SAN FRANCISCO — Patelco Credit Union has questioned ShareBuilder Corp.'s statements yesterday that it plans to keep other CU alliances intact.
The credit union received a notice from ShareBuilder that it will not renew its co-branded service partnership.
Scott Waite, senior vice president and chief financial officer at Patelco, provided Credit Union Times with a Dec. 5 letter from Kathy Schanno, ShareBuilder director of marketing, saying that "the change in ownership…has resulted in directional changes in our program" following a November 2007 acquisition by ING DIRECT. ShareBuilder said it will not renew Patelco's co-branded services agreement and asked that its links and banners be removed from the credit union's Web site by Jan. 15, 2010, the end of Patelco's contract.
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