Most organizations have an operating budget approved by their Board - to monitor and control expenses. SECU has an SECU Board approved expense budget, which is a sound business practice - unless you ignore it!
As you'll note below, the SECU Board has approved an "expense budget target of 2% of assets". You'll also note:
- SECU spending exceeds the Board budget target by + 17.5% (2.35%/2.00%) so far in 2023... that amounts to being over the annual budget target by $ +178 million. https://secuvote.ey.com/
- Expenses are increasing every quarter.
- Prior to the last 2 years, the historical SECU operating budget expense has been @ 1.90% of assets . So far in 2023, the annual cost of operating SECU is @ +$235 million higher than historical levels (2.35% vs 1.90%).
- The SECU "employee head count" has increased by 1,000 + employees in the last 2 years (to over 8,000+) without the addition of branches, nor expanded services.
- Operating expenses up +24%, assets down -8% over the last 2 years - how long can those trends continue? https://secuvote.ey.com/
- Has the quality of service provided by this SECU Board improved?
Who is paying for all this excess expense at SECU? https://secuvote.ey.com/
... if you don't know the answer, check out the 1% (or less!) rate on your SECU MMSA/share account, the high rate on your SECU credit card. or the long, in queue "wait times" at the SECU call center... https://secuvote.ey.com/
✅ Best Answer? Vote for: https://secuvote.ey.com/
THE MEMBER NOMINATED CANDIDATES
PERKINS, CLEMENTS, STONE!
"without the addition of branches, nor expanded services."
ReplyDeleteThey have CUT services .... 'a fool and his money are soon partied'
This Board hasn't a single redeeming factor over the last two years. Total sh*tshow.
ReplyDeleteVote Clements, Perkins and Stone.
votesecu.ey.com
Do it now.
I'm happy to see more & more posts on Facebook getting the word out about the upcoming SECU election. C'mon fellow SECU Members, employees can't share this on FB, but WE sure can! Let's kick these three incumbents to the curve - It takes less than five minutes to share on Facebook and then Vote for Clements, Perkins and Stone. Spread the word to all your family, friends and coworkers! Let's teach these guys a lesson - don't be messing with our credit union! SECU has always been there for us and we want it to be there for our children.
DeleteSPEAK - SHARE - VOTE Clements, Perkins and Stone!!!
Expenses going up steadily over the past year with no pull back in sight. Meanwhile, over the past 2 years SECU has NOT been paying members a fair rate of return on their CDs until just recently (12 mo CD) but the rate on MMSA remains terribly low. So much should have been paid to members over the past 2 years but unfortunately was (diverted) and held in cash while SECU increased its spending and even borrowed money. When the light illuminates the expense increase……and the BOD realize that expenses must come down quickly I fear what this Board might do. We all know what the largest operating cost of most any business is right? You are correct, employees. There have never been layoffs in SECU history. In the past, the credit union was a very flat organization, not so over the past 2 years. If there are layoffs necessary for a recovery, I hope the ones to go first are those who have been hired during the past 2 years from outside SECU and given large salaries, special titles and perks. I do not want to have my contact center calls diverted to a foreign country or my loan request being decisioned by a computer even if you determine that is a great way to cut expenses. You can’t sell me on that! Hope we can get out of the muck that the current Board and Hayes/Brady have left us in.
ReplyDeleteTo vote online it has to be a share account number, checking account number doesnt work. Me and my two adult sons just cast votes for Clements, Perkins, and Stone. Its amazing how they are promoting the vote now that someone is challenging.3 im the can for new directors.
ReplyDeleteWould someone please verify the above statement about a checking account number doesn't work? I read the instructions to state share or deposit account and I used my checking account number? Please advise if someone from SECU or the Board knows for certain?
DeleteI voted with my checking account number and 2 others in my family voted with their checking account also. I will say that one of my family members when trying to vote got a message that the info entered does not match our records. Have tried several times. Still get the same message
DeleteI voted using my checking number and got no error messages.
DeleteCorrect image - Money Burning! This Board has been burning thru the organization's money like it was tissue paper. And then throwing at us lower deposit rates, higher loan rates and less services. And doing it all with such arrogance - SECU would have been better off if they had All followed their former CEO mistake out the door when he left. I think they sold us out for their own gain. Let's all work together and fix this disaster they made down at our credit union. VOTE!
ReplyDeleteHow in the Gym Haze did This Board pull that off?
ReplyDeleteMy vote has been cast from Washington state! As a former employee what I've been reading on this blog and hearing from my former employees and co-workers is absolute bullshit! Talk about losing sight of what makes something great....It was rare to work for a company that had morals and from the outside looking in it sure does seem like that was pushed aside along with the module program. Our votes are the most effective weapon for change, use yours and spread the word!
ReplyDelete