Members choice credit union Peoria. IL. Complaint - Changing the way deposits are handled

Review by gritsboy on 2009-10-24
PEORIA, ILLINOIS -- I have made deposits in the past and they were usable immediately and all at once they charge for overdrafts before the check clears that I have deposited. I have not given checks that were not genuine before and they charge 20 dollars for a check that is a few dollars short of clearing. What a Crock. These are the same people complaining about the high intrest of payday loans. $20 dollars for a few dollars overdraft when they are holding a check for $4000 above. Why is it we have a problem trusting banks?
Comments:5 Replies - Latest reply on 2009-10-25
Posted by Anonymous on 2009-10-24:
So they gave you free clearing when you wrote bad checks in the past, now they are charging for it? You ever say thank you to them for not charging you before?
Posted by Anonymous on 2009-10-24:
Hold on, I thought credit unions were the answer to all the world's banking problems....
Posted by yoke on 2009-10-24:
Agree Trix, I thought CU's were not like banks.
Posted by Anonymous on 2009-10-24:
Lets not be daft. Any financial institution would place a hold on a check that was written for $4000 including credit unions.
Posted by Anonymous on 2009-10-25:
"I have made deposits in the past and they were usable immediately and all at once they charge for overdrafts before the check clears that I have deposited."

If they're stopping this, they're doing it for a reason.
Here's probably the reason why.
My bank used to not put holds on paychecks. They'd clear the same time all checks cleared, that night at midnight if the deposit was done before cut over. After some time, they stopped doing that because many checks were coming back bad... they bounced or people took advantage of that with fraudulent checks. So, the policy changed. If the system prompted for a hold, (the holds that had been prompting all that time but since it was a payroll check, the hold was overridden) the hold had to be placed thus ticking a lot of customers off. And the tellers had to explain why, all of the sudden, their checks were being put on hold. Mostly, it was people that had low average balances and 20 overdrafts a month.
The point is, your credit union is changing things for a reason. Too many people taking advantage of the insta clear with bad checks. All it takes is a few people to mess things up for everyone else.

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