NFCU secured Card graduated, but now says I have to deposit money back

[Anonymous]

Sorry, I can't figure out where to post this type of Thing, and it feels weird replying to someone on the NFCU SECURED CC thread. 1000 apologies. I'm on my iPhone, and I usually work from a desktop.

So my NFCU secured CC graduated 3 months ago, $3000 deposit, graduated to $3000SL. I got a letter today that said deposit account securing card is $3000 short, but they returned that deposit? Crippling anxiety and depression make phone calls difficult for me, I know I'll have to call them soon though, and figure something out, but any one ever heard of this?

[collics]

Wow that's odd.

Are you sure they didn't put the money back into your Share savings?

[CreditInspired]

Hi OP

Just give them a call or send a SM. NFCU is very customer-oriented and mistakes do happen. If the CSR's response doesn't make sense, just be very polite and ask to speak to a supervisor--maintaing politeness.

I believe it is a mistake. Let us know and GL2U

[Anonymous]

To clarify, I put the $3000 down to secure the credit line, after 2 months, it was deposited back into my savings. I've had several secured account graduate over time so usually, the funds just become available one day, indicating account has unsecured. So as per usual, I assumed my account graduated. The descision is almost always automated with, and across most lenders, and also usually if you call and attemp to request an account unsecured, usually the reps say the proscess is fully automated. now 3 months later I got the letter. I'm sure it is just a typo, or some strange mistake, that never registered the account unsecured. just thought it was strange. I've never even given thought to an account unsecuring "accidentally " by fault of the lender.

[Anonymous]

I was surprised it graduated after 2 months, but I used the whole

limit the first 2 months and always pif, so I assumed the automated system was like, "okay, clearly he is experienced with credit, and/or is a responsible borrower, let's stop with this dance and unsecure the account" also I also kind of have a thing with my first account with a potential long term lender being a $3000 secured revolving account, even though it's possible I could have just went unsecured from the jump. But I'm a patient guy, and always play the long game, plus I need to self-force savings. And as an added bonus, in my mind at least, it makes me appear more stable for a manual review, or just for internal bank data points, if there is a history of average daily balance and statements cut with $3000 in savings, hibitually.  And after an account unsecures,  at least as far as how my brain, and conformation bias explains it to me. it's not like there is a note on the account that says, "the first six months of statements are misleading, the balance/ AVDBL in that DD account that makes this young man seem to be fiscally responsible was collateralized!"

[Brian_Earl_Spilner]

The soonest navy will unsecure a card is 6 months so returning those funds was a mistake. Unless you received notice the card was unsecured, it's still secured and will be closed if the funds aren't put back. If you're uncomfortable speaking to someone, send a secure message. They normally respond within 2 business days.

[Ilinferno]

Wow that's definitely weird. So how long has it been now, 5 months total? It does look like it was an error on their end but you could try a secure message to resolve it prior to having to call. With this situation you might have to end up on the phone with them though. Hope it gets sorted out smoothly! Good luck!

[Anonymous]

When a demand deposit account is collaterlized, the funds are never actually taken from the account. "Account balance" will still show value of the account, "available balance" however, will not consist of collaterized funds. Hence, your accounts average daily balance, will be actual account value, and most statements do not show "available balance" only toltal collected, withdrawn, and total balance. Which is why it's possible, yet not fraudulent to furnish account statements of collaeralized funds as representative of funds you have readily available, which is one of the many reasons lenders do not like just using bank statements for borrowing capacity, or repayment ability. They will though, depending on other factors throughout underwriting. So technically they never deposit the funds back, they just release the hold. But I've seen others mention specifically there funds are "deposited" into there NFCU share savings accoun when they graduate. Mine just because available again. I finally grew a pair and called, rep was pleasant, as always made it clear that she has never heard of my scenario, assured that automated system confirmed release of collateral funds in my share savings account. Mentioned that she has never heard of manual reversal of realeasing collateral funds of the secured CC. She even said she wanted to check with her supervisor just to be safe, supervisor was just as surprised, assured me everything seemed good to him. Added that account auditing systems run soft credit pulls when they are randomizing audits, and the systems are vertically horizontally and integrated. So it's possible that's why I was "graduated early" because the system that typically  checks for returning collateral funds typically doesn't begin until 6 months. He did mention he would send me a message on the app by end of day to tell me 100% that everything is good. But is pretty sure it was just a glitch. I feel kind of special because of the attention that it seemed to have gathered when I called. Whole situation is just kind of weird. But informative I suppose, and as long as everything checks out it's like a little adventure to break up the day.

[Ilinferno]

@Anonymous 

Glad it went smoothly on the phone! Thanks for the update.