Last week I penned a blog on what it’s like being a member of a credit union. I shared my feeling that most of us do not know what the experience is like because we are in fact employees with an account where we work. An entirely different experience.

The day after that story ran I experienced first hand how awful it is to be an anonymous member. And it was my fault – I admit it. I totally forgot that I had scheduled my quarterly taxes to debit my checking account this month and it overdrew me. Luckily I had money in savings so my credit union transferred money to cover my house payment, which came in right after the taxes. They charged me $3.00 for the transfer. Not bad. But the next day three items came in and instead of transferring one time, the computer was set up to transfer individually so the credit union could collect $3.00 each time, and, for you compliance geeks out there you know what’s about to happen next … I’m dangerously close to my 6 unauthorized transfer limit from shares. The Reg D debacle.

And so it happened the next day, two more transfers and also the day when I happen to check my balance. Not only did I hit magic number six, but then courtesy pay kicked in and the fee jumped to $30.00 to cover my cell phone bill. I’m out $48.00 in fees and I am now unable to make a transfer from shares to keep this from happening again. I call the 800 number (that boasts 24 hour service) but of course this is out of their realm of assistance and I’m told a note has been put on my file for them to transfer tomorrow for another $3.00 fee.

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