Worst Bank Ever
Don't fall for the cozy community involvement, customer "service," and disaster relief commercials advertised by this credit union. They're a bank, pure and simple, and you know what that means.
"We believe in empowered banking." Here's how that worked for me:
Moving to Loveland a couple of years ago, I opened an account at Elevations and then sold my former residence. That sale represented my life savings, 35 years of work at the same job. I planned to deposit the money in Elevations and then pay off the mortgage on the Loveland house I had just purchased.
I encountered a friendly, enthusiastic teller. I told him, very clearly, what my business involved. Giving him the correct account numbers, and endorsing the check correctly, I requested that my modest six-figure life savings be deposited into my account, preparatory to paying off my mortgage. The teller executed the standard practices and handed me my receipt. A glance at the total assured me that the transfer had been processed correctly.
Later, feeling very empowered, I prepared to make arrangements to pay off my mortgage and, in the process, noticed that the receipt I had been given did not include my name. Indeed, it showed that my money had been deposited, not to my account, but to the account of someone else. In other words, Elevations Credit Union had given my life savings to another depositor.
Before panic set in, I checked my account online and verified that the six figures were missing and that the deposit I thought I had made did not exist. I then called the bank and urged them to treat my difficulty as an emergency. After speaking with two employees and emailing a copy of the incorrect receipt, I received a call from the initial teller. He fell all over himself with numerous apologies and then, empowered by the bank, offered me a $20 gift card to the Dairy Queen. Disaster relief.
I probably should have taken my cue from that episode; however, it took the next one to impel me to terminate my relationship:
I received a check from a foreign transaction, something which I had never encountered before. Taking the check to the bank, I endorsed it, included my account number correctly, and requested cash. The teller gave me the correct amount in cash and the transaction was completed, I thought. As it turns out, foreign transactions are subject to taxes and fees from our government, which greatly reduce the amount of money that can be realized by the recipient. That amount is approximately 2/3rds for a foreign transaction or at least it was with my check. Both the teller and I were equally ignorant of this arrangement, which is odd, since the teller was supposedly trained in such details.
I received several messages telling me to return to the bank and pay the fees. The next day I discovered that my bank account had been reduced by the amount of the check. But the questionable aspect of this reduction is that it was not indicated on the statement as a withdrawal. The amount was simply missing with no notification whatsoever. There was no notation indicating any error on the part of the teller or any discrepancy on my part.
I objected to this action on the part of the bank and so informed them. It seemed fraudulent to me that a bank can simply reduce a depositor's account by whatever amount they decree without a disclosure or explanation. If they can empower themselves in this way, they may be able to empower themselves in even more significant ways and with even more significant amounts. Once again, the bank apologized for the teller's error and assured me that the teller would be re-trained. (No disaster relief gift card to the Dairy Queen was offered this time.) I informed the bank that the teller's lack of skill was irrelevant to me but that non-disclosure of amounts withdrawn without my permission or knowledge appeared fraudulent and that I was concerned about such a policy or action. Statements which do not include all transactions are erroneous, incomplete, and in need of correction.
Two major incidents with this bank have put me on alert and I now deposit my money with a bank that is openly just that; i.e., a profit-mongering institution that exists to take as much of my money as it can and give back as little as possible without, so far, fraudulent activity. At least we understand each other.
Any perks? In my new bank building there is a complete lack of stiletto clacking on the floors. The sound is simple and unpretentious, invitational, in fact. The hope for professional conduct is high.
Note: Reviews on Elevations Credit Union are not good. Some cite "predatory practices." Unskilled and ignorant employees are also cited. read more
