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I Took Action...

Thursday, December 13, 2012 - 6:20 PMPlus4 Credit Union - Details
(hate the term "bit the bullet:D") and closed my RCA (now at (2.5%, $10K)) with Plus4 CU.  If you recall, they forfeit the $5 balance in one's savings account when one closes all the accounts with them no matter how long one has kept the account.  It is like Mafia, once you're in you've got to pay to leave.   

Thus I lost $5 in my savings account and 0.01 in my checking (they keep the $0.01 balance in checking as unavailable all the time).  Imagine that they have a thousand accounts in closure, they collect $5,010 "protection fee" with no effort.  It is the worst $5.01 I ever spent (i.e., lost) in my life!! 

I now formally change "Plus4 CU" to "Minus5 CU.":D
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
1. Friday, January 25, 2013 - 9:48 PM
As an encouragement to all the consumers/investors out there and a follow-up on this issue, here is my fight with the abnormal Plus 4's policy of retaining the $5 (actually $5.01 since they always keeps 0.01 in checking as unavailable and forfeited it at account closure) at account closure:

1. Sent a letter of complaints to Consumer Finance Protection Bureau (CFPB) at the end of December.

2. Received response that CFPB referred my complaint to National Credit Union Adminstration (NCUA); received letter from NCUA on 3 January that they forwarded my correspondence to Texas Credit Union Department (TCUD) since Plus 4 is state chartered.

3. Received letter from Assistant Commisioner of TCUD early January stating that she has forwarded my concerns to President of Plus4 for response. 

4. Received response from both TCUD and Plus4 (and a check for $5.01), stating that it was their fee structure.  The credit union sent $5.01 to satisfy my conerns. 

In sum, I won the fight against the corporate credit union and system by persistence and not giving up. 

Lesson learned: Fight for principle and never give up.  However, all of them including TCUD missed the point that I was addrssing their unfair fee structure while the credit union stated that they have provided me notice of this unfair fee structure.
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Saturday, January 26, 2013 - 1:12 AM
:)   Good work , Squeaky wheel
RicochetRicochet135 posts since
Jan 19, 2010
Rep Points: 367