I wish that I could give no stars to UFCU instead of one. I have been a "member" of this credit union for a year and a half, and I am extremely disappointed by and frustrated with the experience.
The trouble started when I signed up for a checking account at Bank of America a few months ago. I had heard that credit unions were preferable to banks, but having a regular bank account has awakened my attention to serious deficiencies in my UFCU savings account. I always deposit my paychecks in my UFCU savings account. Until last week, I always deposited them during business hours.
Last week, I was running behind, and I deposited my paycheck at around 3 pm at this location's ATM. I knew the check wasn't going to be available immediately, because the bank had closed. However, I assumed that it would clear some time during Monday's business hours. I've deposited checks into my BOA account and they've always been available no later than the start of the next business day. They're often immediately available. However, assuming that I would receive a comparable level of service from UFCU was a HUGE MISTAKE on my part. I took this for granted so much that I actually went out of town, thinking that I would be able to run by an ATM if I wound up needing extra cash on Monday.
Instead, as I'm driving back to Austin Monday night, I decide to check my account before going to an ATM to get a little extra cash. Not only has the check not cleared, but it says there's a hold on it until Thursday. What's especially surprising to me about this is that the check is also from a UFCU account.
I called UFCU's 24 hour customer service. The rep explains that the reason the check hasn't cleared is that it hasn't been verified yet, because, according to her, it's still sitting in that ATM. Why? I deposited this check in the ATM that is physically attached to the Ben White building. It's not possible for them to verify the checks deposited in the ATM for almost a week after they're deposited? What are they doing all day?
I also was frustrated that this was explained to me as though it should be common sense. OF COURSE UFCU can't be bothered to remove sort through the money deposited in its ATMs at anything faster than a leisurely pace. Even worse, the person I spoke with tried to tell me that this was standard bank policy. This means that she was either perfectly comfortable with lying to me, or woefully misinformed. That's certainly not BOA's policy, and I have friends who bank elsewhere who are able to immediately access at least a partial amount of a check deposited into an ATM. The rep also assured me that there was absolutely nothing she could do to help me. Again, she may have been lying. I would be interested to see how someone with a more substantial bank account would have been treated. However, if she was being honest, and there was truly nothing she could do for me, then UFCU's policy is unacceptable.
I keep seeing all of these ads that say "Don't Tax My Credit Union." Why not? They apparently get to hold onto my money for as long as they see fit. I get better, more caring service from a large bank that doesn't have the best reputation. I have received no benefit from being a member of this credit union, and I am thoroughly soured on the concept. I was attracted to the idea that a credit union wouldn't charge me fees, and now I see that I get what I pay for. Whenever UFCU finally sees fit to let me have access to my money, I will be closing my accounts and urging my friends to take their business elsewhere. read more