adverse action from DCU

[Anonymous]

I called customer service and found out why it was closed. I tried to transfer money from my offshore bank account (UBS in Switzerland) and the transfer was declined by them. Apparently it raised a red flag which resulted in a soft pull of my credit. From there, they decided to label me an aggressive credit seeker. They want to see my tax returns, payroll stubs, all bank statements from every bank account i have and a phone bill. I told the fraud dept manager that he will receive nothing from me except the $291 i owe and nothing more. 

[pipeguy]

Considering the maor fines US and Swiss banks have had to pay to the IRS, I understand the requirement for documentation. I suspect DCU is just trying to play by IRS reporting requirements rather than anything else.

http://www.nolo.com/legal-encyclopedia/irs-reporting-rules-foreign-bank-accounts-fbar.htmll

In recent years the IRS has aggressively pursued taxpayers involved in abusive offshore transactions. Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks, brokerage accounts or through the use of nominee entities. Taxpayers also evade taxes by using offshore debit cards, credit cards, wire transfers, foreign trusts, employee-leasing schemes, private annuities, or insurance plans.

To help prevent such abuses, the FBAR filing requirement was created. The FBAR is used as a tool to help IRS and Department of Treasury investigators trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.

[redpat]

Just like they say in Vegas "What happens in Vegas, stays in Vegas." 

The same can be said for off-shore accounts now, "What goes off-shore, stays off-shore". Lol!

Sorry this happened but a CU of any size doesn't care for off-shore stuff, they rather have you bank somewhere else and remember to file your FBAR.

[krielly]

Personally, I would pay them in full if possible. If nothing else, just to ensure I did not pay them one more penny in interest than necessary.

K

[Anonymous]

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@Anonymous wrote:

I called customer service and found out why it was closed. I tried to transfer money from my offshore bank account (UBS in Switzerland) and the transfer was declined by them. Apparently it raised a red flag which resulted in a soft pull of my credit. From there, they decided to label me an aggressive credit seeker. They want to see my tax returns, payroll stubs, all bank statements from every bank account i have and a phone bill. I told the fraud dept manager that he will receive nothing from me except the $291 i owe and nothing more. 

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Thanks for updating your thread for us and sharing your story. I'm sorry your account was closed and the aggravation you experience that went along with it. However, I'm happy you were able to get an explanation as to why it happened. Best of luck to you!

[Anonymous]

Sorry this happened to you!

I would pay the amount in full and save any possible interest charges and be done and move on!

[gdale6]

As long as you are carrying a balance they have an obligation under the FCBA (Fair Credit Billing Act) to create your statement and send it to you, if they dont then they would be in violation of the law.

[Bman70]

Apparently DCU dipped into OP's checking funds themselves and paid the balance. At least I saw that in some other thread.. does make me wonder why the need to pay the CC from the Swiss account, if funds were in DCU. Also I didn't know they could take your money themselves if they closed the card. Hopefully OP will update. 

[Anonymous]

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@Bman70 wrote:

Apparently DCU dipped into OP's checking funds themselves and paid the balance. At least I saw that in some other thread.. does make me wonder why the need to pay the CC from the Swiss account, if funds were in DCU. Also I didn't know they could take your money themselves if they closed the card. Hopefully OP will update. 

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Did I miss something? I thought the OP stated she/he tried to do a transfer from an offshore account in Switzerland and the account was flagged. I don't recall OP stating she/he needed the money to pay CC.

Edited for typos

[Bman70]

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@beautifulblaquepearl wrote:

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@Bman70 wrote:

Apparently DCU dipped into OP's checking funds themselves and paid the balance. At least I saw that in some other thread.. does make me wonder why the need to pay the CC from the Swiss account, if funds were in DCU. Also I didn't know they could take your money themselves if they closed the card. Hopefully OP will update. 

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Did I miss something? I thought the OP stated she/he tried to do a transfer from an offshore account in Switzerlandand and the account was flagged. I don't recall OP stating she/he needed the money to pay CC.

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Oh you're right, they tried to transfer from Switzerland to DCU account, not to the CC. Then DCU shut down the CC after using the DCU checking to pay it. Think I got it now