posted on May, 7 2013 @ 08:17 AM
Source - WSET 13
Lynchburg, VA - The fate of Lynrochen Federal Credit Union is sealed. It is now defunct. Jerry Walton has a checking and savings account there.
WSET asked Walton, "Did you ever expect something like this?" Walton answered, "Never, never in my lifetime." And he hasn't taken out a loan
recently. So, he knew something was up when the credit union claimed he did.
Video of news report is at the source link.
Apparently the credit union took loans out in members names as well as draining their savings accounts to "just a few bucks".
Talk about a kick in the teeth. Of course FDIC will reimburse members up to $250,000 but that may not come till well after the investigations. The
source says that they are "in the middle" if investigations now.
So just as a warning... if you are a member of a credit union such as myself, keep a very careful eye on your finances and if you see something funny
going on then I'd withdrawal as much as you can, if not all, then call the law.
Thread is just a heads up to credit union members who think that they are "safer" when in fact, they may be dangerous just in different ways.