Conference 7.286::dcu

704.0. "Fines Fees and other punishments" by ALPH1::BISSELL () Mon Sep 20 1993 15:31

The most recent Money magazine has an interesting article how banks are ripping 
(my word) customers off that made me think of the DCU.

One example was that the average cost of handling a NSF or bounced check was 
$1.32  - compare that with what "OUR" institution charges.

An enhancement of this process would be to receive four checks during a day.
One for $50.00, one for $12.00 , one for $10.00 and one for $200.00 AND RECEIVE
THEM IN THAT CHRONOLOGICAL ORDER.  The account only has $200.00 on deposit.  
the Bank/CU would honor the $200.00 check and return the other three thus 
being able to collect for all three checks instead of the one.   I don't know if 
the DCU uses the first in - first cashed or something else. 

They also mentioned that people went to CUs to get BETTER rates on loans and 
on deposits while "OUR" institution only chooses to be competitive and choses
their competition as local banks.

As I understand the amount of time a check is held prior to the funds being 
available is specified as the "MAXIMUM" time allowed by the Feds.  "OUR" 
institution seems to have taken these as their standard and told us that they 
were mandated by the FEDS when , in fact, they could have held the funds for 
lesser times.  

The new regulation on number of "tellerless" transfers should be looked at and 
find out if the regulation mandates the number as they are stating in the recent
flyer or whether it "permits" this number.  If it mandates it, then one must 
question why ther other financial institutions are not aware of it. 

Beware that interest is posted quarterly. If you close your
account ONE day before the posting you forfeit the interest for 
that quarter.

Gim