Is Unitus CCU going the way of OnPoint CU?

The CEO of OnPoint Credit Union (formerly Portland Teacher's Credit Union), Cliff Dias,
makes an obscene amount of money: $1,600,000 (Willamette Week). Granted, OnPoint is Oregon's largest credit union with 182,000 members, but $1,600,000 salary? For a good discussion of Cliff Dias's outrageous pay, visit www.bojack.org.

Pat Raises Unitus Fees Beyond BECU Fees

Before Pat Smith was hired as CEO and Robber Baron at Unitus, she was employed at Boeing Employees Credit Union (BECU).

Not only have fees skyrocketed at Unitus, but Pat has managed to raise the fees past the BECU fees.

As of 8/31/07, here is a comparison of some of the rates and fees:

• The NSF fee at Unitus is $26, at BECU it's only $20.
• The stop payment fee at Unitus is $26, at BECU it's only $20.
• Visa rates at Unitus are 10.24% - 18.24%, at BECU it's only 6.90% - 16.90%.
• Checking Accounts
• Most people opt for the free checking that pays 0% because interest checking requires a $500 minimum balance and fees apply if you go below.
• BECU pays .5% with no minimum balance (and no fees).
• Saving Accounts
• Unitus pays .5% with a balance up to $2,500, with the rate topping out at 1.3% if the balance is above $50,000. (Who the hell is going to keep $50,000 in a savings account?!?!?)
• BECU pays 7.25% for balances under $500!!! Balances over are paid 1.75%.

Pat Smith has shown that she can make even more of a profit off of Unitus's membership than was possible at BECU!

Meet Pat Smith, CEO and Robber Baron

On the right of Governor Kulongoski, Pat Smith has a lot to smile about.

In 2005, Unitus Community Credit Union simply could not "afford" to give more than a 2% average pay increase to it's rank and file employees. However, Pat Smith made out like, well, a Robber Baron, getting a whopping 24% pay increase!

Her pay went from $232,275.00 to $288,410.00. That's a 24% pay increase. And that is NOT including her substantial deferred compensation benefits, 401k benefits and more.

This one outrageous fact, which I learned from a leaflet, is what motivated your anonymous blogger to take to the internet and let the world know about the corporate greed at Unitus Community Credit Union. I am disgusted by this double talk. I am disgusted that Pat smith would stand on the backs of working Portlanders and dig her heals in while fattening her own wallet.

Shame on you Pat Smith!

Pay Gap Between CEO and Worker is Outrageous.

Recently, CNN reported that CEO's in America make 364 times their employees. (www.cnn.com). This is absolutely astounding!!! In 1989, CNN reports that CEO's made a slightly more modest 71 times their employees.

What the hell has changed in less than two decades? Is there some new skill that executives have exclusively obtained that makes them that much more valuable?

I'll tell you what has changed: Union membership has decreased. Unions are what keep capitalism in control. Unions are what prevent companies from taking advantage of the workers. And most Unitus members are middle- to low-income workers, just like Unitus employees.

Unitus Is Not a Corporation, and Pat Smith should not be paid like that!

Pat Smith chose a career path in credit unions. Credit Unions are not-for-profit organizations, or put another way, they provide all profits to the members. Unitus is a Community Credit Union. It serves the Portland Metro Area. Unitus should set an example. Unitus should be a pillar of the community that other companies should strive emulate. Unitus should provide family wage jobs to it's employees. Unitus should not profit on excessive fees and rates. Unitus has forgotten the "community" in community credit union!

Unitus Fees Skyrocket

When Pat Smith was hired in March 2002, she quickly forgot Unitus's roots. Aside from changing it's name to Unitus, between July 2002 and August 2007, Pat has raised the fees enormously!

• NSF fee has more than doubled from $12 to $26.
  
• Safe deposit box fees have more than doubled from $12-$15 to $25-$100.
  
• Stop payment request fees have more than quadrupled from $5 to $26!
  
• Wire Transfer Fees have increased 20%.
  
• And on and on.

How is that serving our community? How are the members benefiting from increased fees? What is Unitus doing with these increased fees?

Pat Smith Forgot Unitus's Roots!

In the beginning...

On July 7, 1937 Oregon's telephone employees formed Oregon Telephone Employees Credit Union, later better known as Oregon TELCO. This credit union was formed to provide access to financial services to working men and women to allow them to provide a better life for their families. These folks came together in a time when banks largely ignored the working class, when Robber Barons amassed huge amounts of wealth on the backs of poorly paid workers. In essence, the community came together to protect and provide for the working men and women.

The Community Credit Union's Mission...

Credit unions are owned by the members and operated for the members. They are community institutions. You can look at it as a not-for-profit institution or a for-profit institution whose profits go to the members. A credit union is not a bank! Credit unions don't pay taxes. Ask any credit union (or the Credit Union National Association) and they will tell you they are fundamentally different, they are institutions run by the community for the community. Heck, just look at Unitus's mission statement: "people helping people" and "invested in you."

Pat has led Unitus Astray...

In upcoming posts, I will show how Unitus's fees have soared since Pat Smith was hired as CEO and Robber Baron. While fees have gone up, the wages and benefits of Unitus workers have stagnated. While Pat Smith has insisted that such wage and benefit cuts and stagnation ha been necessary, her salary and benefits have skyrocketed.

Thus, this is a story about how corporate greed has come to my beloved Credit Union.