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News & Politics News & Politics

Now credit unions acting like banks

Posted by on Jan. 18, 2013 at 1:47 PM
  • 23 Replies

So get this..about 5 years ago we had sooo many overdraft fees we literally had NO money when we got paid. I kept doing the numbers over and over trying to figure out why and FINALLY realized it all started with one overdraft and after that they were playing musical ways to get overdraft charges. They were re-ordering the charges. 

So we moved to a credit union. I mean, how can you find out what YOU'RE doing wrong if they are playing musical money? So we moved to the CU and suddenly NO overdraft charges. This went on for 4 years. No overdrafts. It wasn't us. Problem solved? No. I look today because we are suddenly $350 in the hole! How did that happen?????

Now they are doing pending charges overdrafts. What??? I had the money in the bank to cover ALL charges, but since it was PENDING I MIGHT I would have been overdrawn for a $5 charge. Now...I deposited more money before the pending cleared...but they won't reverse the charges...that means that I would NOT have been overdrawn. Instead I ended up legitimately overdrawn, which wouldn't have happened if they hadn't taken $100 in MAYBE overdrawn out. 

So I look it up...completely legal. It's ok to take the money out, because even though the money isn't still out, it's really out. 

Now, I've seen pending before. This is one reason why no OD in years. When I see more is pending than I expected or something I make sure the money is in there. Then ALL the money clears just fine. Now, I can't even do that. I have never seen pending overdraft before. And it obviously does no good to switch, because I switched to a CU and now THEY are doing it. We pay all our bills online, everything. Now I guess we'll have to go to a cash only basis. I just can't see any reason to continue using banks at all. I tried to figure out how to keep it from happening again..one person said use the debit card, then that won't happen and another says use it as a credit card, then it won't happen. Sounds like a recipe for disaster to me either way. Cash only from now on, I guess. Going to make paying bills a pain the ass again though.

Update: Ok, I shouldn't type when I'm mad. I said I MIGHT have been overdrawn $5. When I originally looked at the account I didn't have time for much more than a glance and to see that they were showing I'd be short, so I deposited the money. However, when I ran the numbers later I wouldn't have overdrawn at all BEFORE the deposit, thus the "legitimately overdrawn, that wouldn't have happened" etc... I would not have been OD BEFORE the deposit IF they hadn't charged these fees. This is kind of a double ticked off. I'm really anal since the original banking fiasco 5 years ago. Once or twice I've made a math error and ran up and deposited more money so that I wouldn't OD and NEVER have I been charged pending OD. Then to find out that even BEFORE the deposit I wouldn't have OD...

by on Jan. 18, 2013 at 1:47 PM
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Replies (1-10):
JakeandEmmasMom
by Gold Member on Jan. 18, 2013 at 1:55 PM
2 moms liked this
Don't you keep track in a check register?
Posted on CafeMom Mobile
Jalestra
by on Jan. 18, 2013 at 2:03 PM

We don't use checks at all. There is no need to keep a check register in the last 4 years. The whole point of this CU is so every charge is posted immediately, even the pending, so if by chance we didn't have the money in the bank we can make sure to do this and we would know when we checked our account. It's worked for 4 years. No overdrafts at all for 4 years. I didn't suddenly get irresponsible yesterday. We are able to keep money in the account, as has been proven for several years.

Quoting JakeandEmmasMom:

Don't you keep track in a check register?



NWP
by Guerilla Girl on Jan. 18, 2013 at 2:07 PM
3 moms liked this

We REALLY REALLY need banking and finance reform. We are in dark days of predatory practices with this industry and no one wants to take them on. Global access has helped facilitate these problems, as one single government is only limited in what it can control in its own country when the banks are internationally owned.

I tried to solve this by only banking trough CU's and and ING account. Now the CU's are operating the same way and Capitol One just bought out ING.

I don't know what we can do about it.

In some cases, regulation is a good thing.

Jalestra
by on Jan. 18, 2013 at 2:34 PM

We really do. I mean, keeping track of money should be as easy as "I have x amount of money, I spend x amount of money and no more". That should be the end of it. I shouldn't have to play guessing games with what the cu/bank will be doing. 

Quoting NWP:

We REALLY REALLY need banking and finance reform. We are in dark days of predatory practices with this industry and no one wants to take them on. Global access has helped facilitate these problems, as one single government is only limited in what it can control in its own country when the banks are internationally owned.

I tried to solve this by only banking trough CU's and and ING account. Now the CU's are operating the same way and Capitol One just bought out ING.

I don't know what we can do about it.

In some cases, regulation is a good thing.



erika9009
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A Stay at home mom that used to be an engineer. Yeah, that's a big change.
Yesterday at 7:40 PM
by Silver Member on Jan. 18, 2013 at 2:46 PM



Quoting JakeandEmmasMom:

Don't you keep track in a check register?

Get Qucken basic for that.  It will help you with your balances.  It will pay for itself in a short time as your overdrafts will go away.

To the OP;

Let me be blunt here too

If your are regularing overdrafting, you are not watching your money close enough. 


____________________________________________________

Erika..

Children are a blessing and are never inconvenient.............

Jalestra
by on Jan. 18, 2013 at 2:51 PM



Quoting erika9009:



Quoting JakeandEmmasMom:

Don't you keep track in a check register?

Get Qucken basic for that.  It will help you with your balances.  It will pay for itself in a short time as your overdrafts will go away.

To the OP;

Let me be blunt here too

If your are regularing overdrafting, you are not watching your money close enough. 


If you had read the original post, I haven't overdrafted in 4 years and wouldn't have this time if the cu hadn't suddenly introduced pending overdraft, without warning btw. 


bellawomen
by Bronze Member on Jan. 18, 2013 at 2:56 PM
Its up to you to know how much money is in your account before you spend money.
Posted on the NEW CafeMom Mobile
erika9009
Report
A Stay at home mom that used to be an engineer. Yeah, that's a big change.
Yesterday at 7:40 PM
by Silver Member on Jan. 18, 2013 at 3:05 PM



Quoting Jalestra:



Quoting erika9009:



Quoting JakeandEmmasMom:

Don't you keep track in a check register?

Get Qucken basic for that.  It will help you with your balances.  It will pay for itself in a short time as your overdrafts will go away.

To the OP;

Let me be blunt here too

If your are regularing overdrafting, you are not watching your money close enough. 


If you had read the original post, I haven't overdrafted in 4 years and wouldn't have this time if the cu hadn't suddenly introduced pending overdraft, without warning btw. 


Sorry, I must have missed that part.  yes, you heard that right, an ex engineer missed a detail......OMG.



____________________________________________________

Erika..

Children are a blessing and are never inconvenient.............

Jalestra
by on Jan. 18, 2013 at 4:56 PM



Quoting erika9009:



Quoting Jalestra:



Quoting erika9009:



Quoting JakeandEmmasMom:

Don't you keep track in a check register?

Get Qucken basic for that.  It will help you with your balances.  It will pay for itself in a short time as your overdrafts will go away.

To the OP;

Let me be blunt here too

If your are regularing overdrafting, you are not watching your money close enough. 


If you had read the original post, I haven't overdrafted in 4 years and wouldn't have this time if the cu hadn't suddenly introduced pending overdraft, without warning btw. 


Sorry, I must have missed that part.  yes, you heard that right, an ex engineer missed a detail......OMG.




ROFL

Jalestra
by on Jan. 18, 2013 at 4:57 PM


You didn't read it.

Quoting bellawomen:

Its up to you to know how much money is in your account before you spend money.



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