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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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Can a credit union hold your money legally if someone puts

Customer Question

Can a credit union hold your money legally if someone puts money in your account with a credit card? The credit union thinks the card was obtained through false employment record. The credit union has frozen my account since July 8th 2011
Submitted: 6 years ago.
Category: Business Law
Expert:  MShore Law replied 6 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Yes, if the credit union has a good faith basis to believe the deposit was made via fraudulent means it can place a hold on the account until that concern is resolved with the credit card company. Please let me know if you have any follow up questions.
Customer: replied 6 years ago.
I know they can hold the money because they have been holding my money since July 8th. How long can they hold my money? I've sent the credit union bank statements and told them everything I know about the transactions but they want me to tell the person that deposited the money to call them. They can't contact him. This has nothing to do with me.Also I can't contact him. I don't work for the credit union and they are holding my money as collateral, I guess, until they can speak with him. I have cooperated fully and I sent info on where the money was sent. Also I made no money off these transactions. What can I do to get my account released?
Expert:  MShore Law replied 6 years ago.
Generally it is only until the business day after the deposit. Unless the bank has notified the authorities and the authorities (law enforcement) are overseeing the hold, the money should be released to you. Please let me know if you have any follow up questions.