$400+ million and not even a toaster!!!
"6:32. not sure where you live, but it’s not in reality. You think SAFE members should get paid their capital in full, and then they automatically get a claim on BECU capital, given up by BECU members? Makes no sense."
✅ For SAFE members who truly need the services offered by BECU, you can join BECU today for free simply by opening a $25 share account. The same free offer open to everybody else in the U.S.A. - you're not special! Here's the link to join [link] "BECU Membership is free and starts when you open an account."
Actually, it is increasingly unclear why the SAFE CU Board should give away their credit union to an out-of-state entity. SAFE CU is thriving, with strong capital reserves of $400+ million which are owned by the 245,000 SAFE members around Sacramento. Even if the SAFE members want to sellout, they can readily find a much better deal than the BECU giveaway.
So if you need BECU, join for free today and "automatically get a claim on BECU capital" for free, and, "Yes!" Keep that $400 million in cash. It's yours... you earned it!
And not even naming rights.
ReplyDeleteYou can tell your "troll" that a SAFE member who follows your posts tested your premise that anyone could join BECU. Your follower (me) was able to join BECU without depositing even a penny and can now access all BECU benefits for free. Scott
ReplyDeleteAnother very faulty premise, BTW is that SAFE, can “sellout” to another credit union. It can't.
ReplyDelete6:02pm The law says otherwise.
Delete3:15. Wrong. Of course you can join BECU for free (and many others, for that matter). Never doubted or questioned that for a moment.
ReplyDelete6:05pm Thank you for confirming that SAFE members have free access to BECU anytime they wish.
ReplyDeleteThat's spelled F-R-E-E!
Those leaders that want to give away a thriving credit union likely no longer want the responsibility or think bigger is better. So, I say, if that is how you feel, move on and let someone else step up. Credit unions don't need leaders who do not have or who have mislaid their moral compass. -c
ReplyDeleteThis isn't a good deal for SAFE members, but not for he reasons stated. Their capital isn't going away. BECU has basically flatlined on deposit and asset growth in the last few years, and they're not very profitable (.59 roa) despite being focused on profit. Their Opex ratio is 3.43% (we're at 2.26%, for comparison). For those reasons, their rates aren't great.
ReplyDeleteSAFE new auto, 5.19%, BECU 5.49%
SAFE used auto, 5.29%, BECU, 5.79%
SAFE HELOC, 6.75%; BECU HELOC, 6.99%
SAFE Personal loan, 9.045, BECU 9.99%
etc, etc..
SAFE 24 mo cd 3%; BECU 2.23%
SAFE 12 and 18 CD; 2.55%; BECU 2.37%
it goes on and on..
SAFE members will have capital withheld, in the form of BECU's higher rates... this is a scale and net income play for BECU. They'll have to hack expenses a lot get that horrible Opex down.