Why did they not let her.........

[magyar123]

.....pay down the balance with another credit card??
Yesterday my daughter wanted to lower her balance on one of her credit cards with a balance transfer check.
The creditor, a credit union, instead made her use the funds in her savings account to bring down the balance.
That balance transfer check was valid until Januaty 31, 2008.
Today I went with her to this credit union and confronted them myself. After a lot of crap they finally came out and said that she had been very "negligent" with her credit card account, and that "no other creditor deserves" to be treated like they were. Now I am aware that credit unions can legally steal money from your/her account - called cross-collaterization - if you file bankruptcy on one of their products.

[FreshLikeADaisy]

In general, credit card companies view balance transfers as profit stealing, especially now that debtors have gotten wise about how to use them. I think they were not nearly as concerned with the health and well-being of their competitors, as they were with being screwed out of the hefty fees & interest if she had successfully transferred the balance. If you were speaking with the branch manager, keep in mind that his/her pay depends in large part on the profitability of that branch, and that part of the motivation was that this person actually knew there were savings to deplete, instantly accessible if they applied the right pressure. It's one thing when you send a check to Citibank or Chase; chances are good your transaction will never meet human eyes. It's quite another when you have a CU branch manager who is trying to jack up profit by year's end to make bonus payout in January making the decisions about your account.

I think your daughter would be well advised to move her checking/savings out of there, and close those accounts if she can, not just leave them open with $5 in them.

[chpxiii]

I think your daughter would be well advised to move her checking/savings out of there, and close those accounts if she can, not just leave them open with $5 in them.

I would. And I would write a letter explaining why. Totally cut and sever ties.

They were essentially telling her "Frak you." She should say the same back.