enjoys doing any
task that involves him learning something new
.
SLB People Week
SECU celebrated
People Week with SLB
in February 0905. We
appreciate the people
that make up our
team here at SECU
and enjoyed taking a
moment to recognize
and thank them.
What Drives Loan Rates?
You may have noticed that the market for loan rates is higher
than it was last year, or even a few months ago. But why the
increase? What does it mean for YOU as you consider a loan
for your purchase needs (like home, auto, personal, or debt
consolidation)? And how does SECU set its loan rates with its
members in mind?
Your loan interest rate is based on a few factors: your desired
loan term (how many months you need to pay off the loan) and
your credit score. Members who qualify with a strong credit score
will receive a lower rate than those with weaker scores or no
established credit history. A strong credit score can be established
by payment history (on time, every time), amounts owed, length
of credit history, new credit lines, and your credit mix. When you
apply for a loan, our loan officers will run your credit to determine
the best rate available to you. To learn more about a credit score,
how they’re calculated, and ways to improve your score, visit
www.myfico.com/credit-education/what-is-a-fico-score.
To set the rates, SECU’s Board of Directors monitors the United
States economy regularly, including decisions made by the
Federal Reserve. The Federal Reserve’s mission is to keep
the US economy moving forward on an even pace, as best as
possible. During a “boom,” inflation and assets can increase
too quickly, threatening the economic stability of the US. That’s
when the Federal Reserve intervenes. Part of their strategy is
to raise interest rates, which helps to cool the economy back
down and keep its growth on track. When the Federal Reserve
raises interest rates, financial institutions must adjust accordingly
by doing the same. (Read more about the Federal Reserve’s
actions here: www.forbes.com/advisor/ investing/fed-raises-
interest-rates/). In response to the Federal Reserve’s rate hike,
SECU’s Board of Directors made the decision to increase our
Auto Loan and Specialty Rates, as shown in the “Featured Rates”
section of every edition of the Shareholder and posted to our
website at www.secu.slb.com/HTMLPages/Loan-Rates.
html. Rest assured, part of SECU’s mission is to assist members
in meeting their financial needs, including securing loans when
needed, affordably. We carefully evaluate the state of the economy
with our members’ best interest in mind and are happy to report
that your credit union rates are still much lower than many other
larger financial institutions’. If you have already secured a loan with
us at a lower-than-posted rate, the new adjustment will not affect
your loan in any way. You will continue to make your payments
with the rate you secured at the time of your loan application.
MEMBER OWNED, MEMBER LED
SM
The “Shareholder” is a non-subscription publication of Schlumberger
Employees Credit Union, 205 Industrial Boulevard, Sugar Land, TX
77478. It is distributed to the actual and potential membership of
SECU. SWBC Mortgage Partner (281) 285-3237 / (800) 460-6990.
Contact Us! www.secu.slb.com
Tel: (281) 285-4551
Toll Free: (800) 272-7328
Fax: (281) 285-4436
Federally Insured
by the NCUA
Publisher: Brittany Brack
ABA Routing Number: 313084564
BIC/SWIFT: SCECUS41
IT PAY$
Locate the first four sequential numbers of your birth date (MMDD) in this
newsletter and win $25 (cannot be part of a string of numbers). Only primary
members are eligible, using the current issue.
to Read the
Shareholder!
SECU Member Asset Chart
$‐
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
‐
5,000
10,000
15,000
20,000
25,000
30,000
35,000
SECUMembers,AssetsandLoans
Members(leftaxis) Assets($M) Loans($M)
SECU Committee
Service
Privacy & Disclosure Information
Meet the Board
SECU Executive Board
SECU Statement of
Condition
(as of February 2023) $ in Millions
We are always looking for volunteers who are interested
in serving their Credit Union through committees (monthly
meetings). If interested, please contact our President, Directors,
or email [email protected].
The following information is available online at
www.secu.slb.com (Ask A Question: Privacy Policy)
1. Privacy policy (with Opt-Out form) See Privacy, Documents, &
Legal: Privacy Policy
2. Documents available to members See Privacy, Documents, &
Legal: Documents Available to Members (upon request)
3. Process of filing complaints See Privacy, Documents, & Legal:
Filing a Complaint
Chairman – Joe Van Valkenburgh
Vice Chairman – Sonny Johnston
Treasurer – Kannan Venkataraman
Secretary – Nadia Hasouris
Board Members – Jerry Harper, Bob Fons, Jodie Lowry,
Bill Carpenter, Nihal Wijeyesekera
• Assets – $901
• Savings – $714
• Loans – $190
• Members – 28,000
If you have a SECU Credit
or Debit Card, did you
know you’re earning
ScoreCard Rewards
points with every spend?
SECU Visa Credit Cards
earn 1 point per $1 spend
and Debit Cards earn 1
point for every $2 spend.
ScoreCard Rewards has
great redemption options,
including savings at
the fuel pump, Walmart
savings, gift cards,
travel discounts, and
merchandise. ScoreCard carries products from leading brands
like Bose
®
, Apple
®
, Cuisinart
®
, Dyson
®
, YETI
®
Coolers, LEGO
®
,
The North Face
®
, and more 0926! Members can redeem for
anything from new luggage to the latest tech products to hiking
backpacks. ScoreCard keeps their offerings updated, so you’ll
always find something new to redeem your points on.
To sign up to redeem, visit www.scorecardrewards.com and
link your SECU Visa cards to your account.
Redeem Your ScoreCard
®
Rewards
