No regard for what their code of conduct clearly states.
SCU code of conduct states
"We provide sufficient information to ensure that members considering our products and services can make informed and suitable choices. We exercise reasonable and prudent judgment in all our business dealings... Our culture is based on going above and beyond for our members and making strategic decisions in their best interest. "
Do not rely on SCU to make the better judgement call for what is best suited for your financial needs despite what their code of conduct states.
There was nothing prudent about the product selected by SCU for the solution I was seeking (new builders mortgage). Spending over 80k in interest in less than 2.5 years on a 553k mortgage ($0 paid to principle in the end) that was moved over to SCU to satisfy their requirement for the new financial product (new builders mortgage).
To be set up with a temporary mortgage knowing that it would have to be paid out early and hit with a penalty in my opinion falls under egregious. There was no regard for their members financial well being. Any financial planner would say this is an embarrassment to the client seeking a financial solution. To leave a customer in a worse financial situation then when they started is in my opinion unethical.
My recommendation; seek out others opinions, ask questions, ask how the end game looks, ask what your institution is willing to do for you. It is very sad to say but even an credit union with a polished code of conduct still is only looking to maximize profits. read more