Navy Federal Credit Union

Navy Federal Credit Union

 3.8/5 (750 ratings)
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About Navy Federal Credit Union

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Nov. 8, 2022

I am a 74-year-old, disabled Vietnam veteran and I rely on my credit in the event of emergencies. After sustaining roof damage during Hurricane Ivan, I submitted an online application with Navy Federal Credit Union (NFCU) for a Home Equity Line of Credit (HELOC). My intention was to repair the roof using the funds from the HELOC while I await my insurance settlement.

I received an email requesting a telephone interview from Sila **, Equity Processing Specialist | Real Estate Lending, ** | Vienna, VA | 22180. On Friday, 10/28/2022, during our very first telephone conversation, Ms. ** outlined that there would be approx. $2000 in closing costs and that the roof would “probably” have to be replaced BEFORE they could approve the loan. I immediately responded by instructing her to “withdraw my application”. She replied "okay". She agreed to withdraw my application.

She then called me back a few minutes later and stated that "by law, they must record my loan as declined". That is absolutely untrue. My loan was not declined, nor had they even offered me the loan or completed the interview. It was in fact withdrawn. She then stated that it would not be reported to credit agencies, but would be marked as declined only in the NFCU internal records. This too is unacceptable. In my opinion, it’s the equivalent of accepting a jail sentence for a crime you didn’t commit.

I have a long-standing and blemish-free relationship with Navy Federal. Over my years as a member, I have referred dozens of borrowers to NFCU. I will not allow my record with NFCU to be tarnished because I withdrew a loan application. I'm not trying to be unreasonable but, I take my credit extremely seriously and they are threatening to disrupt my years of hard work by fraudulently recording my application as “declined”. They DIDN'T decline my loan, I WITHDREW my application.

All I am asking for is the truth. The records must be corrected and the application recorded as withdrawn. When I demanded that they do so, they pivoted to well if we had continued it may have been declined due to the debt-to-income ratio, but that was after I had already demanded that they withdraw the application. What would have happened is irrelevant following the withdrawal of my application.

Be the first one to find this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 2, 2022

I have been w/ Navy Fed for over 13 yrs and never seen this. Someone submitted a fraud claim against the account (online) so that they can get the "Provisional credit" and then transfer to another. I have the card etc, apparently these people did took the card numb digitally and accessed the account by "By passing" the info needed to get into the account for an online fraud claim. (How???) By the way I tested to see what they were talking about and this is not true. You cannot bypass info if you forget your password. Anyway, they took the provisional credit of their fraud claims and transferred it to was a Farajii ** (right away) & attempt to get a loan, of course we don't know this person. We closed this acct and reopened another after the fraud dept started their investigation.

A week later they took the neg bal from the closed account we are disputing and added it to the new account, we called in, they said we had to do a separate fraud claim for the transfer that can take up to 10 bus days.. (Keep in mind we spoke to a fraud supervisor originally who saw and knew what this poeple did) so not only did they take the money that was in the account now a return check fee is added. No food/no way to get money/no way to put gas in the car. They are the worse, my next stop is a formal complaint which is going out today. Don't bank with them, their security is not what they claim it is.

2 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 30, 2022

    I've just opened the account two weeks ago. Why is my money not available and the site is of line. This is unacceptable for the almighty United States government....I'm a 100% disabled vet and I need my money on time....to pay my bills and support my family.....What's wrong with this system....yet be patriotic....I did that with my service during desert storm...Stop playing with my money....and calling yourself an institution working on the behalf of the military personnel who put their lives on the line to be robbed....not so!!!

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 18, 2022

    I am a veteran of the U.S. Navy and in my capacity as a Naval Intelligence Officer served at seas, overseas and on the Joint Staff during my service in the U.S. Navy. I have been a Navy Federal Credit Union member for roughly 30 years and have always made my payments on time. It has been my experience that what was once great organization and service that was focused on service members has been in decline for several years. I recently closed my Platinum Credit Card account completely after the following event. I fell and suffered a head injury and was hospitalized. From bed, I made my credit card payment the day after the day the payment was due. It took Navy Federal Credit Union 48 hours to process the payment. At the end of the day, on the day the payment was due, and I was in the hospital, Navy Federal Credit cut off the use of my credit card. On that very day.

    Then, despite the fact that I had made the payment, my card was not available to me for another 48 hours. My wife and I have sterling credit ratings and are completely debt free. We've always avoided debt and I have almost always made any credit card payments in full so there was no balance due. Navy Federal Credit Union's actions could have had a negative impact on our credit ratings. In my opinion, the management of Navy Federal Credit Union is now run by people who care only about money and being paid precisely on time regardless of the members' circumstances. Moreover, even when the payment had been made, Navy Federal Credit took up to 48 hours to process the payment! During that time my platinum credit card was cut off.

    Ultimately, I would tell any service member to stay away from this organization. Do not believe the inflated rhetoric and marketing statements advertising how much Navy Federal Credit Union cares about its members. Regardless of an outstanding credit rating, history of on-time payments and excellent financial status, Navy Federal Credit Union will also cut you off and leave you without needed access to credit, regardless of your circumstances! Beware!

    5 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Oct. 12, 2022

    I was told that Navy federal accepts credits on account before debits. They bounced a check to my rental company because they did not honor this process. When I called and asked them to honor it, they refused. I was very upset because this cost me additional money on each end and a small dose of embarrassment. I expressed my frustration and the following day a second representative called to threaten my future banking with them. This company has gone downhill, not to mention the nerve of them.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 6, 2022

    We opened a campus checking account for my son who was going to college. As soon as he moved on campus his account was hacked. Though Navy Federal "suspected fraudulent activity" they did not notify us until a week later after thousands of dollars were taken from the account. The branch representative automatically accused my son of being involved (he wasn't) with absolutely no proof. The only way to deal with this was to call their security line- wait times are routinely over 2 hours to speak to a person who again without any information was very accusatory.

    They locked my son out of his account so he has no account information but will not speak to me even though I am a co-owner of the account. It's been over two weeks and we've still not received any contact from Navy Federal. When this happened with another account with a different bank, we received real-time notification of the fraud and the matter was cleared up in 5 minutes with one phone call. We have notified every regulatory committee possible and will fight this as Navy Federal offers a "Zero Liability" policy for this type of activity. Please read more reviews- this apparently is not an uncommon problem and Navy Federal seems to ruined lots of credit reports!!!!

    6 people found this review helpful
    Rated with 2 stars
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    Verified Reviewer
    Original review: Sept. 14, 2022

    Every time I call, I am on hold for 30 minutes or so. Then I usually have to be transferred to another department. I’m about ready to leave and get another bank. They need to beef up the staff, because it’s awful now.

    12 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 9, 2022

    If you are a 100% disabled veteran it's a waste of time applying to Navy Fed, especially when they charge you to run your credit report. The reason being is they WILL NOT factor in the tax credit you receive if you live in TX, FL, and other states that allow the credit. They still factor the tax in your DTI even though you will not pay it. So without them factoring it in my payment would be $2,900 with the tax credit my monthly would be $1,900 and under 45% DTI. It is a guaranteed zero property tax credit payment by those states so they are screwing over 100% disabled veterans and losing so much business. So 100%ers don't waste your time and go figure they're supposed to be supporting the military and veterans!

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 17, 2022

    I have been an NFCU member since I was 4 years old. Just in case that matters. I was trying to purchase a vehicle through my LLC with myself as a Personal Guarantor. Since my LLC is brand new, many lenders are not willing to do the loan, but I was told by one of their phone agents in their business solutions dept that NFCU would, all I would have to do is do the loan in my name, apply for a business account, and as soon as that account was created, I could immediately refi the loan under my LLC with myself as a PG. I was LESS THAN THRILLED with the interest rate I was offered since I have excellent credit, but I said to heck with it, I'll just do the deal and at least I can refi it in my business name, at which point I can put more cash down possibly or just pay it down quicker.

    So I did the auto loan with NFCU *under my name* (which means it will show as an open account on my *personal credit* which was what I was trying to avoid by doing it under my LLC with myself as a PG, in which case it would not show as an open account). I then did the business account application and called in a few days later (as instructed) to go through the steps. I was then told NFCU would not do business with me as a business account because I had put "cryptocurrency consulting" as the purpose of my business. I AM SO BEYOND MAD I AM ALMOST AT A LOSS FOR WORDS.

    First, to be clear, I explained to NFCU that my business has NOTHING to do with buying, selling, trading, or holding cryptocurrency. READ THAT AGAIN: NOTHING. My business consists ENTIRELY of meeting with clients and explaining to them how money, finance, and investing IN GENERAL works; as it happens, I happen to know quite a lot about bitcoin and I have found that the vast majority of investors these days want to understand it better. So, as PART of my service, I educate clients on how bitcoin works and why it will be important for the future. I do not sell it to them, buy it for them, create accounts for them--NONE OF THAT. I only educate them on how it works. 100% of what they gain or lose by buying bitcoin--IF THEY CHOOSE TO BUY IT--is on them. I do not benefit in ANY way from it. ALL I DO IS EDUCATE and my clients pay me for my time.

    I have a 10-hour curriculum, only 3 hours of which has anything to do with bitcoin. The rest is education on what money even is, where currencies come from, hard money standards vs fiat money standards, the time value of money, compound interest, dollar cost averaging, etc. It is completely STANDARD investment education. I just HAPPEN to be knowledgeable about bitcoin where many other financial advisors are not, so I market myself as specializing in it. THAT IS ALL. ALL I DO IN CONSULT, as my application says "consulting." I do not have a Series 6, 7, 63, or ANY securities licenses because I DO NOT NEED THEM for my service. ALL I DO is offer an educational course which has a bitcoin component.

    And for this reason, NFCU is spraying its shorts and refusing to approve my application? Because someone saw the WORD "cryptocurrency" and evacuated their bowels?? And all this AFTER I did a personal loan that I didn't want to do bc the rate is TERRIBLE (how are you gonna offer someone with an 800 beacon an 8% rate on a 2019 car??), and it's about to show up on my PERSONAL credit. Talk about a bait and switch! This is so far beyond outrageous I'm almost speechless.

    I work in the car business as my primary occupation. I could have EASILY gotten a personal loan approved at a MUCH better rate by going with one of my dealership's in-house lenders rather than NFCU. I only went with NFCU because I was told I could refi my loan under my LLC with myself as a PG. And now I'm told I can't and for no good reason. I am not SELLING anything--except my knowledge. I could understand NFCU not wanting to get in bed with me if I was, say, trying to start a cryptocurrency exchange--very risky--but I'm not. This is just a side business that consists of me offering an educational course I wrote myself.

    I appealed their decision with the above information and was STILL denied "due to the nature of my business having to do with cryptocurrency." Absurd. I said all I actually do is educate people. They don't care, they're too dumb to acknowledge that point because their brains are short-circuiting over the word "crypto currency." Well, that would've be fine and all IF I HADN'T BEEN PREVIOUSLY TOLD IT WOULD BE NO PROBLEM. What a bait and switch! DO NOT DO BUSINESS WITH NFCU. Worst financing experience I've had in my life!!!

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 15, 2022

    I deposited a $5000.00 check into my business account. Said should be available in 2 days. Then I woke up this morning to my account $4585.00 overdrawn. I call them to get the run around stating their security department put an additional hold on the check for another 5 days. I said, "That don't explain why you have my account overdrawn when there was a positive balance when I went to bed last night. And there is no way for me to overdraw my account that much." Oh they credit me the money back to make my account positive, yet they still can't tell me why the check has an additional hold. I talked to the client. They said their account has several milllion in it and we do a lot of work for this company and never had an issue. Call Navy Fed back and still getting the run around. Now I can't make payroll all because navy federal wants to ** me and play games. I'm Closing this account as soon as all my funds are available. Stay away.

    13 people found this review helpful
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    Navy Federal Credit Union author review by Barbara Friedberg

    Navy Federal Credit Union was founded in 1933 with seven members and has grown to have 5 million today. Members must be affiliated with the Department of Defense, Coast Guard, National Guard or U.S. Armed Forces. Immediate family members of the Navy Federal Credit Union can also join.

    • Products and services: Navy Federal Credit Union offers a complete suite of checking, savings, credit cards and loan products. They also provide online and mobile banking.

    • Credit cards: The credit union has credit, debit, prepaid, specialty prepaid and gift cards.

    • Membership benefits: There are a variety of promotions and benefits for Navy Federal Credit Union members including low loan rates, loan and insurance discounts, discount partner offers and more.

    • Saving benefits: To support saving and financial security, the credit union offers a special high interest rate certificate of deposit.

    • Mobile and text banking: The mobile app allows customers 24/7 account access and is supported by Apple, Android and Kindle Fire devices. The text banking provides alerts as well as transfers and account information.

    • Advice and planning: The resource center offers extensive information about managing money, retirement, financial planning, taxes, military and work life. This portal also includes financial calculators, free navy financial planning and home buying seminars.

    • Security center: The fraud protection portal gives advice regarding credit and debit card fraud, phishing scams, online and mobile security along with ATM security.

    by Barbara Friedberg Personal Finance Advisor

    Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.

    Navy Federal Credit Union Company Information

    Company Name:
    Navy Federal Credit Union
    Address:
    820 Follin Lane SE
    City:
    Vienna
    State/Province:
    VA
    Postal Code:
    22180
    Country:
    United States
    Website:
    www.navyfederal.org