| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 63.1 | communicate objectives | CLT::BOURQUARD | Deb - Basselope owner | Fri Oct 16 1987 14:26 | 9 |
| DCU should try to find out its customers MAIN objective and then
advertise DCU's main objective.
This is the services vs. cost issue. If it's true that DCU's main
objective is to provide max. services, I will move my savings accounts
somewhere where the main objective is to maintain high interest
rates on savings.
|
| 63.2 | YOUR Response Will Be Given to DCU President, Verbatim! | SAFETY::SEGAL | Len Segal, 223-7687 | Fri Oct 16 1987 15:51 | 37 |
| FOR ALL WHO CONTRIBUTE TO THIS NOTE:
Please recognize that by placing your response in this particular
NOTE, you are hereby giving me permission to present an exact copy
of your response, WITH YOUR NAME, etc. to the DCU President.
If you look back at a previous Note (#59.*) you will see some my
reasoning for this decision. Basically, I believe that, if we are
to stand a chance of getting any changes to DCU policy, we must be
willing to quantify our suggestions and give the DCU President the
opportunity to verify the problems.
#59.8 is attached below.
Wish us luck!
Len
================================================================================
Note 59.8 MEET THE PRESIDENT 8 of 9
SAFETY::SEGAL "Len Segal, 223-7687" 13 lines 15-OCT-1987 14:46
-< RE: Stripping Identifying Info >-
--------------------------------------------------------------------------------
Nisreen,
If you really want to do this, it is fine with me.
My only comment is that if we go in there with examples of less than
"ideal" operations and we can't give any concrete examples with
names, we are merely stating that "some informed sources have
disclosed...", just like the newspapers!! It has less credibility
than specifics which can be verified.
Regards,
Len
|
| 63.3 | | PUNDIT::RIEU | | Fri Oct 16 1987 16:02 | 10 |
| It seems to me that there are a LOT of DCU membera that don't
have easy access to a branch. So, exactly what 'services' are being
provided for them? It would make more sense to me, if the CU offered
attractive interest rates on loans and savings accounts and
certificates. Just about any bank that you check with has better
rates than DCU. If things aren't going to be done with the financial
interest of the members in mind, I, for one, am going to go elsewhere
with my money.
Dennis Rieu
Member since the beginning!
|
| 63.4 | Communication? | 33018::CLEARY | Bob Cleary, SWS @KYO, New Jersey | Tue Nov 17 1987 10:41 | 28 |
| My biggest problem with the DCU is the lack of communications. The way
I found out about the election was by picking up a new letter in ZKO.
The only publication that I recieve from DEC with general information
is DECWORLD. The only insert that comes with my statement is the little
piece of paper telling me how to balance my account. The DCU news
letter seems to show about once every three months or so and dedicates
more than 50% of its space to a home equity loan program. It would be
nice to get a "news letter" like we get the updates for the NOTES
files, via VAXMAIL. We would need someone to feed a "computer readable"
file into the network. (I don't believe that the DCU composes the copy
for the News Letter on paper. They must be using a word processor. This
would mean that the information should be "computer readable" to start
with.)
From reading this notes file I have found out that loans are "variable
life loans". As intrest rises the life of your loan increases. Do they
tell you when this happens? Does the life shorten when intrest rates
drop? Do they tell you about this?
Basicly all I use the DCU for is my mortage with a local bank. Each
week 1/4 of my monthly payment comes out of my pay and goes into the
DCU. The extra week in some months allows me to build up a reserve for
when the taxes go up. The last tax increase matched my last raise
(after witholding taxes for the Uncle Sam and Uncle Tom Kean.) From NJ
there is little more I can do with the DCU. It is a great place for a
savings account you can't get money out of. I tried my card once to get
a balance, the ATM told me it could not complete the transaction, DCU
charged me $1.00.
|
| 63.5 | See Reply 37.39 for comments... | SWATT::LEEBER | Knock Knock! | Wed Nov 18 1987 14:02 | 3 |
| RE: .4
Carl
|
| 63.6 | UP ONLY | 36896::EHENNEGAN | | Wed Nov 18 1987 14:50 | 8 |
| RE: .4
No they don't drop when intrest rates drop. My new car loan has
moved only .5% in the past 2.5 years and that move was during the
first correction period. I am still paying 13.5%.
In as much as the adjustments to intrest seem very "one way", up
that is, I will never borrow money from this organization again.
|
| 63.7 | Rates do adjust down | 24699::FULTZ | ED FULTZ | Thu Nov 19 1987 09:50 | 22 |
| Now let's not get carried away here. I have a home equity loan
with the DCU. I have seen my interest rate adjusted in both
directions. Until recently, in fact, it had only been going down.
Just the last one or two times has it gone up, and that in response
to the national factors. I don't have a car loan, so I cannot speak
for that, but I do assume that if my equity interest was adjusted,
that all interest would have been adjusted.
As for balances, the DCU has stated in past newsletters that they
do not supply balances over any ATM other than their own. I don't
know the reason for this, and I wish it was different, but that
is the case. They have stated that they would be forced to pass
along the fee, because the ATM network charges them the fee even
when they don't succeed in performing the requested service.
In New Jersey, aren't there any branches available? If not, then
I am sure you could work with the headquarters branch. I have read
of people in Colorado and other places getting loans through DCU.
I have read that in this notes file, in fact.
Ed..
|
| 63.8 | Guess I'm forced to blow off the DCU | BAGELS::LEVY | A picture > An infinite # of words | Thu Nov 19 1987 12:37 | 25 |
| re: < Note 63.7 by 24699::FULTZ "ED FULTZ" >
> I do assume that if my equity interest was adjusted,
> that all interest would have been adjusted.
That's a bad assumption. Car loans have different risk factors than
mortgage loans; they also have a different competitive environment.
One shouldn't expect the two to maintain a constant basis point
differential.
>They have stated that they would be forced to pass
>along the fee, because the ATM network charges them the fee even
>when they don't succeed in performing the requested service.
The DCU isn't "forced" to charge anything. As has been pointed out
elsewhere in this file, DCU's overhead is high for a credit union
because of all the branches it has. Shouldn't branch patrons pay for
the service _only they_ receive?
Cost allocation is mostly arbitrary. Competition affects it; rationales
justify it; businesses decide what's best for their customers.
Customers that don't like those decisions take their dollars elsewhere.
|
| 63.9 | | 57584::BOYAJIAN | The Dread Pirate Roberts | Fri Nov 20 1987 03:33 | 7 |
| The interest rate on *my* car loan has certainly dropped over
the life of the loan. If I recall correctly, the standard
procedure is that every six months, the DCU decides whether
adjustment is called for and acts upon that. The rate doesn't
change more than �% up *or* down.
--- jerry
|
| 63.10 | Variable Rate Loans | 26644::STRATTON | Roberta Davidson-Stratton | Tue Nov 24 1987 23:39 | 26 |
| re .4 -
> From reading this notes file I have found out that loans are "variable
> life loans". As intrest rises the life of your loan increases. Do they
> tell you when this happens? Does the life shorten when intrest rates
> drop? Do they tell you about this?
All of the loans that the credit union offers (except for the fixed
rate first mtgs.) are variable rate loans. If the interest rate is
lowered the term of the loan is decreased. If the interest rate is
raised, then the term of the loan is increased. The interest rates are
reviewed by the board of directors every 6 months (March & September).
This past September was the only time in the history of the credit
union that the rates have gone up. And yes, the membership has to be
notified.
.4 also mentioned ATM fees and not being able to get balances.
The outside networks do not have access to the DCU, therefore can
not get balances. This is in the Member Agreement that is in the
envelope that your ATM card comes in. Please forgive me if I'm
sounding ballsy but, read the literature that DCU sends. Especially
if you are working at a DEC site that does not have a Credit Union
office.
Roberta
(former DCU employee from BUO)
|
| 63.11 | ? | BINKLY::WINSTON | Jeff Winston (Hudson, MA) | Wed Nov 25 1987 00:20 | 9 |
| >< Note 63.10 by 26644::STRATTON "Roberta Davidson-Stratton" >
> -< Variable Rate Loans >-
>
> Roberta
> (former DCU employee from BUO)
none of my business, but - curiousity has the better of me...
any relation to Jim Stratton OF EXIT26?
|
| 63.12 | Now you have to put up with two of us | EXIT26::STRATTON | These are the good old daze. | Wed Nov 25 1987 08:37 | 8 |
| Yep, we're happily married. By the way, her node, 26644
is also known as FSTVAX.
(Nisreen - you and I started to swap MAIL on fixing your
node database problem. Wanna pursue that again?)
Jim Stratton
|
| 63.13 | | 26644::STRATTON | Roberta Davidson-Stratton | Wed Dec 23 1987 14:49 | 3 |
| Am I related to Jim (EXIT26::STRATTON)? Yes I am, he's my husband.
Roberta
|