| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 680.1 | | GSFSYS::MACDONALD | | Fri Aug 06 1993 10:46 | 15 |
|
Re: financials section
*We* are making money hand over fist at it seems about twice the
rate that was expected. It seems that the DCU is doing quite well
and recovering from the Mangone debacle at a good rate.
Why is Chuck Cockburn beating us with the "relationship" issue in
the last Network by focusing on certain accts? Exactly what agenda
is being worked?
Steve
|
| 680.2 | | ECADSR::SHERMAN | Steve ECADSR::Sherman DTN 223-3326 MLO5-2/26a | Fri Aug 06 1993 15:42 | 15 |
| According to my understanding of what he's saying in the June Network,
the DCU exists to "save and to obtain loans ..." Chuck emphasizes this
throughout the memo. This is apparently the direction that is being
pushed. To me, it sounds like they plan to introduce fees to checking
in the next few months.
I don't like how the memo made it sound like DCU lost of $2M with an
emphasis on it being a non-profit organization. This makes it sound
like DCU had a net loss of $2M and is going to introduce fees so that
it can break even. That implication is simply not true. I also don't
like the idea that I don't have a "relationship" with DCU if I only
have low-balance accounts. The implied message is that I'm scum.
Yup. That'll really make me want to approach DCU for a car loan.
Steve
|
| 680.3 | Another CU's definition of "relationship" | MUDHWK::LAWLER | Stress, Silicon and Software | Fri Aug 06 1993 19:25 | 37 |
|
This must be "relationship month" for credit unions.
The following appeared in the latest issue of the Navy Federal
Credit Union's monthly equivalent of "Network". It is interesting
both in the picture it gives of NFCU's definition of "relationship"
as well as in the way they go about it...
" BE SURE YOU MEET BALANCE REQUIREMENTS" (Which I've never heard
of before --al)
"All it took to open your Navy Federal share savings account
was the purchase of one $5 share. With the privelege of lifetime
(NFCU) membership comes the responsibility of actively using
your credit union. So we ask adule members to keep a minimum
$50 balance in their share savings within any given six-month
period, unless they also have active IRA's, or active
Certificate, Sharechek (checking --al) and/or loan accounts.
Letters are sent out every April and ctober reminding those
members who need to increase their share savings balances or
take advantage of other NFCU services."
I have no idea what happens if you dip below the $50, since
if only $50 is considered a "relationship", my balance is approaching
true love... :^)
Since the new board has been elected, (Along with the increased
awareness of credit union finances etc.) I've made an attempt
to increase my dcu balance from its previously abysmal level,
but it would be nice if chuck were to meet me half way with something
less than his previously hinted at $3500...
-al
|
| 680.4 | Relationship *->BANKING<-* | ASE003::GRANSEWICZ | | Sun Aug 08 1993 13:37 | 11 |
|
Could somebody please explain to me how this way of doing business
("relationship banking") is any different than the way banks are doing
business? Or have credit unions been taken over by bankers that are
driven by the bottom line only? I am beginning to see why banks are
jumping up and down about CUs not paying taxes.
Al, from the sounds it Navy is heading down the relationship banking path.
Please give them a call and see what the penalties are as well as any
other minimum balances you may not be aware of.
|
| 680.5 | | MUDHWK::LAWLER | Stress, Silicon and Software | Mon Aug 09 1993 08:33 | 7 |
|
Will do...
-al
|
| 680.6 | | GSFSYS::MACDONALD | | Tue Aug 10 1993 09:54 | 15 |
|
Re: .4
> Could somebody please explain to me how this way of doing business
> ("relationship banking") is any different than the way banks are doing
> business? Or have credit unions been taken over by bankers that are
> driven by the bottom line only?
If so then it's time to tell the bankers that they are NOT welcome.
THIS IS OUR CREDIT UNION EXISTING FOR THE SOLE PURPOSE OF MEETING OUR
NEEDS AND INTERESTS! How many times do we have to say it before
they get it?
Steve
|