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Latest News
Top Ten Reasons To Choose Seneca Federal For All of Your Financial Needs: 10. Passbook Holiday Club Accounts 9. Minimal Service Fees 8. Free Personal Checking/ Visa Check Card 7. Passbook Savings And Certificate Accounts 6. The vast services provided by Financial Quest Inc. a subsidiary of Seneca Federal 5. We do not sell our mortgage servicing 4. Competitively priced mortgage rates 3. Loan officers that underwrite Seneca's mortgage loans, not a software program 2. Consumer loan commitments in 24 hours or less.
And the #1 reason to choose Seneca Federal Savings is...
1. Personal service. When you call or visit our offices you talk to a person not a machine. (And you won't be charged a fee)
Now two more reasons to choose Seneca Federal, Saturday hours and Online Banking with Online Bill Pay coming in September 2007!
SENECA FEDERAL SAVINGS AND LOAN ASSOCIATION OFFICERS’ REPORT – JANUARY 17, 2007
Seneca Federal Savings and Loan Association concluded its 79th year of serving the Central New York community. Given the competitive environment and state of today's economy, within which Seneca Federal operates, the Association is fortunate to have a dedicated staff of employees who continue to provide exceptional, personal customer service to our members. This dedication has proven to sustain us through many years. In 2006 the Association continued to prepare its balance sheet for an uncertain interest rate environment through short-term investments. The direction of the housing environment and state of the economy in general is uncertain. The Federal Reserve continued to raise the Fed Funds Rate throughout the first half of 2006. However, longer-term interest rates remained flat or inverted, thus providing the Association with substantial risk and minimal additional earnings if we had invested heavily in long-term mortgage loans. The Fed paused from further rate increases in the second half of 2006 but rate declines never materialized, as it appears the Fed still had some inflation fears. A return to a more normal yield curve with higher longer-term interest rates probably will not begin to materialize until late 2007. The Association's investments expanded into the realm of municipals and slightly longer-term security investments in the 1-3 yr range, thus preparing for the likely possibility of a falling rate environment in 2007. To this end the Association remained true to its commitment of building liquidity and controlling interest rate risk, thus providing for long-term viability. Another way to provide for the Association's long-term viability is continued growth of capital. As a result of additional retained earnings, $367,797 was added to consolidated capital providing total capital in excess of $11 million. Growth in the higher earning commercial loan portfolio from $3.1 to $5.2 million helped bolster the net interest margin in 2006. However, the Association did remain committed to its charter of fostering homeownership by originating over $7.8 million in residential mortgage loans during 2006. In its commitment to help its members realize the dream of home ownership regardless of income the Board of Directors approved 6 grants in 2005 each in the amount of $1,500 to qualified low-income households. The remaining two grants were utilized in 2006. This was in addition to the $20,000 grant per household provided by Onondaga County Community Development (OCCD) for the Home Ownership Program. Seneca Federal is pleased to announce since inception it has granted 97 mortgage loans totaling in excess of $8 million under the OCCD Home Ownership Program targeted to meet the ownership needs of low income households. Once again, Financial Quest has offered a variety of nontraditional products to its clientele, providing investment options that maximize return without FDIC insurance. Financial Quest's strong performance in 2006 contributed a substantial portion to the Association's net earnings for the year. In 2006, the Association conducted a comprehensive marketing survey to ascertain members' needs for additional services. Members returned an astounding seventy-six percent of the six hundred surveys mailed showing interest in the future of their community bank. The need for Saturday banking hours and Internet banking became apparent from the survey, and management will implement both additional services in 2007. Our gratitude goes most of all to the thousands of members who have remained loyal to the Association and appreciate our commitment to providing personalized service. We appreciate the input of members and encourage any comments members may have to assist us in optimizing that service. Respectfully submitted, The Officers of Seneca Federal Savings & Loan Association
Christopher E. Demong William J. Gould President-CEO Exec. V.P.-CFO
Consumers Can Help Prevent E-Mail Scams
Recently there have been many articles and warnings regarding the latest growing form of Internet fraud known as "phishing".
Phishing is the practice of sending fraudulent e-mail messages to addressees requesting them to supply confidential information. The email is disguised to look like a request from a legitimate organization such as a thrift, a credit card company, or a retail merchant with which recipients may already have a business relationship. Often the message includes a warning regarding a problem related to the recipient's account and request the recipient to respond by providing specific confidential information. The format of the email typically includes proprietary logos and branding, a "FROM" line disguised to appear as if the message came from a legitimate sender, and a link to a website or a link to an email address. All of these features are designed to assure the recipient that the email is from a legitimate business source when in fact, the information submitted will be sent to the perpetrator. Subsequently victims are lured into providing personal account information either by responding to the email or they may be directed to click on a legitimate looking web page link where they will be instructed to provide this sensitive information.
NEVER disclose sensitive information such as your account number, passwords, PINs, Social Security numbers or any other information that would allow a perpetrator to gain access to your accounts or your identity.
Seneca Federal Savings & Loan WILL NEVER request personal account information via email. Seneca Federal Savings & Loan WILL NEVER use a mass emailing program using a non-personalized greeting such as "Valued Customer" or "To Whom it May concern". DO NOT respond to such emails and notify either Anna M. Custer, Sr. VP or Janice MacDonald, VP at 638-0233 immediately if one is received.
If you bank electronically with another institution or have an established relationship with a credit card company or other retail merchants and you feel that you may be a victim of a phishing scam please take these immediate actions.
* Change user passwords and login information
* Contact credit reporting services and have a "fraud alert" attached to your credit report file. Information stolen by a perpetrator could be used to establish accounts or obtain credit at other businesses.
* Monitor the activity in your accounts closely for a period of time and report suspicious activity immediately.
Additional information and publications are available through the Federal Trade Commission.
How Not to Get Hooked by the "Phishing" Scam, July 2003
ID Theft: When Bad Things Happen to Your Good Name
Identity Theft - A Growing Problem: January 27, 2004 WARNING--WARNING--WARNING--WARNING--WARNING Seneca Federal Savings has been made aware of a recent email hoax that claims to be from the Federal Deposit Insurance Corporation (FDIC) in cooperation with the Department of Homeland Security. The hoax communication warns that customers' accounts will be denied federal deposit insurance coverage by FDIC as a result of Patriot Act violations. The communication is not from the FDIC and deposit insurance coverage is in no way affected by any action of the Homeland Security Department. The hoax email further asks the customer to verify his or her identity by clicking on "IDVerify". The web address for this "verification" appears to be the FDIC, but it is not. We understand that the website for "IDVerify" has been disabled. The email states that failure to use "IDVerify" will result in the termination of the customer's insurance for his or her accounts, and that all account records will be sent to the FBI. The email fraudulently reflects that it is coming from FDIC Chairman Donald E. Powell and Comptroller of the Currency John D. Hawke. REMEMBER, DO NOT be mislead into releasing personal information via telephone or email to anyone.
Seneca Federal wants you to be aware of the dangers of identity theft, ways you can protect yourself and some actions to follow if you become a victim of a crime. Once a criminal obtains personal information, in particular your social security number, it can be used to establish credit, borrow money or change items in your name. Protecting Yourself Against Identity Theft: This is chiefly your responsibility. You are in the best position to protect your own identity by taking some basic precautions. The list that follows suggests some of the things you can do.
What If You Do Become a Victim:
The telephone numbers of the three major credit reporting agencies are:
Equifax - To order your report, call: 800-685-1111, or to report a fraud, call: 800-525-6285/ TDD: 800-255-0056
Experian - To order your report, call: 888-EXPERIAN (397-3742) or to report fraud, call: 888-EXPERIAN (397-3742)/ TDD:800-972-0322
TransUnion: - To order your report call: 800-916-8800, or to report fraud, call: 800-680-7289 FREE IDENTITY THEFT DVD AVAILABLE AT SENECA The United States Department of the Treasury has issued an "Identity Theft-Outsmarting the Crooks" DVD. The DVD contains valuable information such as how to recognize and protect yourself against Identity Theft and what to do if you become a victim. Seneca Federal Savings has obtained a limited number of these DVDs and they are available on a first come first served basis at all branch locations. Stop into any of our offices and mention that you read the "Identity Theft-A Growing Problem" article on Seneca's website and you would like to obtain the Identity Theft DVD. When you are through viewing the DVD pass it along to your friends and/or relatives so they too can become more informed on this issue.
Check back with us periodically for up to date information
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