2023 Annual Report - Flipbook - Page 5
Last year we started working on Patelco Prizeout,
which we recently launched in our Mobile App. With
Patelco Prizeout, you get up to 20% more value
from places you shop every day, like grocery stores,
gas stations, and online retailers. Choose from over
50 brands’ gift cards, which can be bought and
stored in a special wallet inside our Mobile App.
we created Instant BackUpTM, a no-credit-check
line of credit that members could add to their
checking accounts. Over 4,300 members took
advantage of Instant BackUpTM and used it over
86,000 times in 2023.
When we launched our Patelco Plus Checking
account a few years ago, one of our members’
favorite features was RoundUp, which automatically
rounds up debit purchases to the nearest dollar and
automatically deposits that rounded up amount
to a savings account. In 2023, our members saved
$152,389 with the RoundUp feature – so we
decided to make this feature available for all Patelco
checking accounts. And members can opt in to
having Patelco multiply each round up by 3x or 5x
to build savings even faster.
For years, our members who are small business
owners have been asking us about business
banking. And after carefully designing accounts
that meet the specific needs of Northern
California small businesses, we were thrilled to
begin the pilot program for business banking in
2023. We received hundreds of inquiries after its
quiet launch – primarily from business owners
referred by current Patelco members. In 2024 we
look forward to expanding our pilot program for
more local businesses.
We also expanded early direct deposit to every
Patelco checking account in 2023. With this feature,
we give members access to their money as fast as
possible, up to 2 days earlier than the scheduled
payment or deposit date.
Members also asked us for ways to take
advantage of higher rates for savings. We
did several share certificate specials, and we
launched Money Market Plus. Our Money
Market Plus account offers outstanding rates
along with the peace of mind knowing that your
money is insured by the National Credit Union
Administration.
And to get a better sense of where your money
is going, we debuted better spending tracking in
Patelco Online™. All purchases are automatically
categorized so it’s easy to see how much you spent
on things like groceries, gas, or monthly bills.
Eliminating and reimbursing fees was another
avenue where we created value for members. We
completely removed overdraft fees associated with
unpaid insufficient funds transactions – saving
members nearly $2.5 million. We also capped our
insufficient funds fees, reimbursing members over
$727,000. And to help members avoid these fees,
Listening to members to identify other
opportunities
only to do layoffs later. This approach
gives us the stability to better serve you
today and in the decades to come. As we
enter 2024, the economy seems to be in
a better place, even though inflation and
interest rates remain elevated. Regardless
of the ups and downs of the economy,
our mission is what matters and makes
a difference for members during good
times and bad. Being there for them
in the moments that matter is what
sets Patelco apart from other financial
service providers. Together, as one team,
we’re fueling hope and opportunity for
members in 2024 and beyond.
Erin Mendez
President & Chief Executive Officer
A prudent approach for today – and the
future
In addition to our member-focused service
and products, we made prudent, conservative
decisions in 2023, knowing that all signs pointed
to a rocky economy with rapidly rising rates. We
care about what’s right for our members and
our team, so we don’t make decisions quarter by
quarter and don’t overhire in pursuit of growth
ANNUAL REPORT
2023
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