No, not really much more than just money, after all.

I gave BECU the benefit of a doubt. This credit union could not possibly give us all the hassle of the other banks in the area. The hidden charges, overcharges, needless charges and fees. BECU is different in a couple ways, as I discovered shortly after becoming a member this month.

BECU takes the human element out of banking. Tired of the mindless chatter from the teller at your local bank? “Hi, how are you today? Any plans for the weekend? Have I met all your banking needs and desires?” There is no need to worry, BECU does not have tellers behind the counter. All transactions are handled through ATMs. Cash machines take deposits, dispense cash and give you balance info, etc.

The problem begins with the information they don’t give you when you sign up. No one tells you that for the first six months of your membership, the amount of cash you can withdraw each day is limited. Funds over a certain amount are held from 8 to 10 days. That means, if you deposit $2000 cash in the ATM, you may only have access to $150, and the rest of your funds may be unavailable for up to 10 days after your deposit. After that, you may only be able to withdraw up to your $150 limit each day. You are not given full access to your own money!

Once I discovered this, I realized I had to maintain my account at my old bank until six months into the BECU membership. What a hassle!

Now, since all transactions are handled through ATMs, it would be a real pisser… if the ATM went out of service. It did this afternoon. The ATM at the University Place branch on Bridgeport, refused to accept my DEPOSIT! Apparently, my money is no good at BECU.

Can I accept these set-backs in order to escape the claws of the big banks, with their fees and restrictions? Maybe, maybe not. It is early in the game. BECU has proven to be rife with hassles of its own making. If I have a large amount of cash to deposit, I will be depositing this at Wells Fargo for the next six months. The only way around this hassle is through DIRECT DEPOSIT at BECU. This is still a restriction I find difficult to accept. Credit unions should not pretend to offer checking account services if they are treating a checking account like a savings account, restricting access to funds, above and beyond daily limits on withdrawals.

BECU gets a C- grade this first semester of membership.

Related posts:

  1. DAY 2: University Place Held Hostage Now in the second day of a hostage taking situation...
  2. BECU Responds to ATM Crisis in U.P. In the on-going situation at the University Place branch of...
  3. The Chase is on With the New Chase Bank in Washington If you want the run around, if you want to...
  4. Income Tax Refund!! So It’s income tax time again… I already got my...
  5. Clear Brand Goes Wire-less Re-branding their service to “Clear”, ClearWire loses the attachment to...