Skip to content
BOL Conferences
Learn More - Click Here!

New Reply Thread Options
#2247277 - 01/06/21 07:06 PM From Bank to Credit Union
Anonymous
Unregistered

I've recently made the switch from a bank to a credit union, and one thing I have noticed is that with very little (or no?) warning, my CU will decide to close early. Not due to weather only; perhaps because they've decided to hold an all-staff meeting, or most recently, because the staff was having a small holiday party.

In my previous experience, branch closures (outside of an emergency) had to be posted 30 days (?) in advance. In my current situation, they might decide at 4pm to close at 4:30pm.....or to just close at 4pm.

Some of it to me seems like poor planning; if you knew on Monday that there was a party on Friday, why not post a sign Monday morning, rather than wait until that Friday afternoon?

But to the question: isn't there some regulation about closing early? Or is a CU different than a bank in that regard?

Thank you.

Return to Top Reply Quote Quick Reply Quick Quote
#2247280 - 01/06/21 07:08 PM Re: From Bank to Credit Union Anonymous
Retired DQ Offline
10K Club
Retired DQ
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
Not a customer/member friendly practice, but I know of no prohibition on a CU or bank closing early on a whim.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

Return to Top Reply Quote Quick Reply Quick Quote
#2247291 - 01/06/21 08:26 PM Re: From Bank to Credit Union Anonymous
Reg Warrior Online
100 Club
Joined: Jan 2017
Posts: 214
I work for a CU, depending on the reason for for early closure or all day closure we give 14-30 day notice (state banking requirements). We would not normally close a branch or call center early without advance notification (branch signage, emails, website).

Return to Top Reply Quote Quick Reply Quick Quote
#2247443 - 01/11/21 03:36 PM Re: From Bank to Credit Union Anonymous
Anonymous
Unregistered

How would Credit Unions address overdrafts in a situation where they closed early without proper notice?

Return to Top Reply Quote Quick Reply Quick Quote
#2247461 - 01/11/21 05:11 PM Re: From Bank to Credit Union Anonymous
Reg Warrior Online
100 Club
Joined: Jan 2017
Posts: 214
As the CU I work for has multiple branches, when a branch needs to close without advance notice (such as a branch employee testing positive for COVID), the closed branch would post a notice on the front doors directing members to the closest open branch, the onsite ATM, the website, our app, and call center, Due to the member having multiple access points the the credit union, we would not have issues with overdrafts.

Also, some credit unions participate in shared-branching, which allows members to make deposits, withdrawals, and sometime loan payments at other credit unions (which is quite handy when you are traveling).

Return to Top Reply Quote Quick Reply Quick Quote
#2247465 - 01/11/21 05:37 PM Re: From Bank to Credit Union Anonymous
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Whether a CU can close like this all boils down to Federal or State law.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
#2247495 - 01/11/21 10:12 PM Re: From Bank to Credit Union Reg Warrior
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
Originally Posted by Reg Warrior
...the closed branch would post a notice on the front doors directing members to the closest open branch, the onsite ATM, the website, our app, and call center,

Due to the member having multiple access points the the credit union, we would not have issues with overdrafts.

.


assuming, of course, that the customer read the notice posted on the door and opted for one of those other methods. Seen plenty of times people haven't read proper signage.
_________________________
Providing alternative truths since the invention of time

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale