Credit Union Savings Withdrawal

[Dee]

Can a Credit Union refuse to let you withdraw your savings because you have a loan with them?

 

[Erasure]

Re: Credti Union Savings Withdrawal

Yes - if you look back at your loan form you signed when taking it out im sure it will say somewhere that your shares are collateral for the loan so you cannot take those shares out until the loan is cleared.

 

[Dee]

Thanks for that, i'll check it out.

 

[ClubMan]

How much have you got saved with them (in shares and/or deposits) and how much have you got borrowed?

 

[oldtimer]

You beat me to it Clubman - this is the vital question. Credit Unions vary. Some allow withdrawals if the savings are more than 25% of the loan. It must get Board approval.