Total Loans, Total Assets, Total Members crashing at AZ FCU since 2007. Pitifully poor performance.

The smartest AZ FCU members have voted with their money, closing their membership at AZ Fed, moving their money to better banks and credit unions, as illustrated in these declining metrics since 2007.  Browse the many pages on this site to see why AZFCU is not a smarter choice.  Since 2007, over 40% of the members left AZFCU, which is over 90,000 members gone.  Smart people have found the value proposition to be lacking at Arizona Federal Credit Union.  Which type of person are you?

How can AZ FCU’s spokesperson Steve Kelley,  senior director of marketing, call himself a growth strategist?

AZ FCU loans, assets, members crashing since 2007

AZ FCU loans, assets, members crashing since 2007

 

Fiscal Year ending TOTAL ASSETS TOTAL LOANS & LEASES MEMBERS
2007 $1,810,355,802 $1,458,963,776 221,625
2008 $1,738,519,156 $1,308,900,782 224,865
2009 $1,464,396,008 $971,835,610 206,563
2010 $1,265,753,074 $710,175,201 185,681
2011 $1,270,115,148 $546,315,789 171,825
2012 $1,296,524,445 $527,011,124 161,965
2013 $1,243,346,680 $521,974,501 135,288
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At AZFCU, the ratio of employees to members served is unfavorable and shows mismanagement.

As AZ FCU has intentionally run off members, instead of serving them, the number of full-time equivalent employees has not dropped enough in relation to the number of members being served.  When you have far fewer members to serve, you should need far fewer employees to serve them.  This shows that AZ FCU is not being managed well, in addition to the other terrible metrics.

AZ FCU full time equivalent employees to members per employee

AZ FCU full time equivalent employees to members per employee

Fiscal Year ending FT Equivalent Employees Members per Employee
2007 619 358
2008 623 361
2009 501 413
2010 418 445
2011 388 443
2012 363 446
2013 439 308
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10 reasons why you should close your Arizona Federal AZ FCU accounts. Move your money now!

AZ FCU hopes you won’t realize they have the worst rates.  Not only do they pay a low 0.01% interest rate on savings, they also charge $36 every year to every member.  With a $10,000 share savings balance, at other credit unions, you will be saving $35 to $119 more than you would at AZ FCU.  Restated, if you stay at Arizona Federal, you will be losing $35 to $119 more if you allow yourself to be pickpocketed for $36 every year at AZ FCU, compared to moving your money to a bank or credit union that doesn’t stick it to you.   At AZ FCU, you are paying more in costs, but receiving less in benefits.  In 10 years, you would be better off by $350 to $1190 more at somewhere other than AZ FCU.  The sooner you move your money, the better.

http://arizonafederalcreditunionmembers.wordpress.com/2014/10/20/arizona-federal-pays-the-lowest-and-worst-savings-rate-at-azfcu-org

AZ FCU’s competitors allow you to keep more of your own money and save more money.  Not only do other banks and credit unions have lower fees, they also pay higher rates.  Don’t be bamboozled by Arizona Federal.

http://arizonafederalcreditunionmembers.wordpress.com/2014/10/20/how-do-other-banks-and-credit-unions-compare-to-az-fcu-with-10000-in-your-share-savings-account-move-your-money

AZ FCU thinks you are bad at math.  If AZ FCU charges $6 million in annual member fees, then pays out $3 million as a “loyalty dividend,” you are collectively losing $3 million!  In such a case, Arizona Federal members are only getting 50% of their money back.  It’s similar to how casinos and lotteries advertise people winning money, without discussing how much they lose!  When you look at the total return on investment picture of casinos, lotteries, and AZ FCU, you will realize they are foolish “investments” where you get back far less than what you invest.

$36 in annual fees is not necessary to provide services like online banking, remote deposit, etc., as these services can easily be found elsewhere.

http://arizonafederalcreditunionmembers.wordpress.com/2013/04/01/asmarterchoice-org-lists-alternative-credit-unions-in-your-area/

At AZ FCU, you would need about $500,000 in your share savings account to earn enough interest at 0.01% to cover the $36 in annual membership fees.  If you took that same money and deposited at Ally Bank at 0.84%, you would earn about $4200.   Add in the $36 in annual fees you won’t have to pay at Ally Bank, and you would be ahead by about $4200+$36 = $4236!

http://arizonafederalcreditunionmembers.wordpress.com/2014/10/05/how-much-money-on-deposit-do-you-need-at-arizona-fcu-to-recover-the-36-in-annual-fees-about-500000/

AZ FCU doesn’t care if you stay with them.  “We are not for everyone,” they say.   It is unwise to be where you are not wanted.  A hostile environment is not healthy for you or your financial future.

AZ FCU thinks you are too lazy, complacent, and stupid to switch to a bank or credit union that values your business and gives you higher savings rates and lower loan rates.

http://arizonafederalcreditunionmembers.wordpress.com/2013/04/20/arizona-federal-credit-unions-competing-credit-unions-with-arizona-branch-locations-how-do-they-feel-about-their-members/

AZ FCU’s President, Ronald L. Westad, has destroyed his credibility.  AZ FCU can no longer be trusted.

http://arizonafederalcreditunionmembers.wordpress.com/2013/04/11/in-2003-ron-westad-spoke-about-his-personal-values-and-beliefs-it-wasnt-a-matter-of-how-much-could-we-make-or-how-much-could-we-charge-members

Arizona Federal Credit Union has some of the highest fees compared to alternatives.  Be smart with your money and financial future.  Move your money.

http://arizonafederalcreditunionmembers.wordpress.com/2013/04/08/arizona-federal-credit-union-has-some-of-the-highest-most-excessive-fees

Over 35,000 of the smartest AZ FCU members left AZ FCU in just 1 year!  That means, over 21% of the members got fed up and moved their money to where they don’t get charged unavoidable $3 monthly fees.  They don’t want to be robbed by the unavoidable monthly $3 ripoff fees at AZ FCU, especially when there are countless alternatives that are better for your wallet.

http://arizonafederalcreditunionmembers.wordpress.com/2013/04/02/what-do-the-members-think-of-arizona-federal-credit-union-6-million-more-in-greedy-fees-for-not-listening-to-the-members

Posted in angry members, principles, values, listening to members, what to do if you don't like the $3 fee | Tagged , , , , , , , , | Leave a comment

Despite claims to the contrary, Arizona Federal has a “fee them up” strategy

Since 2007, as fee income per member went up 64%, it should come as no surprise that members declined by 39%.  Did management salaries go down in proportion to the poor performance or did President Ronald Westad get a raise and bonus?  The biggest changes happened in 2013, as AZ FCU added $36 in annual fees, over 27,000 members left that year.

Running off members, intentionally, is a bad strategy because there are fewer members supporting the overhead, and a loss of economies of scale.  That is a key reason why smaller credit unions are merging out of existence.  In addition, fewer members means you will have fewer future borrowers, which leads to a smaller loan portfolio, which leads to lower profitability.

Kicking poorer, younger members to the curb is a short-sighted strategy, akin to getting rid of all your baby chickens because they are not producing eggs.  What happens in the future is obvious.  Baby chickens grow into big chickens and begin laying eggs, at which point they are more productive.  AZ FCU management, with their unavoidable $3 monthly fees, has sent thousands of future borrowers to other credit unions.  Those members won’t forget what Arizona Federal did to them.

Smart members go where they are not hit with excessive fees.  Only the less informed members stay at AZ FCU, or those too lazy to switch to a more caring credit union.

AZ FCU fee income per member went up while members went down

AZ FCU fee income per member went up while members went down

Fiscal Year ending FEE INCOME PER MEMBER MEMBERS
2007 $110 221,625
2008 $132 224,865
2009 $135 206,563
2010 $139 185,681
2011 $150 171,825
2012 $148 161,965
2013 $180 135,288
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How do other banks and credit unions compare to AZ FCU, with $10,000 in your share savings account? Move your money!

Don’t be a sucker! Move your money! Don’t get ripped off by $36 EVERY YEAR to line the pockets of management, when similar services can be found FOR FREE at many other financial institutions. Consider your share savings balance and see if you would save money by moving to a different bank or credit union. The answer is YES. According to this handy chart, every member at Arizona Federal is being ripped off – except for management, who is getting a bigger bonus and/or wage increase, AT YOUR EXPENSE!

Handy table is listed in ascending order from worst at AZ FCU, to best at Ally Bank. If you have $10,000 in savings at Arizona FCU, it will COST you $36 per year and earn you $1 in interest, for a net loss of $35. Alternatively, Ally Bank will pay you $840 per year. This is $839 MORE earnings at Ally Bank than Arizona Federal Credit Union!

Now, don’t be selfish like the executives at AZ FCU. Don’t simply move your money and close your accounts. Be sure to also tell your friends and neighbors to move their money as well to anywhere but AZ Federal.  Post a link to this site from your Facebook, Twitter, etc.

NAME savings rate $10,000 balance earns how much annually, after $36 unavoidable fees? $100,000 balance earns how much annually, after $36 unavoidable fees? $360,000 balance earns how much annually, after $36 unavoidable fees? $1,000,000 balance earns how much annually, after $36 unavoidable fees?
Example balance earns how much annually, after $36 in unavoidable fees at AZ FCU?
ARIZONA FEDERAL 0.01% -$35 -$26 $0 $64
LANDINGS CU/TSCU 0.01% $1 $10 $36 $100
PINAL COUNTY FCU 0.01% $1 $10 $36 $100
TUCSON OLD PUEBLO CU 0.01% $1 $10 $36 $100
WELLS FARGO BANK 0.01% $1 $10 $36 $100
CHASE BANK 0.01% $1 $10 $36 $100
US BANK 0.01% $1 $10 $36 $100
BANK OF AMERICA 0.01% $1 $10 $36 $100
BBVA COMPASS BANK 0.01% $1 $10 $36 $100
CREDIT UNION WEST 0.03% $3 $30 $108 $300
FIRST CU 0.03% $3 $30 $108 $300
MARISOL FCU 0.03% $3 $30 $108 $300
SAN TAN CU 0.03% $3 $30 $108 $300
DESERT SCHOOLS FCU 0.05% $5 $50 $180 $500
ARIZONA STATE CU 0.05% $5 $50 $180 $500
TRUWEST CU 0.05% $5 $50 $180 $500
ARIZONA CENTRAL CU 0.05% $5 $50 $180 $500
SUNWEST FCU 0.05% $5 $50 $180 $500
CANYON STATE CU 0.05% $5 $50 $180 $500
DEER VALLEY CU 0.05% $5 $50 $180 $500
VANTAGE WEST FCU 0.05% $5 $50 $180 $500
ALTIER CU 0.05% $5 $50 $180 $500
ALHAMBRA CU 0.05% $5 $50 $180 $500
TUCSON FCU 0.05% $5 $50 $180 $500
PIMA FCU 0.05% $5 $50 $180 $500
PYRAMID FCU 0.05% $5 $50 $180 $500
BMO HARRIS BANK 0.05% $5 $50 $180 $500
NATIONAL BANK OF ARIZONA 0.05% $5 $50 $180 $500
AMTRUST BANK 0.05% $5 $50 $180 $500
AMERICAN SOUTHWEST CU 0.08% $8 $80 $288 $800
HUGHES FCU 0.10% $10 $100 $360 $1,000
MIDFIRST BANK 0.10% $10 $100 $360 $1,000
MERIDIAN BANK 0.10% $10 $100 $360 $1,000
FIRST AMERICAN CU 0.15% $15 $150 $540 $1,500
A. E. A. FCU 0.20% $20 $200 $720 $2,000
NAVY FCU – MILITARY ONLY 0.25% $25 $250 $900 $2,500
ALLIANT CU – $10 fee to join 0.70% $70 $700 $2,520 $7,000
ALLY BANK – online only 0.84% $84 $840 $3,024 $8,400
NAME savings rate $10,000 balance earns how much annually, after $36 unavoidable fees? $100,000 balance earns how much annually, after $36 unavoidable fees? $360,000 balance earns how much annually, after $36 unavoidable fees? $1,000,000 balance earns how much annually, after $36 unavoidable fees?
Example balance earns how much annually, after $36 in unavoidable fees at AZ FCU?
Posted in charts images pictures, comparison spreadsheet, competition | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Arizona Federal pays the lowest and worst savings rate at AZFCU.org

Arizona Federal pays the lowest and worst savings rate

Arizona Federal pays the lowest and worst savings rate – click image to enlarge

Arizona Federal’s “The Power of US” slogan means that the insulting $3 unavoidable monthly fees are powering Arizona Federal to the detriment of its members.  Why get ripped off for $3 monthly, which is $36 annually, when you can go elsewhere to join a bank or credit union that doesn’t have this ripoff fee?  In addition, while they try to spin it as something special, you aren’t getting superior benefits.  A 0.01% interest rate is one of the worst in the market.  They also falsely claim it is needed to pay for online banking or other services, but these same services can be found elsewhere for free.


See easy options for how you can avoid monthly fees at these competitors.

http://arizonafederalcreditunionmembers.wordpress.com/2014/10/20/arizona-fcu-3-monthly-fee-cannot-be-avoided-competitors-offer-easy-options-to-avoid-monthly-fees/


Savings rates listed in ascending order, from worst to best.  Arizona Federal is the worst!

NAME savings rate
ARIZONA FEDERAL 0.01% – BEFORE $36 UNAVOIDABLE ANNUAL FEE
LANDINGS CU/TSCU 0.01%
PINAL COUNTY FCU 0.01%
TUCSON OLD PUEBLO CU 0.01%
WELLS FARGO BANK 0.01%
CHASE BANK 0.01%
US BANK 0.01%
BANK OF AMERICA 0.01%
BBVA COMPASS BANK 0.01%
CREDIT UNION WEST 0.03%
FIRST CU 0.03%
MARISOL FCU 0.03%
SAN TAN CU 0.03%
DESERT SCHOOLS FCU 0.05%
ARIZONA STATE CU 0.05%
TRUWEST CU 0.05%
ARIZONA CENTRAL CU 0.05%
SUNWEST FCU 0.05%
CANYON STATE CU 0.05%
DEER VALLEY CU 0.05%
VANTAGE WEST FCU 0.05%
ALTIER CU 0.05%
ALHAMBRA CU 0.05%
TUCSON FCU 0.05%
PIMA FCU 0.05%
PYRAMID FCU 0.05%
BMO HARRIS BANK 0.05%
NATIONAL BANK OF ARIZONA 0.05%
AMTRUST BANK 0.05%
AMERICAN SOUTHWEST CU 0.08%
HUGHES FCU 0.10%
MIDFIRST BANK 0.10%
MERIDIAN BANK 0.10%
FIRST AMERICAN CU 0.15%
A. E. A. FCU 0.20%
NAVY FCU – MILITARY ONLY 0.25%
ALLIANT CU – $10 fee to join 0.70%
ALLY BANK – online only 0.84%
NAME savings rate
Posted in charts images pictures, comparison spreadsheet, competition | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Arizona FCU $3 monthly fee cannot be avoided unless you CLOSE YOUR ACCOUNT. Competitors offer easy options to avoid monthly fees.

az fcu impossible to avoid the fee, even with an infinite balance

Low information members keep their money at AZ FCU. Smarter choice members move their money where they aren’t ripped off, not only by the low interest rates that Arizona Federal pays, but also by the unavoidable $3 monthly ripoff fee.


See how bad the rates are at Arizona Federal Credit Union here along with useful alternatives:

http://arizonafederalcreditunionmembers.wordpress.com/2014/10/20/arizona-federal-pays-the-lowest-and-worst-savings-rate-at-azfcu-org

NAME Balance required to avoid fees in savings account – listed in ascending order – best to worst
ALLY BANK – online only $0
ARIZONA STATE CU $5
CREDIT UNION WEST $5
FIRST CU $5
SUNWEST FCU $5
DEER VALLEY CU $5
VANTAGE WEST FCU $5
LANDINGS CU/TSCU $5
PINAL COUNTY FCU $5
ALLIANT CU – $10 fee to join $5
NAVY FCU – MILITARY ONLY $5
PYRAMID FCU $5
FIRST AMERICAN CU $5
AMERICAN SOUTHWEST CU $5
TRUWEST CU $25
CANYON STATE CU $25
MARISOL FCU $25
ALTIER CU $25
ALHAMBRA CU $25
SAN TAN CU $25
TUCSON FCU $25
PIMA FCU $25
TUCSON OLD PUEBLO CU $25
A. E. A. FCU $25
ARIZONA CENTRAL CU $25
HUGHES FCU $50
DESERT SCHOOLS FCU $200
NATIONAL BANK OF ARIZONA $200
MIDFIRST BANK $250
WELLS FARGO BANK $300
CHASE BANK $300
US BANK $300
BANK OF AMERICA $300
BBVA COMPASS BANK $500
BMO HARRIS BANK $500
AMTRUST BANK $500
MERIDIAN BANK $500
ARIZONA FEDERAL – cant avoid $3 MONTHLY ripoff FEES
NAME Balance required to avoid fees in savings account – listed in ascending order – best to worst
Posted in comparison spreadsheet, competition | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

How much money on deposit do you need at Arizona FCU to recover the $36 in annual fees? About $500,000

How much money on deposit do you need at Arizona FCU to cover the $36 in annual fees? About $500,000!
Arizona Federal Credit Union fees and rates are extremely uncompetitive. Arizona FCU is not a smarter choice.

Arizona Federal Credit Union pays extremely low, uncompetitive rates on its share savings account, only 0.01%. Once you factor in the unavoidable $3 monthly weasel fees, which come to $36 in yearly fees, you could suffer a huge negative return. In fact, in such a scenario, you might be better off burying your money in the backyard or hiding it under your mattress! As a part of Arizona Federal’s “financial education” program, do they explain how this is a big ripoff?

For example, if you have $100,000 in your share savings account, you would earn 0.01% interest which would be $10 in interest earned for the entire year. Then to experience the phony “Power of Us,” you would be paying $36 in fees, for a loss of $26!

Recap
$10 earned at 0.01% interest for $100,000 in share savings account
-$36 from $3 monthly weasel membership fees x 12 months = -$36
= -$26

In order to break even on the annual $36 weasel fees, one would need to have a $360,000 balance in a share savings account!

Recap
$36 earned at 0.01% interest for $360,000 in share savings account
-$36 from $3 monthly weasel membership fees x 12 months = -$36
=$0 breakeven

However, one would need MORE THAN $360,000 at 0.01% to break even, because the $36 earned on a $360,000 balance would be before tax! Depending on your tax bracket, it might take $500,000 or more to cover the $36 annual weasel fee. $500,000 x0.01% = $50 interest earned. In a 30% tax bracket, $50 interest earned-$15 in taxes = $35 remaining, after tax.

That same $500,000 at Ally Bank, at 0.84% = 0.0084 would earn $4200 in annual interest!

See this other post for alternatives, many of which are paying far higher than Arizona Federal Credit Union.

http://arizonafederalcreditunionmembers.wordpress.com/2013/04/02/arizona-federal-credit-union-offers-the-worst-deal-compared-to-all-competitors-2/

Posted in financials | Tagged , , , , , , , , , , , , | Leave a comment

Arizona Federal Credit Union must reverse course to cancel the $3 monthly membership fee and refund those fees already charged to current and past members.

NEW YORK – SunTrust Bank said on Monday it will stop charging a $5-per-month fee for using debit cards and return the fees it’s collected since June to its customers.

SunTrust cancelled their $5 monthly fee and refunded all previously charged fees. Why can’t Arizona Federal do the right thing and do the same?

http://usatoday30.usatoday.com/money/industries/banking/story/2011-10-31/suntrust-cancels-5-dollar-debit-fee/51015590/1

SunTrust latest to reverse $5 monthly debit card fee
By Eileen Aj Connelly, Associated Press
Updated 10/31/2011 5:16 PM

NEW YORK – SunTrust Bank said on Monday it will stop charging a $5-per-month fee for using debit cards and return the fees it’s collected since June to its customers.

The Atlanta-based bank followed larger rivals like Chase and Wells Fargo in backing off the fees.

The retail banking division of JPMorgan Chase let news leak Friday that it will not expand the $3 monthly fees it is charging in tests in Wisconsin and Georgia when they end in November. Wells Fargo followed with an official end to its testing of a $3 fee in five states, which had started Oct. 14.

Regional bank SunTrust (STI) says it “listened to our clients’ feedback” in making the decision to stop charging the fees.

Bank of America also said it plans to offer ways to avoid the fees through use of services like direct deposit and or maintaining certain balances, but the bank has not officially laid out its policy.

It was news last month that the Charlotte-based Bank of America planned to charge $5 per month for using debit cards for purchases that generated the most reaction among consumers. Even President Obama joined in the criticism.

The widespread anger helped spark a movement that is encouraging bank customers to move their money to credit unions and community banks that don’t charge such fees. “Bank Transfer Day” is slated to take place on Saturday, but neighborhood-based institutions around the country have already reported sharp increases in account openings ahead of the movement’s designated date for switching. Several larger banks, including Citibank, US Bancorp, PNC Financial and TD Bank, have jumped on the issue to highlight that they do not charge debit fees, although they may charge monthly maintenance fees for checking accounts.

Banks pushed the adoption of debit cards in the past decade in part because it is less expensive to handle transactions made with plastic than with cash or paper checks. Debit quickly became popular, and surpassed credit cards as the most popular form of non-cash payment several years ago. Usage has continued to increase as the economy has continued to struggle.

But a new federal regulation that kicked in Oct. 1 cut in half the fees banks could charge to retailers for processing purchases made with debit cards. That came on top of other recent restrictions for charging overdraft fees — which soared with automatic overdraft coverage for debit cards — and tighter rules on credit cards. Banks said they were instituting the debit card fees as a way to make up revenue lost to these new rules.

SunTrust’s announcement leaves only Regions Financial among large banks charging such fees. Regions began charging $4 per month in October.

Posted in angry members, banks, principles, values, listening to members | Tagged , , , , , , , , , , , , , , , , , , , , | Leave a comment