Date Received: 2021-03-07
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: In early XX/XX/2021, my wife and I decided to purchase a second home. Were were pre-approved by three lenders. Navy Federal Credit Union. XXXX XXXX. And XXXX XXXX. We submitted substantial information to receive these pre approvals including a complete schedule of all property owned that showed that in addition to our main home and an existing second home to be replaced by this new purchase. we also owned four rental property free and clear with no mortgages. We decided to go with Navy Federal ( NFCU ) having been a customer since my days at the XXXX XXXX. We went under contract on a property located at XXXX XXXX, FL. We were quite happy when NFCU matched the loan terms offered by XXXX XXXX and we locked in a 2.6 % mortgage rate with 25 % down on a 30 year conventional mortgage. Our closing date was set for XX/XX/2021. Our appraisal came back at more than the asking price and with excellent credit and all documentation submitted, our loan went to final underwriting on XX/XX/XXXX. We even communicated with the seller thinking we might be able to close early. Late in the day,. I was called and told there was a problem, Our current second home at that time, which we have since converted to a rental due to the purchase of this new second home also had a loan with NFCU. I was told we can only have one second home loan and therefore, they need to switch our loan to an investment loan with much worse terms. Fortunately, I am in a position where I can pay off that existing loan and own the home free and clear. I told NFCU I will pay off that existing loan and then we can proceed. I was told this should be okay but to hold off on paying it off. While I didn't want to pay off the existing loan, I understood the concern and was relieved that I am fortunate enough to do this. At this point. NCFU pretty much stopped communicating. The last word on Friday XX/XX/XXXX was that we should be good and our loan was going back to underwriting. At that point, our processor went on vacation. The next Monday was a bank holiday and then repeated attempts to get an update by both myself and our real estate agent were met with silence or being told to be patient. On Friday evening XX/XX/XXXX, with still no understanding of whether we were cleared to close and confusion around why there was no information since we were ready to address the concern raised,. I sent a direct message to NFCU on twitter asking for help. I received a call right away from a supervisor who looked into our file and told me things seems all set and we should be fine. I felt better over the weekend since we were now only four business days away from our closing. Mid day on Monday XX/XX/XXXX. I received a phone call from my loan officer 's supervisor and I was informed that they were not going to write the loan unless I switched to an investment loan with much worse terms. I was incredulous since in XXXX, we were pre approved by three banks., but now with four days until closing, we were backed into a corner and had no choice in the matter. I thought there was a misunderstanding and I explained to this loan officer that I have enough cash in my NFCU account to pay off the existing loan and close on the new loan. She told me that wasn't the problem The problem was that we owned rentals and they decided we were investors and were not really buying a second home. NFCU new about all of our properties in XXXX and could have raised this concern in the pre-approval process. They could have also raised in at any time along the way. Instead, they waited until we were three days from closing and at risk of losing our binder deposit and possibly being sued by the seller. So we proceeded ahead with a 15 year loan at 3.325 % instead of the original 2.6 % for 30 years. What's worse, is I now have an investment loan on my second home and a second home loan on a property that is now for rent. This is a classic bait and switch. They knew I was capable of paying the higher rate and they knew I had no choice but to take it. There is no reason this should have happened other than not working with me in good faith. It is inexcusable and I hate to think about what this would have done to a young XXXX couple buying their first home without the ability to do the things I am able to do later in life.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 320XX
Submitted Via: Web
Date Sent: 2021-03-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-07
Issue: Other transaction problem
Subissue:
Consumer Complaint: Went to XXXX for XXXX XXXXXXXX in the institution had all the paperwork in XXXX. I told him I do not read XXXX and I let them know I want to cancel the procedure. I put down {$1000.00} deposit I did do labs that day and I agreed to pay {$250.00} for the labs and navy federal refund of me {$750.00} Now the institution is saying I owe them {$750.00} and navy federal wants to take it out of my account, Without any proof they didnt ask me for any proof they just taking it out of my account. I recently found out that this institution is known for fraud
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 92021
Submitted Via: Web
Date Sent: 2021-03-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-07
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: I tried to get a mortgage with Navy Federal Credit Union on XX/XX/2021. The application number was XXXX XXXX. The lender refused to treat my like an XXXX XXXX applicant due to me being in the XXXX XXXX serving under emergency COVID-19 orders totaling 533 days. I was told even though the regulations have changed for XXXX XXXX members on XX/XX/2021 that they did not change and would not change their unfair policies. I was refused my loan amount and countered with a significantly lower amount resulting in our family not being able to purchase a home. The lender also did not offer me the fair mortgage amount that my civilian job afforded me because I have been on orders with the military. I feel this treatment is unfair to all the service members who are also in my situation due to being activated to serve in the XXXX XXXX under emergency COVID-19 orders.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: HI
Zip: 96789
Submitted Via: Web
Date Sent: 2021-03-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-06
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: I was advised to write to you by your customer service department concerning my credit rating with your company. I have enjoyed a credit account with you for many years. During the course of our business association, I have honored and respected my account agreement to the fullest. I appreciate how wonderful your service has always been. Unfortunately, I was in a financial dilemma due to job loss. As a result, my payment to you were delayed. Because your account with me is extremely important I managed to borrow the money to cover the late payments. I made sure to fulfill my obligation to ensure that your company suffered no loss. I am thankful and appreciative for the years of positive credit history that I have obtained through your company but now the late marks on my credit reports are causing me tremendous stress. I am trying to move up to a better paid position at my work, but the negative remarks are hurting my efforts. This is where my " Goodwill Request '' comes in. I desperately need this promotion and I would be extremely appreciative if you would please complete a UDF - Universal Data Form and send it to the credit bureaus to reflect paid on time " never late ''. The credit bureaus have advised me that they will report anything as instructed to by you, but they need to have that instruction in writing. I will place my account on auto pay and promise to make all payments on time in the future. I beg that you may help me and take into consideration how good of a customer I have been and how long I have had an account with you. My family very much needs this to pay for medical care that we desperately need. I hope you can find it in your heart to help us.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: SC
Zip: 29455
Submitted Via: Web
Date Sent: 2021-03-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-06
Issue: Problem caused by your funds being low
Subissue: Overdrafts and overdraft fees
Consumer Complaint: XX/XX/XXXX {$XXXX} overdraft fee XX/XX/XXXX {$XXXX} overdraft fee I would like these refunded, as they charged me overdraft fees despite me having an inbound deposit for several days that they were stalling on and not properly processing. It was not the fault of my own my account was low balance. Navy Federal refused to properly process my paycheck deposits which resulted in them then fining me several times, and when I called in and pointed this out they only refunded a portion. They charged me a tax of over 60 % of what was overdrawn. On XXXX XXXX I brought my account current the same day the transaction even posted. I had a {$XXXX} transaction which they Charged me {$XXXX} in overdraft fees for ( 333.33 % interest!!! ) even though I deposited {$XXXX} that same day.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 34221
Submitted Via: Web
Date Sent: 2021-03-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-05
Issue: Problem with a lender or other company charging your account
Subissue: Transaction was not authorized
Consumer Complaint: I called XX/XX/21 to get an update regarding my dispute for the XXXX XXXX concert in XXXX, FL that was cancelled and postponed due to COVID. After providing supporting documents on four occasions, I thought the matter was resolved. Unfortunately, the rep stated an email was sent requesting the invoice, name and location of the event along with something that shows the show was canceled/postponed. I did not receive any additional request and am being made aware of this today. I am hoping these final documents can resolve this year long catastrophe. I am now being penalize for navy federal mistake. Instead on issuing a temp credit while they figure out whats going on with their system they take the little bit of help I received on the day it was deposited into my account.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: 20877
Submitted Via: Web
Date Sent: 2021-03-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-05
Issue: Managing an account
Subissue: Funds not handled or disbursed as instructed
Consumer Complaint: Yesterday, I looked at our bank statement and I noticed an adjustment for - {$470.00}. Naturally, I called the bank to inquire and they explained that back in XXXX when the stimulus checks were disbursed, Navy Federal Credit Union decided to give all the members who use the Optional Overdraft Protection Service ( OOPS ) program a {$470.00} provisional credit in case their stimulus checks were deposited later than expected. So, I scrolled through our bank statement and sure enough NFCU did deposit {$470.00} into our bank account on the exact same day that we received our stimulus checks. It was marked simply as {$470.00} Adjustment on our statement. In late XXXX, my husband and I had deposited a sizable check from my grandmother 's estate into our account. Part of the check was held and the rest was deposited. When I saw the " Adjustment '', I mistakenly assumed that it was the remainder of the check that we had deposited. It never even crossed my mind that NFCU was going to take it upon themselves to provide us with a provisional check ( otherwise known as a loan ) that we did not authorize. I specifically asked the supervisor why NFCU felt the need to do that - both my husband and I received our stimulus checks, so obviously we didnt need the provisional funds. The supervisor explained that a lot of bank members had been asking when the stimulus checks were coming in, so NFCU made an executive decision to do this. I explained that we never asked for this service, we were never asked if this was something that we were interested in, and we never gave our permission for this money to be deposited into our account. How is that o.k.? How can NFCU presume to know what is best for our family? No answer. Then I asked if any kind of communication was sent out and they replied that an email was sent out. So, I double checked my email - Nothing! I explained that there is an email on file, its been there since 2012. NFCU 's response - the email address is listed under my name and Im not the primary account holder, so it wasnt sent to our email. This is a joint checking account that my husband and I share. They stated that they sent out letters, as well, but I'm pretty sure that I would've remembered receiving a notice about this. I also feel like a definitive " yes '' or " no '' should be received from the account holder before the bank makes a decision regarding the account. If we had missed out on this " opportunity '' because it was not sent to our email or we did not receive the letter in the mail, then that would've fallen on us. But to make a decision without receiving permission from the account holder, I do not see how that is legal. So, thanks to the help that we received from Navy Federal Credit Union, we had {$470.00} placed into our account when we really didnt need it and then it was withdrawn 2 months later when we actually do need it. When I asked what could be done to remedy this situation, the supervisor told me that he could not reverse the adjustment, however, he'd be more than happy to set us up with a personal loan specialist. That's not a viable solution. So, now we have to take out another loan and end up owing NFCU interest? No thank you, NFCU! How about next time you let us decide whats best for our lives?
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VA
Zip: 23323
Submitted Via: Web
Date Sent: 2021-03-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-05
Issue: Attempts to collect debt not owed
Subissue: Debt was result of identity theft
Consumer Complaint: My identity has been compromised by somebody that I do not know. Please feel free to give me a call if you have any questions or concerns.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 31419
Submitted Via: Web
Date Sent: 2021-03-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-04
Issue: Problem caused by your funds being low
Subissue: Non-sufficient funds and associated fees
Consumer Complaint: I was involved with a scam where a man, XXXX XXXX, somehow he gained access into my savings account where he took it upon himself to transfer {$16000.00} from my savings account to my checking account. I never willingly authorized him to transfer any of my money to any of my NFCU accounts. When I realized I had been involved in a scam I notified NFCU, after investigating my case, my funds were reinstated into my checking account. I waited for the " PENDING status to be removed ( thinking the money was " officially " reinstated to my checking account and then transferred the reinstated funds back to my savings account. In doing some online work a few weeks later, I realized NFCU had REMOVED EVERY BIT OF MONEY OUT OF MY CHECKING ACCOUNT without notifiying me that such action was going to take place, until AFTER THEY DID IT. I have bills on auto pay and of course they were rejected and I had to pay the ENTIRE quarter amount on those accounts because they were rejected due to insufficient funds. NFCU should have noted I had transferred the funds back to my savings account and removed the funds from that account, NOT leave me with XXXX dollars in my checking account ... not very professional. However more importantly they should have never reinstated my funds then just decide to take them back without warning or reason. I am a XXXX yr old female who XXXX XXXX and have been out of work for a year, due to the Covid-19 pandemic. I have significant XXXX issues as well as other medical issues and as of now a very limited income even with unemployment ..I feel like what NFCU did to me is just as criminal as what the criminal did! Reinstating my funds as they did, then just take it back without warning! It would appear to me a financial institution as wealthy and large as NFCU would not make decisions of this magnitude and then without notice decide to retract their decision without any explanation. I feel I deserve to have my money reinstated to my account based on their ORIGINAL decision.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VA
Zip: 22152
Submitted Via: Web
Date Sent: 2021-03-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-04
Issue: Problem with a purchase shown on your statement
Subissue: Credit card company isn't resolving a dispute about a purchase on your statement
Consumer Complaint: There needs to be internal investigation on Navy Federal Credit Union. I had made payment arrangements to pay my bill yet when my pay direct deposit posted to my account they had withdrawn the amount without my authorization when I had personally talked to a agent regarding this and had arrangments in place. This is a very bad banking practice. Secondly they will charge almost three insufficient funds fee for the same transaction. There has to be some sort of oversight on bad banking procedures. The consumer is the victim in these situations. Please advise if there is something that can be done. Thank you.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 92595
Submitted Via: Web
Date Sent: 2021-03-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A