MyCuTx Complaint - MyCuTx - Direct Deposit Delay Policies- They Do Not Post Real Time!
WATAUGA, TEXAS -- They confirmed they hold direct deposits that come in early - DO NOT HAVE REAL TIME posting which is a main reason most consumers prefer credit unions - the majority of CUs post real time!!! Not this one!!! On phone today they confirmed they will not post or release IRS refunds when received if received early (they will hold a couple of days like big greedy banks!)
Banks cannot legally hold an ACH deposit beyond the next banking day but many banks still use older batch processing systems that run all business after the close of the banking day. A deposit received early Thursday but NOT PROCESSED until after about 3:00 PM on Thursday (by choice of the bank/cu) won't run until Friday evening and won't be available to the account holder until the beginning of the next banking day which would be the following Monday. If Monday is a bank holiday, it will be Tuesday. This is the type of thing this My Credit Union does! With payroll and any other direct deposits that come in early - they do not post REAL TIME as most expect from a credit union, and as most credit unions do... Might as well be with big ol Greedy Bank of America.