NEA Also Looking to Ditch Bank of America
posted at 4:56 pm on August 13, 2012 by Mike Antonucci
The Wall Street Journal reported that the Democratic National Committee will begin moving its finances out of Bank of America and into union-owned Amalgamated Bank.
The National Education Association has long had a financial relationship with Bank of America. Hundreds of thousands of NEA members hold B of A credit cards, many of them through NEA’s Member Benefits program. Some members have criticized on a political basis the union’s partnership with the bank, but NEA officers publicly defended it, and the union has taken some liberal heat for siding with big banks in the past.
But NEA is floating with the tide now. Sources within the union tell EIA that NEA is in negotiations with B of A to transfer its credit card customers to a different provider.
The loss of the NEA credit card will affect B of A’s bottom line, but it may also affect NEA’s bottom line. Banks pay for the privilege of access to union members and to have the union’s endorsement.