I don't like Securityplus FCU with pending credit card charge.

[kremonis]

SecurityPlus FCU allows credit card funding for new accounts. SecurityPlus FCU took nearly 4 weeks to process my application. They don't do anything in a timely matter. Don't respond to direct messages. Take 30 minutes or longer to answer the phone. They did something else out of pocket while writing this post.

On the day I applied, I used a pre-existing CC to charge $2000 for the initial deposit into a checking and share savings account. That charge went pending for about 1.5 weeks then disappeared and never posted. Then out of the blue, that credit card was recharged for $2000 about 1.5 weeks later. It nearly screwed me but my account was finally open.

I idiotically applied for a CD at SecurityPlus FCU, with credit card funding, using a new CC. That charge went into pending, but never posted. Then fell off.

I no longer want that CD from SecurityPlus FCU. My concern is they will charge that new card, out of the blue, like they did the initial deposit.

This new CC has been purposely nearly maxed out to take advantage of 0% APR for a year and I want to use the fraction of the credit line left to fund other bank accounts.

What would happen if I maxed out this new CC funding a bank account at different CU or bank, using then entire credit line, then SecurityPlus FCU tried to recharged this CC, like they did the initial deposit?

[Citylights18]

I dunno. It sounds like a product to avoid.

[SouthJamaica]

In my opinion you shouldn't try to do any further transactions with this outfit, you're looking for trouble if you do.

You should close your accounts with them as soon as it is feasible to do so.

[Jeffster1]

The name of this CU seems rather ironic considering how messed up they appear to be.

I would run as fast as I could away from that place. There's no telling what they could end up doing to your credit. 

[AndySoCal]

@kremonisClose the accounts you can do far better CD and savings wise elsewhere.

[kremonis]

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@kremonis wrote:

SecurityPlus FCU allows credit card funding for new accounts. SecurityPlus FCU took nearly 4 weeks to process my application. They don't do anything in a timely matter. Don't respond to direct messages. Take 30 minutes or longer to answer the phone. They did something else out of pocket while writing this post.

On the day I applied, I used a pre-existing CC to charge $2000 for the initial deposit into a checking and share savings account. That charge went pending for about 1.5 weeks then disappeared and never posted. Then out of the blue, that credit card was recharged for $2000 about 1.5 weeks later. It nearly screwed me but my account was finally open.

I idiotically applied for a CD at SecurityPlus FCU, with credit card funding, using a new CC. That charge went into pending, but never posted. Then fell off.

I no longer want that CD from SecurityPlus FCU. My concern is they will charge that new card, out of the blue, like they did the initial deposit.

This new CC has been purposely nearly maxed out to take advantage of 0% APR for a year and I want to use the fraction of the credit line left to fund other bank accounts.

What would happen if I maxed out this new CC funding a bank account at different CU or bank, using then entire credit line, then SecurityPlus FCU tried to recharged this CC, like they did the initial deposit?

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It seems the problem has worked it's self out. Inspite of doctorofcredit.com data points, SecurityPlus FCU direct messaged me that they are not going to open my CD since my Chex is frozen.

SecurityPlus FCU was almost a unicorn. A financial institution that allows you:

1. To open multiple accounts using a credit card.
2. Charged as a purchase
3. Without hard pulling your CRA or Chex with every account opening.
4. Provide a way to liquidate to an introductory, 0% APR credit line so that you can "stooze" it.
5. Does all of the above in a timely manner.

SecurityPlus FCU failed miserably at items 3 and 5. Other wise they would have been a silver bullet in this credit card enthusiasts game we play.