"Independence Day" is June 1!
😎 Don't overlook "that other", very-close-to-home, anybody can join credit union in North Carolina. Civic... formerly known as Local Government FCU.
The SECU Board in 2022 badly bungled a positive 40-year partnership between SECU and LGFCU. During that time, the credit union for North Carolina local government employees - which SECU worked hard to form - grew from "nada" into a $4 billion institution. Having destroyed the relationship of trust, the SECU Board chair tried to cover up the mess with a "no proposal proposal" wittering [means "banal chatter"]. The LGFCU Board understandably wasn't buying it - no one else did either.
It will be interesting to watch how this relationship "further blossoms" after June 1. LGFCU members will be confronted with loss of local SECU branches. Hope the SECU staff is ready for the uproar!... it probably will not be pretty! Many LGFCU members are eligible through spouse and family members to join SECU; and, with no "real" local branches may choose to bail out. This may not be fun to watch.
As things settle down, SECU members may take notice that Civic offers a competitive alternative for many services - and remember all those SECU members can join Civic! SECU for example has $6.7 billion sitting in share accounts earning .25%, while Civic is already paying almost 4x as much at .90%. Civic is currently paying higher rates on 6, 18 & 24 month CDs - the current member investments of choice at both credit unions. Money market rates at both credit unions are currently the same.
✅ If you'd like "the full scoop" on the LGFCU➡CIVIC transition here are the FAQ's published by Civic [link].
😎 Don't think credit unions compete with each other? Get ready for showtime on that hallucination!
... wittering has consequences
