Portland Teachers Credit Union

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Account-holders at Portland Teachers Credit Union may want to heed a Roguish lesson one couple came away with after its dealings with Oregon's largest credit union.

That lesson, courtesy of Scarlett and Shamus Lynsky: "If you don't have anything nice to say, you'd better not say anything at all."

The Lynskys, who are married, filled out comment cards at an annual members' meeting in March with the credit union's board of directors. They scribbled their concerns over increasing credit rates and the $1.6 million salary of CEO Cliff Dias, then checked a box requesting a response.

When no response followed a month later, Shamus fired off an email asking when they'd get answers. The emailed answer from Tom Glatt, executive vice president and chief operating officer for the 161,000-member credit union: "I am authorized to inform you that the Board has decided not to respond to your comments, as is their privilege.... I would like for you to call me directly so I can personally facilitate the closing of your accounts, and your membership." Glatt declined to discuss the matter with WW.

The Lynskys followed up with a request for a peek at the credit union's bylaws. This time, they got a letter from Daniel F. McNeil, a lawyer representing the credit union. "Your free speech rights do not include the right to make false or misleading statements about PTCU," it warns. "Please understand that PTCU...will not hesitate to pursue defamation or other business interference claims against you."

"The letter is self-explanatory," McNeil told WW. "I'm not at liberty to discuss it further."

The Lynskys are thinking of ending their business with the credit union, but doing so could be difficult. Along with several savings accounts, the credit union handles their mortgage and retirement CD. "This is a credit union with members that own a stake in it," Scarlett Lynsky says. "It's amazing that they've put up this brick wall."

05.03.2005 at 09:00 Reply

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Recommendations?Well, I've been a member w/ PTCU for 8+ years, and am appalled to hear about this. I was just about to open up a savings account w/ my son (4), but am now considering alternatives for both his and my accounts. Does anyone have any recommendations? I went to PTCU from US Bank, and will never go back to an institution such as that... anything else?—Curiouser_n_Curiouser

PTCU-Line of credit interest ratesVery interesting article. I just teminated my own account with PTCU over an enormous increase they perpetrated in their line of credit rates. (From 8 point something percent to 15 point something percent over 2 months. However, because I had done business with them for years, I wrote them three times expressing my concern, and requesting a response. After the third email, it became clear they weren't going to respond. I was disgusted and closed my accounts. A loan officer at the bank stated "no one has really complained about this". Good to know that I'm not the only one who feels mistreated by this institution. I encourage everyone to close their accounts with this organization and list these skyrocketing interest rates as the reason. They need to hear this message.—Richard Thompson

05.04.2005 at 09:00 Reply

PTCUSo who else has written a letter asking for an explanation or response, and been denied? Do we need to organize to get an answer? It's a credit union, after all. Individual members may be powerless, but the members as a whole are not. —Collectivist

Another PTCU brick-wall -- what gives?Yeah, PTCU recently brick-walled my request for information on why they won't consider offering residential construction loans to members, and basically suggested that I leave to find another credit union if I don't like their policies.—Garlynn

Some Other Info and Questions........That fact that Mr. Lynsky was formerly employed by PTCU and that his former professional connection with PTCU was not mentioned in the article was THE most interesting aspect of the article. Was this fact omitted by Mr. Lynsky during is communications with WW, or did WW omit this information? Either way, the omission slants the article and supports the impression that it was but two helpless members being mistreated. Also, there was no real information here. The CEO's compensation is hardly news. The fact that a corporation (public or not, non profit or not) elected not to reply to a question regarding higher interest rates is not news. Has anyone noticed that most (if not all) interest rates have increased as the federal reserve has increased interest rates?Why have the Lynsky's not terminated their relationship with an PTCU if they are so dissatisfied? Suggesting that it wold be difficult for the Lynsky's to take their business elsewhere assumes they are not angry enough, do in fact find some advantage to remaining members (perhaps to complain), or are just lazy.Portland Teachers Credit Union obviously has something to offer the 160,000 (and growing) members that receive excellent rates on auto loans (for example). Bottom line - Just because the Lynskys want to whine about not receiving an answer to a question and then connecting that lack of response to interest rates and/or compensation does not make for a rogue. As a former (closeted) PTCU employee Mr. Lynsky should be aware that UNSECURED lines of credit warrant higher interest rates, than a secured loan such as an auto loan or home loan. —Paul Harvey

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Portland Teachers Credit Union