Charter Change to a Bank Does Not Have to Change Service
I enjoyed reading the letter from Robert J Larison, who was the CEO of Atlantic Coast FCU and then converted to a mutual savings bank [Nov. 9 issue, page 10]. His letter reminds me of Flip Wilson's character Geraldine, who always said, “The devil made me do it.” While I applaud Larison for recognizing that every institution has the right to determine its own destiny, I question many of the premises for why his credit union changed its customer service after the charter conversion and failed to align with his customer's goals.
His credit union had merged many other failed credit unions, and therefore had problems in getting a field of membership approved by the NCUA that would allow his credit union to serve all of the members from the mergers. I can identify with that problem. My credit union changed from a federal charter to a state charter for that same reason.