I had an experience at my local Credit Union that got me thinking…hard.

I took our federal income tax refund check into the Credit Union (White Rose Credit Union) to deposit into our non-interest-bearing share drafts account…I thought it was a simple-enough thing, but there was a sudden panic - the teller needed to consult with someone else (supervisor, perhaps?) to find out how to make the deposit. I admit I was curious, but I’ve learned I find out a whole lot more if I shut up and listen, so I did…and I did. There was to be a three-day hold on the amount deposited.

Now understand, I don’t need that money today, or tomorrow, or even the next day. But when I heard that, I demanded to know why a check clearly made out to my wife and me, clearly signed by my wife and me, and clearly from the Feds, would be held for three days. And the answer absolutely astounded me; the supervisor (?) explained that because the federal government had seven years to reclaim a fraudulently-endorsed amount, their policy was to place a three-day hold on the check to be certain it cleared. When I asked what they did to protect themselves for the other six years, three-hundred-and-sixty-three days, I was greeted with a blank stare, and the suggestion I, “talk to Brad” (Brad R.Warner, CEO and President).

Now I’d expect such supreme bureaucratic stupidity from a large corporation, but the idea that a three-day hold will protect them for seven years is ludicrous enough I wouldn’t expect it from a “People Helping People” credit union. This started me thinking about credit unions in general, and I admit I don’t like where my thoughts are leading.
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