Friday, March 31, 2023

LGFCU/CIVIC - Forward Without Branches - Just Same Ole "Business As (Un)-Usual"?

Lopping off the branch... consequences of that infamous "no formal" merger proposal by the SECU Board continue to reverberate all across North Carolina. Rarely has such a thoughtless and reckless, "informal" act created so much concern, for so many, so unnecessarily. 

But "the best" may be yet to come. LGFCU has announced to its 400,000 members, that beginning next year (March/2024), the credit union will go "all digital" and discontinue offering branch service. One suspects from the initial statewide reaction that the "all digital" transition is going to be both difficult and unpopular [link to WFMY news broadcast]. The end results may not work out as well as the leadership at LGFCU has trumpeted and forecast.

Dwayne NaylorSo here is a suggestion on how CEO Dwayne Naylor can "test the waters" without getting into further hot water. The thought arose while looking at a recent, new membership letter mailed to new accountholders by LGFCU. (Do plan to save and preserve it, as it may become a rare "collector's item").

The letter said the following:

WELCOME TO LGFCU... and all the smart advantages of your new membership!

Thank you for joining the Local Government Federal Credit Union family. As a member of our Credit Union, you can expect:

  •  A wide variety of financial products and services to meet your needs                                                    
  • Convenient online and mobile access to your accounts through MemberConnect
  • A network of more than 250 branches and over 1,000 Cashpoints ATMs across the state
  • A helpful website,, that includes personal finance advice, a list of complimentary services, financial calculators and much more!  

The letter was dated in March, 2023 after the LGFCU Board had approved the staff recommendation "to digitize the LGFCU membership". Let's see; anyone else think that this letter may create some problems for LGFCU with disgruntled members in the future? Won't that third bullet point cause all sorts of ill-will and reputation risk for the credit union? You betcha it will!

So, here's the suggestion. If Mr. Naylor is certain that his new digital plan for LGFCU/CIVIC is a winner, then why not instruct SECU to stop opening LGFCU new accounts in those (soon to be disappearing) branches, starting April 1, 2023? Get started with the all new digital credit union right now! SECU, of course, would continue to serve all existing LGFCU members until March, 2024 as planned.

No sense risking being accused of a "bait and switch" by new LGFCU members, is there?. And, CEO Dwayne Naylor will get a real life, real time, real world "vote of confidence and validation" of his "not better, just different" all digital vision. 

Can't miss idea, right?


Yep, April Fool's Day sounds like the right day to start digitizing 'em. 

1 comment:

  1. From LGCU website-
    How will cash transactions be handled?
    Right now, we're identifying partners and channels for popular branch services, such as large cash withdrawals, deposits and check cashing. We will always update you as information becomes available for these and other services
    But, wait…you have a partner right now that you are “choosing” to leave? So, you admit you need a partner, just can’t work with The new culture new direction? Hmmm