To: SECU Board of Directors
Dear Chairman Ayers,
Have missed talking with you! Well, I actually haven't ... I mean, no offense, in the sense y'know that I've never ever talked with you. Seems awfully quiet over there at the Board table, no more videos, "All Employee" memos, the "Ad Campaign"...silence is golden or damage control??
How's risk-based lending going? Look forward to the March 31 financials for information on the continued growth of SECU and for a resurgence in lending - particularly the "A" folks flocking back to borrow.
For all SECU members, wanted to make sure you knew (since Chairman Ayers and the SECU Board are so "mum" these days about the facts of RBL ) the potential penalty for being 30 days late on a payment - and how that will probably increase your cost of borrowing under RBL at SECU.
In a post on February 17th [link to the post], a simulation showed how my credit score dropped by 100+ points, if just one payment was late 30 days - check it out. Seems a bit "off with your headish" of a penalty to me for an often explainable, minor error!
But what SECU members may not realize is how long that little 30 day misstep could affect their credit score according to the credit bureau (see below):
****From: TransUnion (one of the 3 major credit bureaus)
How long does a late payment stay on your credit report?
Late payments stay on your credit report for up to seven years from the date of the original delinquency. Your payment history is a major credit score factor, so staying on top of due dates is important for your credit health. When possible, it can be smart to set up automatic payments for your bills and loans.
SEVEN YEARS IN PURGATORY FOR A 30 DAY LATE PAYMENT? C'mon SECU Board...have a heart!
(And some common sense!)
Habyes and Naylor. Tweedledee and Tweedledumb
ReplyDeleteI called my local branch to ask them to run me a payment for a car I was looking at buying, employee was nice but explained they couldn't quote a payment without keying application. What is up with that? Been doing this way for years when looking to buy, never had them give me that answer before. What's going on at the credit union? I know this new CEO has wrecked the place, but can't get a clear answer on a payment. Somebody needs to do something.
ReplyDeleteThey can’t run a payment because they have no idea what your rate is going to be. That information is not given to the loan officer until your credit has been pulled. And you providing a credit score for a hypothetical will not work either because those tier based rates are not disclosed even to employees.
DeleteWhy is SECU ashamed to publish its credit score tiers and rates even to employees, let alone members. The SEcu directors have something to hide. their crooked!
DeleteTold a possible payment can be provided but are told to give the lowest that is posted online and to inform that these rates are subject to change based on collateral, term and credit score daily. Don't know what the actual credit score would be until the loan is fully booked. Don't make the rules.
DeleteAlso, the credit score isn’t the only reason the employee can’t tell you what the payment will be. As stated, now the collateral and term determine the payment as well. Yes, in a sense that was always the case, longer term, higher rate, but not like now. Now we have to have an application to even tell a member if the car they are looking at can be financed. We are missing the mark, we (branch employee, lifers, those of us that drank the koolaide and believe in people HELPING people, do the RIGHT thing, and bring us your momma) we are not ok!!
Delete"Everyone has a purpose in life, even if it is to serve as a bad example."
ReplyDeleteTo CEO Haze and Chairman Ayers - Congratulations! You're excelling in a most unusual way!
The members deserve better.
#GiveUsOurTiesBack
Love the message, but please don’t encourage bringing ties back lol
DeleteSee March 9th Post - "Ties Back" for full story :)
DeleteHow long until we start charging late fees on past due loans…
ReplyDeleteOh I'm sure it's around the corner. Late fee for credit cards were $5.00. it's now $20.00 a month
DeleteConsidering the promissory note has been updated to read late fee of 4% of outstanding principal or $6, whichever is less.
DeleteIf "fairness" isn't the thing that distinguishes SECU from others anymore, I'll just go elsewhere.
ReplyDeleteWCNC CHARLOTTE reporting has got to be increasing member concerns and branch phone calls all across the state- We see it. We feel it
ReplyDeleteBy Told/You/So
The comments on that WCNC Facebook post tells you everything you need to know about how poorly the leadership, and messaging is right now….
DeleteFascinating since WCNC Charlotte shared the news on their Facebook page- in 17 hours- there have been 534 comments & counting....
ReplyDeleteIf only Naylor would have asked his members on Facebook what they thought? No wasted costs on his summits he boasted about
'Over 275 people gathered with us in Raleigh, Wilmington, Greenville, Asheville and Hickory to learn together and help co-create our Credit Union of the future.
If someone runs into Dwayne today ask him if he still thinks. The best is yet to come.
Comment on the articles written by the news stations and share the link to this blog.
ReplyDeleteAs an employee I think this is a GREAT idea for a non-employee to do!! Don't want 'ol Gym Haze and his cronies to target us and "do away with" our positions. I can absolutely see that happening so we need our membership to share, share, and share!
DeleteNextdoor would be a good platform as well.
DeleteAs a former employee this is such an injustice for our members! (I’m sure that sentiment will disappear soon enough). The whole standard of SECU is people helping people, I don’t know how this is helping our people? Maybe because they’re not seen as “our” people anymore, only a way to enlarge one’s pockets! I was proud to work for SECU and all they stood for, but now one might as well work for Wells Fargo! Thinking you know the best way and actually knowing the best way are two different things! Especially when history proves otherwise!
ReplyDelete