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American BankerMay 14, 2007 Monday Hardly a Hallmark Moment for CEO Of Western Union William Launder Immigrant rights groups unhappy with the rates and fees charged by Western Union Co. directed a symbolic rebuke at the money transmitter's chief executive by way of a Mother's Day card. CEO Christina Gold was presented with a card "asking her to give a meaningful Mother's Day gift to all mothers around the world" by lowering its remittance fees and its exchange rates, said Francis Calpotura, the director of the Transnational Institute for Grassroots Research and Action. Ms. Gold received the card Thursday at Western Union's annual shareholders meeting in New York, where groups including Mr. Calpotura's protested the company's fees, which they say are the highest in the money remittance industry and offer the lowest exchange rates.A spokesman for Western Union said the institute had ignored multiple requests to discuss its outreach programs. In an interview after the demonstration, Mr. Calpotura said the Englewood, Colo., transmitter had never responded to his group's proposal to reform the remittance business, and said a Western Union outreach program in Mexico was ineffective because the company partnered with local governments that Mexicans do not trust. Western Union started a campaign this year to restore consumer confidence in Latin America and the Caribbean, where its business has slumped because of fears of U.S. immigration reform and court seizures of remittances suspected to involve drug and human smuggling. Mr. Calpotura said Western Union's effort to serve immigrant consumers through community outreach programs is "much more PR than it is substance." |
