[Search for users]
[Overall Top Noters]
[List of all Conferences]
[Download this site]
| Title: | DCU |
| Notice: | 1996 BoD Election results in 1004 |
| Moderator: | CPEEDY::BRADLEY |
|
| Created: | Sat Feb 07 1987 |
| Last Modified: | Fri Jun 06 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1041 |
| Total number of notes: | 18759 |
105.0. "Treasurer's Checks - arbitrarily restricted?" by BINKLY::WINSTON (Jeff Winston (Hudson, MA)) Fri Jun 24 1988 12:04
DCU allows you to get your money out in 'certified' form 3 different
ways:
A certified check, for $3.00 (expensive, but comparable with other
banks)
A money order, for $.50 (again, comparable)
A treasurer's check - FREE!
The 3rd form is something unique to credit unions, and is acceptable
for most uses one would use a certified check or money order. Thus,
it is an advantage or "feature" of using DCU. At least, it would be,
except DCU puts on the following restrictions:
1. Cannot be made out to a third party, UNLESS the third party
is Commonwealth of Mass.
2. Cannot be made out jointly to you and another party, UNLESS
the amount exceeds $1000.
Thus, for small amounts, where a FREE form of getting your money in
certified form would be most useful, DCU forces you to use a form that
generates fee income for them.
My request to DCU is to remove their arbitrary restrictions on the use
of Treasurer's checks, and, to the extent allowed by banking law, to
allow treasurer's checks of any demonination to be made out to
whomever the depositor requests.
thank you
| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 105.1 | Possible workaround | BAGELS::LEVY | Living life at the margin | Fri Jun 24 1988 13:21 | 18 |
| re: < Note 105.0 by BINKLY::WINSTON "Jeff Winston (Hudson, MA)" >
-< Treasurer's Checks - arbitrarily restricted? >-
> A treasurer's check - FREE!
>
>The 3rd form is something unique to credit unions
A bank I used in NY offered something called a "teller's check" or
a "cashier's check," which had the same properties as the DCU's
treasurer's check.
>Thus, for small amounts, where a FREE form of getting your money in
>certified form would be most useful, DCU forces you to use a form that
>generates fee income for them.
As a short-term workaround, how about writing "Pay to the order
of <ultimate_payee>" on the back, and then endorsing it?
|
| 105.2 | | BINKLY::WINSTON | Jeff Winston (Hudson, MA) | Fri Jun 24 1988 13:28 | 7 |
| > As a short-term workaround, how about writing "Pay to the order
> of <ultimate_payee>" on the back, and then endorsing it?
>
I've had places consider this a 'third party' check - subject to
clearing requirements (I know, but some places just want to see their
name on the FRONT)
|
| 105.3 | Service abused? | RATHER::PALMIERI | | Mon Aug 08 1988 13:52 | 7 |
| As I recall DCU use to provide treasurer's checks for any amount free of
charge. I questioned the teller when the DCU switched to money orders and
was told it was because people came to the teller asking for treasurer's
checks to pay their utility, credit card, and other periodic bills thereby
avoiding check charges.
Marty
|