Withdrawing Credit Union Shares

[ally34]

Can one withdraw some shares from credit union even though you have a loan against these shares. eg., Total amount of shares in CU = E9100 loan E21000., according to CU you are allowed 3 times or in some cases 5 times your shares, I wanted to withdraw E2000 from my shares rather then apply for a loan from CU but was refused as I was told it was at the discretion of the credit committee

 

[ClubMan]

Can one withdraw some shares from credit union

Well obviously not in your case!

I wanted to withdraw E2000 from my shares rather then apply for a loan from CU but was refused as I was told it was at the discretion of the credit committee

 

[gipimann]

My credit union does not allow share withdrawal if there is an outstanding loan, regardless of the amounts.

 

[steph1]

Some credit unions will allow you to withdraw shares if the loan balance and the share balance are equal.

 

[Mumha]

Some credit unions will allow you to withdraw shares if the loan balance and the share balance are equal.

Mine allows you to withdraw the positive (!) difference between your loand and shares i.e. If you have €8,000 loan and €15,000 shares, then you can withdraw €7,000.