😎 Commenter Anonymous March 15, 2025 at 12:02 PM: "Explain why the statement isn't true. Navy is not even close to being a primary competitor of ours."
It is true that at one time credit unions didn't compete with each other. The original credit union concept emphasized a limited membership, organized around a group with a "common bond", a common purpose. Generally the common bond was well-defined around an employer, church, union, or small special interest group - state employees, IBM or RJR employees, telephone or post office employees, a small local community, African Americans, beekeepers! The different credit unions which served each group did not overlap much.
Times have changed. Now most larger credit unions permit anyone and everyone to join. SECU, although large, is one of the remaining exceptions. It is not unintentional that you see PenFed [link] advertising to make you (and everybody else in the U.S.!) a car loan on social media. PenFed has been very aggressive and many SECU members use their lending services. It's not coincidental that Langley FCU [link] from Virginia recently opened a branch office in Raleigh. Langley FCU began promoting much better CD rates locally when they perceived a weakness at Local Government FCU in its leadership transition (after the famous "no proposal proposal" breakup with SECU). Sharks can sense blood in the water and tend to circle!
And of course, it was no accident that a pre-approved credit card offer from NavyFed appeared in many North Carolina mailboxes (including mine) last week. BTW, NavyFed's local branch office in Raleigh is just up the road from Langley's!
In case you didn't know [here's the link to complete study]:
* Overall, the economic impact model estimates that the military supports roughly 11 percent of North Carolina’s employment.
* The military supports 653,000 jobs in North Carolina,
* 495,000 of total military-supported jobs occur in the private sector.
*.... plus the North Carolina National Guard, and millions of family members, relatives, roommates,...
Last time I checked, NavyFed's assets just in North Carolina alone would make it the second largest credit union in the State! Most SECU members can join all three of these highly competitive, "military" credit unions.
😎 You may believe you're not competing with those folks, but I don't think they understand that ... welcome to the ["new/new"?] "Industry standard" - anyone and everyone!
Remember this 2022 question for the SECU Board?:
"Where are you leading us, why are you taking us there, how will it benefit the members?"
Seems that that commenter believes that SECU members are well and truly captured, (possibly because for 85 years SECU treated all members as A+) and have no options for service any where else. SECU is catering to the wealthier members--SECU is treating the "average C-E" member with disdain and as a second class member not deserving of the best rates(even though loans have always been repaid on time!) or best advice. Somehow it is always the members fault. People are not stupid, and will eventually understand that SECU now is skating on its former reputation...
ReplyDelete100%!
Deleteloans have always been repaid on time? all of them? really?
ReplyDelete8;19pm Well, you've got a point. Delinquency and chargeoffs have surged since 2021. What's changed at SECU since 2021?
Deleteif we compete against Navy, PedFed and Langley, glad we got the rewards card now! Maybe now they wont serve our members better than we do.
ReplyDelete8:20pm Yes, desperately moving toward 'industry standard". Might check out the rewards cards of those "non-competitors". If SECU is no longer something special, SECU members can find a better credit card - in each category - with one of these other credit unions.
DeleteDo check it out !Any reason members shouldn't make the best choice?
By the way your comment that "if we compete' indicates a terminal belief in la-la! They're not messing around, are you?
The new cash back reward is a flat 2% if you have direct deposit with SECU. Can you please point me to a competitor that offers a higher flat cash back reward? How do the rates and fees compare? Asking for a friend. Thanks.
ReplyDelete8:56am Point has been made well that each member - and your friend! - should research the multitude of options. Hard to say which card is best. As we've discussed many members will be lured by rewards into the wrong choice.
DeleteBut since we're talking about CU competition (see next posts) here's the link to NavyFed's best 2% cashback card [https://www.navyfederal.org/loans-cards/credit-cards/cash-rewards.html]. Seems to offer 2% cashback on everything more benefits, better rates..
If consumers "shop" for cards strictly on price/benefits, SECU will not issue many new cards.
That's what happens when SECU becomes "industry standard"... and no longer appreciatess the power and importance of the local branch staffs.
The open membership argument again? The board answered in their numerous fireside chats and annual reports . No open membership. It was not and has not ever been a “goal”.
ReplyDelete6:52pm Sorry yo keep bringing it up. Can you provide the statement, video or other spot where the Board stated they were not moving toward open membership? Thanks..a clear statement would eliminate the concern.
DeleteThank you!
I’ve commented several times with the proof. Why do you keep deleting it and altering comments?? Scared of the truth?
Delete11:01am Must have missed it. Could you help the entire membership by giving us the reference or the link. Thank you.
DeleteShouldn't be a mystery... so help close this issue for good by letting us know where to look.