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Review 3/20/2010
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I have been a member of Xceed Financial Credit Union (XFCU) since the mid 1980's throughout my entire career with former employer, Xerox Corporation. While the relationship began only as a savings account, eventually it became my primary bank, until now. Last year I contacted XFCU seeking help due to a financial hardship stemming from change of life events. Although the firm initially provided temporary relief from the payments for three months, when I resumed payments after a couple months, I was soon back in a hardship situation due to continued unemployment. I responded to the firm's letter with a phone call to explain that I am unable to pay on the loan until the Department of Labor resumes unemployment insurance benefits and that I would need some additional time to take care of the situation. I thought the firm had noted this on my account. After only two months (and the problem would have been resolved in the third month), the firm transferred funds from my XFCU checking account to cover two past due payments and late fees on a signature loan without any proper warning correspondence indicating that course of action. Needless to say, this unannounced intrusion caused a ripple effect with other critical payments! I understand that banks have continued to operate under severe recessionary headwinds, but to treat a loyal client in this manner and at a time like this is deplorable and unconscionable. It appears that the bank does not have clients' best interests as a top priority. The credit union has lost me as a client. While there are some key benefits to banking at a credit union versus a large institutional bank, my guidance would be to be absolutely certain that the benefits outweigh the costs of joining as a member of this firm.
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