Saturday, March 11, 2023

LGFCU/CIVIC - The Real Reason Behind SECU's Merger Proposal?

 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!


  1. Great points. Speaking of 'rates', let's talk about the next bad thing to happen to employees.. a compensation study going on. Now they will say all branch folks are OVERPAID because they have taken away all our responsibilities. How's that going by the way, higher collections and more charge offs? The study won't care about all the stuff branch folks used to do AND were efficient at! Will employees in branches be 'rated' less important than internal ones? Ya know, the ones that were hired from outside the organization. Would love to know how much additional money has been spent on salaries the last 2 years...

    1. Branch employees are definitely the E Tier of employees at SECU now!

    2. For sure! Jim Hayes embarrassingly attempted to centralized collections. Created a collections department with I believe 40 people in total and had them process collections for the ENTIRE COMPANY! Auto loans, credit cards, salo loans, personal, HELOC and mortgages. Not at all shockingly it ended in a complete failure in 3 months! Delinquent loans skyrocketed. In the video call with managers he basically said "I don't view this as a failure". Jim Hayes has no idea how to run a $50Billion dollar credit union with 280 branches with 7000+ employees. He knows nothing of what made NCSECU great, he knows nothing of the employees, he knows nothing of the membership and he sure doesn't understand North Carolina. Remind me again what happened to WesCorp Federal Credit Union when he was the CFO! ***Side note*** per a rumor the rebranding is about removing North Carolina from SECU.

  2. This centralization is a joke! Just de-centralize and put everything back to where it was! Put your local contact centers back where they use to be! Put them back in the branches in local communities! It was great working both the contact center and branch! You gained more skills as an employee and it gives you a break to do something different for a little bit while helping the branch staff! Call Volume is high at all times, but working the front desk or helping the teller line out right every now and then was a good way to switch it up. Working from home is great, but I’d rather have my manager and VP be from the same branch or at least same distract than having my manager be in Raleigh whom I’ve never even met. I just don’t believe that’s the best way of doing things. We need to be back doing operations locally instead of centralizing everything out of Raleigh. I like being able to see my manager in person and receive that in person feedback. Plus you develop friendships with co-workers. Hard to develop any sort of relationship with co-workers when you are isolated at home 24/7. He wants contact centers permanently out of rural communities. How does that help local communities find jobs? Not everyone can be from Raleigh.