Credit Union Law...

[US banking law filter] So my credit union 'forces' me to deposit checks, payable to me, into a savings deposit account (share deposit account), rather than my checking account. I'm not sure they should be doing this. Lots of gory details inside....

The tellers just state this as a matter of policy when I try to deposit a check into checking instead. The mandatory or 'forced' deposit to savings stipulation (and i think this is important) isn't mentioned in any of the credit union disclosure documents.

The credit union has slapped a '15 day hold' (wtf?) on the fund instrument I just deposited -- a high quality check, issued payable through the Bank of New York (a Federal Reserve Bank.) I maintain the funds should have been available 'next business day' because of the Federal Reserve Bank 'exception' as afforded by Regulation CC of the expedited Funds Availability Act.

Credit union is claiming exemption under Regulation D (based on stipulation 'savings deposit account' doesn't pass test as a 'transactional account') -- as a result they claim, Reg CC statutes don't apply to savings deposit accounts. So isn't that neat as a button?

This neatly circumvents all rights afforded by Regulation CC of the Expedited Funds Availability Act.

I've familiarized myself with Regulation CC (and Reg D.)

Can they force me to deposit into one account rather than another without mentioning it in a disclosure and, if not -- is that sufficient grounds for complaint to the appropriate regulatory bodies? (I have the 'appropriate' list.)

Do I have grounds for a complaint to the appropriate regulatory bodies for some regulatory violation?

Do I really have no protection as would normally be afforded by Regulation CC in this outline? --

Their Funds Availability Policy Disclosure document (a hand typed one-sheet dated -- 1993 -- that I had to request four times), mentions the Federal Reserve Bank exemption but makes no mention of it applying only to checking accounts.

I have tried to negotiate a release of the hold with no success. No reason given. (Yes, I know -- that's a violation of regulations, too.)

It's a rather provincial group I'm dealing with. Lastly my attitude has been unimpeachable in my dealings over this issue. I cannot say the same for the bank representatives. Qualified input appreciated.

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