A Message From Diane

Hello Chaffey Members!

There’s nothing like a big news story to get me thinking on the message I want the membership to hear with the quarterly newsletter. However, rather than focusing on the news story itself, I would like to take this opportunity to talk about what makes Chaffey FCU different and why you can feel confident that you are in good hands when you trust the credit union with your finances.

You may or may not have been directly affected by the bank failures in March. However, remember that credit unions and banks are different business models and are regulated and insured separately. Chaffey FCU is insured by the National Credit Union Share Insurance Fund (NCUSIF), NOT the FDIC. The NCUSIF federal deposit insurance covers at least $250,000* of your deposits. Chaffey FCU also provides additional share insurance through American Share Insurance (ASI) for qualifying accounts**, such that your funds are insured for at least an additional $250,000*. If you have an account at a bank, even if your deposits are fully insured you may see long-term impacts resulting from the bank failures: If a “special assessment" is imposed on all banks due to the FDIC payout on uninsured deposits, those banks will need to recoup those costs. They will likely do so by imposing higher fees or tighter account restrictions, making it harder for many individuals to do business with those banks.

We exist to provide a return to our members, because without you, we wouldn’t be here! One of the ways we provide a return to our members is by keeping our fees low; many of Chaffey FCU’s fees have not changed in over four years, even as other costs of business have been steadily increasing. We have used our profits in recent years to invest in new technologies such as digital debit/credit cards, a new home banking platform, and Zelle® to make it easier for you to access and manage your funds with us.

Credit unions were founded on the principle of “people helping people.” All of the Chaffey FCU staff that help you live in San Bernardino or Los Angeles County; we are your neighbors, we are the person behind you in line at the grocery store, we are a fellow parent on your child’s soccer team. As long as Chaffey FCU does its job of empowering you to achieve financial well-being, we are moving toward our vision of being a community contributor.

To that end, the credit union is run by a volunteer Board of Directors and Supervisory Committee made up of members just like you. And, we are looking for new faces to join both of these groups! If you would like to learn more about how to contribute to your community by serving the credit union, or if you know someone who might be interested, please email chaffeymail@chaffey.com.

As we move into the spring months of 2023, remember that we are here for you even in the pouring rain (literally and figuratively). We appreciate you! As always, thank you for your membership.

Diane Kotlewski
President/CEO

* Coverage amount is dependent on account ownership structure. Please see a credit union representative for more information or visit https://mycreditunion.gov/insurance-estimator

** Qualifying deposit accounts exclude public fund deposit accounts.

1. Be skeptical: Make cybersecurity part of your everyday life by digging deeper into websites and people you interact with online. Look closer at who sent the email, and always double-check URLs. If it seems off, it probably is.

2. Use stronger passwords: Use passphrases instead of a single word, and make each one unique with symbols, letters, and numbers. If you have trouble keeping track, use a password manager.

3. Teach your children: If your children are old enough to use the web, they’re old enough to understand what they should and shouldn’t do. Teach them not to give out any personal information or identifying details and to go to an adult if they’re being bullied online.

4. Share with caution: Free Wi-Fi networks are everywhere, whether at your local coffee shop or the airport, but be wary of open networks. Always make sure you’re connected to the right one and wait to do your shopping or banking until you’re at home.

5. Be safe when sending money online: Make sure you know who you’re sending money to and have them confirm their identity. You likely won’t get your money back when using popular money transfer apps. Review safety reminders here before sending money with Zelle® from your Chaffey FCU account.

*Annual Percentage Rate. Advertised rate quoted as of 4/10/2023, estimated payment is $22.96/month for every $1,000 borrowed at 4.89% APR for 48 months. Other rates and terms   available. Loan approval is subject to credit and income evaluation. Rates are subject to change without notice. No other discounts apply. Federally insured by the NCUA.

Invested in Financial Support for Our Community

As always, Chaffey FCU is committed to giving back to the community. In 2022, we donated $5,500 to the Chaffey Joint Union High School District’s Campus Safety Officers scholarship fund and $5,600 to the Chaffey College Foundation’s Fund a Dream program, just to name a couple of key recipients. We also gave community groups $15,000 for toy drives, staff appreciation events, and more!

The Chaffey FCU Donations Committee vets applicants monthly and coordinates the distribution of funds to local schools, workers, and organizations in our community. Qualified organizations can apply to receive a donation made possible by credit union members like you.

Volunteer on Our Board and Make a Difference

Did you know that Chaffey FCU is run by a volunteer board of directors and the supervisory committee made up of you—our members? Represent our credit union as a guiding member, and put your interest and experience in finance to good use.

Come shape the future of Chaffey FCU! If you’re interested in volunteering for either group or just want to ask a few questions, send an email to chaffeymail@chaffey.com.

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Rancho Cucamonga
11563 Foothill Blvd #101 
Rancho Cucamonga, CA 91730