Is Your Credit Union Converting to a Bank? Get the Facts.
Your ownership and good rates may be in danger.
If you are a customer of a credit union, you are already a member and owner of that credit union. Conversion to a bank rarely benefits the member-owners—and often harms them. The National Center for Member Trust is dedicated to helping credit union member-owners educate themselves so they can make an informed decision about conversion.
The decision to convert or remain a credit union is up to you!
Credit unions are run democratically, on a one-member-one-vote basis. The member-owners will decide on the conversion proposal in an election. How will you vote?
In January 2007, Lafayette Federal Credit Union withdrew its proposal to convert to a bank, in part due to opposition from members like Amber Brooks, Scott Stiens, and Ajit Joshi. "We wanted to keep our credit union," Joshi said. "The National Center for Member Trust helped members understand the pros and cons of Lafayette's conversion proposal. The Center was a crucial resource to us for information and technical support. Thanks!"
- Insiders typically make windfall profits by selling the members' institution, while the members usually lose their valuable ownership and good rates. This is a violation of the trust between members and their elected and appointed leaders.
Conversion and Rates- Conversion to bank is likely to cause rates and fees to get worse.
Conversion Myths- The arguments conversion proponents use over and over again.
Current Conversions- Credit unions attempting conversion.
Past Conversions- Learn about the credit unions that have converted, the conversions that member-owners prevented, and one model conversion.
FAQ- Understand credit union conversion.
How We Can Help- If invited by members, the National Center for Member Trust provides technical and strategic assistance.
Resources- Learn about conversion in greater depth.
Contact Us- The NCMT welcomes your questions and comments, and can connect you with other member-owners.
