Tech CU Offering Cash, iPads for Votes in Bank Conversion Balloting
The 70,000-member, $1.6 billion Technology Credit Union is offering members a chance to win more than $15,000 in cash and four iPads as an inducement to vote in the balloting over whether to change to a mutual bank charter.
Twenty-six members will win cash or computers, the credit union said.
The San Jose, Calif., credit union offered the chance in a brochure in which it urged members to vote for the charter change.
It first signaled its intention to seek a conversion last October, when it said such a move would help it better serve business members.
The brochure said changing the charter would allow the new bank to “(o)ffer a full range of innovative products and services” as well as “(m)aintain our competitive pricing on deposit products, and low loan rates and fees” and “(p)rovide the financial resources to help you achieve both your personal and financial goals.”
The brochure also said that participation in CO-OP Financial Services’ network of fee-free ATMs would continue, though it acknowledged that shared branching would end.
Tech CU said nothing in the brochure about the loss of its credit union tax exemption, though the credit union mentions that loss in other materials accompanying the brochure.
The brochure and materials are the first of three mailings that members will receive about the pending vote.