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- The Reports of Unions' Death Are Greatly Exaggerated
- Ask Allyson Schwartz to run for Governor
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- Jan. 14 Workshop:HOW TO RUN FOR ELECTION BOARD IN 2013; HOW TO RUN FOR COMMITTEEPERSON IN 2014
- Seth Williams on Guns, Jasmine Rivera on School Closures @PFC Meetup Wednesday
- PA Revenue Strong Midway Through Year; Tax Cut Could Have Big Impact
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Philadelphia Federal Credit Union: we expect better
So, we expect big banks to charge high fees. They love to screw over people lending them their paychecks to invest. But credit unions?
Credit Unions are supposed to be a better deal, right?
I have had a pretty OK experience with PFCU since I came to Philadelphia. It's not quite the credit Union I grew up in in Kansas where all the tellers knew me on site and knew who my mom was to, but it's been okay. I recently got nailed for a couple fees from them that seem pretty ridiculous.
I confess: on the face of it, it's all my fault. The rub is two-fold tho. 1) the money was there and 2) it's a pretty big charge for what comes down to an honest mistake.
Click Read More for the rest of the story...
So, here's the deal, my employer still thinks it's 1992, so we get paychecks. We don't do direct deposit. So I have to go to the bank and fill out a form to make my bank deposit. This last time I went, I apparently accidentally wrote that I wanted to deposit all the money into my Savings and not my checking.
When I got home, I went into my ING Direct account. I keep two accounts in there that I set aside money in and pay bills out of, because all that works easier out of ING. So every time I get a paycheck I do two withdrawals from my PFCU savings for most of the money. Whatever I leave in PFCU is just my spending money, for the most part.
Because I hadn't actually made a deposit into my Checking, I'd made it into my Savings, there was hardly any money in my Checking. There was plenty in Savings, but not my Checking.
At the Credit Union I grew up in, they would have just rolled it over, but instead I got two charges for $25 apiece.
So I find this out the next day and moved the money over to my Checking. When I looked at my ING Account later, one of the two transactions had actually gone thru.
PFCU says that ING tried to withdraw those funds again, so that's why it worked later. They did not, however, do this for the other withdrawal.
Yet I still have two charges for $25.
All the while, there's plenty of money in my account to cover all of this. I just put a number down on the wrong line of a stupid form.
It's exactly the way Big Banks find ways to nail customers for more money. Look for some little mistake people make sometimes. Charge them for it. Even if there's an easy fix. Even if there's a way you could let them off without costing anyone anything (transfer it from my Savings, for example), they hide behind rules and policies.
But at the end of the day, PFCU just made $50 without any work, without making the world any better and definitely without looking out for the best interests of their customers.
We expect better of Credit Unions. That's all I'm saying.