Our policies and procedures are designed to protect our members who are also share owners by mitigating the risk of loss. Signal Financial FCU has been serving its members for over sixty years and takes pride in providing excellent service to its membership. We at Signal Financial FCU offer our sympathy to the customer during this difficult time. This is letter is in response to the customer's rejection of the Signal Financial FCU response to her complaint referenced above. If you require additional information, please do not hesitate to contact us “Collateral securing other loans you have with the Credit Union may also secure this loan, except that your home will never be considered secured for this Account, notwithstanding anything to he contrary in any other agreement.”ĭue to privacy disclosure laws we are unable to provide the loan application however, enclosed is a copy of the *** disclosure that was attached to the *** application signed by the decedent Pledge of share account: “You pledge to us and grant a security interest in all individual and joint accounts you have with us now and in the future, to secure your *** Credit Card account.” You authorize us to apply the balance in these account (s) to pay any amounts due under this agreement if you should default.” “Share and deposits and deposits in an Individual Retirement Account, and any other account that would lose special tax treatment under state or federal law if given as security, are not subject to the security interest you have given in your shares and deposits.” *** Disclosure: “To ensure repayment of your indebtedness under this agreement, you have consented to give WTFCU (currently as Signal Financial FCU) a security interest in your paid shares and payments on shares.” “The credit union has the right to apply all present or future shares toward the amount owed” This is the standard practice and policy of the credit union of handling deceased accounts with outstanding balances and according to the *** Application Disclosure the decedent signed on NovemSignal Financial FCU is well in the position in applying the $12,to the outstanding balance of the *** Credit Card An excerpt of the disclosure is listed below: On March 31, 2016, the credit card balance was paid off and the remaining balance in the decedent’s account was issued to consumer in a form of an official check On March 29, 2016, the consumer presented the Letters of Administration designating her as the representative of her mother’s accountThe consumer was given all the pertinent information regarding the account, and any outstanding loan balances due to the credit union she then authorized the branch manager to payoff of the credit card balance This letter is in response to the complaint filed by theĬonsumer (Administrator) of an account held at Signal Financial FCUPrior to March 14, 2016, the consumer came into the Largo branch to add her name to the mother’s account as the Power Attorney (POA)In order to complete her request, she was informed of the credit union’s policy/process of completing the signature card to reflect the changes she was requestingThe consumer refused to properly file the necessary documents to be added as a Power of Attorney
serving Metro Washington DC & Eastern Pennsylvania (Washington, DC)
TransactionsWe have reviewed the recorded call in which our member requested the Extended Overdraft Privilege service for her visa debit cardA written confirmation was sent to the member stating the overdraft fee of $would be charged to her accountThe letter also provided her with instructions to revoke the authorization.On 8/12/15, the member's available balance was $After this time, the member had a combination of debit card and bill payment transactions which exceeded the member's available fundsEach transaction was paid but resulted in an overdraft fee chargeThe member has requested a refund of the feesAt this time, we will not refund the fees since we followed the procedures for engaging the Overdraft Privilege program, disclosed the fee and provided the member with the steps for revoking the authorization to pay the overdrafts and charge the feePlease do not hesitate to contact us at Signal Financial Federal Credit Union if you have additional questions about this matterSincerely, In response to the complaint #*** submitted on August 28, 2015, we have researched the issue and our comments are as followsIn July, 2015, the member confirmed our authorization to pay overdrafts on ATM and debit card
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