SALT LAKE CITY — In an effort to reassure its members contemplating a vote to change their credit union to a mutual bank charter, the $186 million Beehive Credit Union has promised members that, as a bank, it will not raise any fees on consumer deposit account for at least two years after the conversion and will keep interest rates on two loans and one deposit at 0.25% of the average rates on those loans at the five largest CUs in Beehive's market.

The loans and deposit accounts are the five year new car loan, the home equity line of credit and the one year certificate of deposit.

The promise accompanies a somewhat lengthy discussion in which Beehive suggests that its research, based in part on an article by Peter Duffy, an executive with an investment bank which makes money on the stock offerings of converted credit unions, shows that converted CUs actually offer higher rates on deposits and charge lower rates on loans than do CUs of over $100 million.

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