How does a credit work?

Question

1 recently joined a credit union for convenience, close to home i made a deposit of $500.00 a few days later withdrew $150.00 a few days later made a few small purchases using my debit card, kept a running balance for my records,when i check the auto teller they quoted me what i thought i had, then told me my available balance was lower then what it should have been why is that? do they put a % into your savings

Answer 1

It enslaves you mildly.  The average American is in debt.

Answer 2

There may be a minimum account balance...therefore you can't use your total balance without being charged a fee.This is just one possibility.Hope it helps.

Answer 3

tough to answer; if your "bank" (Credit Unions are not pure banks and thus are not subject to the same regulations as regular banks) has a policy specific to that bank then they are the only ones who can answer why your balance does not match your record

Answer 4

There is really no way to answer this question without asking someone at your credit union.  But you should always check everything out before opening an account anywhere. Many banks have hidden fees that they will charge you for doing things that you would normally do.  For instance, there are fees that are charged when your account falls below a certain balance, fees charged for using a debit card as a debit and not as a credit, fees for using your card so many times during a given period (such as more than 4 times a month)...etc.  Your best bet is to call the bank or visit the bank and see if they have charged you any fees. If they are charging you for things like this, SWITCH banks!! There are plenty who will not charge you a dime!! Be sure there is no fee for canceling an account early before you do so.  OR you could just stop doing the things they are charging you for. (Though some banks have "maintenance fees" that you will pay regardless).  Hopefully it's a simple mathematical error on your part!! Good luck!

Answer 5

A credit union is a financial organization that is owned by its members instead of being owned by stock holders.  That lowers the cost of capital, and generally, credit unions charge lower fees than banks and pay higher rates of interest (called dividends in credit union parlance) on savings.

Check your deposit receipts.  Often, credit union membership requires a par value "share" deposit in a share savings (regular savings) account.  Alternatively, you can be asked to pay a one-time membership fee in lieu of having the minimum share on deposit.  These fees typically range from $5 to $25.

Or, you might have made a simple arithmetic error.  Balance your checkbook records against the online banking program (if available) or your checking account statement when it arrives.  Or, visit the credit union and ask for help from an employee.