.... some good news from SECU!
According to the last regulatory report, 460,000 SECU members have a Money Market Savings Account (MMSA) at the credit union with aggregate balances of over $18 billion, yep that's billion with a "b"! Big bucks in anybody's playbook.
The SECU MMSA has long been the preferred savings account for members - great rate with superior flexibility. Many retired SECU members rely heavily on interest from their savings and investments to pay for those costly meds and never-ending doctor visits! (Just wait you'll find out!)
SECU members have been loudly grousing about the 1% interest rate being paid on the MMSA. With the recent surge in overall market rates, many other financial institutions are paying 3%, 4%, or even 5% on comparable money market savings accounts. The loss of income to SECU members is substantial.
👍 The good news is that the SECU Board and management have heard the members' concern. This week the SECU Board increased your MMSA rate from 1% ...
... to 1.1%!
On a $20,000 balance that will get you enough extra income to buy 1 cup of coffee, once a month!
... but, "in fairness" that's not enough for a pumpkin latte at Starbucks.... just a small, hot and black at Mickey D's... so enjoy!**
** Maybe we can work up to a monthly McMuffin by the end of the year!
Disappearance of the elusive compensation study. That compensation study sure is sneaky. Thank you for raising the money market from 1.0% to 1.1%! Us peasants can’t thank you enough! Must be saving for a board trip to Greece! Us peasants must cut back so the board can have fun at our expense! We work for them!
ReplyDeleteMaybe just maybe we will get a little 1k bonus for Christmas this year :( I understand if we must cut back on that too so we can fork out more of our funds to the board. We must take care of them and work all day so they can have fun!
ReplyDeleteMaybe one day the Board will pay us our dividends so we can buy a chesseburger from McDonalds:( that’s fine though I understand we must cut back on rates so we can feed the board steak dinners and all the executives fancy meals each week. We aren’t worthy. We just do the work and talk to the members so they don’t have too and they can enjoy their time at SECU:D
ReplyDeleteBesides the low interest rates, the boards bad decisions, and Gym Haze. Let’s talk about how the staff and members are suffering. The branches are severely understaffed. The members are waiting and leaving. The branches can’t provide the same service. Branch employees duties and workload have doubled and tripled. Yet salaries have remained the same for more work. The salary survey was a sham and on hold again. We still don’t have a career path for branch employees going on almost two years now. Nothing to motivate them or guide them. Work has become gloomy and no direction. Branch staff are going on almost two years now with no promotions. Those are on hold too. How do we hire and retain good employees to properly serve members? Where did all the money go? Why where so many outside executives hired in to layer current executives? Is this where all the money went? Is this why rates can’t go up? When Blaine was CEO he made sure members had proper employees to serve the members.
ReplyDeleteA .1% increase? Really? Again just shows the total disconnect with and disregard for members. That is a slap in the face. Rates are so low at SECU as to be embarrassing. From market leader to market laggard. Just keep your lousy .1%. What a joke. Weren't you last week bragging about the huge increases in income? What was it, $587 million last year? Another example of "leadership" by Brady and the Board. Just give up, you can't get out of your own way.
ReplyDeleteIt's insulting, not a financial help. What is up with this board and Brady. Brady is in over her head--can't manage. This board clearly doesn't know what it is doing and has not concern for the members. Doesn't listen to them and has no respect for long-term employees. Explanations of the importance of the branches to all members and to the state of North Carolina fall on Board members with hardened opinions.
DeleteWhat happens in 2025 when LGFCU leaves us? How much income will be lost from that? What will this do/mean for SECU finances?
ReplyDeleteIt is my understanding SECU will lose 40 million in annual revenue from the LGFCU departure. Can someone confirm if this number is correct?
DeleteIt looks to be 25% of lgfcu income
DeleteLet's face the grim reality people, this is an Institution
ReplyDeletein decline. Hard to wrap your head around how fast this happened. Just goes to show you how important good leadership means to a company as much as a nation. Maybe their new attorney department or PR firm can spin this to make it sound like it's the members fault!
Or JB's since he's become their target of rage ... instead of some self reflection.
One reader suggests watching "Money For Nothing" by Dire Straits...it is one of best guitar riffs ever.
ReplyDeleteJust another big middle finger to those who voted out their partners in crime ...
ReplyDeleteGo to
ReplyDeletehttps://www.cutoday.info/THE-feature/Fight-Between-CEO-Ex-CEO-Goes-Public
I could not finish reading after I got to this quote from Brady “…Let me be clear on that group of members; 28 of those 32 were SECU retirees,” said Brady. “These were members where Blaine gave them a sheet of paper and said ‘You read this.’ And gave the next one a sheet of paper and said, ‘Now you read this.’ They were holding papers where Blaine gave them talking points. And they were supposed to stand up during the comment section and read their comments.”
This is the biggest lie ever. Mike Lord, Barbara Perkins, Chuck Stone, Michael Clements, Suzy Ford, SUE DOUGLAS, Lee Ann Phelps, and all the others know the truth! Sure hope they all bombard CU today with emails and facts.
So who's in charge? Sounds like she's looking for a scape goat ... this babies her doing (and her buddy Gym and the BOD). Good Luck!
DeleteSo how many A paper folks are CU members?
DeleteHow many are members of the other alphabet groups? Can we have some data to examine?
Show us the numbers ... Build your case, I don't accept anything at face value or just because someone said so ...
“ “That is clearly not easy as there are only certain systems that can handle an institution our size. I am hoping we can make the determination of a vendor by the beginning of 2024,” said Brady”. This is a quote from the article. Does this mean the core system has not been decided on? I was under the impression this decision had already been made.
DeleteThat 0.1% rate increase is an INSULT. The bored would have been better served with no rate increase. This is an insult to the average intelligence of the peon members. Meanwhile the bored of directors are pigs at the trough eating lavish meals and drinking alcoholic beverages all on the Credit Union CREDIT CARD. We call this: "Pigs at the TROUGH." The most important board decision is: "Where we going for dinner and drinks." The credit union is being raped, pillaged and plundered by its highly compensated unprofessional management and a bored of directors out of touch with reality. The credit union is suffering from: "Economic Terrorism." And the bored of directors are the terrorists.
ReplyDeleteAnother Legacy IT SVP gave notice this week. Leigh had an opportunity to fix things when she took over but did nothing with that area. Her infatuation with Josh Bomba will spell the end of this organization. I sure hope he can keep his promise and implement that new Core in 18 months. oh wait, that clock expired 8 months ago. We're in trouble....
ReplyDeleteWonder who it was. We don't get the "Employees No Longer At SECU" daily email anymore.
DeleteNot convinced why we need this new core. Sounds like a cash grab.
DeleteWe need more Bob. He's always working unlike the newer systems.
DeleteNCR technology will replace a lot of the work of tellers and loan officers. In 10 years, employment size will be cut in half
DeleteBrady is doing her best to make this "all about Blaine", but is actually making it "all about Brady", her competence, and the board's competence for hiring two crazy talking CEOs.
ReplyDelete