I opened a trust account with this credit union hoping that my business might help out the teachers locally. I put a total of over $300,000 into MAPS, $100,000 in a "13mo" CD @ 2.75%. The Trust which held the funds for the account had to be switched due to the failure of a small business.
What I needed from MAPS was to switch the accounts over to a new named Trust and all would be fine. They said no, they couldn't merely switch it. OK then I'll open the new account first and simply change over the funds, closing out the old account.
THAT they could do -Except there was a clause in the CD that not only forfeited the interest that had been accrued (ok, I get that) but they took $600 from me for interest that WOULD'VE BEEN ACCRUED OVER THE WHOLE 13 MONTHS.
Net result: I had $300k in their bank for nearly 4 months time and it COST ME $600 in bull-oney fees.
What a way to do business, I'm not some rich guy, that was my life's retirement savings!!
MY ADVICE IS STAY AWAY- FAR AWAY- FROM MAPS CU. They used a technicality to profit over a regular working stiff who was trying to help THEM !!! BOOOO!!! read more