ComplaintsforConnect First Credit Union Ltd.

• Initial Complaint

  17/08/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I invested money in Connect First Credit Union. They are now proposing a merger with Servus Credit Union. I have stated that I did not sign up for an investment being housed with Servus Credit Union and would like my money to be removed. I have told Connect First Credit Union that I am not ok with this and wanted my money removed. They are stating they will charge me large penalties to remove my money. I feel like I have been put into a horrible situation as I am being forced to keep my money in an institution that I am very against as they have made decisions to change their platform with the merger and this is not something I had signed up for. I would like to receive my initial investment back without penalties.

  

  Business response

  13/09/2023

  Hello, 

  
  We looked into this complaint and the long (and short) of this is that an employee from our Member Connection Centre has had multiple conversations with ****************. The investment that **************** signed up for was based on a pre-set term (which was identified in the offer so there was no surprise here). In the end, our employee was able to escalate to have the Treasury team ***** a special circumstance issuance to break the term (with a penalty), but **************** wasnt able/willing to give us her decision as to whether she was actually going to break the term of the investment.

  
  Would you recommend I respond to the complaint on our page? It has been explained to her multiple times that she signed a contract that we have not ********, and she refused to stand by it. I'm not sure it's necessarily appropriate for us to mention this on a public forum. 

  
  How do we get this complaint removed?

  
  If you require more information, please let me know.

  
  Kind regards,

  
  **********************************
  Brand & Community Coordinator

  Customer response

  29/09/2023

  The part that the business is missing is that I signed a contract with their business and they are now changing their business by merging with a different credit union. I never signed up for or agreed with changing my investment to be with a different credit union. Therefore the holding of my investment is being changed to a company I do not agree with, without my consent. Yes they offered to break the contract with a hefty penalty. Why am I paying a very hefty penalty when they are the ones that essentially broke the terms of our contract by merging with a different credit union. 

  

  Business response

  05/10/2023

  Hi *****,
  
  We understand that you are concerned about our proposed merger with Servus Credit Union. We are still operating as connectFirst Credit Union and conducting business as usual. The merger is not yet finalized and is subject to a member vote, which you are welcome to attend and participate in. Furthermore, if our members approve the merger, it will still need regulatory approvals. 

  Kind regards,

  The connectFirst Team.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩