tag:blogger.com,1999:blog-319775530671726401.post4301694192874343220..comments2023-10-01T09:18:26.162-04:00Comments on Keith Leggett’s Credit Union Watch: MoneyWatch: No Valentine for CEFCUKeith Leggetthttp://www.blogger.com/profile/14794334790117033547noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-319775530671726401.post-69652760286696204442012-02-16T05:17:52.152-05:002012-02-16T05:17:52.152-05:00The motto on their building and their website is &...The motto on their building and their website is "Not a bank. Better."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-66833557698323496062012-02-15T18:38:53.563-05:002012-02-15T18:38:53.563-05:00As a Credit Union CEO I hate to agree with you, bu...As a Credit Union CEO I hate to agree with you, but it's a sleazy tactic.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-9005970856055895562012-02-15T10:27:40.872-05:002012-02-15T10:27:40.872-05:00Over the past couple of years I've had similar...Over the past couple of years I've had similar experiences where the terms and conditions of my CD's were changed midterm. As the result of several bank mergers, my CD's, many with maturity dates several years into the future, were repriced by the acquiring bank to below market rates. Although I was afforded the opportunity to redeem them, it did me no good as I had to reinvest that money at much lower rates. Funny how the acquiring bank didn't reprice any assets to market rates, only their liabilities. My point is, this isn't a credit union only issue and it's wrong regardless of financial institution type.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-19307060707816845052012-02-15T06:50:28.746-05:002012-02-15T06:50:28.746-05:00Doesn't matter to me if it's technically o...Doesn't matter to me if it's technically okay. It's wrong - and seems like something the CFPB actually should investigate.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-8042112779197066402012-02-15T00:37:12.253-05:002012-02-15T00:37:12.253-05:00The new Consumer Financial Protection Bureau shoul...The new Consumer Financial Protection Bureau should be on this like a pig at the trough. A member signs a Share Certificate of Deposit for a rate and term & then the credit union unilaterally changes the terms. Can the member change the terms? No. Can the member extend the maturity date? No. Can the member reduce the amount of the early withdrawal penalty? No. But to be sure the credit union can increase the early withdrawal penalty. Of course they will only do this when it is to their advantage. Is this in keeping with the credit union philosophy of "not for profit but for service?" No. It's not Citizens Equity - it is more like the Credit Unions' Equity that is being protected. If it was a bank there would be a Class Action lawsuit against this type of criminal lawlessness. Where is the credit union Class Action lawsuit? When will the credit union members retain an attorney for a ripe Class Action lawsuit against Citizens Equity Credit Union Directors and Management?<br />Time for the membership to Recall the Board of Directors. Install a new Board and fire existing management. What a horrible self-serving/self-dealing credit union. RECALL THE BUMSAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-66338563124745532292012-02-14T13:46:43.727-05:002012-02-14T13:46:43.727-05:00Again, a requirement of the Truth-In-Savings Act a...Again, a requirement of the Truth-In-Savings Act added to credit union compliance mandates when the banks needed billions in a bailout in the early 1990s under President George H.W. Bush. Thanks again, bankers!!!Anonymousnoreply@blogger.com