AUGUSTA, Maine — If members of the $51 million KV Federal Credit Union give up their credit union charter to merge with Kennebec Savings Bank they would move from one credit union surcharge-free ATM network to another to which the bank belongs.
KV is a member of Credit Union 24 of Maine, a surcharge-free ATM network that started as an affiliate of the Credit Union 24 nationwide ATM network but that has since spun off. At least some if not all ATMs transactions at CU24 of Maine ATMs are surcharge free.
Jon Paradise, a spokesman for the Maine League, confirmed that the membership in the network would end once the credit union left its charter.
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But according to a bank statement about the merger, Kennebec Savings Bank belongs to Cash Access Maine network, a surcharge-free ATM run by community banks that offers roughly 200 ATMs around the state.
The question of whether surcharge-free ATM access would continue has already started to preoccupy some KV members' view of the merger. One, commenting on a story on the merger that ran on the Kennebec Journal's Web site, wrote: "According to the KV Federal Web site, the downside is loss of the credit union structure, so I'd assume no more ATM network. They claim the benefit to members is additional physical locations, etc. Members are asked to submit comments to the Board of Directors. I know I plan to tell them I will also close my accounts if KV Fed and Kennebec Savings merge-I joined a CU for a reason."
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