Big banks have been getting some big lumps, and progressives have responded by encouraging depositors to Move Your Money to a Credit Union. But what if your Credit Union decides it would rather be a bank?
I'm a long time member of Tech CU, which is short for Technology Credit Union. Tech CU was founded 52 years ago, chartered to serve employees of Fairchild Semiconductor in what wasn't even Silicon Valley yet. In 1983 they expanded to serve more high-tech employees and became Technology Federal Credit Union. Today they have $1.7 billion in assets and 74,000 members in six San Francisco Bay Area counties.Back when I first joined in the late 80s, Tech CU was a Federal Credit Union. I wasn't too clear why they stopped being one, but it looks like they aren't done metamorphisizing. A few weeks ago I received a call from the credit union, telling me there would be an upcoming election on Tech CU becoming a Mutual Savings Bank. Why would they want to do that? I had no information but something sure didn't sit right about that call.
And this morning I heard from them again. The previous caller was friendly. This lady was... Follow me below the squig-a-l'orange and I'll tell you all about it.