According to an article on CU Times:
“The $388 million, 39,800-member ESFCU of Greenbelt, Md., is charging members of the $401 million, 57,700-member Montgomery County Teachers FCU of Derwood, Md., a $35 one-time fee as the merger nears conclusion.”
The article quotes ESFCU’s CEO — who was a senior exec at the acquired credit union — as saying:
“We’ve already gone through quite a bit to put together this merger and so we feel it is only fair that our own members do not get saddled with the expense, which is why we have asked for the extra fee.”
My take: Wow. The nerve of some credit unions.
To be clear, I’m not talking about ESFCU. No, I’m talking about the credit unions who, over the past year or so, have produced YouTube videos and ad campaigns that have blasted banks for charging fees, implying that credit unions don’t.
Haven’t they heard that saying about people who live in glass houses?
According to Bankrate.com, over the past year, two of the 50 largest credit unions discontinued their free checking accounts, and now charge fees on those accounts.