LETTERS TO THE EDITOR: Criticizing the Student Federal Credit Union

To the Editor: The fact is, there is no reason it should take so long. In Europe, banks can clear checks in 1 hour or less. And it's not just now with the unified European market? I was in Europe in 1987. Let's compare . . . Europe=many nations, US=1 nation; Europe=many governments, US=1 government; Europe=many national policies, US=1 national policy; Europe=many currencies, US=1 currency; Europe=fluctuating exchange rates, US=1 exchange rate (i.e. 1 dollar=1 dollar). How is it that European banks can manage to take a check, find a bank in some other country, contact that bank to confirm funds, calculate an exchange rate and transfer those funds so quickly when a US bank can't do a MUCH simpler version of this task in days? Well, it must be either, 1) US banks suck or 2) US bankers lie. I have found evidence of both, so I'm still not sure which is the case. Anecdotally, I once had a problem because a bank required a 5 day waiting period for an out-of-state check. After 2 days I went in to complain . . . after several minutes of enduring my harranging, insulting, and complaining the bank manager agreed to make the funds available. It was clear the the manager KNEW the check had cleared and was just trying to uphold a stupid policy. I'm not saying that all banks are the same. Maybe some really do operate in the stone ages? But why should the American public accept this kind of: 1) incompentance or 2) deception? If a bank really can't clear a check in a couple of minutes, it has no business doing business. If a bank is lying about the time it takes to clear a check, it has no business doing business. Samuel Choi Graduate Student Department of English 417-7723 To the Editor: I would like to add my voice to the pile of comments regarding the credit union that I'm sure you are receiving thanks to you article on March 22. My husband and I have had a similar experience to Mark Turner's. Ours was a local check fiasco. We deposited a check on a Friday and come Wednesday they were bouncing checks like mad. Supposedly local checks are suppose to clear within three business days, but the UPSFCU didn't even follow their written guidelines. On the subject of their guidelines being mailed to everyone, hogwash! I've spent the better part of a year trying to get my monthly account statements. Each month I have to call and ask where my statement is, each month the credit union claims I must have moved, each month I tell them the truth, that I have not moved in the 3 years that I've lived in Pennsylvania. Yet, another set of problems that we've had are a result of the shoddy way the credit union deals with automatic deposits, we've had the credit union claim that they've not received my husband's paychecks for 3-5 days after they were electronically transfered to the credit union (he knows the exact time, since he is the accountant for his company and does the payroll). My checks which are University checks and supposedly deposited on the last day of the month have rarely appeared before two days have passed. These problems must be addressed, but writing and calling the credit union and talking to credit union officials is like spitting in the wind, you get something back but it isn't necessarily what you want or need. Andrea MacDonald graduate student, annenberg school for communication