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Pennsylvania Bank Dumps Investment Accounts from Competitors Including CUs

HARRISBURG, Pa. - Northwest Savings Bank has made a business decision to close investment accounts for any competitor financial institution, including those from credit unions. The Pennsylvania Credit Union Association reports that the bank has sent out letters to account-holding financial institutions advising that the accounts must be closed by...

By Staff Writer | Updated on July 06, 2004

HARRISBURG, Pa. – Northwest Savings Bank has made a business decision to close investment accounts for any competitor financial institution, including those from credit unions. The Pennsylvania Credit Union Association reports that the bank has sent out letters to account-holding financial institutions advising that the accounts must be closed by June 30. PCUA has urged credit unions to review their account agreement for all relevant rights and remedies. “If you are looking for investment alternatives, we suggest you contact Mid-Atlantic Corporate FCU, which has various programs in place,” PCUA advised. No one at Northwest Savings Bank was immediately available for comment.

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