Anyone post-BK that bank with a local credit union get constantly denied for any loan products?

[AkiraTakamedo]

I bank with a local credit union, and for the most part they’re okay. Decent rates compared to other CUs in the area, and a branch five minutes down the road from my house.

My only problem with them is that they literally deny every attempt ever at getting some kind of loan product from them because of my bankruptcy from last year. I’ve tried getting an overdraft LOC, a credit card, and most recently a personal loan, all denied. The loan I even went into a branch and the employee helping me was able to message the underwriting department and got a swift no, then escalated it to the VP of that department who also said no. All because of the bankruptcy on record.

Best part is I had an overdraft a month ago and if I had the LOC it wouldn’t be a problem, but since I didn’t I got a nice $30 fee that after some back and forth they only refunded half of.

I mean it’s ridiculous, I thought local CUs were supposed to be more helpful for rebuilding compared to big banks, hell Capital One has been more helpful between the cards and the car loan than my CU has. I wanted to refinance the car next year through the CU but what’s the point? They denied everything else.

It really makes me want to change banks sometimes.

[Anonymous]

You should ask the credit union staff what their policy is regarding bankruptcies. At Navy Federal, for example, the policy is 1-year past discharge to get  an unsecured card (with a cap at $1k if the bankruptcy is less than 2 years old). Loans require re-established credit at least six months out of bankruptcy.

[AkiraTakamedo]

I did, I just got the standard answer of 'We don't know, there's not a set amount of time.'

[kilj0y]

If they arent BK friendly, why stick with them and just complain? Not all Credit Unions are bk friendly. Find one that works for you and give them your business and stop dealing with yours.

[AkiraTakamedo]

Because they’re the most conveniently located and have the highest savings rates among local CUs, but customer service is just okay and this whole thing has soured me a little on them.

Plus I must’ve changed banks like three times in the last year or so trying to find one that’s a good fit, I don’t want to raise any flags.

[AkiraTakamedo]

I forgot to mention that I have to go back tomorrow for something unrelated and I’m going to bring up to the manager that I’m planning on refinancing my car probably next year, and if they can’t do it for me I’ll have to go elsewhere.

My last application was denied due to bankruptcy and too many inquiries.

[Anonymous]

Being "local" is not much of an advantage these days with online banking and the ability to chat online with customer service.

I've not needed to go into a branch for anything in a long time. If you need loan products for rebuilding purposes, open an account with SDFCU and get a secured credit card and secured loan. It can all be done online or over the phone.

[Anonymous]

Check into a national CU that has shared branching if you need to have brick and mortar available. I find that I don't, but if you do: https://co-opcreditunions.org/locator/ 

That just tells you your local shared branches. But you can find all kinds of CUs that do shared branching. NFCU apparently does? Consumers does. There's a Credit Unions guide thread somewhere... here. http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/m-p/4768788#M1... Just find one that you like and check their website to see if they offer shared branching, or check the co-op website to see if they are listed.

[AkiraTakamedo]

I just walked into a branch again today for something unrelated - I have a form for lost savings bonds that needs a medallion stamp, but I don’t know how much they’re worth so Treasury told me to write unknown value. It needs a medallion stamp. They wouldn’t do it unless I knew the value, I told them I don’t know this is what they told me to write, they said they won’t do it. I also found out thanks to the poster above that they’re not part of the CU co-op.

I think I’m done with them. Customer experience has been in the toilet really. I’ll probably go back to my local bank since they offer ATM refunds. They can’t do the medallion either though unfortunately. I have to see how BK-friendly they are, they exist only in CT and are headquartered here.

May look at another CU in the future, technically I’m a member of PenFed now.

[Anonymous]

The value is needed because a medallion stamp is only valid up to a certain amount, and the person processing the medallion must ensure the item(s) are under that limit. With that in mind, the lowest the stamp is valid for is $100,000 -- at my credit union it is valid up to $2 million. If you visited my branch I'd ask you if the value of the items was within my limit and move on. 

It's time for a new credit union/bank.

On a side note, savings bond redemption, notary services, safe deposit boxes, and medallion signature guarantee are some reasons to choose a branch with a local office.