• Report: #684019
Complaint Review:

Selco Community Credit Union

  • Submitted: Tue, January 18, 2011
  • Updated: Tue, December 18, 2012

  • Reported By: Bh — Phoenix Arizona U.S.A.
Selco Community Credit Union
PO Box 7487 Eugene, Oregon United States of America

Selco Community Credit Union Bank Eugene, Oregon

*Consumer Comment: Oregon’s largest credit unions are writing some very large paychecks to their top executives, a fact the banking industry is underscoring in its lobbying effort to have credit unions pay taxes.

*General Comment: A couple of questions on an old post...

*Consumer Comment: SELCO gives CEO lucrative package.

*Consumer Comment: Bh, It appears that the banks can take their customer's money after a certain period of time because it's not illegal to do so. Even the mainstream media can neglect to alert Americans about....

*Author of original report: Bank Account Manipulation

*Consumer Comment: read your account agreement.

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I had an account with Selco Community Credit Union located in Eugene, Oregon. I moved out of state without withdrawing my money. There was a small balance of $34.47 left in the account. There were many times I had thought about transferring the money to my local bank but procrastinated due to all the things which people deal with on a daily basis; work, etc.

I recently received a quarterly statement showing that Selco took my money and zero'd out the balance as a dormant account. While it may be totally legal for them to do this because the account had no activity for over a year, it still doesn't feel good and I feel as though I have been ripped off. They took my $34.47 - I don't care what they call it, the money was NOT theirs, it was mine!

The bank could have done the right thing and closed the account and mailed me a certified check in lieu of confiscating the balance. I don't feel as though I were irresponsible or negligent - how is it that a bank gets to take your money if you don't use it in a year?

I called the bank to inquire and "Adrian" made me authenticate my identity three times just to inform me that the account had been closed (by the bank) and that there was nothing that she or the bank was willing to do to give me back my money.

This report was posted on Ripoff Report on 01/18/2011 12:33 PM and is a permanent record located here: http://www.ripoffreport.com/reports/selco-community-credit-union/eugene-oregon-97401/selco-community-credit-union-bank-eugene-oregon-684019. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Oregon’s largest credit unions are writing some very large paychecks to their top executives, a fact the banking industry is underscoring in its lobbying effort to have credit unions pay taxes.



The state’s No. 3 credit union is also local — Eugene-based SELCO Credit Union. It paid its CEO, Bob Newcomb, $778,000 in total compensation in 2011, up from $582,000 in 2010, according to IRS filings. The credit union has $1 billion in assets. Newcomb did not return a call seeking comment.



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#2 General Comment

A couple of questions on an old post...

AUTHOR: Striderq - (U.S.A.)

Did the credit union charge fees against the account that ate up the $34.47??? If not, then when an account goes dormant (no account holder activity in a time frame set by state law) the account is declared dormant and closed. Any money left in the account is forwarded to the state (usually Dept of Revenue) with all identification (name, SSN, last address, etc). If the money was not taken by fees, I'd suggest contacting Oregon state government unclaimed money area and see if you can process a claim for the money. If the money was taken by fees there's nothing you can do about getting it back.
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#3 Consumer Comment

SELCO gives CEO lucrative package.

AUTHOR: Garry - (United States of America)

A Eugene-based credit union that was formed 68 years ago as a cooperative of educators has taken the unusual step of notifying members that its top executive was paid $1.5 million last year. 

Ava Milosevich, chief executive officer at SELCO Community Credit Union, received a salary and bonus that totaled $463,068 in 2003. That puts Oregon's fifth-largest credit union third in line among such institutions for executive pay. 

Then there is the contribution of $1.15 million into Milosevich's retirement fund - which stands alone among even the largest of the state's credit unions and prompted the letter of explanation to members.

$35.00 is a some amount of money to take when they have so much money? 
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the stock market crash and the collapse of the U.S. economy, even though they were sent information about it over a year before it happened, because it isn't illegal to hide information from the American people, right?

Hiding information from people and taking $34.47 from you isn't illegal in the USA, correct?

Thank goodness it isn't illegal to post the truth here at Ripoff Report!

You can stay at this site and type in 271454 and go to 'Consumer Comment #1' at Ripoff Report #271454 and read where "The collapse of the U.S. economy" was accurately predicted a little over a year before it happened, right?

You can also type in 529757 and read an exact copy of the hand-written letter that was mailed to the mainstream media in New York on 9-12-2007, correct?

Believe it or not, you can type in 271771 and go to 'Consumer Comment #1' at Ripoff Report #271771 and see where copies of that hand-written letter were mailed on 9-12-2007.

Bh, It appears that the United States of America is a country whose foundation is solidly built on lies, deception, fraud, manipulation, greed, trickery, deep corruption, & the constant pursuit to financially injure the innocent people living here and all over the world, right?

If you don't believe it, simply type in 411913 at this site and go to 'Consumer Comment #60' at Ripoff Report #411913 and read it, okay?

Good luck to you!

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#5 Author of original report

Bank Account Manipulation

AUTHOR: Bh - (U.S.A.)

Little room to complain?

I did not need to access those few dollars in over a year so why does the bank feel they are entitled to my money because I did not use it? Use it or lose it?

They could have just as easily MAILED ME A CHECK and then closed the account. I didn't "lose" the money, I wasn't gambling - they took it! It's just another way banks are screwing people. If you have an account and don't access it for a year they take the freakin money. It's not the amount, it's the principle. The last quarterly statement I received showed withdrawal and deposit transactions which I never did. They manipulated my account without my knowledge or consent so that they could take my $34.47. I NEVER RECEIVED ANY KIND OF NOTICE THAT THEY INTENDED TO CLAIM OWNERSHIP OF MY MONEY.

I am a reasonable person, never had any overdraft charges or anything. There was no negligence or irresponsibility on my part. I did nothing wrong other than not accessing my account for a year. The right and ethical thing for them to have done was simply mail me a bank check and then close the account. They closed the account and kept the friggin money

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#6 Consumer Comment

read your account agreement.

AUTHOR: Just a normal guy - (United States of America)

It costs a financial institution money to maintain an account. With a low balance like you had, it was probably a net loss for them. Although Credit Unions are non-profit, it doesn't mean they want to sit around losing money.

The fee was probably in your agreement, look it over and get back to us. It sucks to lose $34, but honestly, you admit you "procrastinated" so you have little room to complain.

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