Terms & Conditions for transfers

[IOBA]

Apple FCU has slightly changed their website.  A very small change, hardly noticeable, regarding transfers.  I use to be able to transfer from account to account, no problem.  (ie: checking to savings, savings to checking -- both my accounts, both held at Apple)

Now I have to agree to terms and conditions.  I opened up terms and conditions and found the following paragraph:

"By clicking on the "I Agree" box, you authorize us to verify your identity by obtaining information about your credit history from a consumer reporting agency. Apple FCU and our service provider will obtain and use your credit information only in accordance with the Fair Credit Reporting Act ("FCRA") and other applicable law. We reserve the right to deny you access to the Service if we cannot verify your identity or other necessary information. We may approve or decline your application for the Service based upon our review of your consumer report, along with other information we deem relevant. If we deny your request to use the Service, you may obtain a free copy of the consumer report that we used from the consumer reporting agency that issued the report."

There is no other way, on the website, to transfer funds between accounts until I agree to these terms.  Which, I am NOT.  There is absolutely no justifiable reason for me to let them pull my credit so I can transfer $1 from checking to savings!

I will be calling Apple later today about this!   

[llecs]

Interesting....keep us posted.

I went to open an account with Apple FCU in the summer but never got around to funding it, especially after deciding to stick with Penfed. Let us know how it turns out.

[RobertEG]

I would tell them to cram it.  I would never agree to give them carte blanche credit inquiry authority.

Just do your continued business with them in person, and forgo the web site.  This is rediculous.

I would make a happy-face visit to Apple FCU, and talk to the boss man.  Tell him/her that authorizing credit pulls that are not directed to the extension of new credit are not permissable under the FCRA without your approval, and that there is no justifiaqble reason for you to grant that approval simply to use their on-line services.  You can take your business elsewhere if they insist that you grant them this authority.

Your fall-back, should you have an overwhelming desire to continue business with them, is to obtain a written commitment from them that if you grant inquiry authority, any inquires they make to your CR will be scored as soft inquiries, and thus not affect your credit score. 

If they dont agree to this as a compromise, ditch them. I dont think I would ever deal with this CU!

Message Edited by RobertEG on 10-14-2009 01:16 AM

[IOBA]

Update with Apple FCU.  I spoke with a supervisor.

1.  If the transfer is between a checking and a savings account that you own (under the same membership number), then you can transfer funds by using the transaction button.

2.  If you CALL or go into a branch, then you can transfer between different account numbers that you own.  There will be no credit check for this IF you call or go in.

3.  If you want to transfer funds between different account numbers using the web, you will have to be approved first.  If you want to use transfer funds to another financial institution, then you will have to be approved first.  A fee will apply for each transfer out of Apple FCU.  A $$$$ limit will be applied to each transfer, each day.

4.  A third party is handling the web transfers.  THAT company is requiring the credit check and approval.  THAT company will decide if you are credit worthy to use their service.  I could not get the name of the third party (I didn't push too hard).

Glad I called!  The guy didn't understand why I had such an issue with the credit being pulled or understand the impact of having a hard pull. 

[llecs]

Thanks for calling!

That's nuts!!!!!!!!! Scratch them off my list for banking. I still have an eye on their CCs, though.

[IOBA]

Their CC and their LOC's are great! They do soft pulls once a year for those (one total soft pull). 

Usually, every January (?), they offer some zero percent interest or balance transfers or something great.