September 2022: Letter from the President

Dear Members,

In my last letter, I shared that economic experts anticipate rate increases to continue throughout the rest of the year, and we saw another increase by the Federal Reserve a couple of weeks after that letter was published. After nearly two years of operating in an unusually low interest rate environment, increasing rates provide an opportunity for savers.

So, what does an increase in deposit rates mean for our Members? It means you can earn more interest on money you put into savings. For your convenience, our new digital banking platform allows you to quickly check the interest rate on your Centra accounts by viewing the details of each account. This also makes it easier to compare the interest you’re earning on all your accounts, whether at Centra or elsewhere, to make sure you’re getting the most from your savings. You can review all of Centra’s current deposit rates here.

In addition to helping you easily check your rates, your new digital banking gives you convenient access to manage your money in many ways. Our Team Members put in more than 5,000 hours of researching and testing to ensure a valuable digital experience for our Members. Thanks to our team’s efforts, we successfully launched digital banking in July and have since gotten feedback from our Members in turn.

For instance, our Members helped us identify an issue with fingerprint authentication in the Android version of Centra Mobile. Thanks to this feedback, we were able to identify a temporary solution while we began development on an update to completely resolve the issue. This is yet another example of how your feedback helps us make positive changes to our products and services, expanding on the examples I shared in March.

You can leave feedback about Centra Mobile anytime by choosing ‘App Feedback’ in the ‘More’ menu. We’ll respond during business hours, and you can check our replies in the same place. And as always, if you ever have questions or need assistance, you can give us a call at 800-232-3642 or visit your nearest Centra location. We’re always happy to help.

Sincerely,
Rick A. Silvers
President and CEO