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I initiated a wire transfer today, and at one point one of the credit unions involved in the transfer called me up to verify some things before they made the transfer.

When she asked for my account passcode, I froze, and asked to call her back. She understood completely. I called her back, and finished the transaction.

It surprised me a little bit that they (the credit union) could call me up and ask for my account information like this. Certainly with e-mail they and most other businesses go to great lengths to say that they will never ask for your password by e-mail.

I don't doubt that my credit union acted properly, but are they in general allowed to conduct business this way, or are there restrictions?

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I would check their individual Privacy Policy to see if it has any restrictions on this sort of calling. I would also call the branch manager to see if this is something regular.

When I've gotten calls during suspicions of fraud (I shopped a lot in strange places and it happened from time to time), they usually just wanted me to verify my most recent transaction. Always fine. Until the time my card was stolen and someone when to the ghetto and charge a bunch of gas station charges (the easiest trick in the book for thieves).

Definitely call your branch to put your mind at ease. If this isn't their normal policy, this may be an opportunity to provide more training to someone else so that it doesn't happen to another customer. I applaud your diligence.

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Hadn't thought of their privacy policy. Guess I'm in the mindset of that being online only. Thanks! – mbhunter Feb 5 at 15:13
I think calling them back was good thinking-doesn't sound like you "froze" too badly!!! We all need to be on guard. Just finished dealing with pay-pal over a few fraudulent charges. Pain in the neck! – Dr Dean Feb 5 at 22:40

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