Reports of banks closing credit union correspondentrelationships have extended to New York and New Jersey, wheremembers of the $1.4 billion Alloya Corporate FCU have faced the same rush to find newservice providers as credit unions in West Virginia and Ohio.
Alloya Vice President of Marketing Victor Vrigian Jr. said hisWarrenville, Ill.-based corporate has heard from 10 members in theNew York City area who say Chase Bank informed them within the lastcouple of months that they had to find new service providers to dothings like process transaction items and provide cash and coinservices.
Vrigian said another seven credit unions in New Jersey havefaced the same prospect so far this year, from a variety ofbanks.
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