McGraw-Hill Employees Federal Credit Union Complaint - Restitution of Funds: Money Order

Review by on 2001-07-17
NEW YORK, NEW YORK -- I withdrew funds ($200.00) from my checking account in order to buy a money order. After mailing the M/O, I was advised that an item I ordered was 'counterfeit'- I immediately returned to MHFCU the same day and placed a stop payment on the money order. It has been over 8 weeks and I still have not received my funds. The employees of the bank said that they 'buy' M/O from 'FDR' and that they were not responsible for loss, stops, etc...

To help keep me as a potential future customer, I would like the following:

Since I was 'duped' into purchasing a counterfiet item from a fraudlent source, I implore my Credit Union to protect me. I placed a stop on the M/O a few hours after it was purchased. The employees told me that I would recieve my funds back - but not until 90 days after the purchase date. That seems unacceptable - they assured me that the payee will not be able to cash the M/O - why then must I wait the 90 days? I understand that that may be IPS's rules, but as my credit union, why aren't you protecting me - at least as a 'good faith' - the money will be returned - by August 18th - that has been assured my your credit union. If so, why not credit my account and have IPS forward you the funds??

At the very least I would like a response from your company regarding this incident.
Comments:1 Replies - Latest reply on 2007-06-08
Posted by chow on 2007-06-08:
hope you get to hear from the company representative soon,in your case, you stop the payment after few hours of buying the m.o, if everything is done right in the bank clearing house,i will see no reason why you can not recover your money, sometimes it is the stuff fault like not process according to procedure , imcompetency or mistake on their part causes the fund to transfer to your seller, then i am sure any unscrupulous management will hold you responsible for that.

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