mrs_sweetpeach: (Default)
We forgot to bring in the mail last night, so I got it out of the mailbox and brought it to work with me this morning. One of the things in there was a letter regarding DFCU Financial's 2007 Election of Directors. It's no surprise the credit union wants members to re-elect the incumbent directors, but as these are the people who wanted the credit union to convert to a bank, I don't trust their judgment.

This lead to a trip to DFCU Owners United's home page and the discovery that the credit union will issue each of its 160,000 members at least $50 in January. To quote from the article, "These are excess funds, which belong to the members and are being returned to them," said Bruce Gearns, a member of the credit union for 28 years. We're due this money, but there's some interesting questions about timing and what would have happened to this money if the credit union had become a bank."

My sense is that if the conversion had taken place, the $17.5 million going toward dividends would have disappeared. I won't refuse the money, of course, but I'm annoyed that the surplus exists in the first place. Most credit unions don't offer a dividend. Most choose to deliver financial benefits on a daily basis by offering higher interest rates on savings, lower interest rates on loans or fewer and lower fees.
mrs_sweetpeach: (Default)
We forgot to bring in the mail last night, so I got it out of the mailbox and brought it to work with me this morning. One of the things in there was a letter regarding DFCU Financial's 2007 Election of Directors. It's no surprise the credit union wants members to re-elect the incumbent directors, but as these are the people who wanted the credit union to convert to a bank, I don't trust their judgment.

This lead to a trip to DFCU Owners United's home page and the discovery that the credit union will issue each of its 160,000 members at least $50 in January. To quote from the article, "These are excess funds, which belong to the members and are being returned to them," said Bruce Gearns, a member of the credit union for 28 years. We're due this money, but there's some interesting questions about timing and what would have happened to this money if the credit union had become a bank."

My sense is that if the conversion had taken place, the $17.5 million going toward dividends would have disappeared. I won't refuse the money, of course, but I'm annoyed that the surplus exists in the first place. Most credit unions don't offer a dividend. Most choose to deliver financial benefits on a daily basis by offering higher interest rates on savings, lower interest rates on loans or fewer and lower fees.
mrs_sweetpeach: (Default)
We forgot to bring in the mail last night, so I got it out of the mailbox and brought it to work with me this morning. One of the things in there was a letter regarding DFCU Financial's 2007 Election of Directors. It's no surprise the credit union wants members to re-elect the incumbent directors, but as these are the people who wanted the credit union to convert to a bank, I don't trust their judgment.

This lead to a trip to DFCU Owners United's home page and the discovery that the credit union will issue each of its 160,000 members at least $50 in January. To quote from the article, "These are excess funds, which belong to the members and are being returned to them," said Bruce Gearns, a member of the credit union for 28 years. We're due this money, but there's some interesting questions about timing and what would have happened to this money if the credit union had become a bank."

My sense is that if the conversion had taken place, the $17.5 million going toward dividends would have disappeared. I won't refuse the money, of course, but I'm annoyed that the surplus exists in the first place. Most credit unions don't offer a dividend. Most choose to deliver financial benefits on a daily basis by offering higher interest rates on savings, lower interest rates on loans or fewer and lower fees.
mrs_sweetpeach: (Default)
Looks like the lawsuit is on. PDF of the Complaint.
mrs_sweetpeach: (8-pointed Star)
Looks like the lawsuit is on. PDF of the Complaint.
mrs_sweetpeach: (8-pointed Star)
Looks like the lawsuit is on. PDF of the Complaint.
mrs_sweetpeach: (Default)
MCUL reports that DFCU Financial refuses to hold special membership meeting -- even though the DFCU Owners United group presented over three times the required 500 member signatures calling for a special membership meeting.

Thus provoked, I paid a visit to the mis-named SaveDFCU and looked around. When I got to their FAQ, I had to comment )
mrs_sweetpeach: (Behind the door)
MCUL reports that DFCU Financial refuses to hold special membership meeting -- even though the DFCU Owners United group presented over three times the required 500 member signatures calling for a special membership meeting.

Thus provoked, I paid a visit to the mis-named SaveDFCU and looked around. When I got to their FAQ, I had to comment )
mrs_sweetpeach: (Behind the door)
MCUL reports that DFCU Financial refuses to hold special membership meeting -- even though the DFCU Owners United group presented over three times the required 500 member signatures calling for a special membership meeting.

Thus provoked, I paid a visit to the mis-named SaveDFCU and looked around. When I got to their FAQ, I had to comment )
mrs_sweetpeach: (Default)
I'm getting seriously annoyed with DFCU Financial. We've been members of the credit union since 1986 and have, until recently, been very happy doing business with them. The credit union loaned us the money to pay for our wedding reception; years later, even though it cost slightly more than a commercial loan, we refinanced our mortgage through them because we support the idea behind credit unions -- members helping members reach their financial goals.

Last year, things began to change. Our membership cards ceased working in the machines at the credit union service center. That didn't prevent us from banking at the service centers, it simply meant we had to fill out a few more lines on vouchers to prove our identities. Then DFCU made a change that resulted in the service center needing to telephone DFCU's home office every time we went to deposit check made out to our business. Calling usually adds five to ten minutes to transaction time, as the teller not only has to fight his or her way through DFCU's phone system, but wait on hold for someone to approve the deposit.

Then came the vote to convert the credit union from a credit union to a federal savings bank. According to the letters that went out with the ballots, the credit union's board had concluded the conversion was essential in light of Michigan's economic situation. This may be true, but by not bringing their concerns to the membership and asking for input, I felt I'd been blindsided. We voted against the conversion, as did so many other members that DFCU Financial withdrew its charter conversion application before the end of the voting period.

Now we've received a letter from the chairman of the board claiming the charger conversion was withdrawn because "the regulated communication process proved too divisive and disruptive for members." I find that insulting -- the number of votes against the conversion shows the vote was not divisive -- the members are clearly unified in the desire to remain a credit union. It sounds to me like what the Chairman is saying is "the board knows best and the members should be like good little children and do what we say."

The chairman's letter reports that a new petition to recall DFCU's entire Board of Directors has been submitted and goes on to describe the Board as having "an impeccable track record." Just how anyone can claim that a board that has squandered nearly a million of the membership's dollars in an attempt to convert the credit union to a bank as "impeccable" is beyond me. I feel that any board member who supported the application without calling for a series of town hall meetings for the membership beforehand deserves to be recalled. And I seem to recall that that original letter, the one announcing the vote, said that the board was unanimous in its recommendation to convert.

Lastly, the board has now created a new website www.SaveDFCU.com to fight against the recall. The domain name alone strikes me as dishonest -- the very people who wanted the credit union to stop being a credit union have the stomach to name their site "save DFCU"?! These are the very people who renamed the credit union "DFCU Financial," thus obscuring its identity as a credit union!

If you ask me, the people really interested in saving the credit union are those at DFCU Owners United.
mrs_sweetpeach: (8-pointed Star)
I'm getting seriously annoyed with DFCU Financial. We've been members of the credit union since 1986 and have, until recently, been very happy doing business with them. The credit union loaned us the money to pay for our wedding reception; years later, even though it cost slightly more than a commercial loan, we refinanced our mortgage through them because we support the idea behind credit unions -- members helping members reach their financial goals.

Last year, things began to change. Our membership cards ceased working in the machines at the credit union service center. That didn't prevent us from banking at the service centers, it simply meant we had to fill out a few more lines on vouchers to prove our identities. Then DFCU made a change that resulted in the service center needing to telephone DFCU's home office every time we went to deposit check made out to our business. Calling usually adds five to ten minutes to transaction time, as the teller not only has to fight his or her way through DFCU's phone system, but wait on hold for someone to approve the deposit.

Then came the vote to convert the credit union from a credit union to a federal savings bank. According to the letters that went out with the ballots, the credit union's board had concluded the conversion was essential in light of Michigan's economic situation. This may be true, but by not bringing their concerns to the membership and asking for input, I felt I'd been blindsided. We voted against the conversion, as did so many other members that DFCU Financial withdrew its charter conversion application before the end of the voting period.

Now we've received a letter from the chairman of the board claiming the charger conversion was withdrawn because "the regulated communication process proved too divisive and disruptive for members." I find that insulting -- the number of votes against the conversion shows the vote was not divisive -- the members are clearly unified in the desire to remain a credit union. It sounds to me like what the Chairman is saying is "the board knows best and the members should be like good little children and do what we say."

The chairman's letter reports that a new petition to recall DFCU's entire Board of Directors has been submitted and goes on to describe the Board as having "an impeccable track record." Just how anyone can claim that a board that has squandered nearly a million of the membership's dollars in an attempt to convert the credit union to a bank as "impeccable" is beyond me. I feel that any board member who supported the application without calling for a series of town hall meetings for the membership beforehand deserves to be recalled. And I seem to recall that that original letter, the one announcing the vote, said that the board was unanimous in its recommendation to convert.

Lastly, the board has now created a new website www.SaveDFCU.com to fight against the recall. The domain name alone strikes me as dishonest -- the very people who wanted the credit union to stop being a credit union have the stomach to name their site "save DFCU"?! These are the very people who renamed the credit union "DFCU Financial," thus obscuring its identity as a credit union!

If you ask me, the people really interested in saving the credit union are those at DFCU Owners United.
mrs_sweetpeach: (8-pointed Star)
I'm getting seriously annoyed with DFCU Financial. We've been members of the credit union since 1986 and have, until recently, been very happy doing business with them. The credit union loaned us the money to pay for our wedding reception; years later, even though it cost slightly more than a commercial loan, we refinanced our mortgage through them because we support the idea behind credit unions -- members helping members reach their financial goals.

Last year, things began to change. Our membership cards ceased working in the machines at the credit union service center. That didn't prevent us from banking at the service centers, it simply meant we had to fill out a few more lines on vouchers to prove our identities. Then DFCU made a change that resulted in the service center needing to telephone DFCU's home office every time we went to deposit check made out to our business. Calling usually adds five to ten minutes to transaction time, as the teller not only has to fight his or her way through DFCU's phone system, but wait on hold for someone to approve the deposit.

Then came the vote to convert the credit union from a credit union to a federal savings bank. According to the letters that went out with the ballots, the credit union's board had concluded the conversion was essential in light of Michigan's economic situation. This may be true, but by not bringing their concerns to the membership and asking for input, I felt I'd been blindsided. We voted against the conversion, as did so many other members that DFCU Financial withdrew its charter conversion application before the end of the voting period.

Now we've received a letter from the chairman of the board claiming the charger conversion was withdrawn because "the regulated communication process proved too divisive and disruptive for members." I find that insulting -- the number of votes against the conversion shows the vote was not divisive -- the members are clearly unified in the desire to remain a credit union. It sounds to me like what the Chairman is saying is "the board knows best and the members should be like good little children and do what we say."

The chairman's letter reports that a new petition to recall DFCU's entire Board of Directors has been submitted and goes on to describe the Board as having "an impeccable track record." Just how anyone can claim that a board that has squandered nearly a million of the membership's dollars in an attempt to convert the credit union to a bank as "impeccable" is beyond me. I feel that any board member who supported the application without calling for a series of town hall meetings for the membership beforehand deserves to be recalled. And I seem to recall that that original letter, the one announcing the vote, said that the board was unanimous in its recommendation to convert.

Lastly, the board has now created a new website www.SaveDFCU.com to fight against the recall. The domain name alone strikes me as dishonest -- the very people who wanted the credit union to stop being a credit union have the stomach to name their site "save DFCU"?! These are the very people who renamed the credit union "DFCU Financial," thus obscuring its identity as a credit union!

If you ask me, the people really interested in saving the credit union are those at DFCU Owners United.

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