Credit Union says I have a loan which I don't

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Dolly1

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Hello I have a verry big problem with my credit union account.

I saved 1000 Euros in my credit account.
Went in last Christmas and took it out .
I left 5 Euros in to keep my account open.
Started to save again for this Christmas.

Now they are saying that the money I took out last Xmas was a loan.

But I never got a lone off dem I tuck out my savings. And left 5 Euros in .
I should have nearly 2000.in my savings and there saying I don't.
I am going further about it

They also allowed someone to go into my account with out my permission

Then never ring me or email me about this .

I don't do on line with credit union .or banks .
 
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Is the credit union account yours only? Can anyone else take money out of the account without your signature? Do you have the little slips they give you for withdrawals or lodging money?
 
They should have the signed withdrawal slips for any withdrawals. What do you mean they are saying you have a loan? That’s very black and white, there either is a credit agreement or there isn’t? Are you sure you don’t have a current account with them that has an overdraft?
 
Hello Dolly

The person in the Credit Union has not explained it to you properly.

One thing that Credit Unions often do is as follows:
You save up €500 in your share account.
You want €400.
But instead of giving you back your own money, they give you a loan of €400.
But your €500 is not gone.
Your €500 is still there but you owe them €400.

It's very odd that they say you have a loan if you have not been making repayments.

You need to get statements from them for both your alleged loan account and your share account.
 
Could you have arranged a loan with them in the past? The loan would likely sit there until it was needed, possibly 3 months. Could you have accidentally drawn down the loan instead of taken money out of the savings? It wouldn't account for the money not being in the but it would explain how the loan ended up on the account. Either way they should be able to go through each transaction with you as they can print off a statement and you can see when the money was taken.
 
Dolly1 said:
They also allowed someone to go into my account with out my permission
Click to expand...

Can you tell us more about this?
Did they give someone information about your account?
Or did they allow them to take money out?
Did someone take out a loan in your name pretending to be you?
 
Brendan Burgess said:
Hello Dolly

The person in the Credit Union has not explained it to you properly.

One thing that Credit Unions often do is as follows:
You save up €500 in your share account.
You want €400.
But instead of giving you back your own money, they give you a loan of €400.
But your €500 is not gone.
Your €500 is still there but you owe them €400.

It's very odd that they say you have a loan if you have not been making repayments.

You need to get statements from them for both your alleged loan account and your share account.
Click to expand...
This used to be very common in the past. The loan account and the share account should have the same number so this can be confusing.
 
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