Pulling Money out of Education First Credit Union

[KDOSullivan]

I have not been happy with " The Teacher's Credit Union" as it was once called. I joined in the early 1980s when I first got out of college. I have been a teacher  and member all that time. It seems my small credit union has gotten too big for their britches by giving $1,000,000 to Lamar for the new scoreboard. It is not just me, everyone who had money this morning in the teacher's study is looking at other credit unions.
To a teacher from a not wealthy district a million dollar scoreboard is a luxury, not a necessity. I think my district spent right at $9 million dollars to run three campuses in 08-09. Trust me, my district would have loved to have had  a fraction of that money for book for the library, or a new smart board.
Do I think that it will improve the membership in My credit union by advertising on a scoreboard? No, when is the last time you actually put your money into a financial institution that advertised at a ballgame?
I am sorry, my money is gone from Education First by the end of the week. I hope others follow suit.
Is anyone on the board a member of MCT Credit Union? Are you happy with them?

[UNLV]

Education didn't give LU a gift, it bought an effective ad.

[ForeverADog]

Well just letting you know, capital one, MCT, Neches, DuPont goodrich, and 5 point are all Lamar athletic sponsors too. And all spend lots of money for their logo places and to have it announced at games.

[BLUEDOVE3]

It's subliminal advertising. It really works. Maybe they will offer you better services from the new members they will bring in to the cr.

[KDOSullivan]

I am telling you, several moved money to other institutions today. It was the million dollars, trust me, it is "our" money, and we don't want Education First start thinking they are Chase Bank or Citi Bank.

[Bobcat1]

::)

[NorthoftheBorder]

I think I will see if I qualify to be a member of Education First and move some money there.

[UNLV]

[quote name="KDOSullivan" post="760684" timestamp="1266362446"]
I am telling you, several moved money to other institutions today. It was the million dollars, trust me, it is "our" money, and we don't want Education First start thinking they are Chase Bank or Citi Bank.

[/quote]Education first would go out of business if they stopped reaching out for new customers.

[KDOSullivan]

[quote name="UNLV" post="760721" timestamp="1266370028"]
[quote author=KDOSullivan link=topic=66131.msg760684#msg760684 date=1266362446]
I am telling you, several moved money to other institutions today. It was the million dollars, trust me, it is "our" money, and we don't want Education First start thinking they are Chase Bank or Citi Bank.

[/quote]Education first would go out of business if they stopped reaching out for new customers.
[/quote]

You are not "getting" it. We feel we are getting rooked by our own credit union, one many of us supported in the start. It has grown to the point we feel they do not care about the average teacher anymore. We are starting to get the 3rd degree when we try to get a loan for a vehicle, and this is with those of us with excellent credit ratings.
Then, instead of getting us a better interest rate on our deposits, they cough up a million dollars. ( And I know it would be tiny, but it would at least be an attempt.)
This is a credit union, it isn't a bank. They do not have stockholders. The owners are the people with the money in the bank.
BTW: North, go at it, see if you can make up the difference with your deposit....And while you are at it, buy more season tickets. I can't afford them. I am sending my kid to college. The same college my credit union gave a million dollars to.....Or former CU later this week.

[ForeverADog]

Today, Education First FCU has nine branch locations, more than 32,000 members and over $265 million in assets.

This was in the article in the other thread. If they have $265 million in assets. If I did my math right, thats 0.37%. I think your credit union will be okay. No need to leave. I promise almost all of the larger credit unions in the area spend well over a million a year in advertising.

[texasstud28]

Sounds like you've gotten things misconstrued and misinterpreted.  FCU did not "give" your money away.  Corporate sponsorships and donations such as these will be mutually beneficial to both Lamar University and FCU members in the long run.

[lu cards]

i guess it would be ok if were ut or atm. :'(

[Texantagonise]

He should probably be mad at all the money Education First "GIVES" to KFDM and the rest to the television market.  They also "GIVE" money to radio stations, and newspapers. 

[bullets13]

i will say this... EFCU just tried to jack us up when we wanted to refinance our new car.  they wanted us to add ten more months of payments to the older car we had, and increase the cost of the payment of our new car, and somehow this was supposed to save us 30 bucks a month?  what good is 30 bucks a month if we're going to be paying 400 a month for an extra 10 months on our old car, and then be left with a car payment on the new car that is higher than it originally was after we financed through the dealership. don't know if that made sense or not... it sure as shit didn't make sense to me when they tried to get us to do it.

[Guest coachacola]

There's a lot of choices these days between banks and credit unions, so if you're not happy then find another one.  I like credit unions over banks, but if I felt like my credit union was jacking me around or didn't like what they were doing I'd find another one.  Nothing wrong with that. 

[becktobigs]

I surely hope none of the money comes from cutting out those cool pizza cutters they give out at ballgames.  I was hoping to get a few more for Christmas presents.  Maybe I'll deposit more money so they can do both. 

[Rebel Yeller]

I don't work for Lamar or belong to Education First, but I do belong to a credit union. One of the things that I like about credit unions over banks is that they are usually locally focused. The banks are all for profit and are looking to do what is best for stock holders, not a bad thing, just their way of doing business and I am all for that. But, a credit union is more about the members AND the community that they serve.

That service can come in all kinds of ways. I know that Education First helps area students with scholarships each year. In fact they give one to at least one student from every school in SETX if I am not mistaken. They give to other organizations that do work right here in the community. It's that local focus that draws most people to do business with the credit unions.

Education First gave [u][b]alot![/b][/u] of money to Lamar for the scoreboard that's a fact, but if they get a couple of businesses that like their community involvement and they more accounts and borrow money from them then the money won't be looked at as a gift or as advertisement, it will be looked at as a very good investment in the future of the credit union.

If you are a Education First member ask yourself a few of questions...
1. Have they serviced your account properly?
2. Have they given you good service while you have been a customer?
3. Did they take the million dollars or any portion of it out of your personal account?

If you answered Yes to 1 & 2 and No to #3 then I think you can feel pretty good about being a member of a credit union that takes an active role in the local community.

[Guest coachacola]

[quote name="becktobigs" post="761199" timestamp="1266426750"]
I surely hope none of the money comes from cutting out those cool pizza cutters they give out at ballgames.  I was hoping to get a few more for Christmas presents.  Maybe I'll deposit more money so they can do both. 
[/quote]

:D  Those are great.  I got a free Education First pizza cutter a few years ago at a game and I use it all the time!

[KDOSullivan]

[quote name="coachacola" post="761239" timestamp="1266430838"]
[quote author=becktobigs link=topic=66131.msg761199#msg761199 date=1266426750]
I surely hope none of the money comes from cutting out those cool pizza cutters they give out at ballgames.  I was hoping to get a few more for Christmas presents.  Maybe I'll deposit more money so they can do both. 
[/quote]

:D  Those are great.  I got a free Education First pizza cutter a few years ago at a game and I use it all the time!
[/quote]
And those we don't mind.....And trust me, money is pulled including my 80+ year old Mother who taught 39 years. She moved her CD to another credit union.
One of our teachers spoke to the CU president and she is so mad, he basically told her " Oh, you'll get over it." Her money is gone.
BTW: If you are not a member, how can you comment? Why don't call your financial institution and tell them your rates are Okay, put some major bucks into Lamar.

[AJ25]

[quote name="coachacola" post="761239" timestamp="1266430838"]
[quote author=becktobigs link=topic=66131.msg761199#msg761199 date=1266426750]
I surely hope none of the money comes from cutting out those cool pizza cutters they give out at ballgames.  I was hoping to get a few more for Christmas presents.  Maybe I'll deposit more money so they can do both. 
[/quote]

:D  Those are great.  I got a free Education First pizza cutter a few years ago at a game and I use it all the time!
[/quote]

Those pizza cutters do work like a charm..

[LUFAN]

Well this is a sports forum... I think you should take these types of issues up somewhere else..    

[KDOSullivan]

[quote name="LUFAN" post="761516" timestamp="1266459637"]
Well this is a sports forum... I think you should take these types of issues up somewhere else..    
[/quote]

Let's see, a million dollars for a scoreboard for a SPORTS stadium and it is not an issue??????
Typical, I don't care, it's good for me, to heck with everyone else.

[Lazeek]

Why is it that KDOSULLIVAN always comes on here with negativity?  The donation does not affect you personally so why let it bother you???  I bank with Community Bank here locally and want them to sponsor as much stuff as they can and get their name out!!!!  EFCU is doing the same thing........are the charging their members a extra fee or something to pay for the scoreboard.......NO!!!!!  Get over it and get a better attitude!!!!! ;D ;D ;D ;D

[woodman]

Maybe we can get MOFCU to buy a new score board for BB

[Lazeek]

Heck yes Woodman!!!!!!!! ;) ;)  Maybe I need to go to another game!!!!!  Ben a while!!!!