My credit union no longer allows its members to initiate transferring money to external institutions any longer. (For example, transfer funds from the credit union to another bank). Members can transfer money to external institutions but must initiate it from the destination.
This seems rather inconvenient, is this a trend other credit unions are following? I prefer to push money transfers rather than pull them.
Both of my CUs allow transferring to external accounts, but one of them does not allow me to pay the CC bill from external accounts. I have to first transfer money to my savings account at that CU then use it to pay the CC. It’s a pain, but I don’t use that card very often. I have not heard of either of my CUs changing the policy in the future of pushing to external accounts.
I don’t know if it’s a trend, but there are lots of credit unions to choose from. If this one doesn’t suit your needs, you can switch. Or tell them it’s inconvenient for you. You are a member, after all. They might listen and change it back.
It’s been years since I set up my autopays, so I don’t recall the details, but it’s the “push” or “pull” money methods to other firms.
A lot of mine “push” money to other places, but also have a few that I could not arrange a push, but had to access the other firms and arrange for them to pull the money.
I don’t consider this a big deal, but tha’s me.
Writing this, I seem to recall it was an access issue. Even with my account numbers, my bank could not pay [push] the other places without access.
If your CC will let you do internal account transfers, just set up a separate checking account, get a debit card for it and set the auto-pay to make the periodic payments through that debit card.
Be sure and to isolate that account from all the rest of your accounts, no (“check protection” or overdraft schemes.)
Thanks, to clarify I mean members cannot transfer money from the credit union to say, another bank.
I can use bill pay to send money anywhere I choose. If they started restricting where I can send money, I would be furious.
Larger companies or banks they send payments electronically; smaller firms or individuals they cut a check and mail it.
I’ve never had problem needing permission to pay a bill or make a deposit. Withdrawing funds is different.
I don’t pretend to understand it. 90% of my bills are successfully pushed to the target, but a few do not work. I have to open those accounts to pull the money. It’s not any big effort, so no problem.
As noted, it’s been years since I arranged this and don’t recall the details.