Thursday, August 16, 2012

$35 Merger Fee Rescinded

Earlier this week, I reported the on Educational Systems FCU charging a $35 merger fee to members of Montgomery County Teachers (MCT) FCU.

After receiving complaints from MCT's members over the $35 merger fee, Educational Systems FCU decided to rescind the fee.

Chris Conway, the President and CEO of Educational Systems FCU, wrote; "As an alternative to the account conversion fee, I am instead asking you to invest in MCT by doing more business with the Credit Union."

Also based upon the fee disclosures, Educational Systems should be able to quickly recoup the forgone income from the rescinded merger fee.

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1 comment:

  1. AnonymousAugust 16, 2012 at 6:37 PM

    who came up with the bright idea to rip off the membership at $35 a pop should be fired. Chris, I say off with their heads.

    ReplyDelete

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