Refusal by Credit Union to release shares

scullersky

Just after your opinions on this situation.

Have a loan, and shares held as collateral. These amounts are outlined clearly on the loan agreement form / contract.

I tried to take my shares out which are over the collateral amount on my loan agreement and was refused.

Only after looking into this I found that they breached the credit union rules so quoted that to them, and they let me withdraw the amount I wanted then (that was over my collateral amount being held for the loan).

I suppose I'm not happy with how I was treated here, and this did leave me stuck for a few days, of my own money I was entitled to withdraw in the first place.

Would you just leave it now or would I be better making a complaint to the FSPO?

Just wondering what your opinions on this are!

Thanks 😊

dotsman

You can't make a complaint to the ombudsman until you have formally complained to the institution and gone through their complaints' process. Even then, they are not going to do anything unless you have actually lost money as a result of the issue, which is not the case here.

Ultimately this was a minor customer service issue. If it really means that much to you, move your account.

naughtysmurf

I would have thought what you requested was unusual, most people would have just asked to top up the loan, so if you had say 1000 in shares & borrowed 1000 as a covered loan but only owed 500, I’d say they would have given 500 there & then assuming you were up to date with your payments so maybe just a misunderstanding on their part, did they offer to top up your loan instead?

Peregrinus

Your grievance has already been addressed. You were wrongly denied access to your shares but, when you objected, your objection was accepted, the mistake was rectified and you were given the access to which you were entitled.

I get that this leaves a sour taste in the mouth - you'd prefer if the error hadn't been made in the first place - but we are where we are. If you did make a complaint, what relief or remedy would you be seeking? You've got access to your shares; what more should or can the Credit Union do for you now? They can't rewind history and unhappen the error.

The issue now facing you is whether you have lost confidence in them as a financial institution. Only you can decide that; this is not a decision that the ombudsman can make for you. If you no longer wish to do business with the credit union, the remedy is in your own hands and you don't need anybody's permission to implement it; repay your loan and take your custom elsewhere.

Jim2007

https://www.boards.ie/discussion/2058207874/refusal-by-credit-union-to-release-shares

And what would your complaint be? The CU made mistake, I appealed it, they corrected it and now I'd like to complain about.....

The J Stands for Jay

The FSPO can, and has in the past, made awards to consumers for poor customer service even where the original issue was resolved by the institution. Complain if you want to get a bit of money for it, but life's too short

scullersky

Thanks for all the input and comments. I should have included that I was refused the share withdrawel by several staff including the CEO.

I had to fight hard to be able to withdraw my own money that I was entitled to do.

I just find it really alarming / concerning that they had no issue in breaching the rules governing Credit Unions and also had no issue breaching Central Bank rules.

I was just curious to hear the opinions here. I'm not one to complain and don't intend taking it any further. It really was just very concerning.

I however intend to change Credit Union which of course is my personal choice.

Thanks for the input everyone, just wanted to know what other thoughts were on this issue.