topic Re: My Credit Union in Community Chat

My Credit Union

kivah — Tue, 03 Mar 2020 21:15:55 GMT

Last week I went to the Credit Union - where I've had an account for 15 years. I transferred $6,000 from my Money Market A/C into a CD (they called it a Trust A/C). The female at her desk was doing the transfer - she then started asking me questions: do u own or rent ur house? How long have u owned the house? I answered her questions - and then when I arrived home, I started to feel uncomfortable. Do u think this was appropriate??? My mortgage is with another bank. I started wondering if I should close my a/c.

Re: My Credit Union

kittyloo — Tue, 03 Mar 2020 21:21:32 GMT

personally yes, i find it odd. banks are doing lots of things differently now. they will no longer allow my renters to depost cash into my acct. must be check or money order.

i have no idea what difference it would make to them weather or not you own your house.

Re: My Credit Union

jackthebear — Tue, 03 Mar 2020 21:22:17 GMT

@kivah wrote:
Last week I went to the Credit Union - where I've had an account for 15 years. I transferred $6,000 from my Money Market A/C into a CD (they called it a Trust A/C). The female at her desk was doing the transfer - she then started asking me questions: do u own or rent ur house? How long have u owned the house? I answered her questions - and then when I arrived home, I started to feel uncomfortable. Do u think this was appropriate??? My mortgage is with another bank. I started wondering if I should close my a/c.

because they want to find out if you need any loans

next time ask why they are asking those questions, and say you only need help with XXX

she's only doing what she was told

Re: My Credit Union

Love to read — Tue, 03 Mar 2020 21:23:47 GMT

I'm a loan officer at a credit union and my guess is that she was trying to determine if you might benefit from a mortgage refinance since rates are so low now. I don't view her questions as inappropriate unless she was rude. The credit union motto is "people helping people" and sometimes you have to ask a few questions to do that.

Re: My Credit Union

Spurt — Tue, 03 Mar 2020 21:52:11 GMT

@kittyloo wrote:
personally yes, i find it odd. banks are doing lots of things differently now. they will no longer allow my renters to depost cash into my acct. must be check or money order.
i have no idea what difference it would make to them weather or not you own your house.

@kittyloo

They probably wont let your renters deposit cash because of money laundering ....Money laundering funds and supports drug deals and even terrorists....so banks have strict federal guidelines they must follow to help prevent this....

Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. The overall scheme of this process returns the money to the launderer in an obscure and indirect way.

Re: My Credit Union

CelticCrafter — Tue, 03 Mar 2020 21:46:18 GMT

Well, it's too late now but I would have asked right then and there why she needed answers to those questions. It probably would have shut her down.

Re: My Credit Union

Spurt — Tue, 03 Mar 2020 21:48:42 GMT

@kivah wrote:
Last week I went to the Credit Union - where I've had an account for 15 years. I transferred $6,000 from my Money Market A/C into a CD (they called it a Trust A/C). The female at her desk was doing the transfer - she then started asking me questions: do u own or rent ur house? How long have u owned the house? I answered her questions - and then when I arrived home, I started to feel uncomfortable. Do u think this was appropriate??? My mortgage is with another bank. I started wondering if I should close my a/c.

@kivah

Even though you have a mortgage with another bank they probably asked questions to see if you would qualify to switch the mortgage to them..I wouldnt worry about it. And Im very cautious about stuff like this........Credit Unions are considered a non-profit so normally their mortgage rates are lower than traditional banks......

In the future I would speak up and bluntly say, is there a reason for these questions...

Re: My Credit Union

chrystaltree — Tue, 03 Mar 2020 21:50:26 GMT

She was sizing you up financially, trying to determine if they could interest you in refinancing your home.

Re: My Credit Union

sidsmom — Tue, 03 Mar 2020 21:52:21 GMT

🤣🤣🤣🤣

That's the 'retail' in Retail Banking!

Much like 'Do You Want Fries With That?'!

It is very, very common....a legitimate practice for a financial institution

to gain your business. Checking, savings, loans, etc.

Re: My Credit Union

Nuttmeg — Tue, 03 Mar 2020 21:57:36 GMT

@Spurt

Most credit Unions know their customers.

JMO, banks and credit unions have been doing all types of business for many years.

Re: My Credit Union

Alison Wonderland — Tue, 03 Mar 2020 22:22:05 GMT

No, those are standard questions from a bank or credit union..It's like their version of "Do you want fries with that?"

Re: My Credit Union

Sooner — Wed, 04 Mar 2020 01:08:15 GMT

Banks changed a lot due to Dodd-Frank laws:

The Dodd-Frank Act is a comprehensive and complex bill that contains hundreds of pages and includes 16 major areas of reform. Simply put, the law places strict regulations on lenders and banks in an effort to protect consumers and prevent another all-out economic recession.

Re: My Credit Union

Peaches McPhee — Wed, 04 Mar 2020 01:15:02 GMT

She was probably trying to drum up business. Bankers often are salesmen too.

Re: My Credit Union

jannabelle1 — Wed, 04 Mar 2020 01:43:54 GMT

I'm sure she was trying to determine if you would be interested in refinancing your mortgage loan, but she should have told you why she was asking and what rates they could offer. It never hurts to ask why she was asking since she didn't make that clear to you (she should have).

Re: My Credit Union

VaBelle35 — Wed, 04 Mar 2020 01:58:17 GMT

When I call my credit union with a question, they go through all my accounts to see if I can get something better (lower fees, higher intestest, better credit card perks, etc.)

Re: My Credit Union

Carmie — Wed, 04 Mar 2020 02:10:48 GMT

I don't find it usual at all. This past fall, I transferred funds from one annunity account to a new one that I wanted to open. In order to do this, I had to fill out paper work that asked How much cash on hand I had and if I had enough cash to live in for the next six months.

I filled out the form vaguely stating I had enough cash. The financial adviser called me over the phone and asked me many more questions that were invasive about where this was was and how long it would take me to get access to it.

i admit, I told him a few lies because I didn't think it was any of his business. Two weeks later, I got form in the mail that had all of the questions and my answers in it. I was advised that if there any errors to call the annunity company.

It seems there are new regulations for banking. I don't like it, but it appears to be here to stay. There must be a reason for it.

Re: My Credit Union

hippiechick7897 — Wed, 04 Mar 2020 02:39:00 GMT

I work for a bank. I don’t find it odd. Banks are consistently trying to learn as much as they can about their customers, not only to interest you in any additional products that might match your needs, but to assess the customer is not a safety/legal threat. (Like money laundering or terrorism)

Perfectly normal and legitimate question. Nothing to be concerned about.

Re: My Credit Union

auntjoy036 — Wed, 04 Mar 2020 02:40:23 GMT

It is valuable for a financial institution not just to have a customer, but a customer with multiple ties to the institution (checking account + savings account + loan + credit card, etc.). The teller was trying to figure out what other service to offer you.

Re: My Credit Union

kivah — Wed, 04 Mar 2020 03:38:33 GMT

@Love to read wrote:
I'm a loan officer at a credit union and my guess is that she was trying to determine if you might benefit from a mortgage refinance since rates are so low now. I don't view her questions as inappropriate unless she was rude. The credit union motto is "people helping people" and sometimes you have to ask a few questions to do that.

I'll be 80 yrs old in November!!!!!!!!!! Would I be a good candidate for a mortgage refinance?

A few months ago, I made a large cash deposit at the teller's window -- and the teller told me that she's not able to print out my receipt. She then called over a manager-type - who also said they can't print out my receipt. So - they printed out a full page showing my deposit. So - this also made me feel uncomfortable. Somehow, the teller was able to print out a receipt for the person in front of me.

Re: My Credit Union

kivah — Wed, 04 Mar 2020 03:44:46 GMT

@hippiechick7897 wrote:
I work for a bank. I don’t find it odd. Banks are consistently trying to learn as much as they can about their customers, not only to interest you in any additional products that might match your needs, but to assess the customer is not a safety/legal threat. (Like money laundering or terrorism)

Perfectly normal and legitimate question. Nothing to be concerned about.

I'm almost 80 yrs OLD!!!!!!!!!!!

These things have never happened to me in the 50 yrs that I have bank accounts.

She did ask me if I needed a checking a/c and I told her that I already have one with another bank.

Banks are getting to be a pain in my side.