Navy Federal Credit Union

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 It was in fact withdrawn.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 The records must be corrected and the application recorded as withdrawn.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.

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.

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!

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!!!!

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!!!