This is new and was not announced to members. Previously, this was not the case. I had a CD mature this week. I tried to move the proceeds from NASA to another credit union and was told by the teller at the shared branch where I went to perform the transaction that NASA would only permit $5000 to be moved. I called NASA and this was confirmed. The woman I spoke with at NASA said it was due to fraud. I then asked her if in the future I arranged it in advance in writing if it would be possible to move a large amount from a matured CD to another credit union on a specific date at a shared branch, rather than having to get a check or paying for a wire transfer. She was uncertain and suggested I send a secure message through my NASA online acct re this.
I had a CD at on CU in the past where I wanted to withdraw all cash and move it to another CU, using a shared branch. I recall the shraed branch was requried to contact my CU and fax the withdrawal paperwork over. It took a few minutes, but then the transaction went through, for a large sum. Supposedly my CU requried that extra step only for legitimately large sums (not $5,000!).
I even avoided taking a check for a payment of $5 from the shared branch, I pointed out I don't need the check or the cash, just transfer the cash to the new CuU and they did.
Point is, if Nasa if afraid a fraud, they can require that extra step, and they can check the faxed signature and ID. That's all they could do at their own branch. There is no excuse to just flat out ban a withdrawal of more then $5,000a day. It presents you from getting your money when you need it! Nasa takes accounts from all over the country,k how does it expect all theose people to go into a Nasa brnach!?
I will say, for transferring from one CU to another at a shared branch, it is always going to be easier to write a check from the first CU and use the shared branch merely to depsit that check to the other CU. I always want to open a checking account where I put a CD so I can do just that, but I don't want expense for checks or whatever, I try to get at least a few starter checks, I don't need a full order. This is how I plan to handle it in about two weeks when I close my CD at Nasa and move it to another CU.
I try to do everything by ACH, initiated from external institution. When my CDs mature at NASA, I have them transfer proceeds to savings, then pull out funds using outside FI. When I want to open a CD, I deposit funds to savings, again, initiating ACH from outside FI, thus avoiding NASA's many restrictions.
I believe Sylvia's comment has zero to do with accounts going dormant or transactions being blocked until something is "reactivated".
Apologies to Sylvia and/or me1004 if I'm the one who is failing to understand something.
The CSR said that you are limited to withdrawals of $750 cash and $5,000 for a cashiers check. All the shared branches I have used have had low cash limits, rest by check at a cost of $5. So, you would face a low cash limit regardless, its the amount of the check that is the problem.
I asked why they are imposing that. She said it was started with the pandemic, That's all. I don't know what the pandemic has to do with shared branching, but that's the word. I suppose every CSR will give different info, as usual.
Deposits via a shared branch are unlmited.
Re the reauthorization if you haven't used shared branching in a few years, the CSR I spoke with said she had never heard of that, but that they do have some restrictions on a case by case basis. I coud not get an idea from her of what might bring about those restrictions. She assured me there are no restrictions on my account, including none on shared branching other than the withdrawal limits on everyone. I opened a 15-month CD in December 2019, and that woud be the last time I used shared branching, 1.25 years ago. The only other transaction I've had was on Feb. 1 of 2020, a little over a year ago, looks like I did it to avoid any issue of inactivity.
I don't know what this means, other than different info from different CSRs, as usual. But there you have it. As Sylvia says, it's not a bad idea to check. As for my CD, it will close to my checking account and I will write a check from there -- so no issue of trying to withdraw it at a shared branch.