Arizona Federal Credit Union annual meeting 2013 – “Let them eat cake!”

Arizona Federal executives and board of directors seem to be oblivious to the will of the people

Arizona Federal executives and board of directors seem to be oblivious to the will of the people

At the next annual meeting, how many members will show the necessary courage, intelligence, and leadership to express their outrage to management, the Board of Directors, and the Supervisory Committee? Do enough member-owners of Arizona Federal realize each member-owner has 1 vote, and is an equal owner in the credit union? Do enough of the 100,000+ member-owners understand that since they are the owners of the credit union, they greatly outnumber the approximately 400 employees. Do the member-owners understand that some employees may be salivating at the thought of an almost $6 million increase in fee income, generated as a result of the $3 monthly fees slapped on every member? Do enough of the member-owners understand that the employees should be working for the credit union member-owners, not against them?

“Let them eat cake” is the traditional translation of the French phrase “Qu’ils mangent de la brioche”, supposedly spoken by “a great princess” upon learning that the peasants had no bread. Since brioche was enriched with butter and eggs, as opposed to ordinary bread, the quote supposedly would reflect the princess’s obliviousness as to the condition of the people.

Similarly, management of Arizona Federal is oblivious to the needs of its citizens, the 100,000+ strong ranks of member-owners of the credit union.

Is this what management is thinking?
“Let them eat cake, because we will make all members contribute even more, to juice our fee income, whether they want to partake in additional services or not, as we laugh all the way to the bank.”

About Arizona Federal Credit Union Members United

Arizona Federal Credit Union Members United is a group of over 100 members and former members who care about our credit union being run fairly. The leadership of the credit union has failed to represent us properly by enacting a new and unnecessary, unavoidable, unconscionable, $3 monthly membership fee that we did not want. The members did not ask for this. Before implementing such a counter-productive fee, the proposal should have been put up for a vote to all the members to decide, so the will of the people is followed. The member-owners of Arizona FCU should not be taxed $3 monthly, simply for being a member. We want all the $3 monthly member fees refunded to all current and past members, the elimination of the fee going forward, and the elimination of the $25 rejoining fee. We are against any financial institution charging an unavoidable ongoing membership fee, simply for being a member. This is the wrong approach. Members and customers should be valued, not punished. We want to see Arizona FCU succeed, not fail. Imposing unfair policies that are detrimental to the long-run success of the credit union and detrimental to society should be abolished.
This entry was posted in angry members, principles, values, listening to members and tagged , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s