These Hard Times Shrink Altura CU
The $722 million Altura Credit Union, headquartered in Riverside, Calif., will close four branches and lay off 11% of its workforce, according to the CU.
In a letter on its website, Altura CEO Mark Hawkins said the four branches due for closing are the most recent ones opened. Hawkins blamed the ongoing bad economy, which he said had improved but not enough.
Several members expressed concerns about holds being placed on deposits through the ATM when no hold would have been placed on deposits made in person through one of the branches that is being closed.
“I would also like to know about monies being available after deposit. Typically, I'm told that my money will be held for two days unless the bank physically sees that it's a Social Security check,” wrote one member, Kelly Ramirez. “This news is VERY disappointing to me as I just opened my bank account with Altura two months ago due to the close location to my home and work. Two weeks after opening my account, the branch by my work shut down. Now the location by my home is turning into a bank with no human contact. And with no human contact, my money won't be readily available. This is quite disturbing news. I guess I'll have to be looking for another bank.”