Posted on 02/22/2008 12:21:14 PM PST by RKBA Democrat
I prefer back alleys.
I used to think that was a good idea, until my credit union (US Federal) decided to start holding practically all checks for a few weeks before releasing the funds. I've been a member for over 20 years, and if I deposit a $1000 check from a personal party, they want to hold all but 100 or so for two weeks, long after the check has cleared. Wells Fargo gives me my own money to use when I need it.
The CU is OK with loans and Visa. But without that, I would have no reason to have a checking account there.
Ha! I see you’re from NC, so I assume I haven’t been in your bank. I haven’t worked in NC yet, but will be in a place called Oak Ridge this spring.
“And this sort of fraud can still happen if you’re with a credit union.”
Sure it can. But the point is, the mega-bank in question knew what was going on, and did nothing. All the controls in the world can’t help you if you’re dealing with people of questionable ethical standards. Sooner or later, you’re going to get ripped off.
I'm no a Wachovia bank fan, but if the NY Times is reporting it, I have to take it with a grain of salt. They aren't the most credible of journalists.
There are credit unions and there are credit unions. Shopping around is still the order of the day.
I work in Raleigh. At a credit union.
When you go to the bank is that the exact phrase you would use?
Thanks. I learn so much from Freepers.
Yes, but the term varies from financial institution to financial institution. I worked as a teller for a bank way back when; we called it an ACH debit block. If the relationship banker has any brains, they'll know what you're talking about.
Basically you can block all ACH debit (withdrawal) access to the account (by default), except for parties that you authorize (like your credit card issuer or a utility company). Be careful not to block all ACH debit access, as some checks you may write are converted to ACH debits (a process called electronic check conversion) and can get returned.
You might also be able to block ACH credit (deposit) access, but why would you want to do that? *chuckle*
Also, last word: they may charge you a fee for this. Again, varies from bank to bank and credit union to credit union.
Or, ditch your mega-bank and bank at a locally owned bank. That's what I have done. And, should this local bank get bought out by a mega-bank, I'll be gone in a heartbeat, probably to a local credit union.
fyi ping
Six weeks ago, I felt as you do. I dumped my Washington Mutual account (got tired of dealing with customer 'support' from Bangalore) and tried to set up an account for online banking with a local credit union that primarily serves one of the drug manufacturing firms in this area.
Well, I use initials (yes, it's my legal name) and they just couldn't deal with it in their computer system. It wouldn't let me get an online management account name because it said "You need to enter a first name." The only problem was, I had NO way to do that myself, there was no blank to fill one in. I made MANY requests of all kinds of multiple folks at the credit union to help me, and after three weeks, I got tired of it. Rather than taking my paycheck to them, I just simply opened an account at a bank that Key Bank recently bought in my area. Now, the hours are not ideal (they only stay open after 3PM one day a week!) but even though I had to wait for my debit card to arrive to open an online-manageable account, I was still able to get it done within about a week.
I transferred the rest of my money from the credit union to Key just today.
The moral of the story is: Credit unions are great, when they are strong and able in the areas they serve. But there are indeed areas where they are pitiful imitations of banks, and I guess I wound up moving to one of those places.
Great. Guess who bought my bank 6 months ago.
Unethical folks are everywhere, even at credit unions. Just stay vigilant, know your rights, and act to enforce them.
You can have both good and bad experiences at credit unions and banks. And, unless you're with one of the big credit unions (like Navy Federal), when traveling, sometimes it's good to bank with one of the big banks.
And I tell you this from personal experiences conducting business with almost all of the big banks and with several large credit unions.
As I’ve already noted, there are credit unions and then there are credit unions. You do have to shop around. You’re going to be hard pressed to find a worse deal at a credit union over time than you’re going to get at the mega-banks.
You’re on the list. I hope you find the info useful.
Banks can't file bankruptcy. Holding companies can, but only do so if the banks are gone.
I like my credit union (Navy Federal) very much. I still keep the majority of my cash there even though the nearest branch office is over 2000 miles away. I can do almost everything I need to online and the interest rates, fees and service are far superior to those of the mega-bank where I keep another account just to have something local.
NC banks are the worst.
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