Arizona Federal Credit Union – Mutually beneficial? For whom? Ronald L. Westad?

Arizona FCU says they paid out a $3 million bonus to a little over 77,000 members in December 2012. They also show they had Net Income, or earnings, of about $45 million, in 2012. There were almost 162,000 members as of December 31, 2012. Basic math says 162,000 total members – 77,000 members who received a payout = 85,000 members who did not receive a payout. This means that 85,000 members, or approximately 52%, did not mutually benefit from the payout because they received nothing. Would a majority of the members, who pay in $36 every year, but get no year end bonus payout, truly think this program is mutually beneficial?

How much was President/CEO Ronald L. Westad’s PLUs payout in December 2012?

Those in power should not be allowed to pass laws or rules that unfairly and disproportionately benefit themselves at the expense of the little people. In such instances, it is Robin Hood in reverse, the rich stealing from the poor. Are the Board of Directors his “Merry men and women?”

Do the required, unavoidable, $3 weasel fees charged every month fit Ronald L. Westad’s principles, values, and beliefs? Just what are his principles, values, and beliefs in 2013? They sure look different than he stated they were in 2003.

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, profits and losses, Ronald L. Westad and tagged , , , , , , , . Bookmark the permalink.

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