SC Telco Federal Credit Union recently held its annual meeting, an event where the Board of Directors, the credit union leadership, and members get together to review the progress we made the previous year and set the direction for years to come. All members are a vital part of our organization, and we deeply value your insights and feedback during this process.
In case you were unable to attend this year’s meeting, we’ve included a video of the event along with a transcription of the Q&A portion of the evening.
- How our CD rates determined? How does SC Telco make sure they are competitive across the state?
We look at competitors of all types. Now certainly we look at online banks and institutions of that nature, but they really do not do a lot of business in our area as we are not an online bank. We are not trying to compete directly with them. Their business model is considerably different than ours but we look at the market and one of our goals is to make sure that we give a better rate than competitors out there as a whole. Now, there may be somebody, some institution, that goes out at some point in time and wants to buy more of the market and you know that is their choice, but day in day out our rates are very competitive and lead all those that we survey.
- Last year you mentioned opening new branches is that still on the horizon?
We are looking to reinvest here in the Upstate, it is important to us! Mike mentioned our top-ten project in trying to be a top-ten depository institution. We can’t tell you exactly where yet but I promise that our members will know before the general public. We will let you know but we’ll announce that very soon so bear with us as we work through that process.
- Do you offer electronic statements? I couldn’t locate the option to sign up online.
Yes, we do and the way you sign up for that is you go through your online banking. You sign up for online banking first and then there’s an option to accept our electronic statements through online banking – basically, you can access all the features that you have with your paper statements. The statements actually delivered faster because you don’t have to wait for the mail to get there.
- Your branches and call center are only open when I’m at work. Do you plan on extending your hours or having an after-hours call center available for members?
That is a very timely question because we have actually looked at that very recently, specifically, we have looked at extending some of the call center hours. We realize that problems or questions do not arise from 8 to 5. We are looking to try to expand some of the after hours and maybe weekend service, mostly through the call center and the mobile banking not necessarily the actual branch network right now.
- I want to make my loan payment on your website. When will I be able to do that?
Very soon actually! This has been something that we have heard from you all for a while. Not necessarily through your online banking but actually through the website. And we have been working on a solution for that and you will be hearing more about that very soon, but you will be able to go on there and pay your loan through the website.