Pen Air FCU - not a good start

[longtimelurker]

I was searching for a place to put some of the fixed income portion of my IRA.   My 2.X% Fidelity CDs are maturing, and the new rate for 18 month CDs there is about 0.5%    Pen Air is about 1.6% so I opened an account with them, depositing $100 into share account while I start the transfer of IRA assets.

This is one of those CUs where there is a transaction charge for external accounts (in retrospect a bad sign!) so I decided to use my main bank to push and pull assets.  (This is what I usually do, avoids low limits for transfers that some FIs have).   My main bank had to trial deposits to verify that the Pen Air account belongs to me.   Checking yesterday, I see a deposit of 17c and 34c, then a withdrawal of 51c.    So that's fine.

But then later, my Pen Air account is updated with a $29 NSF ACH fee for the 51c withdrawal (and unfortunately I had set this up twice and a third pending).   First time I have ever encountered this from test deposits, the deposits were added and withdrawn within minutes.    Waiting to hear from CSR, but now feel less certain that this is going to be a place for IRS assetts.

[Remedios]

Wow, cannot say I've heard of that happening before 

[Gmood1]

Well, that sucks!!

I know what you mean about the charging for ACHs. I use the push and pull from other lenders to avoid the charges as well with one of my FIs.

It must be a bad week for opening accounts? As I have also run into a snag. 

The credit union can't seem to locate my $500 initial deposit.😳

How does a FI lose a transfer?

The customer service is garbage.

You only get general answers when you call.

I've submitted a dispute with Citi to get my money back. I funded by credit card.

Also submitted a complaint with the NCUA.

We'll see how this shakes out over the next week.

The other two bank accounts I opened.

Went through just fine. Funds were available within a day or two.

[Anonymous]

Perhaps the $100 initial depsosit wasn't posted by the time the test were initiated? 

Very odd to say teh least.

[DaveInAZ]

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@Anonymous wrote:

Perhaps the $100 initial depsosit wasn't posted by the time the test were initiated? 

Very odd to say teh least.

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Perhaps, but trial deposits always do the two deposits first, then the one withdrawal taking the deposits back. If the initial deposit wasn't credited yet that would take the acount down to $0, not overdrawn. I'll pass on this CU.

[Anonymous]

I definitely know to avoid this CU now.

[longtimelurker]

After I complained,  they refunded the $75, so I have forgiven them.    IRA CD rates are still very good, hence my interest