Bragged in a post on 2/14/2024 [link] about SECU's "Second Chance" NSF Program...
Introduced over a decade ago, the Second Chance program - paired with a low NSF fee of $12 (banks charged @ $30) - helped greatly reduce or eliminate the cost of a bounced check for SECU members. But that was then, what about now?
✅ In 2022, Bank of America eliminated its NSF fee to help their consumer customers:
"January 11, 2022 - Bank of America today announced significant changes to its overdraft services, including plans to eliminate non-sufficient funds (NSF) fees beginning in February 2022..." "... and leads the industry in helping clients avoid overdrafts; and, in doing so, has significantly reduced the vast majority of fees related to overdraft. “Throughout the process we have engaged our National Community Advisory Council (NCAC) for their guidance and feedback on our changes."
[😎 Why not ask the SECU Advisory Boards to "raise their hands" about helping members by eliminating this fee?]
✅ SECU no longer leads the Country in looking for ways to help members avoid costly NSF fees. The Credit Union charged SECU members $25+ million in NSF fees during 2023. That's a lot of paychecks for teachers, state employees, and their families! And of course, having just finished its "most profitable year on record in 2023", SECU didn't "need the money" more than those members.
✅ Here's what the federal regulator - the Consumer Financial Protection Bureau - had to say:
- Among banks with over $10 billion in assets, 97% of NSF fee revenue has been eliminated.
- CFPB estimates that, as a result of the elimination of NSF fees at these banks, consumers are saving almost $2 billion annually on a going forward basis.
✅ SECU is a $50 billion financial institution. Only 2 out of the 37 U.S. banks over $50 billion now charge an NSF fee. According to CFPB:
Table 1: NSF fee practice of banks with over $50 billion in assets, grouped by asset size
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 ... thought "the We Board" wanted SECU to be "industry standard"? | ||||||||||||||||||||||||||||||||||||
Fee, fi, (fee,) fo, (fee,) fum, (fee, fee, fee, fee).
ReplyDeleteThe complete inability of this board to operate in the best interest of the member--to actually operate the credit union so it harms the member-- is baffling. Aren't these supposed to be smart people? Why so dug in on failed policies implemented by a complete incompetent? Can't they blame everything on Hayes and cleanup this mess? It could be turned around before the end of the fiscal year.
ReplyDeleteSince the remaining eight board members and Leigh have not changed anything, looks like failure was their idea in the first place. what part of failed policies do they not understand? Thought Jennifer Haygood was able to read financials. Isn't she a CPA?
DeleteThis gang of Four has to go in October. Bob Brinson, Mark Fleming, Stelfanie Williams, and McKinley Wooten. Then and only then can members begin to see a return to good financial business practices at SECU. It was a successful business....
DeleteHayes was their Trojan horse. This “mess” is what they want. Including Brady. They care about themselves and sold us out in 2021.
Delete@11:45 You're exactly right. Hayes was a pawn. Brady was a second choice pawn. This mess was the plan from the beginning, though I'm sure they thought they thought everyone would just go along a little better than we have.
DeleteAs predicted gone from being first class credit union to second class bank in 3 short years. the board has to go
ReplyDeleteFeed the needy not the greedy. How much loot does this board of director require as they pimp the membership with fees bordering on extortion. The board philosophy is GREED - When More Is Not Enough. At church they hear PTL - but to them it translates to PASS THE LOOT. Four more out the door in 2024.
ReplyDeletepoor leigh
ReplyDeletePoorer members
Delete