Current Local Government FCU Rates:
Current SECU Rates:
😎 With the Money Market rate at LGFCU twice the rate at SECU (2.02% v 1.01%) and with Certificate of Deposit rates generally 1.00%+ higher (on a percentage basis that's 20%-25% more!), perhaps it's time to reconsider that "NFPP"...
.... think there's any possibility of tricking the LGFCU Board into making an "informal merger proposal" to merge (a reverse "NFPP"!) and take SECU under their wing?
Looks like SECU members would fare better and it would be an easy way to get rid of "this"...
Hayes and "this Board" = the "mismanagement team"
ReplyDeleteWe sure are spending/paying out more… just not on anything that benefits the members… you know, the owners!
ReplyDeletefleecing the flock comes to mind
ReplyDeleteThe members are definitely the losers here. Pure gluttony on the part of “this board”. The waste is unbearable. Anybody have a guess as to the cost and lost work time standing in line talking/waiting for the “coffee bar” at Op Centers? I hear it’s excessive.
ReplyDeleteI have what may be a dumb question I am hoping some experienced or higher up employee can help me with..... i had a member apply for a credit card, only wanted about $4000, the system said she needed a crazy $20,000 credit limit and it would not let me move forward with it unless I got her to take the $20,000 or I had to send it to our SVP to override... he wanted to know if I tried to get her to take the 20,000. it was system approved and like 800+ credit score... why do we do that? What reason??? I really didn't know what to tell her . I didn't get it back from SVP until the next day and she wanted it fast for travel. I am new to the loan side and not sure I understand. Very inconvenient for everyone. She was very confused as well. Just seems odd and related to the recent changes. Thank you.
ReplyDeleteThe matrix recommendation is wild. That was installed very early in the Hayes regime. You don’t know how many credit limits I have had to reverse. Member will only want 2,000 and then the system will approve her for 15,000. As a manager, I have not understood why that was put in place. Do we really need to be pushing for high credit card debt on our members?
DeleteThat’s an easy answer…. It’s to get you to sell credit but allows SECU to say “we don’t sell”…. LOS could very easily just show a recommended amount, but NO they require SVP review despite the member having 800 credit score . The intent is to get you (the employee) to get the member to take the higher credit limit… so you can book and move on. They make it inconvenient for you to have to email your SVP, set the loan aside, come back to if later, finish, note and book. Your’e more likely to talk the member into the higher limit (congratulations you just sold them credit) so you can be done with it. It’s shady business practice if you ask me.
DeleteA lot of employees tell the members just take the higher limit, sign and I will lower the limit to what you want tomorrow, but that in it self give’s uncomfortable vibes to the member… makes you wonder
DeleteThis is another Fair Lending point of emphasis. Since we implemented the matrix to standardize credit limits and implemented the automatic decision engine the system has to determine the line amount. To keep loan officers from arbitrarily ignoring the suggested line amount Loan Adm decided it would require an SVP override. The SVP should be able to quickly perform the override but if not there is a process to move forward and complete the request and obtain the SVP override later.
DeleteHighly doubt Loan Adm will change this process because our credit card loan portfolio continues to steadily drop. Anybody ever know what happened to our Rewards Credit Card program that was going to be implemented over a year ago? Leigh Brady said it was pushed to the 2nd Qtr which is almost over. Wonder what that the new SVP (hired outside of SECU of course) has been doing this whole time? FYI to the membership this is going to come with a much higher rate and rewards rate will be based on the amount of services you utilize SECU for. #salesculture coming!
That’s on former CLO - he wanted the Matrix
DeleteThat’s not a dumb question…. That’s actually a perfect example and valid concern…. This issue and MLO’s being told to not to tell members when interest rates go down before closing is serious ethical issues I take issue with
DeleteThis is another downside of removing the module program and the failure of our Culture department (Employee Education was put under the umbrella of Culture, again led by 3 outsiders put in executive positions) The new hires dont know what they are doing, and SECU has failed to provide them training for their actual job duties. They were given LinkedIn learning which doesn't teach employees what they need to know to do their actual job.
DeleteWho agrees that Jim Hayes got rid of modules because he ( and all the outdiders he hired) didn't want to take them like all other SECU employees had for over 30 years prior? This was our first example of the Exec team demonstrating their belief that they are better than everyone else, then came first class airline trips and trips to Hawaii! Such waste!
That SVP has already moved on from the credit union. Rewards credit cards have been pushed back to maybe 1Q 2024.
DeleteI agree 100%!!! "Who agrees that Jim Hayes got rid of modules because he ( and all the outdiders he hired) didn't want to take them like all other SECU employees had for over 30 years prior?"
DeleteThink of how many "good" loans we have to originate to offset the doubling of loan chargeoffs that we have incurred since the new collections procedures were put in place. Just think if a teller was out of balance $300 they would be terminated but Jim Hayes tries to fix a collection process that worked great and causes SECU to lose another $45+ million in loan losses and nothing happens to him. It's no wonder we can't pay more on deposit accounts. We can't originate enough interest on new loans to offset the losses, so then we just keep deposit rates low to make up the difference. Jim Hayes, please resign, you tried and failed. Let someone that understands SECU and the membership take over and fix this debacle.
ReplyDeleteAnd now we don't charge for stop payments and I'm not sure if this is true or not but we are going to stop charging for NSFs? Sounds good to the members and all but is that a good idea, fiscally to the organization overall?
DeleteThe issue with these fees is much bigger than SECU https://www.consumerfinancemonitor.com/2023/05/01/occ-and-fdic-address-overdraft-and-nsf-fee-practices/
DeleteThat is absolutely nuts
ReplyDeleteso it's pretty apparent that the members are being used as the c-suites personnel piggy bank with no intentions on rewarding them for their loyalty ... it's starting to look like a toxic relationship
ReplyDeleteI wonder if Ms. Brady would’ve co-signed on a credit card with her daughter when the matrix recommended a credit limit of $20-$40k. We see this all the time when a parent is a co-borrower for a child going to college.
ReplyDeleteSpeaking of, wasn't the yacht party a branch from near UNC Wilmington? Puts another shade on that picture and their cash gun when you think of the poor students on the other end.
DeleteThe yacht party was bad enough. That cash gun was pure tacky.
DeleteCan someone catch me up? I wish I knew this site existed beforehand. I have been using Glassdoor for this kind of info. Hayes weaseled his way in and is running? How long has this been going on? What happened around the end of last year?
ReplyDeleteMy decision to finally “retire” was entirely due to the chaos and insecurity which began soon after the newly departed CEO arrived, and the familiar faces I’d worked under and trusted for so long soon began disappearing. What made my decision *final* was the arrogant lecture from recently installed “culture officer” ( initials “MVP” - a podcast cohost from Louisiana) who, at one of our recently established “Town Hall” meetings, basically stated “These are the new rules” (before even showing us what they were) “If you don’t like them, you can either go somewhere else or be fired. I call that “Freedom Counseling” (nervous laughter).
ReplyDeleteFirst of all, this was *never* the kind of talk we heard before Hayes showed up. Getting “fired” was *very* rare. Some of us had been there since the 1960s(!) and we’d have gladly done whatever we were asked because we *loved* the institution we served, not out of fear we’d lose our jobs. Second, this was absolutely the *wrong forum* to be telling employees that everything they thought they knew and loved about the Credit Union was now suddenly all subject to change, with the threat of losing our jobs now thrown into the mix. Whatever changes were in the works *should* have been communicated through our *managers*, people we knew and trusted, not from someone we’d never met, had no idea who they really we’re and, in any case, certainly did *not* report to.
That was it for me. I’m glad the new CEO is someone who’s been at the Credit Union as long as Leigh and *knows* the culture. SECU doesn’t need a “Culture Officer”, it needs someone who understands the culture that’s *already there*. The culture that wisely grew the institution into the stature it ultimately attained. I’m glad Hayes is gone. Now I just wish he could take a few more with him.
Legacy employees should have Never been allowed to be subjected to this type of treatment by any credit union employee. Especially by these new hires who would not have had an opportunity for a position here had it not been for your'd and many others' contributions to SECU over the years. Their new phrase of "Go find your passion somewhere else, we want you to be happy"
Deletewas equally as infuriating. SECU Legacy Employees found their passion years ago and it was serving the Members at SECU. Legacy employees, don't let them take away your passion, let them be the ones to exit the doors of SECU. The Members will not miss them, they will miss you.