On 29 Nov 2000, at 23:17, Daryl F Hurley wrote:
> > 1. Is this standard operating practice for credit unions in the
> > States?
>
> Depends on the individual institution, each sets their own
> policy/procedure within the parameters allowed by Local, State, and
> Federal Regulations.
I suppose that's true of any financial institution, whether it be a credit
union or a bank.
> In the case of the Credit Union where I am employed, if an item comes
> in, be it money order, cashiers check, whatever, if it is in U.S
> dollars, we process it without any fees.
This was in US dollars. The policy where you work seems reasonable,
although I do think whoever is charging your CU US$2 to US$5 to clear
a money order is ripping you off.
> Larger "open membership" organizations are more likely to be "full
> service" while smaller CU's that serve a limited membership, such as
> employees of a single company, may be less familiar with the "uncommon"
> as a result of seldom, if ever, having dealt with a given situation.
While that's true, one would think that the smaller CU's with limited
membership would "know" their customers better, and might therefore
be a little less "rigid" in their dealings with them???
> If you are dealing with a smaller CU it may be they are just unfamiliar
> with the item.
Maybe I'm missing something here? The whole concept of money
orders is that the purchaser pays for it in advance and, therefore, the
funds are guaranteed by the institution selling the money order. So, if
the money order is from a larger organization (like the biggest bank in
Canada, or a national postal service), it should be as good as gold.
Right?
> It may be they just "feel the urge" to charge a fee for this?
That's what I'm thinking it was.
Thanks, Daryl, for the information.
Regards,
Chris
-------------------------------------------------
Chris O'Neill (coneill@xxxxxxxxxxx)
Web: http://www.nucleus.com/~coneill
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