In a change of heart, Maryland's $388 million Educational Systems Federal Credit Union is putting to rest the idea of a merger conversion fee to help defray expenses in its takeover of the once-ailing $401 million Montgomery County Teachers FCU of Derwood, Md.
Cancellation of the one-time $35 charge, which would have been assessed against the 57,000 members of MCT, came just over a week after Educational Systems FCU of Greenbelt, Md., unveiled the special fee on the MCT website.
The $35 charge drew some critical opposition from within member ranks of MCT and a handful of both positive and negative comments from within the industry, including comments appearing on the Credit Union Times website.
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