Saturday, March 11, 2023

SECU Unloads Blog Block Head says!

To: SECU Board of Directors

Chris Ayers Image

Dear Chairman Ayers,

Got the news that you and the Board felt banning this blog from the view of SECU employees would improve transparency at SECU.

Guess this is what you were trying to say when you blocked this blog from the SECU internal technology systems [not updated since 1983!]: 

...a stumbling block to your foolish ambitions?

Thank you for the compliment!

The Uniqueness Of SECU - Worth Over $1 Billion + To SECU Members and North Carolina - (Note Pinocchio Update 3/12/2023)

 To: SECU Board of Directors

Dear Chairman Ayers,

*UPDATED 3/12/2023 - If you click on the link below to Dr. Jackson's report, you now receive the following message: "The page you are trying to access is no longer available". Wonder why the report "disappeared" suddenly after 5 years? More transparency by Mr. Ayers and the SECU Board? Seems to be a clear pattern developing here...not a pretty picture! 

Jennifer Haygood ImageStelfanie Williams

*Blocking a Blog is just silliness; but... you would have hoped that the two SECU Board members who work at UNC and Duke - Ms. Jennifer Haygood and Ms. Stelfanie Williams - might have objected to the censorship of an academic report from a university professor. But it appears a "Brave New World" attitude is par for the course on the SECU Board these days. Not sure that either university would endorse this "brown-shirted" approach to "transparency" - would the members, do you?

______________________________________________________  Do you know Dr. William E. Jackson, III? Dr. Jackson is currently a professor of management and finance at Culverhouse College of Business, University of Alabama. He is one of those scary-smart kind of people - MBA from Stanford, MA/Phd in Economics from the University of Chicago (nothing much scarier than ecoonmics via UC!), Google Scholar, Federal Reserve Consultant...and my favorite the Smith Foundation Endowed Chair of Business Integrity at the University of Alabama. Easily a peer of you and the members of the SECU Board, right?

While at the Kenan-Flagler business school at UNC-Chapel Hill, Dr. Jackson did a study of "The Financial Value of Membership in SECU" (2018), which you probably don't know can be found on the SECU website. The link is below: 


...the value of that "There Is A Difference" to SECU members was over $1 billion in 2018 (see table 3, page 10 for summary). Hope you and the SECU Board won't, through your current "new ideas", depreciate nor destroy that value.
And, y'know that little tax prep service which was dropped because it only served @ 100,000 SECU members - (and yes required some excellent, nimble, innovative management skills from branch leaders to "Do the right thing")...

...  in 2018 that one service alone saved 93,000 SECU (yep, less than affluent!) members over $16+ million (see page 12).

Isn't leaving $16 million bucks in the pockets of North Carolinians worth a little extra effort on your part?


Better Have "Legal" Look At That "Competitive Dividend Rate" Phrase - Pinocchio #5

 To: SECU  Board of Directors

Chris Ayers ImageDear Chairman Ayers,  

As a lawyer, very certain you appreciate the importance of  exactitude in wording (y'know like ."..never made a "formal" proposal..."). 

Might want to have "legal" double check the meaning of "competitive". Would appear that SECU members, who are taking their money elsewhere, do not agree with your definition. 

Seems there is increasing member disagreement with your personal piques and whims about SECU...👎👎👎


Money Market Share Account


  • Competitive dividend rate.1 View our current Share and Deposit Rates.
  • $250 minimum opening deposit
  • $250 minimum balance required to earn dividends2
  • No monthly service charge, unless the account falls below $2503
  • Dividends compounded daily, paid monthly
  • Accessible online via Member Access, Mobile Access and our Mobile App, and through ATM, ASK SECU, branch and our 24/7 Member Services
  • Funds may not be used as collateral for an SECU loan
  • Checks, BillPay payments and Automated Clearing House (ACH) debits are not allowed

         SECU:   1.01% APY*👈👈👈👈

If you want easy access to your money at a high interest rate, then a High Yield Saving Account could be a great fit for you. And American Express offers much more than just a great rate.

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  AMEX:  3.50% APY *👈👈👈👈

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!