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The $388 million Educational Systems Federal Credit Union of Greenbelt, Md. is rescinding the $35 merger conversion fee the credit union had decided to impose on its new members following the takeover of the $401 million, 57,700-member Montgomery County Teachers FCU of Derwood, Md.

Chris Conway, ESFCU president/CEO, said the decision was made after hearing objections from members, including board members, of MCT, which under the July 31 merger, will be operated as a division of ESFCU.

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