Letter to the Editor: Today is a different day at SECU
To the Editor,
I grew up in the great town of Kinston! Learned to swim at Emma Webb pool, learned to drive the safe streets of Kinston and spent my elementary years at Northwest School. My church was Queen Street Methodist. It was a wonderful place to grow up.
After graduating from ECU, I began a career at State Employees’ Credit Union where I have been a member for over 40 years. I had the privilege of working at the credit union in Wilson, Greenville, High Point, Winston-Salem, Williamston and Raleigh. I can speak first hand of how the local branches and staff served these community throughout North Carolina.
My grandfather, Dr Joseph C. Knox, Sr was one of the founders of SECU and was passbook number seven of what is now 2.7 million members. He used to tell the story of why SECU began. In 1937, times were difficult and many state employees’ were struggling to make it paycheck to paycheck. As a result, they would go to loan sharks who would charge exorbitant rates and they were stuck in a situation they could not get out of. The non-profit member owned credit union was founded on the principal of “people helping people”.
The credit union has changed substantially over the last three years as the current management and board has changed its focus from grassroots input and service to corporate centralization in Raleigh. Local influence has been reduced significantly. Every member was treated with the same quality of service and loan rates. The average housekeeping assistant was given the same rate as the governor would receive on a similar loan. It lived up to its “Not for profit” cooperative concept. It was a unique rarity among financial institutions. Our service and products enabled us to become the second largest credit union in the United States while I was there. Member surveys were simply outstanding.
Today is a different day. We no longer pay competitive market rates on our money market accounts and many of our loan members have to pay a surcharge because of credit bureau algorithms without local override capability. This is happening at the same time our board was boasting of historic record profits at last year’s annual meeting.
As a result of many unpopular policies, the 3 board nominated candidates were defeated by 3 member nominated candidates at last year’s annual meeting. This year there are 4 board nominated candidates opposing 4 member nominated candidates. The 4 member nominated candidates are Julian Hawes, Jean Blaine, Susie Ford, and Kirby Parrish. The member nominees have a stated platform of “Get Back to Basics” with the following platform:
1)End Risk Based Lending…Restore same best rate for every member!
2)Restore competitive savings rate for every member!
3)Restore”Do the right thing “ for every member!
4)Restore local focus…local communities…local jobs!
5)Restore employee faith for fairness and equal opportunity!
Over 2.7 million ballots will mailed to members of the credit union starting September 3, 2024. Please vote for member nominated candidates and refer to website secuforall.com
Thank you
Susie Ford
Cary NC
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