😎 The latest "From the Top": "I’m proud to report that the lower earnings resulted in more money in the pockets of our members in the form of higher deposit rates, something that I set as a goal for our team. Our money market rate is a strong 2% now..."
✅ Ally Bank is paying 4.15%, Amex Bank is paying 4.25%, Apple Savings is paying 4.15%... and that's just the first letter of the bank alphabet! (not to mention Fidelity at 2.72%, CapitalOne at 3.5%, and Vanguard at 4.5%!)
Here's the track record for the "new/new" since the takeover in September, 2021:
1) Member Money Market Account Balances:
June 30, 2022 - $24.1 billion
June 30, 2024 - $15.5 billion [rate: "a strong 2%"]
2) Member Share Account Balances:
June 30, 2022 - $8.6 billion
June 30, 2024 - $7.1 billion [rate: "a strong 0.25%"]
✅ SECU has lost $10.1 billion from these two core categories of member savings over the last 2 years. SECU has attempted to stem the bleeding by offering more competitive short term CD rates, but overall total deposits have not recovered (Total deposits: June 30, 2022 - $47.1 billion, June 30, 2024 - $45.5 billion).
😎 But here's the real rub. The balances in member share and money market accounts total $22.6 billion - earning 2% or less. That $22.6 billion represents 50% (well, almost - 49.67%) of total member deposits of $45.5 billion. Does "From the Top" believe the members won't wake up to the dramatically better rates readily available? If the members do awake, what will SECU do? (Couldn't find that answer among the fluff in the "SECU Strategic Plan"! [link])
When the Washington Post says this about inflation: "Grocery prices have jumped by 25 percent over the past four years, outpacing overall inflation of 19 percent during the same period." A "strong 2%" (or much less) rate is not exactly a cause for celebration among the membership.
A better message "From the Top" might surely have been an announcement: "We have lowered SECU credit card rates from 13.00%/16.00% to...."!
... celebrate SECU charging me 13.00%/16.00% on my card, while paying me "a strong 2%" (or less) on my savings?
Why do you have 13%/16% for SECU credit card rates?
ReplyDeleteTBP, better known as race based lending. the different classes of members pay different rates.
ReplyDeleteDid you notice she tried to blame ML for hiring Bomba? Who knew being hired to run a website and the CIO were the same job? How many times did the former CIO lose 25 million in a day?
ReplyDeleteWhere is this coming from? Guess we're talking about Brady.
DeleteWe got it as advisory board members on fri
DeleteFrom the big shark
DeleteGood Observation - I also find it interesting that she went out of her way to note ML hired Bomba (although in a very different capacity) and there was a "hiring process' for him as CIO. Clearly trying to disavow and distance herself from him. Lol
DeleteDid Bomba lose 25 million in a day?
DeleteDid you know our Leighduh thinks we're a "secret sauce"? She's not as bad as Gym, but it's close.
DeleteIs she saying former CIO Ayers lost 25 million in a day?
DeleteI'd be distancing myself from Bomba too. 😂
DeleteLol. She was very conscientious in making everyone belive by saying Mr.Lord hired bombastica but never said who hired Carl Seabrook.
DeleteBrady girl, you are something...
If she's going to blame ML for bombastica's hire, is she going to take the blame for all the other executive bad hires once she took office? Goes both ways. Owning and taking responsibility. It happened during your regime, you shoulder it...
DeleteHires and promotions....
DeleteWhat did this board do with a billion dollars in record profits the past two years?
ReplyDeleteIs 200 million in profit not enough to cover retiree and employee medical?
Nice spread--get money practically for free and then.....used to be same rate for all. some members are more equal than other members now.
ReplyDeleteIndustry standard...
ReplyDeleteDo we blindly do what others do? Whether it might be poison or medicine?
Industry standard. Sounds great. However...
A system which excludes people is bound to cause damage. Can you ignore that this industry standard is the opinion of the private companies which own stock? We are fighting for SECU, the cooperative and the members who use SECU.
Don't forget the jobs all across the state. and all the jobs that used to be in admin doing tech and administering benefits etc. think the jobs may still be there(# of employees hasn't seemed to decrease) but the responsibilities are moving out of state and supervision hired out to consulting companies. Sure have been seeing mail from UnifyHR in the Dakotas. whoever they are....
Delete@9:01 Original commenter. Agree. Me saying SECu, the cooperative was inclusive of the employees too.
DeleteNumber of employees hasn't seemed to decrease. Because it's getting top heavy. And loaded with contractors. No one bats an eyelid with hiring contractors, especially the non-techie managers on IT. You can easily grade them looking at their actions....
DeleteThey’re about to lose another half million or so very soon because despite the “great” new website, it’s still an enormous pain in the a$$ to remotely open a CD with a POA or if you have a POD beneficiary. Even if your funding from an internal account with that same ownership type, it doesn’t matter.. I’ll withdrawal it all before I go through that nonsense again. Can’t just leave it at 2% when the current CDs expire.
ReplyDelete