Our future. Your decision.
Members:
Share your views on the proposed merger and see other members’ views.
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If you have a question, please visit our FAQ page or contact us directly at800-984-9428 Monday–Friday, 7 a.m. to 6 p.m. CT or at BoxTCUBoardofDirectors@Thrivent.com .
Share your views on the proposed merger and see other members’ views.
This page is only for member-to-member communications. Questions won't be answered by the credit union in this forum.
If you have a question, please visit our FAQ page or contact us directly at
Proposed merger comments
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Member comments
Lois Mertes
I just bought printed checks. Will they be useable after the merger (assuming the merger occurs)?
Ken Hultgren
What are the tax implications of the payout?
Michael Hink
So, I understand the purpose of this merger, but I am concerned I will not have access to cash like I used to because there will no longer be "shared branches". If I want $1000 in cash, how do I get that (assuming ATMs limit how much one can withdraw at one time)???
Kent Deitemeyer
I have kept my banking in credit unions for over 40 years so whilst I understand the financial desire to merge, I will remain unhappy with the loss of the benefits we have as shareholders in a cooperative credit union that is renown for its warm, helpful customer service. I worry the personal touch will disappear with the current attitude of the banking industry relying on impersonal automation of such things as telephone banking and 100% reliance on electronic technology to displace human beings. I realise I have the choice of moving to another credit union as TCU and cooperative banking have the kind of benefits I have learned to appreciate. Loss of the cooperative philosophy of banking along with the expected cost of higher borrowing rates and poorer term deposit rates, I will likely vote against the merger.
Andrew Stoebig
I’ve read the materials and watched the video. I have an unasked/unanswered question to the three possibilities for TFCU should the merger vote not pass: why can’t things stay the same? Why would another merger, a spin-off, or liquidation be necessary? Is the credit union facing insolvency?
Kathleen Klehr
I am wondering what "additional services" are needed. The services I receive now are very adequate. The cover letter states ". If your credit union merges into the bank, you will lose all the ownership interests you currently have in the credit union and you will become a customer of the bank. The bank's stockholders own the bank, and the directors of the bank have a fiduciary responsibility to run the bank in the best interests of the stockholders, not the customers." Were members notified about what additional services were not available from the current credit union? What makes those services so important? Is the current status of the Credit Union in jeopardy? I'm not comfortable giving up my ownership in the credit union, especially since the new bank will be working to benefit the shareholders and no longer the members. This is concerning. I have been with Thrivent since the 1980s when it was a credit union, it switched to a bank, then back to a credit union. The reasons proposed to switch back to a bank are not enough for me
william watson
TCU was previously a bank, now a CU and proposed to become a for profit Thrivent Bank; all to access expansion capital. Presumably commercial banking will shift emphasis away from individual members. Did TCU fail to plan a successful capital investment strategy?
Nicholas Goodman
The one thing that was not explained well is why a merger is being considered. Is the credit union in financial trouble that it can no longer operate as designed? Is reorganization a possibility to change structures or some services? To me, it sounds like Thrivent as the parent organization wants direct control of funds for a variety of reasons. This makes me at least pause to consider why. I appreciate that many of the features of accounts will be preserved. One of the best features though is going away, which is the Co-Op shared branch banking. This will make cash deposits and some check deposits difficult or put on hold instead of having near-immediate access to funds. I know they stated less than 3% of members routinely use that feature, but it is important in some situations and will not be there when an infrequent user may need it in unusual circumstances. Can the Credit Union provide additional rationale on why a merger is needed at this juncture beyond convenient access to institutional capital?
Vitols Daina
I’m for it
Edward Anthony Nowicki
Will I still be able to use my TCU checks after the merge?
Gerald Detweiler Jr.
IDEA: Thrivent Bank " FIRST APPEARS " as an small cap fund or stock issue - later maturing into NYSE functionability. Which considerations are underway to include Thrivent property, title, health, and automoble insurance(s)??? IN MY MIND this pending merger is to also GREATLY SIMPLIFY MY HOUSEHOLD MORTGAGE : PURCHASE EXPERIENCE... G. DETWEILER JR. GRACE LUTHERAN CHURCH - CLEARWATER, FLORIDA
Uriah Derr
I personally want it to remain as a credit union. I don't like how bank run. Also this will limit my access since they won't be in the credit union co-op anymore.
Paul Berman
Why use the balance on a single day? Wouldn’t it make more sense to use an average balance over a period of time?
Rachel Simonson
Thrivent Bank was in existence prior to becoming a credit union. My recollection was that the change was positioned as being advantageous primarily on the basis of a credit union being a "membership" organization, which mirrored the nature of membership in Thrivent Financial. What is advantageous about returning to being called a bank and why does it matter at the customer level?
Corinne DeGroot
Many years back TCU transitioned to bank status to offer more investment options. Then due to newly imposed onerous Fed. regulations it transitioned back to credit union status. As the Fed continues to overregulate, I can't understand the value of bank status. It appears to be a money thing which is raising red flags for me. Why is the CU too expensive to maintain but the bank supposedly will be financially viable??
Karen Hansen
My husband and I are very concerned about the tax implications of your proposed payout associated with the merger. We could have a sudden 5-figure change to our income based on June's balances in our various accounts. Your FAQs do not address this issue. What are you doing to mitigate any tax problem this could cause for members?
Evan Petricca
Assuming we will need new debit cards, direct deposit set ups etc?
Kevin Brimmer
I read through the FAQ. What are the benefits of the proposed merger??
Andrew Stoebig
When TFCU was created from the earlier iteration of Thrivent Financial Bank, we were told as customers/potential members that a credit union was far more in line with Thrivent's mutual ownership model and values. We joined based on that information. I'm curious to know what has changed about our values that would make becoming a bank again a decision of integrity.
Tom Hahn
Wondering if this is really good for members. Didn't we have a bank once?
Rebecca Swank
I started in the 80’s when it was AAL specifically because it was a Lutheran Credit Union. I wasn’t happy it went to a bank but was very glad it went back to a CU. I Need & Appreciate I can easily access my money via ATM wherever I’ve lived because of shared banking with US Banks. Customer service is personable and I’ve appreciated some know me when I call in, I feel valued. So many reasons I want my money in a CU not a bank. I have several Life insurance policies with AAL/ Thrivent; I Definitely don’t want a merger to a Bank. This news is very upsetting and stressful for me. I pray this does not get Voted in.
Harry L. Oelschlager
I joined a Credit Union! Now you want to take that away from me. I gave up on banks too many fees and hoops to jump through. I think there will be a number of members who fell the same way I do. Thrivent Federal Credit Union has served me well over the years, I will hate to see it go.
Oliver Zornow
This is yet another step to walk further away from the 100+ year history of this fraternal benefits society and it's membership. I chose a credit union because of the incentives aligned with member needs. I chose Thrivent because of my family's multigenerational relationship with this movement. I have zero interest in banking with an out of state, for profit bank with no branches or employees to serve my family's needs. There are also serious ethical questions to be answered about what members were aware of the payout formula before the June 28th reference date. The description that senior leaders will only receive their share by the same formula masks the realities of some members being more aware than others how to maximize their payout. For these reasons and more I will be voting no and encourage my fellow members to do the same.
Jeff Picken
My main reason (now) for continuing to be a TFCU member is access to lower loan rates. I say ‘now’ because I used to also have access to a brick and mortar institution in the Fox Cities. I would suggest only 3% of members use the co-op thing is because it wasn’t well publicized. I will vote no. If the vote passes, I’ll have no reason to stick around and will move my money over to a brick and mortar bank at which I am already a customer or a CU where I am already a member. Neither of those currently offer loan rates as good as TFCU or they have other related loan drawbacks. They do have human faces and safe deposit boxes, however
Karen Jurasek
To: Thrivent Board of Directors I didn't become a member of a credit union to become a customer of a bank. I believe in the fundamental structure of credit unions and the power of our cooperatives. I value the credit union choice above the dividend distribution that we'll receive. The question that I have for you is this: who stands to substantially benefit from this merger transaction? Whatever your answer is, it most certainly will not be your members.
Tammy Nettekoven
Customers/members have been through this before with AAL & Thrivent. I hope it is more seamless than a prior time. It's still unclear why go back to being a bank, why now, and what the advantage is to the customers/members. I was disappointed to learn that the merger ends access (again) to a physical banking site. I had only recently becoming aware of the shared co-op branch option and already used it a few times. Makes me wonder how Thrivent Bank intends to gain new customers & retain enough existing customers with only virtual banking approach this time around.
Chris Eldridge
Assuming the merger is approved, will we still be able to write checks with our current TFCU checks? Would they still be valid checks? For direct deposit, will the routing number change? Will we need to set-up a new direct account with our employers? Will there be a delay with EFT payments, assuming the merger is approved, when there is the transition from TFCU to Thrivent Bank? Will our account numbers change? Thank you for answering these questions. Chris
scott lewis
I assume that everything will be only on line banking .
Monica Brase
I have always preferred credit unions over banks because there is usually not a monthly charge for accounts and loan rates are typically lower. I have also found the customer service to be better. I have read through the materials, and I am still not 100% clear on why the merger needs to take place, especially when they list other alternatives, which include other mergers, spin-offs or liquidation. It does not appear as though leaving the credit union "as is" is an option. Why? I will probably close my accounts with Thrivent if it becomes a bank.
Jeff Bluhm
Is bigger always better? I have been very pleased with TCU. I also have a bank account with a mega bank. I do not think there are any improved services from the bank that TCU does not already offer. TCU has a full line of services. I had a great experience working with TCU to purchase my home and TCU had better rates than my mega bank. I joined TCU because credit unions are known for providing better rates and service to its members. I will be voting NO on the merger. If it is approved I will close my account and join another credit union.
Marlys Rahn
I have no questions at this time
Robert Young
One needs only look at Wells Fargo and their wide variety of horrendous actions to understand the rampant greed that motivates merging with, or converting into, a bank. Do I believe that Thrivent Bank would go so far as WF? I do not, but the plan as described in the packet I received offers no benefit to TCU members and, in fact, explains how we will stop being seen as customers and start being seen as the product to serve the *real* customers: the stockholders (which could easily include Wall Street). Yes, we get a one-time membership payout, but I don't see roughly $350 (in my case) satisfactory to accept being gouged by banking tactics for the nebulous future. I opened my Thrivent--then AAL--checking account at the age of 15 and I've carried it through 25 years, almost as many moves, six different states, and one military enlistment. I will vote against the merger and, should it go through, will likely take that $350 with the rest of my money and move to a different bank; a bank where, yes, I would suffer the same problems but at least have access to a physical location (which makes for more convenient suffering). Or, better yet, a local credit union. I recommend that all TCU members do the same, both for the vote and should the merger succeed.
Sharon Elsen
Why would you choose the last day of the month of June, why not the first day of the month, or the 15th of the month, or better yet, average daily balance for the month of June?
Jennie Boe
I chose Thrivent Federal Credit Union because of the fact it is a credit union. If you merge with a bank and lose credit union status I will no longer utilize your services. Instead I will take my business to a credit union that is local. The credit union status is the main benefit of TFCU, this makes up for not having a brick and mortar building. The inconvenience of having to deposit everything electronically would not be worth the benefits that would change with the proposed merger.
Anne M Duffy
I fully intend to vote AGAINST this proposed merger. Primarily because of one single sentence in the regulatory disclosure: "The bank's stockholders own the bank, and the directors of the bank have a fiduciary responsibility to run the bank in the best interests of the stockholders, not the customers." Offering a distribution payment for loss of ownership interests feels like a carrot at the end of a string, and a rotten one at that. Who will be the stockholders??
Michael Kennedy
I like credit unions. Most there is no limit to the amount of money that can be deposited into checking account. Interest rates on checking accounts are higher most of the time. It is easier to get a loan from a credit than a bank.
David Whitenack
I’m curious why members who represent the credit union’s liabilities (member savings and checking balances) will receive a pay out while members who represent the credit union’s assets (member loans) are not receiving shares of the pay out. Isn’t it the credit union’s assets that Thrivent Financial is acquiring and paying for?
David Whitenack
Lutheran Brotherhood “had” a bank. Upon the merger of LB and AAL, it was deemed that it would not be in Thrivent’s best interest to have a bank. What has changed since the AAL LB merger to now assert that a bank vs a sponsored credit union is in Thrivent’s best interest?
Tim Feiertag
Like several other commenters, I still do not understand the reason for the credit union to become a bank other than an amorphous ability to grow, including access to additional capital. Growth isn't always a positive thing. What is the problem this merger is designed to correct? Why is now the time for this discussion; how did this idea first arise? I heard nothing to explain these base-level questions. I plan to vote no unless I am shown a clear reason to shift the structure of our collective financial stewardship.
David Hettlinger
As at least another commenter pointed out, the regulatory disclosure (https://www.thriventcu.com/tcu-thrivent-bank-proposed-merger/TCU_Special_Member_Meeting_Letter.pdf ) states, "The bank's stockholders own the bank, and the directors of the bank have a fiduciary responsibility to run the bank in the best interests of the stockholders, not the customers." And as if that weren't enough, it also states, "If your credit union merges into the bank, you may experience changes in your loan and savings rates. Available historic data indicates that, for most loan products, credit unions on average charge lower rates than banks. For most savings products, credit unions on average pay higher rates than banks." Why must things get worse?
Elsa Obuchowski
I strongly oppose the merger. TFCU's fiduciary duty is to its members, and that's why I am a credit union member. The bank's fiduciary duty would be to its stockholders, not customers. Lending rates would likely be higher, and savings interest rates would likely be lower. Why would we vote for this? Furthermore, why is this merger being proposed at all? The alternatives don't include "continue TFCU as it has been all along." Why isn't that listed as an alternative? I urge everyone to vote "NO" on this merger.
Donald J Swanson
Do it.
Jeff Radtke
We were parr of Thrivent Bank then someone said hey we should be a credit union, now back to the bank! My question is who on the board of directors is making all the money on this deal that it makes it such a great deal to approve? I think the State needs to investigate this as something smells fishy to me on this deal. To keep it honest I think all the Board and officers should show exactly how much they are making on this deal. When we were moved to the credit union none of us made any money on the deal, now people stand to make money and like corporate America I am sure someone here stands to gain
Gary D Hutchinson
Against the merger
Karina Zeier
I am a member of the credit union because I want to be in a credit union, not a bank. I also like to use the Co-op to deposit checks and withdraw cash. I find the credit union to be the best option for me and I do not want to be part of a bank. I'm also concerned that there's no information on what this means for our direct deposits, ATM cards, etc...does all this need to be set up again? As someone who frequently travels, I rely on TCU as a consistent member of a shared credit union network. This is very upsetting news to me. I don't trust banks.
Penny Dumke
It seems as we, current shareholders/members of TCU, are between a rock and a hard place. Even if we do vote no, TCU is still in jeopardy of being dissolved/sold off/or whatever. I, too, have been a member since Thrivent was a fraternal organization (AAL), in other words since time began. I, too, have gone through the transitioning of credit union to bank to credit union. We've gone from Wisconsin to Minnesota and now, if voted yes, to Utah. I don't believe you have given us sufficient reasoning of the whys and wherefores of this new change. This is very disappointing!
Alfreda Richardson
The TFCU Board of Directors determined that the liquidation of TFCU would not be in the best interests of TFCU or its members. The anticipated cost of liquidation is estimated at approximately $20,000,000, which would include but not be limited to termination of vendor contracts, employee severance/termination, discounts on loan portfolio's and decline in revenue during liquidation period. The awesome customer service we currently receive will change with a merger, because TFCU members will only be known as a customer in Thrivent Bank. By making everything digital and storing everything in the cloud doesn't sit with members. Also, their aren't enough shared branches at this time to access your money. By removing or eliminating brick n morter services and replacing it with technology capabilities, is in the best interest of whom?
Marjorie Geiger
Why the change? I have read the statements and it wasn't answered
CLARENCE CLARK
I disagree with the change from a credit union to a bank being proposed. After a call to TCU to ask questions, I sent the following to TCU detailing that position; " Its only been about 3 years that my wife & I have been members of TCU but it has been a good experience. We purposefully sought out a credit union based on very poor performance from the bank we had been with. The communication I have read and received from TCU while well intentioned, I find sorely lacking and not supportive of changing the organizational structure from a member owned credit union to a bank. I am happy with the services I have received from TCU. The specifics of what is 'needed to stay competitive.....and will drive growth' as mentioned are not spelled out nor is the need for growth explained. Bigger is not always better. As a matter of fact the glossing over of specifics of what is needed leaves me feeling suspect. I oppose the transition to a bank....STRONGLY. Please consider my concerns and give your own reasoning a sanity check. Nothing I have read or viewed convinces me of the need for such a significant change. I feel it treats us as member owners as not in the know or having ownership ourselves. That is not true! "
Carlota Hopinks-Baul
The justification that more capital is needed to provide new experiences rings hollow. There may be a desire within Thrivent to "provide new experiences" and receive the benefit of higher profits as stockholders of the bank, but it should be the desire of the members that should be driving changes (assuming that Thrivent's organizational purpose is to benefit its members rather than simply maximize shareholder profits). When was membership asked if it wanted to "provide new experiences"? How do you square that desire for more profit for Thrivent with the humility, service, and regard for others that we are called to live by as Christians? Does capitalism displace humility in the apparent conflict or competition between Thrivent's desire to establish a profitable new bank and its existing but less profitable credit union? If so, how is Thrivent any different from a secular, profit-driven financial institution? Rather than providing glib, smooth answers about "providing new experiences," articulate in a clear fashion why the credit union model MUST be discarded, as your information materials clearly argue, and how that decision is consistent with the organization's non-profit charter.
Michael Cruger
As a long term member of TFCU, I'm quite disappointed in the proposed merger of the Credit Union into a commercial bank. The idea of a credit union that was owned by the members and had a focused customer base was the main difference over a for- profit bank. There are plenty of those out there with high rates and sub-standard service. In my view, TCU needs to spin off the sponsorship of Thrivent, merge with another CU or stay independent and let them chase whatever business they desire with their new bank. Our deposits should not be used to help capitalize a commercial bank.
Signe Adams
What will the fee schedule be for deposit accounts?
Steve Florman
Wasn't it only ten years or so ago that the best thing to do was to convert the Thrivent bank into a credit union?
Thomas Hefner
If this goes through and the CU becomes a bank I will drop my financial connections soon thereafter. If I wanted a for-profit bank to be handling my accounts I would do that now. I want a non-profit that cares more about service than the all mighty dollar. I am part of 4-5 other CUs and they can pick up the void left by what I did with Thrivent CU. I am voting no and leaving if the NO vote loses. I am multiple states away as it is and like the shared branch options and wanted to support a CU. I have no desire to support a bank.
James Birkle
To whom it may concern: Greeting, Happy New Year to Members and to all as well? I worked as Agent, Agency Manager in Insurance & Bank, same owner. I also worked Insurance Companies. I have been with Thrivent Mutual/TCU for a long time. I am just average customer, & member, I live small community, TCU could share with other CU partners - "Important!" Funds could be transfer, to my TCU account's ASAP. This take away option with other CU partners, was sell point, & awesome features in my opinion? It's number game, of people increase your continue growth. This is very important feature, drew prospective/future customer to CU! Respectful, James
Monique Westheimer
I admit I was skeptical at first, but reading that Thrivent will hold all ownership interests and it won't be an ongoing windfall for select "shareholders", along with the intention of the same fee/details of current accounts carrying over, I am a yes vote. Perhaps some grandfathering features (such as ATM fee reimbursement) for current members that never change, and assurances of prime rate tiers for carryover members regardless of scoring? One thing that is troublesome is the arbitrary date of June 28th isn't explained with enough specific detail, and it arouses suspicions. Why not the 27th? Or the 29th? That needs more clarity. Sweeten the deal, TFCU and the votes will be there!
Heather mcmurrsy
Credit union is in good financial standing, owned by membership. Why going forward is it necessary to change that. The explanations given are very formal, and do not explain in plain language why a cash-rich cu is being dissolved, and distributing 76 million of earnings to owners (ie members). The new bank will be profit driven. I chose this menu option to view other comments but it required that i enter this comment before seeing anything. Why not just let us view comments.
Glenn Davis
I was prepared to vote NO; however, considering that the board recommends this and that if the merger fails, they will be possibly merging with another CU outside of THRIVENT ,I asked who the shareholders of the proposed bank would be. This was the response All ownership interests will be held by Thrivent, a membership-owned, not-for-profit organization and holistic financial services company. There will not be any shares or ownership interests held by individuals or other organizations, and it will not be publicly traded. Thank you for your question and we look forward to receiving your vote! Personally I would rather merge within THRIVENT than outside.
Elizabeth K
I voted for the merger because the board, from what I can see, is determined to dissolve our credit union. That is unfortunate. I like the current service and access to an actual building with tellers. I am probably one of the few members with an HSA (which is hard to find a participating bank). If I thought it would have made a difference, I would have voted this change down. I do not see any benefit, as a member, in this proposed change.
Marilyn Printup
My husband (Harold) and I are both members using the same contact information. He voted online. How do I vote? We get a message that a ballot has already been submitted.
Jerry Anderson
I was told when I contacted Thrivent Credit Union that my current mortgage interest rate and payments would not change because of this merger. Is that correct?
Todd Smasal
I have savings accounts under my children. Will these accounts be include in the dividend payout. These accounts were not included in the letter I received.
Robert Evensen
If the merger does not go through and I want to switch over to Thrivent Bank anyways will I lose out on the ATM reimbursement and all the other non CU specific benefits? Will TCU members be given an opportunity to switch over to the bank?
Cheryl Pitts
I have questions.
Why merge with Thrivent Bank?
Learn more about why the TCU Board of Directors recommends the proposed merger with Thrivent Bank .