SECU Tax Prep Service # 1

 To: SECU Board of Directors

Dear Chairman Ayers, 

When in 2022, you and the SECU Board of Directors abruptly ended the ten year old tax preparartion service - used by as many as 100,000+ members in need of your help; your branch staff asked for advice. What should the members be told?  The advice given by your senior staff was:

"...they will just need to find another solution."

 

Why have you developed this Marie Antoinette attitude? A "Let them eat cake" disdain for the membership? Y'know that approach didn't work out all that well for her....

                                    

The SECU tax preparation program was developed with the IRS in conjunction with its VITA (Volunteer Income Tax Assistance) and TCE (Tax Counseling for the Elderly) programs.

The VITA/TCE programs have operated for over 50 years, helping people who need assistance in preparing simple, basic tax returns including:

• People who earn less than $58,000,
• Persons with disabilities,
• Folks 60 years of age or older, and
• Limited English speaking tax payers.

 

According to the National Society of Accountants, the average fee in 2021 for preparing Form 1040 with Schedule A to itemize personal deductions, along with a state income tax return, was a flat fee of $323.  The average fee for Form 1040 with the standard deduction, plus a state income tax return, was $220.  

 

Let's calculate how much SECU members, using a standard deduction saved when SECU took the time to help them:

Average tax prep fee:          $ 220

SECU tax prep fee:             $   75

Each member saved:        $ 145  

 

Which means....

" SECU hasn’t updated its systems since 1983"... Exhibit 1

  

😎 According to the SECU website this statement is not true..

Here's an excerpted list of a few technology changes which SECU proudly lists on its own website as occurring since 1983.

1983   ✅ The  CashPoints® ATMs become operational.

1990   ✅The credit union introduced ASK SECU Voice Response System for access to account information 24 hours a day, 365 days per year. 

1992   ✅ The credit union joined Interlink, an international point-of-sale network.

1993   ✅ ...over 400 ATMs.

1996   ✅ The credit union began the first phase of the Call Center.

1997   ✅ The Call Center expanded its services by providing loan services, account/service information, and by opening new accounts for existing members. 

1998    ✅ Visa® Check card was introduced to allow members the convenience of a card that works like a check.

1999    ✅ Introduced the credit union website - SECU Online at www.ncsecu.org. "Member Access" introduced to provide online access to accounts, products and services.  

2000    ✅ ...CashPoints® ATMs in all 100 North Carolina counties.

2003    ✅ Introduced SECU’s BillPay service.

2005    ✅ Enhanced SECU website and online services features to provide greater security and more member options.

2007    ✅ Upgraded ATM network with Voice Guidance technology for the visually impaired.  

2008    ✅ Implemented MARGO, a new teller and branch platform system to benefit  members and employees. Provides an enhanced level of service and security through the utilization of SECU’s Member Photo ID cards, and positions SECU for future technological growth. 

2008   ✅ Launched Mobile Access to allow members to connect to account information from web enabled cell phones and other mobile devices.  

2010    ✅ Began offering two new electronic services – Two-Way Text Messaging and Alerts. 

2011    ✅ Added EMV (chip) technology to SECU debit cards for increased transaction security.

2013    ✅ Expanded SECU Contact Centers to ten rural NC areas, aiding job creation in regions of the state experiencing high unemployment.

2016   ✅ Launched Mobile Payments service with Apple PayTM, Samsung PayTM and  Android PayTM options, as well as Visa® Checkout for SECU debit and credit     cardholders. 

2018   ✅ Enhanced the ASK SECU Voice Response System with speech recognition technology and intelligent card entry. 

2019   ✅ Launched the SECU Mobile App, providing a secure, convenient method    for members to view account information and conduct financial transactions using smartphones or mobile devices.

2020   ✅ Launched the much-anticipated Mobile Check Deposit feature of the SECU Mobile App.

😎 It should not be overlooked that many of the other advancements in products and services were only possible because SECU had a strong IT group and a firm grasp on its' technology structure - technological astuteness made those things happen!

"Why would the SECU Board approve such a TBJ quote to stand? Why did they do that?"