Do you know what's in your financial institution's terms and conditions?

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billthecat
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Do you know what's in your financial institution's terms and conditions?

Post by billthecat »

I came across this article/video today, and it made me wonder how prevalent such terms are, and whether it will grow given certain trends. The gist of it is that the terms at ICCU (Idaho Central Credit Union) include(d):
Section 13 states the prohibited uses, where users would agree not to request, send, or receive money for several things.

"Obviously, some I get," she said. "The illegal drugs and controlled substances make sense, but firearms, ammunition, and other weapons, or materials that promote intolerance, violence or hate, in whose definition and what does that mean, a Ponzi scheme or pyramid scheme? Again, I don't know what that means."

Patterson's document also claimed it prohibits traveler's checks, money orders, and cryptocurrencies, and that you can't send money outside of the United States.

It also states users can't use their money for court-ordered payments, alimony, or child support fines.
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Broken Man 1999
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Re: Do you know what's in your financial institution's terms and conditions?

Post by Broken Man 1999 »

I wouldn't be surprised if many of these things are a result of the CU striving to meet ESG goals.

Others, I would have zero idea.

Bizarre, to say the least.

Broen Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
prd1982
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Joined: Sun Jan 08, 2017 3:43 pm

Re: Do you know what's in your financial institution's terms and conditions?

Post by prd1982 »

I looked at the newspaper article & the CU response. They don't monitor or prohibit. Just s CYA. Don't want to be involved with illegal gun purchases. Don't want to be accused of losing/delaying sending money to govt or child support. So really just lawyers going overboard
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