I have two checking accounts with a credit union. A deposit was returned on the first account. They put a permanent hold on funds in my other checking account and did not tell me. I have now had numerous checks and bill pays returned. Can they hold my money like that? Do they have to notify me about hold? Why didn't they just transfer money to the account instead of holding it?
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A first guess might be that one of the accounts is a business account and the other personally held. That would explain the credit union's inability to simply transfer the funds.
Your deposit contract will dictate whether the credit union acted reasonably. Contact them to find out why they held, rather than transferred, funds.
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A first guess might be that one of the accounts is a business account and the other personally held. That would explain the credit union's inability to simply transfer the funds.