We lost the battles, but won the war!
Apr. 4th, 2004 10:53 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
sinanjuLate last year I got a letter in the mail from my credit union. The Board of Directors were proposing to turn the credit union into a bank. They had lots of alleged good reasons, but all I saw was the cold, hard fact that my non-profit credit union--with which I've been more than happy for almost ten years--was going to turn into just another money-grubbing commercial bank. Oh, they claimed that they had no plans to change how they do business.
And for what it's worth, I'm sure they didn't. What I suspect they had was plans to operate as a bank for a while, then accept an offer to be gobbled up by some national bank outfit, with golden parachutes all around...for the BOD, anyhow. I was against it. So was everyone I know who was a member of the credit union. We lost. Only about 10,000 of 59,000 members voted, and the margin of victory was about 450 votes. I didn't panic. I just calmly decided that the moment the CU-cum-bank changed its operating procedures to cost me so much as a dime, I'd close my account and move to some other bank that was more convenient.*
Later last year and early this year, I learned that a group of credit union members were fighting tooth and nail to get the board thrown out and the proposal to turn the credit union into a bank rescinded. Go team go! Well, the vote was had. And they lost.
Today I went to the credit union website to check my balance and transfer some money from savings to checking to make some purchases, and lo--there was a note on the front page. I quote:
The news abounds, "We are NOT converting to a bank -- we will REMAIN a credit union." But, have things changed that much that Columbia can stay a credit union? Will Columbia still be able to provide me with everything I want? The answer is a resounding ABSOLUTELY!
Uh, guys, the credit union was already providing me with everything I want. I was perfectly happy with the credit union status quo.
CEO Dave Doss explains, "Adding another branch or ATM requires dollars, and to do this, more income-earning loans are needed to fund these projects. We are seeing some positive moves in the credit union industry that will allow us the relief we have been looking for enabling us to remain a credit union."
Translation (from the National Cooperative Business Association website, in an article on credit union conversions into banks): In Vancouver, a small group of members mobilized quickly after the vote to convert Columbia Credit Union to a mutual savings bank. Calling itself Save CCU and using volunteer help, the group raised enough questions to trigger a federal investigation, which led eventually to the vote being thrown out. Having won that fight, the group is eager to share what it's learned with members of other threatened co-ops. It can be contacted at saveccu@hotmail.com, or 360-750-7228.
So the BOD and whichever consultants (who make their living on this sort of thing) have lost. Yay!
*The credit union has maybe five locations in the Vancouver/Portland area, all of them in Vancouver. I haven't visited a branch in more than a year. I only do that when I need to deal with the tellers or a loan officer directly. Otherwise I get my paychecks deposited electronically and use my debit card for all my financial transactions. I hardly even use checks anymore. Why the hell would I stay with them after they become just another bank, when I can walk to the nearest branch of three or four national banks if I need personal attention? Answer: I wouldn't.
And for what it's worth, I'm sure they didn't. What I suspect they had was plans to operate as a bank for a while, then accept an offer to be gobbled up by some national bank outfit, with golden parachutes all around...for the BOD, anyhow. I was against it. So was everyone I know who was a member of the credit union. We lost. Only about 10,000 of 59,000 members voted, and the margin of victory was about 450 votes. I didn't panic. I just calmly decided that the moment the CU-cum-bank changed its operating procedures to cost me so much as a dime, I'd close my account and move to some other bank that was more convenient.*
Later last year and early this year, I learned that a group of credit union members were fighting tooth and nail to get the board thrown out and the proposal to turn the credit union into a bank rescinded. Go team go! Well, the vote was had. And they lost.
Today I went to the credit union website to check my balance and transfer some money from savings to checking to make some purchases, and lo--there was a note on the front page. I quote:
The news abounds, "We are NOT converting to a bank -- we will REMAIN a credit union." But, have things changed that much that Columbia can stay a credit union? Will Columbia still be able to provide me with everything I want? The answer is a resounding ABSOLUTELY!
Uh, guys, the credit union was already providing me with everything I want. I was perfectly happy with the credit union status quo.
CEO Dave Doss explains, "Adding another branch or ATM requires dollars, and to do this, more income-earning loans are needed to fund these projects. We are seeing some positive moves in the credit union industry that will allow us the relief we have been looking for enabling us to remain a credit union."
Translation (from the National Cooperative Business Association website, in an article on credit union conversions into banks): In Vancouver, a small group of members mobilized quickly after the vote to convert Columbia Credit Union to a mutual savings bank. Calling itself Save CCU and using volunteer help, the group raised enough questions to trigger a federal investigation, which led eventually to the vote being thrown out. Having won that fight, the group is eager to share what it's learned with members of other threatened co-ops. It can be contacted at saveccu@hotmail.com, or 360-750-7228.
So the BOD and whichever consultants (who make their living on this sort of thing) have lost. Yay!
*The credit union has maybe five locations in the Vancouver/Portland area, all of them in Vancouver. I haven't visited a branch in more than a year. I only do that when I need to deal with the tellers or a loan officer directly. Otherwise I get my paychecks deposited electronically and use my debit card for all my financial transactions. I hardly even use checks anymore. Why the hell would I stay with them after they become just another bank, when I can walk to the nearest branch of three or four national banks if I need personal attention? Answer: I wouldn't.