New Federal Credit Union policy effec 1/8/08 !!

[DawnGrace]

Warning: The DUE DATE of any of your monthly loan payments is the FINAL date they use to computer liquidate any of your savings or checking accts with them to apply as a delinquent COLLECTION action !
No grace periods...the letter comes in the mail AFTER the fact.
Good thing we've been taking out the Cash every pay period so all they got was .89 cents ! --ha. Also if you've been with them more than 3 years you won't ge charged the $20 fee.....(did not apply to us! whew).
On the 10th day after the loan due date they liquidated.....and it was computer scheduled to pay the very next day! So WATCH OUT, I AM SURE THIS CU IS NOT THE ONLY BANKING FINANCIAL INSTITUTION TO COME UP WITH THIS !
They are really desperate it appears !

[Seemomgonuts]

Do you have a link for this? I have not heard of such a thing. :idunno

[HisAlways]

Do you have a link for this? I have not heard of such a thing. :idunno
Me either, and I belong to a credit union.:thinking

[ojibweindian]

Which federal credit union is this?

[Resting]

I also haven't heard of it...........and I work at a Federal Credit Union...

Just so I understand, are you saying that when a loan payment is due, if the payment is not paid on that date, the CU can take the payment from your checking account/savings account, etc if they want?

[VoiceofReason]

sounds pretty false to me

[heybales219]

My credit will freeze my checking/savings if I fall 30+ behind on my car loan, which has a happened a few times in the past few months. I don't think that's right, especially if I used their checking as my primary account, which thankfully I don't. I don't really even understand what the OP was trying to convey. :scratch

[Resting]

Does your credit union freeze your accounts when you are behind 30 plus days, even if you are making an attempt to pay some of the payments?

The Credit Union I work for would only freeze someone's accounts if they were not in communication with us about the problem. These people are deliberately ignoring their obligations with the credit union...and we can check their accounts to see what they are spending their money on...

Also, many times, we will not allow them to cash their paychecks unless they bring their accounts current, or back into the positive, which ever the case may be.

I would think that the practice you mentioned in your post is pretty uncompassionate. Things happen, and we understand...maybe you should switch to mine???:hat

[heybales219]

Does your credit union freeze your accounts when you are behind 30 plus days, even if you are making an attempt to pay some of the payments?
You bet I am. I'm always in contact with them and they said it's just standard to freeze debit cards/accounts after 30 days even though I'm making arrangements. I've had the loan 4 years with 2 more to go (1 if I'm good!) so I'm not going to stop paying on it now.

I would think that the practice you mentioned in your post is pretty uncompassionate. Things happen, and we understand...maybe you should switch to mine???:hat[/quote]
Only if you'll give me the same or lower APR (11.25%) my current one does. At the time, that was the max they would charge for people with poor credit. Of course, they won't re-fi it and I can' re-fi it else where b/c even though I have 2 years left on it, I'm still like 3k upside down on it.

[Resting]

I don't think we offer an auto loan that is over 9%...even for those with poor credit...

So come on in and we can sign you up!

No pressure....hopefully they can work with you.