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Banks Cutting Cords With CUs

Reports of banks closing credit union correspondent relationships have extended to New York and New Jersey.

By Heather Anderson | Updated on April 19, 2013

Reports of banks closing credit union correspondent relationships have extended to New York and New Jersey, where members of the $1.4 billion Alloya Corporate FCU have faced the same rush to find new service providers as credit unions in West Virginia and Ohio.

Alloya Vice President of Marketing Victor Vrigian Jr. said his Warrenville, Ill.-based corporate has heard from 10 members in the New York City area who say Chase Bank informed them within the last couple of months that they had to find new service providers to do things like process transaction items and provide cash and coin services.

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