About those "free" Cashpoints ATMs?
😎 As you are well aware, our SECU leadership blew up a 40 year long alliance with Local Government FCU with a foolhardy "no formal proposal proposal" [NFPP] to merge in 2022. The "divorce" will cost SECU members @ $60+ million annually in shared-service support income from LGFCU!
The LGFCU Board rejected the NFPP (much like Canada refused to become the 51st state!) and voted to move forward in the best interests of LGFCU members. Lets all hope the upcoming separation goes smoothly and that members of the new CIVIC prosper.
Take a look at how the soon to be independent LGFCU/CIVIC is advertising its ATM services to its members:
😎 CIVIC FCU: "Search our network of surcharge free ... Cashpoints ATM's to avoid the fees in the first place."
✅ Not sure what "ATM fees are vintage at best." means, but since CIVIC is reimbursing all surcharges to members anyway; why isn't SECU collecting the normal surcharge from CIVIC FCU on Cashpoints ATM transactions?
It seemed logical not to apply ATM surcharges (now at $3) in the past, since the alliance with LGFCU was full-service. But now that the $60 million service support agreement has vanished, should SECU members be providing CIVIC FCU "free" Cashpoints access? CIVIC members perform millions of Cashpoints transactions each year.
😎 The ELT likes to throw the word "subsidy" around a lot. ... shouldn't a newly independent CIVIC FCU pay its fair share of the costs?
Seeking independence, but still expecting to live at home with "Mom" doing the laundry?
Did anyone say civic wouldn’t be paying SECU, the same as all other financial institutions do?
ReplyDelete"SECU charges the Credit Union a $0.50 processing charge for the usage of SECU
Deleteautomated teller machines (ATM). Total ATM fees paid to SECU were $2,146,000 and $2,263,000 for fiscal years ended June 30, 2023 and 2022, respectively"
LGFCU's membership peaked at 413,162 in Sept 2024. At the end of 1Q 2025, it was 405,040, a decline of 8,122, or about 2%. The several months will be telling.
ReplyDeleteThe clouds on the horizon look ominous ...
Deletewe have had a hiring freeze since April. Use the money to hire more employees for branches. service is hurting.
ReplyDeleteThe board and ELT doesn't think you need more employees. Branches will no longer be serving those pesky LGFCU members.
DeleteLose all the LGFCU revenue and branch transactions, and then hire more people? That makes sense.
ReplyDeleteraise our pay then.
DeleteAfter the big years worth of pay study boasting nothing much came out of it.
DeleteWe should charge Civic after their separation. There is a cost to manage the ATM service.
ReplyDeleteNon members pay 3 bucks at the atm. Civic wanted out, they should pay 3 bucks like everyone else.
ReplyDeleteWalmart has atms
ReplyDeleteI feel bad for those who can least afford to be "Nickel and Dimed" to death ...
ReplyDeletewe could lend them our answering machine ....
ReplyDelete... for a fee of course ...
'We are experiencing an unusually high volume of calls at this time and cannot answer your call at the moment. Expected waiting time to reach an operator is 187 minutes. We appreciate your patience. Your call is remarkably important to us, so we ask that you please hold or call back later. Thank you. Goodbye. Click.'
SECU doesn’t charge other NC credit unions the fee
ReplyDeleteNC based credit unions? NC state chartered credit unions? Federally chartered credit unions with branches in NC? Surely SECU charges Navy!
DeleteWhich is exceptionally dumb tbh. We’re just subsidizing other companies. They need to stand on their own two feet.
DeleteAll SC & NC based credit union members can use those cards for free at cash points ATMs. I’m guessing that will be removed once we upgrade our atms
ReplyDelete