Building for the Good Life Members Choice Credit Union 2023 Annual Report

Hello From Our CEO!

Thank you for being part of the Members Choice Credit Union family! Your well-being is at the center of everything we do. We’re honored to be your financial partner—a partnership that’s all about you and your aspirations for a good life.

Our mission is clear:

As "people-helping-people" we're here to provide you with the tools and knowledge to navigate your financial choices with confidence, so you can focus on what really matters. With each step, our goal is to enhance our services to bring you closer to your personal goals—whether that's buying a new car, saving for a dream vacation, or purchasing your first home. We understand that everyone's financial journey is unique, and that's why we continue to enhance our products and services to include more personalized options.

In the past year, we demonstrated our commitment to our members' vision of “the good life” by investing in new products, features and tools. These additions were made to simplify everyday tasks, making life a little easier for everyone. Here are some ways we’ve been hard at work for you:

• We expanded our product line to include our new high-yield Members Choice Complete Checking™ and Maximum Money Market™ accounts, designed to offer higher returns and help your money grow. We’ve also made Early Pay—the ability for you to get your direct deposits up to 2-days earlier—available across all checking and savings accounts , providing you with greater flexibility to manage your finances without the stress of timing your bill payments.
• Recognizing that many of the members are feeling the challenges of inflation, we also adjusted our promotional Certificate of Deposit (CD) rates to remain among the highest in the market, making sure that your savings work harder for you. We are proud to continue offering exceptional value with no monthly maintenance fees standard accounts, and even a $25 monthly reimbursement for ATM fees outside our network.

We continue to pay attention to your concerns and feedback, and because of that, we've made specific member-improvement investments to our IT infrastructure, our call center and online banking platform.

• We've continued to upgrade our internal systems adding even more protection for your sensitive data and made our quality checks even more effective. This means quicker processing and a much more smooth and reliable service for you.
• With our increased in-house call center staffing during the day, the call wait times have improved 22% percent, and more calls are being picked up within 30 seconds, which means we’re able to help more members with their time-sensitive requests.
• We've also made some enhancements to our online banking platform to make it easier for you to use. Now, it has a friendlier interface and more digital options for managing your debit cards, getting alerts, and setting spending limits on the go. The enhancements have led to the iOS app store rating to go from 2.60 to 4.77 in 2023.

More digital banking features ahead:

Looking forward, we're excited to introduce new technologies this year like Zelle for easy peer-to-peer transfers, and Digital ID in your mobile app, which will simplify the process of confirming your identity when calling in for a faster call center experience.

Last year, we also rebranded our turnkey mortgage service as Members Choice Mortgage, specifically to address awareness for credit union mortgages and the growing need for home loans within our community. This initiative has already helped many families find their dream homes, retirement property and get needed cash to consolidate their debt. Operating as a distinct brand within the suite of services provided by Members Choice Credit Union, this move has helped 405 more families with their land, home and home equity needs.

Our commitment extends beyond our current members. With the approval to expand our charter to include all of Harris County and Fort Bend County in 2023, we look forward to welcoming more members into our credit union community, helping them discover the advantages of banking with a co-op.

At Members Choice Credit Union, we believe in supporting our members to find peace of mind in their financial lives. We understand that maintaining an ongoing relationship with money is essential, regardless of your financial situation or season of life. That's why we strive to help each member develop a deeper connection with their finances. We will continue to strive to help you to feel confident about what you need, understand the details of your finances and help you to reach your version of the good life.

Luke Billeri, President & CEO, Members Choice Credit Union

Chat With Our Chairman

For over 80 years, our credit union has been a symbol of strength and community, driven by the simple yet powerful idea of people helping people. Our focus has always been on you, the members, and our goal is simple: to make sure you keep more of your hard-earned money, pay fewer fees, and boost the financial health of our communities and nearby areas.

However, this commitment to your financial well-being extends beyond just banking—it's about building a stronger, more prosperous community together.

We strive to make smart financial choices behind the scenes always remembering that you—the members—are our priority. We're committed to providing you with the best services and returns while always keeping your personal and unique needs front and center.

As a credit union, we are given the unique opportunity to build stronger relationships with our members. By placing member communication at the forefront of everything we do, we can develop a more comprehensive understanding of our members' unique backgrounds and financial situations.

There are still many people within our community who aren't familiar with the benefits that credit unions provide, and we’re determined to keep spreading the word until everyone has the chance to benefit from what we offer, regardless of their background or situation. As NCUA Chairman Todd Harper said last year “No one has ever lost a single penny of insured share deposits within the credit union system.” The commitment of credit unions like Members Choice to serve our neighbors with sound financial resources and knowledge is, in my view, a most noble effort and is the driving force behind our leadership team every day.

With our recently approved charter expansion extending to include all of Harris County and Fort Bend County, we're moving closer to our goal of offering our services to as many people as possible. As we move forward, let's remember what makes our credit union special: our dedication to you, the members, and the way we all interact as a community. We understand that everyone comes to us with different financial stories and goals, and we embrace that diversity here. Thank you for your continued trust in us, and our support of this community together.

Johnny Williams, Board Chair, Members Choice Credit Union

Community Investment Highlights

A Day of Financial Fun and Community Engagement

Members Choice Credit Union transformed into a bustling fair ground, as families gathered for a day filled with fun, financial literacy, and community engagement at the Financial Family Fun Fair. Attendees were able to experience carnival games, sign up to be a blood donor in partnership with Gulf Coast Regional Blood Center, and donate to a food drive sponsored by Katy Christian Ministries a social service non-profit serving Katy/West Houston. A homebuying seminar was also part of the attractions, offering adults valuable information as they begin their homebuying journey.

Helping Hands at Katy Christian Ministries

Members Choice dedicated a day of giving back to our community by providing some "helping hands" at the Katy Christian Ministries food pantry and resale store! From sorting clothes and food and packing hygiene bags—it's incredible how small actions can make a big difference. Members Choice has supported KCM for several years as part of the Members Choice CARES program, which supports local charities through fundraising and volunteerism.

We're thrilled to keep supporting our community with financial education and resources because we're passionate about helping as many people as possible reach their unique goals—we can't wait to help our community again at the next event!