From the SECU members...
... really hate to bother you, but.
Here's the test question on tax prep from Chapter 22 [link]:
✅ "If your job, your career, your future at SECU (let alone the mortgage, car payment, childcare, and that long hoped for cruise!) depended on you solving those tax prep operational difficulties in the next 90 days, could you do it?"
😎 You don't have to comment on that question, be glad to answer it for you: "Yes, h*ll yes!" Over several decades at SECU, we all saw the improbable, the difficult, even seemingly impossible challenges overcome time after time - at local branches and at the regional, organizational levels.
Never saw the SECU staff fail - stumble and misstep, sure; fumble the ball, yep; err occasionally, oh yes; but persist? - without question! And their record of performance and success over the first 85 years speaks for itself.
As you've read in the comments, the tax prep program was becoming an operational problem for the branch staffs - could probably put a good bit of that blame on a highly disruptive pandemic! SECU management "for whatever reasons" ignored the branch requests for system improvements, more staff, better training. The "for whatever reasons" definitely weren't lack of demand from the SECU members (the 100,000+!), lack of "profitability" and member savings, lack of benefit to the North Carolina community (EITC), nor lack of expertise and capability by the SECU staff (see "We Board" comment below!)
But here are the bizarre "whatever reasons" given by the "We Board" for dropping the tax prep program (check out their hubris for yourself on their infamous "Fireside Chat" videos):
"Although our staff diligently and competently prepared tax returns for several years [10+ years], we've come to believe that members are best served by receiving tax preparation services from..." ... someone else!
Current SECU leadership continues to do "market research" on the services SECU members need by using the "raise your hand" method in controlled groups.
When the "We B" group arbitrarily makes a decisive mistake (..."we've come to believe ..."), the actual facts appear to be irrelevant... why bother?
So, who is "The Missing Voice" in this tax prep discussion: Well, 100, 000+ SECU members!
Why don't you ask those 100,000+ members to "raise their hands"?
Wanna bet on how that vote comes out?
What about the other 2.6 million members? What would they say if the costs for the services and products they are paying for are higher because they have to subsidize the 100k members putting a strain on resources for a quarter of the year? How do you “hire more” people to do tax prep for only a quarter of the year?
ReplyDeleteCan't read? It's profitable for SECU, members save millions in lower costs, all of N.C.benefits from EITC.
DeleteAnd of course the IRS, the NCUA, UNC, Gov. Cooper, Prevent Child Abuse and 100,00 SECU members don't possess the same level of understanding, right?
You know best...obliviously!
so, 2.6 million need to use a service to justify it? Let's fold up now and pass that honey pot out to every one of those 2.6 million members. Not just the board and Leigh.
DeleteThey already hired 1000 new employees they can't find. Find them and let them do taxes
DeleteQuestion for @11:52 AM. Have you asked the same question in regards to the present Financial Advisory Services Program? I doubt there are 100,000 members being served effectively there since the Specialists' positions took effect. And how much subsidizing is taking place in that area with the huge salaries and mileage checks monthly?
Delete11:52 "Can't fix stupid" - F. Gump
Delete@7:46 calling someone stupid for having an option other than yours. Stay classy.
DeleteMaybe they actually are better served elsewhere (for tax prep). If so, why would you be opposed to SECU sending them elsewhere?
ReplyDeleteMaybe they are better served else where for lots of services. Fewer members use several major offerings of the credit union. Financial services for example. why doesn't management do a raise your hand survey on that? and drop it?
DeleteAnd that executive gym in raleigh. CU has many wasteful jokes including the big Gym. We won't forget. 4more in 24
DeleteMaybe the A paper folks should look elsewhere for their A paper RBL's.... see how that game is played ...
DeleteMaybe the 2.6 million SECU members earning < .25% on $9 billion in shares should start looking elsewhere too.
DeleteWhy wouldn't you let the SECU members make that choice? 100,000+ already had! You sound like a "We B"...do you always know what's best for others?
ReplyDelete100,000 folks can be such a bother, can't they!
Car buying service was another now defunct service that was not used by many but benefited many of our most financially challenged members and saved them real dollars, dealership hassles and headaches. They would be raising their hand too!
DeleteWhy can't I use my SECU credit card for overdraft protection? Which dummy did that one, Brady? and why? Do you even know?
DeleteMost credit unions don't even have 100,000 members! SECU management is beyond arrogant
DeleteWhy don’t we get to have a voice in many of the cu decisions?
ReplyDeleteYou do, if you don't like the direction it is going, this October you can let your voice be heard and vote out those 4 board members that don't seem to have your best interest at heart... I would encourage it ...
DeleteI thought the new 3 were going to help? hmmm
Delete"I thought the new 3 were going to help? hmmm"
DeleteIt's still 8 against 3 ... not good odds would you say?
I thought our voting for 3 would actually do something. No change!!
DeleteWhy on earth did you think that? It was always going to be at least two year election cycle. Our 3 are completely out voted. 8-3. this sounds like a Brady comment to discredit the 3. We members need to stand together to bring back a credit union that works in our best interest, Not for some small group of arrogant, secretive elites.
Delete9:55 Agree to cure the cancer we have to eliminate the other 8 tumors.
DeleteWatching this saga I can't help but start remembering the downfall/bankruptcy of Barings bank. To those who are unfamiliar with Barings, here is a summary from Investopedia:
ReplyDeleteFounded in 1762, Barings was among the largest and most stable banks in the world. It used to be one of the world's most powerful financial institutions. Even Queen Elizabeth II had an account with it. However, thanks to unauthorized speculation in futures contracts and other speculative dealings, it ceased operations on February 26, 1995. A history of "233 YEARS" came to a naught. Even efforts by the Bank of England to arrange a rescue package could not avert the inevitable collapse. The Dutch bank ING Group, purchased Barings Bank in 1995 for the nominal sum of £1.00, assuming all of Barings' liabilities and forming the subsidiary ING Barings.
This failure was "single" handedly caused by a 28-year-old rogue trader named Nick Leeson operating without supervision or oversight. Making matters worse Leeson hid his losses with accounting tricks. Preventing the collapse of Barings Bank comes down to oversight. If there were one or two astute managers monitoring the trades of their trading departments, Leeson probably would have never taken the chance.
With this in mind, there are a lot of wannabe rogues in SECU - rogue board, rogue board and rogue C-Suite management. SECU is operating under a shroud of mystery. There is NO "transparency" and accountability. Everything is so well hidden and truth is hard come by.
Unless this veil of secrecy, deceit and silence is lifted, SECU cannot survive in the long run. The future of the members and this financial institution is at stake. Hopefully all of us members and owners can come together and right the wrongs soon.
Update: I meant to say rogue board, rogue bankers and rogue C-Suite management.
DeleteGood summarization and comparison. Actually podcast British Scandals has done a 3 part series on this and is available in Spotify, etc.
DeleteHere's a link to the first episode:
https://open.spotify.com/episode/0BXy4zgXMx2Nh1I3rqRwNu?si=LjPd4ph8R3yLnLs3-jaOHQ
Hoping we can get control of the situation and SECU will revert its course in the right direction before things go sliding downhill further.
See the documentary "Inside Job" on YouTube ...
DeleteIt really brings home how it works or watch
George Carlin - It's A BIG Club & You Ain't In It!
(might contain bad language but you'll get the point)
Listened to the podcast. The interview with John Gapper, Financial Times journalist is enlightening and interesting. Nick Leeson kept doubling down refusing to accept the reality and take responsibility, and the hole kept getting bigger and bigger until it destroyed everything that mattered. I can see a lot of similarities with the current crew's behavior, decision making, mentality, and path with Leeson's. Just like Leeson, the current crew will not change. It comes down to us as member-owners.
DeleteRabble rabble rabble
ReplyDeleteI’m worried that we (employees) are on the upper deck of the Titanic. SECU is currently rated a “D” with the Better Business Bureau. Are there enough of us left to correct the course?
ReplyDeleteWOW it sure is a 'D' ... and reading those comments WOW!!!
DeleteThat's a trick question. Hope we can.
Delete