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Shelby County Federal Credit Union

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Shelby County Federal Credit Union Reviews (1)

Unfairly processing debits and credits to cause overdraft charges.On 2/3/2014 several debits made over the weekend, a few checks, and a cash deposit were all processed by the credit union. The credit union processed all of the debits first, then processed the credit, which was more than enough to cover all of the transactions. When I called to ask why my account had overdraft fees when I had deposited more than enough money that day, I was told that the debits were processed at 8:00 am. The credit union doesn't even open until 9:30 am. So they processed the debits before opening so that they could collect more fees. Every other institution that I have dealt with has processed all debits and credits received before 2:00 pm on a business day together. And, they have all processed credits first. I told them that I thought that was an unethical practice, since they weren't open at 8:00 am to allow customers to deposit funds and I was dismissed with a "Well, that's how we do it".Desired SettlementI want a refund of all overdraft fees totaling $90.00. I realized that the credit will not feel responsible but if they hadn't been unethical then they wouldn't have sent the payments back, so a refund of NSF fees charged by the companies would be appropriate as well.Business Response The Shelby County FCU receives electronic files daily for both debits & credits. Each file has a date on it and when our data processing system date is the same as the file date the transactions post. Transaction files are also pulled in manually every day and posted. All transactions are posted in the order they are received. We do not have a cutoff time of 2:00 or any other time. All transactions received electronically or during business hours are posted that day. The file with Ms. [redacted]'s transactions was from Feb. 2nd and already out there when we came into the office on Feb. 3rd. It is standard procedure for out bookkeeping department to begin posting electronic files first thing each morning. However,of the 3 transactions Ms. [redacted] is talking about the first 2 posted at 8:48 a.m. on the 3rd and the 3rd one posted at 10:55 a.m. on Feb. 3rd. Ms. [redacted] did not make her deposit until 11:52 a.m. on Feb.3rd. Therefore the CU's position is that we handled all of Ms. [redacted]'s transactions appropriately. Unfortunately, I cannot refund all of Ms. [redacted]'s NSF fees, I will, however, refund the $30 fee for the $10 returned check as a member courtesy. [redacted], President.

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Description: Credit Unions, Financial Services

Address: 150 Washington Ave STE 302, Memphis, Tennessee, United States, 38103-2039

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