Got canx by CU LOC and C/C been paying for 27 years never late?

[maxwell18]

Just got letter from a major CU stating all our accounct are not closed, LOC and C/C and saving accounts. We owe on two accounts never late 27 years. Reason, problems were other accounts different companys. Seems like BS to me to close my accounts because I had problems with other finacial companies which I have cleared up and settled. Just wondering if anybody else had this problem?
Thanks

[ccsjoe]

CU's are their own breed of financial services providers with their own rules and parameters. They accept and cancel membership and services based on their charter to their members which often varies from CU to CU. I am not at al surprised by your posting. I had two CU's pre BK, one canceled my membership altogether upon filing (and I had no credit with them), they just sent me a form letter I no longer met the parameters of membership, therefore my accounts will be closed and any cash mailed to me via check. The other CU, I BK'd a cc on them, still a member...although no $$ amount there, but they haven't kicked me out.

[tobee43]

max, that type of business practices are not just limited to CU's...we had accounts with home depot for over 25 years...credit limits of over 30k...i had a business card and we had personal cards as well for a total credit lines of over 60k...never late...in those 25 years...we get a letter that they (citi bank is their backer) has decided to close all our accounts. we called, asked why...frankly, they said..."because we can".

[AngelinaCat]

This seems to be standard practice. We got a 'nastygram' from our CU also, canceling our accounts, after 'Hub had been with them for more than 40 years, and wished to continue doing business with them. So he spent a couple of days on the telephone with a very nice lady in their BK department.

There was also a car loan and and overdraft protection loan that we had to reaffirm--which we wanted to anyway. Our attorney had already talked with them and had us sign reaffirmation paperwork. However, that set of papers was not sufficient. The CU sent their own paperwork to sign and have notarized and we sent them off.

Our CU is located in a different state from where we are, so this had to go before a judge in their district. There was no problem, as we had the income to take care of it. Also, the car only lacked about another eight months of being paid for.

Once everything was settled, we were reinstated in good standing, and the NSFs that had piled up while we were 'canceled' were reversed. Bottom line is if you have a good relationship and long history with your CU, you will have a good chance of getting them to work with you.

Good luck to you.

[oregonpilot]

ACKKKK
I have at my CU a small savings (25.06) the .06 is the interest i've earned this yr. BUT that is where ALL my IRA's are.
Don't have any checking or CC's with them. My IRA's are CD's maturing at different times. Anywhere from one this month to 5 yrs from now. Could they just say. "S#$t out of luck here's your money...good luck" ???