SECU is different!
The Kleenex Dilemma? You might ask: "What is the (t)issue?
We took a look in Chapter 2 [link] at the questions of whether a bank and credit union are different, whether the idea of a "non-profit bank" is a logical non sequitur, and whether or not there are truly uniquely different things, people, and ideas in the world. Believe most would agree that there is very strong evidence that the answer is a resounding "Yes" to each of those questions.
So why don't most SECU members and many SECU employees realize that SECU is a credit union and that a credit union is entirely different from a bank in terms of law, legal structure, tax status, membership limits, and business purpose? Why? Ready for this? Because the word "bank" is the grammatical "industry standard"! What do you mean by that?
Since you asked (you did ask, didn't you?), what is going on with the word "bank" has a linguistic name (or "marketing" name if you prefer!); it's called "genericide" (Now don't panic, we're not wading into Middle East politics, that's an argument over "genocide" not genericide, so relax!).
Genericide is what occurs when a brand name for a specific product or business becomes the general ("generic") name for the entire product/business category. The long-time example is the paper tissue product category. Kleenex was the first "brand" in the category, but over time everybody began to refer to all paper tissues as "kleenexes". Competitors could call their paper tissue products whatever their marketeers came up with, but the public would - despite the inane "We Are's" and SuperBowl ads - still ask for a box of kleenexes. Other examples of brand names which have taken on a generic meaning are: Aspirin, Thermos, Escalator, Plexiglas, and Rollerblade
More modern examples are "Google" which has morphed into a generic name for an internet search - "hold on, let me "google" that". And, "I-phone" too has come close to dominating the "cellphone" category and no telling where we are headed with "Swiftie".
Okay, okay, but what is "The Kleenex Dilemma" for SECU as a credit union? Like it or not, try as you might, when an SECU member is asked: "Where do you "bank"?, the member will invaribly say "At the credit union!" See the problem? The word "bank" owns the financial institution category in the mind of the public - and that probably is not going to change any time soon.
So,what has SECU done about the kleenex problem? Well - prior to the last two years - the SECU Board, the SECU staff, and a large group of "We get it" SECU members set out on a mission to demonstrate to all of North Carolina that the Credit Union was not a bank - that SECU was in fact uniquely different by law, legal structure, tax status, membership limits, and business purpose.
😎 The Mission: To prove that SECU was truly a uniquely different animal than a bank - and perhaps even a unicorn!
... it was called the "The Esse Quam Videri Mission"... stay tuned.
This misunderstanding regarding SECU's structure, governance and purpose is exacerbated by the fact that virtually every other credit union has been hijacked by the 'bankers' already.
ReplyDeleteGo on any job board and search for credit union positions, and you'll find no shortage of other credit unions using verbiage like 'customers', 'banking', 'sales', etc., in their job listings.
Most members - in fact, I dare say the vast majority - are entirely unaware that there is a difference between a bank and a credit union. They probably think its nothing more than a name/branding thing.
And that lack of awareness is exactly what a board of directors with nefarious intent want, so don't expect to see anything done to educate our members.
I read an article once, talking about how - following the 2008 crash - credit unions were doing extremely well compared to banks, and more and more people were using their credit unions as their primary financial institution. Did the banks decide to change their ways to win those members back?
Nope. Instead, they began a policy of kneecapping credit unions. In some states (where it's allowed) they do this by buying credit unions out and taking them over directly. In others, they plant their people in powerful positions on the inside to transform those credit unions, funding campaigns for board members who will serve their cause, until those CUs have been stripped of everything that made them unique and special - until they are simply nothing more than 'industry standard' bank. Except, of course, with fewer resources than the big banks.
Hmm, sound familiar?
Great comment. So true. Not even enough employees really get what a credit union is. It really sinks after a while, but once you grasp it. You realize how great it is vs. a bank. Pair that with being a member owned cooperative. Makes it even better. The board and executives are relying on the membership to be naive. If the membership were educated on this…this would have been buried in the past already.
DeleteEXACTLY !!!!!!!!!!
ReplyDeleteThis is what's going on and most are unaware!
Or worse think it's OK :(
When Gym became king and said we could increase the CU from $50 billion to $100 that was my first clue (greedy) ... and then the changes started ... and they changed EVERYTHING, good or bad it was changed.
They needed to change the culture and so they brought in .... BANKERS!!!! SURPRISE!!!!
Legacy workers were now labeled the enemy... and treated as such...
Everyone getting a loan rate at the same percentage was revolutionary... that's why that was one of the first things 'they' crucified... (they have to exploit the members it's what these folks do best)!
king Gym and queen Leigh and the board of jesters have just started to pillage the CU ...
They would like nothing better than to cash in on the 'sale' of SECU ....
'The 'love' of money is the root of all evil.'
BTW, that's not my saying, I'm just the messenger...
Let’s not forget the most clueless, inexperienced and arrogant jester of them all……Bomba.
Deletecorporate greed ... they picked up the banking skills quickly!
DeleteCan't fix stupid.
DeleteAmen to that. Bomba has to be the most self-absorbed amateur, parading as an expert, that I have ever come across.
DeleteFormer bankers appreciate the "CU Difference" as there is virtually no accountability for >$200B of members' equity.
ReplyDelete4 more in '24! Haygood, Williams you look incompetent. Same at your real job at UNC and Duke? Looks like it to rest of us in N.C. Fess up! Or get the H out!
ReplyDeleteAgree, if this is the measure of Haygood's ability, UNC needs to beware. She ain't got it and the University is at risk. Weak, weak, weak !
DeleteOnce Duke spots this connection with Stelfanie Williams, she is DOA professionally. She makes Duke look uncaring, racist, and elitist. Look at her job description at Duke OMG!. Williams is hypocrite extraordinaire. Needs to go at SECU and at Duke, no apparent substance to this one.
DeleteRace and gender can move you ahead Stelphanie, but competence is also required. Looks like you ain't.
DeleteWasn't a big hit in Vance Co that's why she had to move on.
DeleteIt is so easy to be mediocre or below par. Nothing required. No thinking. Industry standard. #4 in 24
ReplyDeletethat's why folks can't wait for AI ... then they won't have to do any thinking!
DeleteThis is technically a democratized workplace. Each member equally owns and get 1 vote each🧐 Use that power members! This is YOUR SECU!
ReplyDelete