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Home >> Manage Your Money >> Personal Finance
CU Closes Account: What are My Options?
My credit union informed me yesterday that my checking account would be closed in two weeks. I will no longer have use of my debit card, but I can retain a savings account. My home was foreclosed on one year ago, and the same credit union was the one used to purchase it. I've been with the same institution for 22+ years, and prior to job loss and the subsequent financial upheaveal, my standing with the credit union was superb. What are my rights here, because I'd like to remain their customer? If this isn't possible, how much trouble will I have finding a new credit union or bank based on the damage done to my credit.
Any help at your earliest convenience would be wonderful. I have employment finally, and I have to stop direct deposit asap if needed.
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 Only the credit union can tell you whether it will rescind its decision to close the account. Go ahead and plead your case with them, but be ready to accept their final decision.
As you know, you may or may not qualify to join a different credit union, depending on what its field of membership is. We can't tell you for certain what your chances are of setting up a new banking relationship. The fact that you are again employed will certainly be in your favor.
Until you have things stabilized, either cancel your direct deposit or re-direct it to your savings account right away. You definitely do not want to find that your pay is left in limbo.
Published on BankingQuestions.com 2/02/10
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