Questions on banking:

[redirish28]

I have a credit union which is FIDC insured. I understand and accept the $25 min to keep an account open. But I can't understand how a bank or Credit Union can insists that I'm not allowed to touch my money when I want to. I received a check for $100.00 recently. Now I can understand and accept depositing it and waiting 24 hours (in state check) for it to clear. BUT how is it possible that a bank can say "We want our members to grow their accounts so we won't allow you to take out our your money".


This is my money I worked for my money (actually this was a gift but that is besides the point) What right does a bank have to tell me I'm not allow to have all my money?

[Demeter]

1. Check out your credit union

http://banktracker.investigativereportingworkshop.org/credit-unions/

Not all credit unions are properly run. Yours may be one of the baddies.

[ProdigalJunkMail]

2. two things : NCUA most likely not FDIC

second...the account has a minimum. lots of accounts do. you should have been informed when opening the account of if they changed the terms on the account. you are not being denied access to your money...you can close the account and leave that institution. but if you want to keep the account open...you keep some money in it.

sP

[rucky]

3. I'd contact the NCUA

that doesn't sound right.

[redirish28]

4. No it is FDIC insured. My wife made sure of it when we opened the

account.


Yes, the $25 min to keep account opened is something we knew about and accepted.



This new rule about "Growing your account" is brand new.


Too my wife it sounds like BS and she was always taught a bank has no right to tell you if you can or cannot take money out of your account.

[midnight]

5. Is this a checking or savings account? I would think the savings is the place

to watch your money grow. But in any case, your money is your money, and not theirs....

[redirish28]

6. It is a svavings account we have had it for 10 years and never heard

of such a policy like this until yesterday. They said it was a new policy.