I've banked with Legacy for 5 years now. I opened the account at the suggestion of my friend at a car dealership when I was buying a used car. If I was a member I could get a really low rate. So I deposited 50 dollars into a savings account and was able to get the rate for the car I was buying. I ignored the open savings account for at least a year until I realized they were offering a 2% interest rate on checking which is higher than a lot of CD products, so I switched over 90% of my paycheck to the credit union. Since then, I've started using the credit union as my primary bank. I love the Credit Union experience.
Please tell me why Legacy only allows 6 online transactions per month? If you have computer banking why only 6? Also why do they transfer 3.00 at a time from your savings when you are about to overdraw and then charge you 3.00 to do it? Is this a ploy to use up your 6 transactions because even if you have money in your savings to cover any overdraw they will not transfer any more money after 6 transfers have been made(these include any you have already made) and will then start charging you 36.00 per overdraw regardless of how much money you have in savings which is supposed to be linked to your checking. I really don't want a useless 3.00 transfer if it's going to use up one of my 6 transactions and I'm going to be charged 3.00 for the service. I discussed this practice with my coworkers and no one could believe the way they handle their online banking.The consensus was why have online banking if it's so limited and how ineffective their overdraft protection was. I'm starting to wonder if this isn't just another way for them to insure fees without being as obvious a bigger banking institutions as they tout themselves as being smaller and more about their customers. If they were really about their customers they would figure out a better solution for their overdraft protection and their computer banking.
Legacy held a out of state insurance company (large, well known company) check for 5 days. One day before funds from check were to be available, had over draft fees of $64.00 charged. Long term customer with never a over draft. Would not have had one here if not for their hold policy. Legacy would not waive the fees. The entire time I am on hold on the telephone, I am hearing how Legacy does not charge frivolous fees.
We had an account for 26 years. Temporary financial hardship delayed our ability to pay the Mastercard on time for 2 months. Legacy handed our account over to attorneys. The statement that was $2,914.32, now is $3,892.96, with Attorney's Fees of $971.43. That's like a 33.5% interest, but it's not the "members" who are getting it. It's attorneys. Nice customer service! And to think we were about to move all our financial accounts over the Legacy... whew!
Concerning the credit check. I have heard of them running a telecheck check among other banks, but this was ridiculous. Also I had an issue with them concerning a stop payment. I cancelled a service and applied a stop payment for future withdrawals as this company is known to go back and try to extort money. Legacy refused to honor the stop payment because according to them I did not give them written authorization (as if the stop payment form and paying the fee weren't enough), and then told me that I had to pay another fee in order to have the stop payment reinstated. When I went to the bank, they told me that I couldn't request a stop payment with this company because they have an "iron clad" contract with all their customers. So basically, a customer can't get out of the contract or terminate service. This is not a credit union. They operate similar to a bank. Consider elsewhere.
Beware that this "credit union" requires a 650 credit score or higher in order to open the 4% Premier checking account. I asked why and couldn't get a straight answer, so I decided to go elsewhere. Why should I have to get a credit check just to give THEM the my money?
Also, they carelessly pass around paperwork with sensitive information on it (DOB, SSN, etc.).