Know thy bank’s rules!

Today during lunch I stopped by my credit union to get two money orders.

My credit union allows one free money order per day. If you need to obtain more than one, there is a fee.

I submitted the credit union’s transaction slip to obtain a $75 money order for an upcoming reunion. This transaction is connected to my personal account.

After that transaction was completed I presented to the teller another transaction slip to obtain a money order for $175 (to pay for carpet cleaning service at my condo). This transaction is connected to my business account.

The teller told me there is a $5 fee for the second money order. I replied there should not be. I explained I am seeking a money order under my business account which has a different member number versus my personal account. If I am wrong, I told the teller I would come back tomorrow.The teller excused herself to speak with a supervisor.

Upon returning she told me, “you are correct. There is no charge.”

Of course! If I requested a money order from my checking account and my holiday account under my personal member number, under the credit union’s rule, I would have to pay the $5 fee. But since the two money orders are coming from two separate member accounts (one personal & the other business ), there is no fee.

What’s scary is the teller could not figure it out herself (and she is an employee of the credit union).

When it comes to money, you always need to know the rules!!!

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