Get the facts about credit unions

Why resort to these tactics? First Basin members deserve better.

All I want is for people to hear the facts. First Basin Credit Union has proposed changing into bank, but officials aren’t giving members the whole story.

As I stood with other members of Save First Basin recently and spoke to reporters about the reasons why members should oppose the change, First Basin management sent a group of people outside to wave signs for the camera. These signs said things like, “Save First Basin. Vote for the conversion.”

I went over to those people and I asked them, “Do you know what this issue is about?”

They did not. “No. We are just doing this because they asked us to,” one told me.

These people explained that the credit union management had called them up in the morning and told them to come in. The management had given them signs and told them to go outside and wave them. First Basin management had not told them the reason why converting to bank is a good thing or a bad thing.

That is not democracy. That is not even a real discussion. That is First Basin management abusing the authority to promote a conversion that may benefit them, but will not benefit the members.

Now the First Basin executives and directors are spending the credit union’s money, money that belongs to members, to hire telemarketers in Houston to call members at home and tell them how to vote. But they don’t give any facts either. (By the way, members are eligible for the prizes whether they vote “for” or “against.”)

First Basin also seems to be employing intimidation. I have a car loan from the credit union. Every month I pay the loan during my 10-day grace period and have never had a problem.

This month, for the first time ever, on day five into the grace period, I got a call from the collection department. It is not appropriate for First Basin to use my auto loan to threaten me.

I want to express my disappointment. I expect more from the elected and appointed leaders of my credit union. There is no need for deception and intimidation.

If they had the facts on their side, why would they need to resort to those tactics?

Here’s what members should know about turning a credit union into a bank:

>> Becoming a bank likely means worse rates and fees.

>> Becoming a bank means the end of our democratic control of the credit union.

>> Becoming a bank could lead to the loss of our $10 million of member-ownership.

The directors and executives who propose turning our credit union into a bank also stand to profit personally. For example, as a bank the board of directors can be paid thousands of dollars. In an eventual stock sale, they can make millions.

The directors have been giving misleading information.

Want the whole story? Learn more at our website: www.SaveFirstBasin.com