Monday, February 25, 2013 - 4:46 PM

This Credit Union Stinks

(1 stars)

I drove into Manhattan today with the idea that I would join this Montauk credit union since they advertise such high rates on their website(ie 2.5 percent for 5 years or 2.75 for 7 years). They have only one tiny branch. They have 2 tellers behind glass. they told me they have not been accepting deposits for CDs in 2 years. One teller said they have too much money and not enough loans. I wish I had read these reviews ahead of time. I did join for 25 dollars with the thought they might be offering CDs in the near future. They said to check back once a month.

It's easy to offer 2.5 percent if you are not accepting deposits. I am offering 10 percent for 5 years but I am not accepting deposits now or in the future.

agoodrate1 posts since
Feb 25, 2013
Rep Points: 3

1. Monday, February 25, 2013 - 5:41 PM

Well they advertise CD's on the net. I would push the issue with a lawyer for false advertising.

klink73 posts since
Dec 8, 2012
Rep Points: 189

2. Monday, February 25, 2013 - 6:45 PM

Before going the lawyer route, you might try getting a screen print of the Web page where the CD rates are advertised. Next, contact the Manhattan Montauk Credit Union branch manager, tell him/her what you were told by the tellers and ask for confirmation that you were given correct info. Finally, write a complaint letter to the Consumer Financial Protection Bureau, with the details of the conversation(s) with the teller and the branch manager and enclose a copy of the Web page print out. Be sure to record the names, dates, times, and contact information of everyone you spoke with and include that detail in your letter.

pearlbrown1,036 posts since
Nov 2, 2010
Rep Points: 3,992