To: SECU Board of Directors
Dear Chairman Ayers,
C'mon tell the truth! Is this the real reason why you proposed to merge Local Government FCU into SECU - and out of existence? You and the SECU Board were getting a little embarrassed that LGFCU was paying noticeably higher savings rates?
Wouldn't it have been better for everybody - most especially SECU members! - if you had just raised your savings rates? That's that old fashioned credit union mentality I guess; y'know the one where everybody wins.
The LGFCU members forced out of the branches are certainly the losers!
Your proposal to merge will certainly have an especially negative impact on those rural counties where LGFCU members will as you told those tax prep folks "...just have to find another solution."
SECU members lose out in every category...!
Current LGFCU Certificate of Deposit Rates (from website)
Current SECU Certificate of Deposit Rates (from website)
Hey, by the way, you and the SECU Board aren't thinking about risk-based savings are you? Y'know pay members with less on deposits even lower rates than these?
And, of course, for those members with low credit scores...well, why pay them anything? You may just need to charge them for trying to save! Serves them right - they are risky, risky folks!