I had a savings account at a local credit union. I recently applied for a personal loan there and to refinance my car loan. Both were accepted on the condition that I move my direct deposit there and open a checking account. Also the payments for the loan would come from my check account.
I agreed to the terms, filled out the paperwork from my job to change institutions for direct deposit and opened the checking account. I also opened a secondary savings account The agreement was that on the 30th of every month (or Feb 28th) they would pull the funds from my checking account.
The personal loan was for 1200.91
The car loan was for 11280.55
The secondary savings was $60.00
When I left for work tomorrow my balances were
Main Savings-240.44
Secondary Savings-0
Checking-653.22
Tonight I get home from work after customer service is closed and I see
Main Savings-5 with 0 avail
Secondary Savings-60
Checking-534.88
I say what happened and check my loan accounts
They paid 108.51 which is the full payment to the personal loan and But only a payment of 66.93 to the Auto loan which almost wiped out my savings. The car loan is 342.92
When I saw that the payments came from the wrong account I tried to call the CU but their reps leave at 6. I immediately transferred 342.92 from checking to the car loan and it shows as posted with today’s date so there should be no penalties.
Tomorrow should I
A) Take time off from work and go to the nearest branch to talk to someone about this
B) Take time off from work and go to the branch that I opened my loans at to talk to someone
C) Call the customer service department tomorrow?
They probably had some kind of typo in the boarding process with the loan. A phone call will let them know and they’ll investigate to get it fixed.
Especially as it’s a CU, the customer service will probably be pretty responsive.
If they tell you they got it fixed, just verify that everything goes good next month.
For the longest time, for whatever reason, my CU INSISTED on taking payments from my stinking savings account instead of the checking account. Then they switched, but they only switched the group auto insurance, so I had to play this wierd game every month juggling accounts. It was a real pain.
Definitely call customer service, they are generally pretty understanding at CUs. If that doesn’t work, call the CU where you did your deeds yesterday and ask to speak with the person who set it up. Be polite. Nobody goes out of their way for a jerk, especially one who’s on the hook for 11 grand.
Don’t waste a day off at this point. Call first, see if they will get everything fixed. If they seem balky, go in on Saturday morning (if that’s your day off)…well, okay, not THIS Saturday! Then check your accounts first thing next month, if not the day ahead…
I agree, C is the way to go. I too have found the CU people usually go the extra mile to get things cleaned up.
While you are on the phone, ask the person you are talking to to verify that you aren’t going to be dinged for over withdrawl charges. If they don’t offer to reverse any that appear, ask for it. The time to do that is when they are admitting that the error is their fault.