Lots of comments surrounding the 100% increase in fees for SECU members using Credit Union Investment Services (CUIS) [see post 1/9/2024 here]. Some Chicken Little anonymouse commentors have forecast the end of the world if fees to SECU members aren't raised - which is getting to be a frequent refrain across all SECU services. Pay more, get less.
😎 Here are the real numbers provided by Mr. Rex Spivey, the Chief Financial Officer at SECU:
✅ 1) Credit Union Investment Services (CUIS) - Audited Balance Sheet 2023 & 2022:
... Assets of CUIS grew in 2023, up 14% over 2022. A pretty good record in an uncertain economy! It would appear that over 41,000 members use CUIS, with assets under management pushing $2 billion - not exactly a shabby record for a "start from nothing " effort launched @ 15 years ago. Low cost service with simple products designed for all members has worked well.
✅ 2) CUIS - Audited Income Statement 2023 & 2022:
... and CUIS "was profitable" in 2023, as it was in 2022, as it was in 2021, as it was in... well, as a member, you get the picture. But the current leadership at SECU has some "new/new" ideas for CUIS...building upon their remarkable track record of non-market savings rates, risk-based lending, decline in assets, soaring operating expenses, .... stay tuned, Chicken Little may have a point!
... "chicken something else"?
Got it you want rock bottom fees and interest and sky high deposit rates. Good luck with that.
ReplyDeleteThat's right! That's what members are paying you to deliver! Good management can figure it out... weak management never can.
DeleteCUIS has had suceessful management in the past as the real #s indicate..
Pretty clear which category you fall in, if you don't understand what members - and all consumers for that matter - want, high quality service at the lowest possible cost.
DeleteAnother brick in the wall?
The original commenter is now on a babble rant... must have struck close to home!
DeleteThink it's Chicken Little, but not sure...
DeleteYeah…that should be the goal of every credit union. Maybe they are finally getting it? Higher deposit rates and low equal loan rates for the membership. Not charging them ridiculous fees. Use your human labor! We want to work and help our members! Not lie about how RBL is good or why the interest rates won’t go up….
DeleteWildly successful for 85 years doing exactly that!! Rock bottom fees and interest and sky savings rates! why the hell did y'all mess everything up for us??????
DeleteLegacy Board is incompetent BS'ers. Step down The record of the cu ovwr the last 2 years proves your worth. God awful and counting.
Delete"rock bottom fees and interest and sky high deposit rates" (competitive rates is all we ask for, lets not get all drama queen on us)
ReplyDeleteand ... ? What's the problem? It was like that for 85 years and counting, when did that philosophy change?
Did you send out a survey to the membership to ask them if it was okay that we change our core philosophy?
What we have here is a failure to communicate!
Why does SECU offer its general membership vanguard, but its employees fidelity? If vanguard is so great, why aren’t SECU employee retirement plans there? Alternatively, if fidelity is so great, why doesn’t CUIS offer that?
ReplyDeleteVanguard funds are available to employees through Fidelity.
ReplyDeleteThe "Chicken Little" anonymouse - in the midst of a big hissy - is now squawking that the accounting isn't right!!?? When confronted with the facts - even a CPA audit! - "CL" always searches for an out to explain why SECU keeps moving away from success toward laying an egg...in many service areas. Cluck, cluck...dumb cluck?
ReplyDeletewe live in a world where everyone thinks they can have their own truth ... recipe for disaster waiting to happen
ReplyDelete
ReplyDeleteDue to Bidenflation - the new $20 is now $50. So these folks are shaking down and extorting more commission & fee income based on the rate of inflation. Instead of investing $500 folks are investing $1000 so the kick back has doubled. Now they are raising the percentage kickback. This is the business plan - they stole it from the MAFIA. More JUICE to the wise guys. This is no credit union. It's a damn cartel of mobsters. I will transfer my account ASAP. How much money did you make on that trade?
What should the fee be and why? If cuis is already profitable under a not for profit organization that doesnt need it to be profitable, shouldn't the fee be lower now?
ReplyDeleteInteresting idea! Certain all members will support you in lowering fees, raising savings rates, and lowering loan rates. Positive thinking with the members in mind. Send me your name and I'll forward your comment to SECU.
ReplyDelete