chex system
Well, basically your credit
Well, basically your credit union cannot take/freeze your money. The most they can do is force you to close your account, that is, if they use ChecxSystems. The probablity of that happening is pretty low though.
banks can freeze and close
Many banks when finding out that a person is reported to chexsystems will freeze the account and later close the account. Generally the freeze lasts for about 30 days and then the account is closed.
Important Note Regarding Frozen Funds:
Fight It!
1) Go into the bank and speak with the branch manager where you have the account.
2) Demand to see in writing where the Federal Reserve allows them to hold your funds for that extended period.
3) Send a fax to both the local branch manager and a bank executive [VP], demanding your money. Ask them to show you legal proof that allows them to hold your funds hostage
3) In the fax, tell them if they do not release your funds immediately, you will find complaints with the following authorities:
- The Attorney General for Your State
- The State Agency that Regulates the Bank
-The FTC
-The OCC
Submitted by Mary Adkins Matthews on Fri, 02/15/2013 - 20:15