Business ProfileforSt. Louis Community Credit Union

This credit union deserves 1 star, I deposited a cashiers check into my account at St ********************************************* on 8/23 through a shared branch in my state. I was told that the funds would be on hold for 5 business days, today is 9/11, if anyone can count, I have yet to receive my funds in the account. I spoke with ***** and was asked to fax over a copy of the cashiers check and she would try to get the funds released. After a brief conversation with ***** (Branch Manager) this afternoon she dropped the ball and in return, I still do not have my money. I would not recommend this credit union to anyone because they are very unprofessional, they hire anyone and they are always under staffed. I was even told that the cashiers check would be held until 9/17. I am just not understanding.

St. Louis Community Credit Union apologizes for your recent member service experience. Financial institutions across the country have been experiencing longer clearing cycles, in addition to there being a significant increase in check fraud activity. It can take days, or even weeks, to discover that a check is bad. Check holds are placed for both the protection of our members and the Credit Union. The holds allow us, and the institution paying the funds, time to validate the check. What your complaint fails to mention is that to assist you with obtaining the funds more quickly, our Risk Manager reached out to the paying institution. The check was payable to yourself, and from yourself. The paying bank was not able to validate the check you had deposited. Additionally, they stated they did not have any account in your name on record. With this information, we determined the check to be possibly uncollectable and an extended hold was placed on the item. In the future, you can avoid holds on your deposits by encouraging individuals and business entities paying you to use electronic payment solutions such as direct deposit, Automated Clearing House (ACH) payments, online transfers, wire transfers and peer-to-peer services. These types of payments are typically available the same day they are received. Again, we thank you for bringing this matter to our attention. We value your membership and can assure you we are working to create a better service experience with regards to check deposits. If you would like to discuss this any further, please feel free to reach out.