Another Financial Horror Story...

[Ian S]

An elderly woman is financially victimized by her drug addicted son then the Credit Union adds insult to injury. I used to bank at this credit union but switched to Chase which had a much better internet site for keeping track of my money.

https://www.azcentral.com/story/news...ges/439169002/

Quote:

There's no question that Arizona Federal Credit Union officials knew Anna Kroger's middle-age son racked up $160,000 in bogus credit-card charges and bank withdrawals. They met with her after months of unusual financial activity. They froze her savings and credit accounts. They advised Arizona Adult Protective Services to the suspected fraud and financial exploitation. Then credit union officials helped themselves to Kroger's money, raiding her frozen accounts of thousands of dollars.

[gindie]

My wife is a fraud investigator for a credit union (different state). The software they use would have started flagging the unusual account activity almost immediately. No excuse for the Arizona credit union to take so long to recognize this.

[pb4uski]

It seems that part of the problem is that her credit card was issed through her credit union.... which gave the credit union the ability to raid her credit union bank accounts to pay the credit card. Our credit cards have always been directly with the issuer or with a bank that we have no other relationship with... so a POA for our bank accounts would not allow use of our credit cards.

Too bad some Arizona lawyer isn't willing to take on a case suing the credit union for damages on contingency.

[brucethebroker]

Quote:

Originally Posted by pb4uski It seems that part of the problem is that her credit card was issed through her credit union.... which gave the credit union the ability to raid her credit union bank accounts to pay the credit card. Our credit cards have always been directly with the issuer or with a bank that we have no other relationship with... so a POA for our bank accounts would not allow use of our credit cards.

Good idea. Thanks for the heads up.