Banking terms and conditions; again

[NeilTheCop]

What is the name of your state? New Mexico.

This is a follow up to a posting I made a few days ago about our Credit Union's new terms of service.
Reading the whole thing the CU will not allow me to use my own money to buy some items.
Rather than laboriously list what they are this news item shows them all, as this Idaho CU has the exact same terms and conditions.
https://www.ktvb.com/article/news/local/iccu-new-terms-conditions-terminating-their-accounts/277-f89f0be1-8342-4746-883f-de4a4ae606ca
I'm in the process of closing my CU account and moving my money elsewhere because I won't agree to these terms, but until I do I can't access my account on-line, but as it's a long and drawn out process moving my direct deposits etc. it will take a while.
Do I have any legal recourse for wasted time, trouble and inconvenience (Not holding my breath)

 

[quincy]

What is the name of your state? New Mexico.

This is a follow up to a posting I made a few days ago about our Credit Union's new terms of service.
Reading the whole thing the CU will not allow me to use my own money to buy some items.
Rather than laboriously list what they are this news item shows them all, as this Idaho CU has the exact same terms and conditions.
https://www.ktvb.com/article/news/local/iccu-new-terms-conditions-terminating-their-accounts/277-f89f0be1-8342-4746-883f-de4a4ae606ca
I'm in the process of closing my CU account and moving my money elsewhere because I won't agree to these terms, but until I do I can't access my account on-line, but as it's a long and drawn out process moving my direct deposits etc. it will take a while.
Do I have any legal recourse for wasted time, trouble and inconvenience (Not holding my breath)

You generally cannot be compensated for wasted time, trouble or inconvenience. Sorry.

 

[LdiJ]

What is the name of your state? New Mexico.

This is a follow up to a posting I made a few days ago about our Credit Union's new terms of service.
Reading the whole thing the CU will not allow me to use my own money to buy some items.
Rather than laboriously list what they are this news item shows them all, as this Idaho CU has the exact same terms and conditions.
https://www.ktvb.com/article/news/local/iccu-new-terms-conditions-terminating-their-accounts/277-f89f0be1-8342-4746-883f-de4a4ae606ca
I'm in the process of closing my CU account and moving my money elsewhere because I won't agree to these terms, but until I do I can't access my account on-line, but as it's a long and drawn out process moving my direct deposits etc. it will take a while.
Do I have any legal recourse for wasted time, trouble and inconvenience (Not holding my breath)

Since you plan on moving your money anyway, and therefore will only be with the CU for a short time more, why don't you just accept the terms and conditions so that you can access your account online for the short time you will be remaining with the credit union?

 

[Taxing Matters]

What is the name of your state? New Mexico.
Do I have any legal recourse for wasted time, trouble and inconvenience (Not holding my breath)

You have the right to opt out of the coming changes and move your money elsewhere. If you decide to do that, the financial institution has no liability to for the time and trouble you incur in changing institutions. That's true most anything, btw, there are lots of things in life that are time wasters or more trouble to do than you'd think, but rarely do you have any right to compensation for that. If the bank missed a contract deadline and as a result you suffered some kind of financial loss, that's something you may pursue in a breach of contract claim or arbitration proceeding, depending on the terms of the contract.

 

[NeilTheCop]

Since you plan on moving your money anyway, and therefore will only be with the CU for a short time more, why don't you just accept the terms and conditions so that you can access your account online for the short time you will be remaining with the credit union?

Because it would mean I agree that I can't use my own money to buy;
Tobacco and tobacco products.
Prescription drugs.
Ammunition and firearms.
Travelers checks.
Lottery tickets.
I can't even pay someone for credit repair or debt consolidation services.

I'm never going to agree with that even for the 11 months I still have to wait for my CD's to mature.

 

[adjusterjack]

I'm never going to agree with that

I sure as hell wouldn't.

Ammunition and firearms? Lottery tickets?

Those people would be out of business in a heartbeat in Arizona. LOL.

 

[LdiJ]

Because it would mean I agree that I can't use my own money to buy;
Tobacco and tobacco products.
Prescription drugs.
Ammunition and firearms.
Travelers checks.
Lottery tickets.
I can't even pay someone for credit repair or debt consolidation services.

I'm never going to agree with that even for the 11 months I still have to wait for my CD's to mature.

Well, I wouldn't either for 11 months. I was thinking in terms of weeks. I can't even see the logic behind some of that!

 

[Zigner]

Because it would mean I agree that I can't use my own money to buy;
Tobacco and tobacco products.
Prescription drugs.
Ammunition and firearms.
Travelers checks.
Lottery tickets.
I can't even pay someone for credit repair or debt consolidation services.

I'm never going to agree with that even for the 11 months I still have to wait for my CD's to mature.

I disagree. There is no restriction on using your money. You are free to withdraw the funds you want for whatever reason you want. It sounds like what you are restricted from doing is using the financial institution as the intermediary (used colloquially).

 

[Taxing Matters]

You're free to use your money as you like, so long as the financial institution isn't a party to the transaction. Banks put these kinds of provisions in them not to block everyone from doing those activities, but rather to provide the institution a course of action to deal with transactions that appear to be in violation of the law, fraudulent, or otherwise end up being troublesome for the institution. Banks are conservative institutions by nature and don't like to put themselves at any more risk than absolutely necessary. Facilitating a transaction for the purchase of firearms may lead to the institution being sued if the customer then uses that firearm to harm others. That's a risk they aren't willing to take. You can take the money out and spend the cash as you like. The bank's account terms don't prohibit that. But when you do the transaction by having the bank involved in doing the transfer, the bank does have a interest in insuring that you aren't involving the bank in some criminal or fraudulent transaction or that would otherwise expose the bank to potential liability. That's what the CU is trying to do — reduce its risk exposure when customers use their services for transactions that could be trouble.

 

[NeilTheCop]

You're free to use your money as you like, so long as the financial institution isn't a party to the transaction. Banks put these kinds of provisions in them not to block everyone from doing those activities, but rather to provide the institution a course of action to deal with transactions that appear to be in violation of the law, fraudulent, or otherwise end up being troublesome for the institution. Banks are conservative institutions by nature and don't like to put themselves at any more risk than absolutely necessary. Facilitating a transaction for the purchase of firearms may lead to the institution being sued if the customer then uses that firearm to harm others. That's a risk they aren't willing to take. You can take the money out and spend the cash as you like. The bank's account terms don't prohibit that. But when you do the transaction by having the bank involved in doing the transfer, the bank does have a interest in insuring that you aren't involving the bank in some criminal or fraudulent transaction or that would otherwise expose the bank to potential liability. That's what the CU is trying to do — reduce its risk exposure when customers use their services for transactions that could be trouble.

But it's odd that after banking with the credit union for nearly 2 decades, suddenly it's a problem that requires a change in their terms.

 

[NeilTheCop]

I sure as hell wouldn't.

Ammunition and firearms? Lottery tickets?

Those people would be out of business in a heartbeat in Arizona. LOL.

It seems that Arizona has some issues regarding firearm purchases already.
https://blog.tenthamendmentcenter.com/2024/02/arizona-bill-would-prohibit-credit-card-codes-to-track-firearms-purchases/

 

[Zigner]

But it's odd that after banking with the credit union for nearly 2 decades, suddenly it's a problem that requires a change in their terms.

20 years ago I never had to worry about the touch screen in my car glitching out. Times change.

 

[quincy]

20 years ago I never had to worry about the touch screen in my car glitching out. Times change.

That’s why I am hanging onto my 2004 Jeep.

 

[Taxing Matters]

But it's odd that after banking with the credit union for nearly 2 decades, suddenly it's a problem that requires a change in their terms.

You may think it odd, but it is not at all unusual for financial institutions to update their terms. Some of them tend to update them every year. If the CU hadn't changed it in 20 years then it was long overdue. The laws and risks for financial institutions have changed considerably in the last two decades. If it is the first change in that time, that surprises me because any (well advised) financial institution would have updated it at least several times in the last 20 years.

 

[Taxing Matters]

20 years ago I never had to worry about the touch screen in my car glitching out. Times change.

Cars are becoming subject to tech upgrade issues that now are common in smartphone, tablets, and computers. When I took my Audi in for it's last warranty covered service they surprised by including the upgrade of the car's internal cell phone system from 3G to 5G as covered by the warranty. The cost for the update without the warranty was expensive. I want all the functionality that the high tech brings to my car, but I had to accept that tech upgrade costs in the future would be part of the bargain. At least it doesn't require changing to an entirely new car to keep it current.