I HATE my Credit Union!!!!!

Discussion in 'Credit Talk' started by Maer, Sep 2, 2001.

  1. Maer

    Maer Well-Known Member

    My Credit Union is a bunch of *#(holes!!! I have applied 3 times with them and always denied for a myriad of reasons (even before b/k). I figure they are my best bet for getting something besides subprime. So a while back I opened a savings account with them and have been adding to it monthly.
    This month I needed a loan so I applied with them. I did it online and I was supposed to receive a response in 2 hours (24 hours a day, 7 days a week). This was on Sunday afternoon. Never received anything. Finally on TUESDAY afternoon I called. They said it was still being reviewed although it was initially declined because of lack of credit since b/k. I said are you kidding, I have a car loan (3 years) about 5 credit cards and I refinanced my house since that time. She said it was being reviewed again and would go to a manager. Later that day I called back and they said it was denied because I have too much unsecured debt now. So I ask for a secured loan against my savings and they say fine. I go to pick up the check and she has me sign the papers, I notice they have under debts and obligations things from several years ago. Not a single debt that they showed did I still have. I asked them why they did this. She said they just grabbed an old credit report they had when I requested this secured loan but they did run a regular report for my application. She even pulled my file and showed me the current report. I said I don't understand how this found it's way into anything and I can't help but feel that the decision was partially based on this very old, eronneous information. She insisted it wasn't but why else would it be on my loan papers.
    Gosh I HATE THEM!!!!!!! They have been so snotty and rude to me, I could just kick myself for ever being stupid enough to try to build a relationship with them.
    Oh yeah, when I asked why I didn't receive a response within two hours, she told me that was unreasonable to expect!!!!! They are the ones that have it on their website application!!!!!
    Oh yeah, when I got my notice in the mail for the decline, it said not enough credit since b/k again. I think they were just looking for reasons to deny me.
    Did I mention that I really hate them.
  2. Reshod

    Reshod Well-Known Member

    Thats an easy one to take care of!!! FIRE THEM.
  3. Maer

    Maer Well-Known Member

    I know, I know. I did that last time. You always hear that credit unions are so much more forgiving for past credit problems. I figured I would really work on establishing a relationship with them but it is painfully obvious that they want nothing to do with me. I have a secured loan with them now (against my savings). Maybe I should just pay it back and tell them to go #*%& themselves
  4. breeze

    breeze Well-Known Member

    Yeah, really. Sounds like they have some shabby business procedures too.
  5. PsychDoc

    PsychDoc Well-Known Member

    Quick devil's advocate question... :)

    Are you saying that you have enough in savings to cover the loan in case you defaulted? (I realize this isn't likely, but just for the sake of discussion, I'm asking...) In other words, you got a (for example) $5,000 loan from your credit union, but this was secured by the $5,000 you have in savings? If that's the case, I'd like to know what's your APR rate of return on your savings account? Also, what's the APR on your loan?

    The reason I'm asking is because if the rate of return on your savings account is less than the APR of your loan (likely), then why didn't you just borrow the money from yourself (from your savings)? It strikes me that loaning money TO the credit union (i.e., your savings account) at 5% and then turning around and borrowing that same amount from them at 8% (or whatever) is a really great deal for that credi t union. :) I have a deal I'll make you, and you won't have to mess with that snotty credit union. You loan me $10k at 5%, and then I'll turn right back around and loan the money to you at 8% immediately.

    Ok, I realize I'm being facetious (there's that devil's advocate again), but I thought I'd weigh in with a plug for using your SAVINGS when you need it rather than incurring more DEBT unless you absolutely have to.

    Timidly yours,

    Randy :)
  6. Debmac

    Debmac Well-Known Member

    I will agree that *some* CUs suck rocks in a bad way... case in point, here in my town (where there are tons of them), the CU that my sister and another friend belong to are just plain stingy and mean. Sis had weak credit (two charge offs, NOTHING else) and they denied her a ATM! My friend had a BK (due to some serious credit fraud by an ex girlfriend) and he got the same shaft.

    I had several charge offs (more than 5, less than 20), and no positive lines when I joined my CU. I got a checking, savings AND a ATM (w/$500 a day withdrawl limit). Yes, I got denied for a car loan, but 1.5 yrs later got a computer loan from them... I didn't apply online, I took my hat in hand and went and plead my case to a loan officer. She couldn't do anything for me that day (Saturday), but said she'd forward to her boss and put in a good word.

    I love my CU (can't wait to refi my car with them in Jan after a year of ontime payments, and am trying to get sister to join!

  7. Reshod

    Reshod Well-Known Member

    Please allow me rephrase my earlier comment. I do not dislike credit unions, in fact, I adore them for their kindness. I have had several consumer, auto, and personal loans through my credit union, even when I had NO credit.

    They are great institutions, however, if they are not satisfying you as a consumer and constantly deplore you for your lack of financial responsibilities, then I would FIRE THEM and find another CU who would except members, such as myself.

    In the situation listed above, this is unacceptable for a financial institution, in which I am a part of, to use such gestapo tactics.
  8. mirabelle

    mirabelle Well-Known Member

    Same thoughts...of course, the *real* way to play them (if you like) is to find out what they CAN do, use them for it (like if they have great savings/CD products) and use another bank for other services. Of course, do this so that you incur no expenses for checks, service fees or anything else. The banks and credit unions use OUR money to publish info about their assets and bottom line, so why in the heck should we pay them a service fee? I know they will disagree with that statement.

    My personal experience is that I do like our credit union, but they are so, so conservative that I wouldn't even attempt for a loan; it's not worth it. My husband and I looked at an auto loan, and got a better rate through GMAC (6.9 vs. 8 percent) and better terms (the CU wanted the full 20 percent down, no negotiating).

    But I do like our CU, and the CD/IRA rates are great and they have really good customer service. But it sounds as though the original poster's CU doesn't provide good CS, which that would tick me off immensely. You bet that they looked at the original CR--not right and not fair at all. If that's not some form of blacklisting then what is?
  9. Maer

    Maer Well-Known Member

    Yes I do believe I've been blacklisted. I can't believe they were so blatant as to put all those accounts and amounts right there on my 2nd application!!!!
    The last time I applied for a loan it was denied. I called and tried to explain my case to a loan officer. I was very polite and explained the reason for my b/k, what I was using the money for etc... She literally yelled at me and said she wasn't going to help me get into further debt. I immediately withdrew what little money I had and closed my account.
    About a year later after reading so many positive things about credit unions I decided to try to build a relationship. To keep a couple thousand in savings and keep building on it etc..... My savings only covered part of the loan I needed. I was trying for the whole thing although I didn't really expect it and I was more than willing to use my savings instead or as partial security. They didn't want to loan me anything that wasn't secured.
    I just think it's strange how they kept changing the reason.
    I might add that I have worked at the same place (which my credit union services) for over 10 years. I have a 4 year old b/k and 1 30 day late from about 3 years ago (stupid victorias secret dinged me for being 1 DAY LATE!!!). Other than that I'm perfect. I have plenty of new credit. I have one credit card that I recently balance transferred everything to (9.9%) so that is maxed out but everything else is paid off.
    I'm kind of regretting taking the secured loan. I wish I would have told them to go #*%& themselves and just withdrew my money. I know they couldn't care less but it would make me feel better.
  10. Reshod

    Reshod Well-Known Member

    You said that they dinged you for being "1 day late", how is that possible?

    How can they ding you for being a day late with a 30 day insertion into your records?

    I would dispute that!!!

    Anyone else have any suggestions.
  11. GEORGE

    GEORGE Well-Known Member

    You said that they dinged you for being "1 day late", how is that possible?
    1-30 days = 30 DAYS LATE...they have no choice to put 1 day late...18 days late...IT HAS TO BE 30 DAYS LATE.......SO THEY SAY...
  12. dlo64

    dlo64 Well-Known Member

    This is what I did last week with one of my credit unions. Write directly to the CEO. This is my situation and what I did:

    I opened a savings, checking, and took out a secured loan against my savings. The CU told me there would not be a problem in re-financing my car even with the past credit problems (BK). One payment into my loan we decided to apply for the auto refinance. They told me they would have a decision in two days. I knew that sounded too quick. I did not hear from them yet, three days later. I decided to call. Well, no return call. Four voice mails later, still no return phone call. Now I was getting really upset; figured I would at least get a return call saying "we don't know yet" out of common courtesy. One week later, I finally get a hold of a live person and was told I was denied because they wanted the loan paid off first. Two days later I get one of those denial letters and it said the CU wanted a payment history on the loan. Now which was it a payment history (how long?) or a loan payoff? I tried to get an answer but started to get the voice mail thing again and thought forget it.

    When we opened the checking account we wanted to know what else needed to be done to get a Visa debit card. We advised them up front about the BK and were told that one of us needed to establish direct deposit. No problem, did that. Did not hear anything about the debit card. Inquired about it through their website. They mail an application. I called up said already done this. They could not find the application. I told them to go look for it and call me back. Three days later I get a call and am told I need to have my accounts open six months. I flipped! I said to check with the supervisor as I have other accounts at banks and have a debit card. Did not receive a call back.

    Then last Sunday evening I was thinking about how angry this absence of customer service made me. I went to the CU website and found the e-mail address for the CEO of the CU. Wrote a letter and received a return e-mail from the CEO and four phone calls 2 at home and 2 at work the next day from the Loan Manager and the Member Services Manager. Got an explanation of what they wanted for the re-fi on the car and my debit cards were ordered immediately. I received numerous apologies. I now have contacts and direct phone numbers for all involved at the CU.

    Try and find out the top person at the CU and write a letter. If not by e-mail, by snail mail cert/rr. Express your situation, frustration, threaten to take your money out, point out that as a member you are a shareholder (part owner) in the CU, and ask for help. See if you don't at least get some resolution. If they at least make an attempt; a prompt attempt to resolve this for you, then I would stick it out and see what they can do for you. If not, BUH-BYE!

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