# taking money out of credit unions



## amtc

I'm a member of a Dublin CU and have about 5k in savings there. I want to withdraw about 2k in anticipation of an upcoming trip to Nw York. My CU are proving very reluctant, and pointing me towards a loan. I don't want a loan, I want the money lodged against my credit card so I can use it. What right do I have to insist on withdrawal as CU now says can only be done by me appearing in person at CU during working hrs (1/2 days leave)


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## ontour

they can suggest a loan but just be clear that you do not want one. Do you have an existing loan? Is the issue anything to do with your savings being less than the balance of your loans as this might have to go to the board of directors for a decision.

It is usual to have to go to the credit union to sign for a withdrawal. Most credit unions have a late evening opening or a Saturday morning. If they don't you can request to send someone with a letter instructing that you authorise the withdrawal.


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## oldtimer

I presume you have no loan with your credit union. If you have savings only, you are fully entitled to withdraw your money. There may be local regulations regarding withdrawal procedures. I may be wrong, but your CU sounds like a company CU with restricted opening hours. ASAIK these credit unions have facilities to withdraw by post.


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## Ciaraella

The civil service credit union will lodge your money to your bank account on foot of a letter providing bank details and signed by you, other credit unions may provide this service. I've done this several times and it's particularly quick if your account is with the same bank as the credit union


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## mad m

You have every right, its your money .......


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## Smashbox

Eh its your money! Tell them you want it and not a loan, they have no other choice BUT to give it to you.

Madness.

BTW, my friend bought a 2nd hand car last week, needed 2.5k, and the Athlone CU didnt bat an eyelid.


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## Lightning

amtc said:


> I'm a member of a Dublin CU and have about 5k in savings there. I want to withdraw about 2k in anticipation of an upcoming trip to Nw York. My CU are proving very reluctant, and pointing me towards a loan. I don't want a loan, I want the money lodged against my credit card so I can use it. What right do I have to insist on withdrawal as CU now says can only be done by me appearing in person at CU during working hrs (1/2 days leave)



After that awful treatment by the CU would you consider withdrawing the entire 5K and putting your money elsewhere where you will get a good return ?


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## WIFESLIST

amtc said:


> I'm a member of a Dublin CU and have about 5k in savings there. I want to withdraw about 2k in anticipation of an upcoming trip to Nw York. My CU are proving very reluctant, and pointing me towards a loan. I don't want a loan, I want the money lodged against my credit card so I can use it. What right do I have to insist on withdrawal as CU now says can only be done by me appearing in person at CU during working hrs (1/2 days leave)


 If the credit union is reluctant to give you your money and push you towards a loan or top up loan they must have a good reason for this, I dont think your giving us the full facts.Do you have a loan out out already? Is the value of your loan greater than your savings? Any loans you take out are secured against your savings


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## Slim

WIFESLIST said:


> If the credit union is reluctant to give you your money and push you towards a loan or top up loan they must have a good reason for this, I dont think your giving us the full facts.Do you have a loan out out already? Is the value of your loan greater than your savings? Any loans you take out are secured against your savings


 
In all fairness, most CUs want to persuade members to take out loans. This should be gentle persuasion at most. Attendance in person is normal for Cus to withdraw money unless they have EFT facilities.


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## Lipstick69

I'm a member of a CU and the rules and general blurb says they discourage withdrawals and would rather you take a loan - however I have withdrawn in person. 

Recently had a situation where my mother tried to withdraw money from a different (public sector cu) and was made to take out loan. It was to clear a credit card for holiday of a lifetime purchase. She then received a phone call advising her that the loan wouldn't be approved as 'people had to be taught to act responsibly re credit and credit cards in particular'. She is 61! She then insisted on withdrawing her money as she had wanted to do in the first place!


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## Lightning

Lipstick69 said:


> Recently had a situation where my mother tried to withdraw money from a different (public sector cu) and was made to take out loan.



That's shocking that some CU's are doing this. Really is.


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