Date Received: 2024-01-12
Issue: Managing an account
Subissue: Cashing a check
Consumer Complaint: On Saturday XX/XX/2023, I deposited a {$72000.00} cashiers checkpaid to myself and drawn from my XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXnto my Navy Federal Credit Union savings account . On Monday XX/XX/2023 NFCU notified me of its intent to hold my deposit for 5 business days, citing reasonable cause to believe the check is uncollectible from the paying bank based on confidential information that indicates that the check may not be paid. This language is consistent with subsection 12 CFR 229.13 ( g ) Notice of Exception, which is required when a financial institution invokes subsection 12 CFR 229.13 ( e ) Reasonable Cause to Doub Collectability to delay the deposit of a check. I am alleging that NFCU did not have reasonable cause to doubt the collectability of the check and has thus violated 12 CFR 229.10 ( c ) ( v ) which dictates the check should have been made available on the next business day ( XX/XX/2023 ). -- - I am alleging this for the following reasons : 1. Navy Federal Credit Union has repeatedly evaded requests to explain any cause for believing that my cashiers check would not be paid despite multiple requests by phone and in-writing. On Wednesday XX/XX/XXXX, in two separate calls with three agentsincluding two supervisorsat XXXX and XXXX respectively, NFCU personnel provided vague explanations about the hold. During these calls I was told multiple times that NFCU sends similar written notices to all customers whose checks are held regardless of the reason and that all checks in excess of {$1000.00} are subject to holds. Even if these were true, no agent spoke to the causes in my specific case. When I requested elevation to the Escalation Case Manager Team ( Resolution Department ), a representative named XXXX initially wrote me back : This message is regarding your recent concerns raised via phone call to our Contact Center. After you spoke with a XXXX, your concerns were elevated to and thoroughly reviewed by our Escalation Case Management team. At this time, we do not have any other solutions to offer for your concerns and consider this escalation case closed. After pressing the representative further, he stated multiple nondescript reasons why a check may be held and then refused to respond further. 2. The payor bank XXXX XXXX ) reports that it did not indicate the check would not be paid to NFCU and had no cause to do so. On Wednesday XX/XX/XXXX at XXXX PST, I contacted the XXXX XXXX ( XXXX ) who issued the cashiers check. In a XXXX minute call, an XXXX agent researched my case and explained XXXX had not advised the check be held nor had any cause to do so, because my banking history was long, exemplary, absent returned checks or overdrafts and that I had maintained a history of high balances in my savings account to cover the cashiers check. 3. Navy Federal Credit Union had no reason to suspect check kiting, pending insolvency or other condition that might lead to the check being unpaid. I hold several banking services with NFCU including one consumer loan, banking and checking accounts, and digital financial services that provide NFCU significant with insight into my financial condition ( including balances, credit score, and credit history ). Such insight would preclude any notion of suspicion that the check would not be paid. - NFCU is likely aware that I maintain a high credit score and have no defaults that might indicate financial trouble. - NFCU is likely aware that I have no bankruptcy filings or pending insolvency. - NFCU might be aware that I have no civil suits or criminal cases filed against me. - My FCCU account is directly linked to my NFCU account in NFCUs digital services portal, and I have a history of moving large sums of money in excess of {$20000.00} between accounts in these two credit unions. This fact directly refutes any fabrication that I may have been check kiting. XXXX. During my XX/XX/XXXX calls with NFCU, I inquired about whether bias contributed to this hold and shared a concerning interaction with the teller who cashed my check. NFCU did not acknowledge receipt of this concern. I do not have any direct evidence that any agent of NFCU considered my identity in deciding to hold my check. However, I did verbalize this consideration to the Escalation Department which failed to acknowledge this concern in writing. That my account was omitted entirely in the response from the Escalation Department is doubly concerning given recent reports that NFCU may be systemically violating federal anti-discrimination laws in its banking practices, as reported in several major media outlets and for which multiple members are Congress are now urging the CFBP to investigate NFCU. Therefore, I will not rule this out as a possible cause, pending more information about other customers to whom NFCU has applied holds on the basis of suspicion to doubt collectibility : https : XXXX XXXX XXXX XXXX XXXX XXXXfederal-credit-union-for-unfair-mortgage-lending-and-hold-lenders-using-algorithmic-scoring-accountable-for-preventing-discrimination/ 5. The check was eventually paid without incident, proving any " confidential information '' alleging the check might not be paid was false. Whatever reasonable cause that NFCU claimed to believe the check [ was ] uncollectible was meritless. The payor bank paid the full amount as expected, because I had the funds to do so for monthsnot just throughout the lifecycle of the cashiers check. Unfortunately, bank statements visible to me do not indicate when exactly the funds were paid. In fact, aside from the email NFCU sent on XX/XX/2023, no record of the hold exists. It appears the funds may have been deposited around Monday XX/XX/2023. -- In summary, NFCU is accountable to federal law regarding the deposit of legitimate monies and may not arbitrarily delay funds deposited in its bank without reasonable cause. It is extremely alarming to a customer who has maintained a spotless banking history to suddenly have such a large quantity of funds seized with no explanation or transparency. I made multiple earnest requests to NFCU agents for an articulation of the cause for the hold on my check, and said agents did not respond in good faith. I now appeal to the CFPB in hopes of ascertaining the cause for my checks hold, and in lieu of any justifiable explanation, the oversight necessary to ensure customers can take advantage of banking services in the future as guaranteed by federal law.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NV
Zip: 891XX
Submitted Via: Web
Date Sent: 2024-01-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-12
Issue: Getting a loan or lease
Subissue: Credit denial
Consumer Complaint: I applied for two auto loans with Navy Federal Credit Union for approximately XXXX XXXX XXXX XXXX XXXX XXXX and was denied. I received letters from Navy Federal Credit Union dated XXXX XXXX denoting the reason I was denied credit as I allegedly caused Navy Federal Credit Union a loss. I subsequently sent Navy Federal Credit Union a letter, delivered XX/XX/XXXX, denoting their violations being denying me, the consumer, credit when I put in a credit application in good faith, and unauthorized use of my credit card because I received no benefit from my credit card being used. On XXXX XXXX I received an electronic message from Navy Federal Credit Union stating they had researched my concerns and I was denied pursuant to their underwriting guidelines, as if they were above federal law and my rights. Then, I drafted a conditional acceptance letter requesting certified documents to corroborate the alleged loss, or a new contract will be created involving me receiving the original credit I had applied for. That letter went out on XX/XX/XXXX, and I am awaiting a response currently.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 32209
Submitted Via: Web
Date Sent: 2024-01-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-12
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: Per the 1974 Privacy Act and 15 USC 6802,6803,6804 and 6805. I requested Navy Federal Credit Union/Navy Federal Financial Services to remove all accounts from reporting to third-party companies such as XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. I am exercising my rights as a federally protected consumer under Fair Credit Reporting Act and related statues for consumer protection. I have yet to hear back from Navy Federal Credit Union in regards to my request. I ask that they immediately remove all correspondence with any third-party agencies per my request and have all third-party agencies update their files per my request. I have never giving Navy Federal Credit Union any permission to share my accounts with any third-party agencies. I uploaded the letter that was sent but never received a response to this demand.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 92563
Submitted Via: Web
Date Sent: 2024-01-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-11
Issue: Attempts to collect debt not owed
Subissue: Debt was paid
Consumer Complaint: I am writing to file a formal complaint against XXXX XXXX XXXX regarding various violations that have occurred in the context of debt collection and financial activities. I believe these actions to be in violation of securities laws and the Fair Credit Reporting Act ( FCRA ). 1. Securities Fraud and FCRA Violation : I allege that XXXX XXXX XXXX has engaged in securities fraud and has violated the FCRA with regards to the handling of my financial accounts and credit information. Despite numerous disputes and the lack of a prior agreement for securities, XXXX XXXX XXXX has continued to pursue debt collection activities using aggressive and harassing tactics, and Per FCRA as a federal protected consumer I am opting out of any written non written, verbal agreements per 15 USC 6802 2. Consumer Profile Credit Harassment : The company has engaged in persistent and aggressive debt collection activities, which have resulted in emotional distress and stress. These actions have caused significant harm and have violated my rights as a consumer 15 USC 1692d harassment or abuse and improper use of personal federal, protected, consumer credit profile even after multiple disputes to validate debt 15 USC 1692G. As well as cause Severe Damages to my Consumer Credit Score via XXXX, XXXX and XXXX XXXX, as well as XXXX XXXX and XXXX XXXX XXXX 3. Federal Reserve Act 16 Section 2 and Securities Exchange Act of 1934 : Furthermore, I believe that XXXX XXXX XXXXXXXX XXXX actions are in direct violation of the Federal Reserve Act 16 Section 2 ( 12 USC 412 ) application for note as instructed by federal reserve act, where, as the application is the security used for the credit card and was paid off as an open, ended application to be routinely sold as a security to cover the cost of the card debt in question and the Securities Exchange Act of 1934, as per the Navy Federal XXXX Group Indentured Agreement for processing securities and active sale promissory security. 4. Involvement with Securities Fraud and Attempted XXXX XXXX : I allege that XXXX XXXX XXXX has been involved in securities fraud and has attempted to use debt collection activities as a means to commit XXXX XXXX As XXXX XXXX XXXX has yet to validate Debt with Original contract agreement where as I had a written Signature to validate their security claim. This has resulted in severe XXXX XXXX XXXX XXXX. 18 USC 656 & 18 USC657 theft, embezzlement by bank and theft, embezzlement by NCUA insured credit union. As the debt collection is invalid and violates the following 18 USC 1584 sale into involuntary servitude 18 USC1589 forced labor, 18 USC1589 trafficking with respect to XXXX XXXX XXXX XXXX XXXX XXXX 18 USC1583 enticement into slavery to illegal and invalidated debt collection practice. 18 USC1592 unlawful conduct with respect to furtherance of XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 18 USC 241 conspiracy with third-party affiliates to commit securities fraud XXXX and violation of 18 USC 1962 Rico act prohibited activities. As per 18 USC 891 ( 4 ) the repayment of any extension of credit, includes the repayment satisfaction or discharge in or in part of any debt, claim, acknowledge, or disputed valid or invalid, resulting from or in correction with that extension of credit 5. Debt Collection via Identity Theft : Additionally, I have reason to believe that XXXX XXXX XXXX has engaged in debt collection activities via identity theft, conspiracy with Navy Federal XXXX Group Llc holder in due course of Promissory note security. Whom without permission sold personally indemnified information 12 CFR, 792.60, a violation of the Privacy Act 1974 as well as 15 USC 6821 which has further compounded the emotional damages and stress caused multiple accounts with navy federal to illegally closed and held hostage financial accounts for the purpose of debt collection. Out of which all accounts including Credit card line of credit. which debt was discharged from when navy federal Sold the created debt and wrote off as a lost, were NCUA insured up to {$250000.00} per account and per transaction as per their written instruction. 12 USC 3403 confidentiality of financial records no third-party affiliate has a government written permission to obtain financial records release of my records, were not in accordance with the written instructions. I have made various attempts to block these activities, but they persist in violation of my rights as a consumer as well as a Silent Investor of the credit card in question. Therefore, I am seeking a thorough investigation into the practices of XXXX XXXX XXXX and request appropriate action to be taken to address these allegations.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 78245
Submitted Via: Web
Date Sent: 2024-01-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-11
Issue: Managing an account
Subissue: Banking errors
Consumer Complaint: 0n XX/XX/XXXX I submitted direct deposit information for a savings account opened ending in XXXX. Navy federal closed the account within XXXX days of opening and never informed me. My direct deposit from my job posted on XX/XX/XXXX. Navy federal rerouted it to a formal savings account that they added a temporary reversal to which originally came from a checking account in which they closed before I could even attempt to pay back. I have set up payment arrangements from another savings account ending in XXXX on XX/XX/XXXX for repayment. I have asked them to add the balance to the original charge off balance as it came from that account. I contact navy federal on XX/XX/XXXX to ask about the account ending in XXXX when it hadnt appeared anymore and they informed me that it was closed due to liability for navy federal. I explained that I already set up payment arrangement on charged off account and that the negative balance in my savings should have been included with the charge off being that it originally came from the checking account. They never mentioned that my direct deposit would be rerouted to the formal savings account.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: SC
Zip: 295XX
Submitted Via: Web
Date Sent: 2024-01-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-11
Issue: Attempts to collect debt not owed
Subissue: Debt was result of identity theft
Consumer Complaint: i realized after awhile that someone has taken out XXXX loans in my name that i didnt do about a year ago. after i realized this i called navy federal credit union a few months ago multiple times to try and get these XXXX loans resolved as i did not apply for these loans. navy federal credit union has said this is an ongoing investigation and they can not disclose any information to me about my issue. all navy federal credit union has recommended was to pay off these debts as they will affect my credit score but this has been an on going investigation for months with no movement on the case and no updates either. anytime i contact navy federal they say they can not disclose information about their investigation and im stuck paying these debts that were not mine. navy federal credit union also said i may or may not be able to get the money ive been paying on for these debts i didnt make back. i have also never been contacted about this investigation and saw navy federal credit union has a class action lawsuit of not properly investigating fraudulent charges
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 780XX
Submitted Via: Web
Date Sent: 2024-01-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-10
Issue: Problem with a lender or other company charging your account
Subissue: Transaction was not authorized
Consumer Complaint: On XX/XX/XXXX I applied for a loan with a company called XXXX whom identifies themself as a division of XXXX. Over the course of several phone calls and emails we agreed on the details of the loan and one of the last steps was to verify my banking information. The fraudulent company ( XXXX ), sent over a link and stated they would make a small deposit and it would be pulled back to verify my Navy Federal account the funds were to be deposited in. The temporary deposit takes place but on a larger scale. The individual at XXXX says they deposited {$1700.00} and cant pull it back. They go on to state that it needs to be transferred to an account within Navy Federal under the name XXXX XXXX and provide the banking information, which I have no clue who this individual is. I was thinking the funds arent mine so Ill follow through with the instructions and continue to do so. Once I sent the funds I then notice NavY Federal has sent me a few emails about disputing payments to merchants resulting in temporary credits to my account. These temporary credits total the same amount that XXXX said they deposited. Considering I never initiated they payment disputes, I called Navy Federal right away and explained that I had just been the victim of fraud and the {$1700.00} I just transferred needed to be reversed and the temporary credits reversed as well. The amount of time between funds being sent to the fraudulent account to the time I notified Navy Federal were no more than 5 minutes a part!. During that call to Navy Federal on XX/XX/XXXX a fraud claim was opened. On XX/XX/XXXX my initial fraud claim was closed and I did not receive notification until XX/XX/XXXX and was told I benefited from the fraudulent activity and that was the reason for denial! On XX/XX/XXXX I submitted an appeal request along with documentation provided to me from XXXX displaying their claim of being attached to XXXX and membership with the XXXX and CFPB! On XX/XX/XXXX I receive a call from NFCU to try to obtain payment on negative accounts and past due loans. I explain that on XX/XX/XXXX I received a military XXXX check and on XX/XX/XXXX it was taken to cover the negative account that I have a fraud appeal on. She tells me the fraud appeal was completed on the XX/XX/XXXX and states that Im responsible for the fraudulent funds that were taken!
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VA
Zip: 22407
Submitted Via: Web
Date Sent: 2024-01-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-10
Issue: Improper use of your report
Subissue: Credit inquiries on your report that you don't recognize
Consumer Complaint: I notice these unauthorized accounts and I have not authorize any of the following to pull my credit and I would like them deleted. XXXX. Navy Federal Credit UnionXXXX XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX XXXX. XXXX XXXX XXXX XX/XX/XXXX XXXX. XXXX XXXX XX/XX/XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MS
Zip: 38671
Submitted Via: Web
Date Sent: 2024-01-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-10
Issue: Problem caused by your funds being low
Subissue: Overdrafts and overdraft fees
Consumer Complaint: I havent been paid yet, they never charged my card for 2 items because of insufficient funds. They sent my account into overdraft of {$59.00} as a fee for over draft, it because the 2 items never came out of my account I dont get how they could charge me anything if my account never over drafted in the first place.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: DC
Zip: 20019
Submitted Via: Web
Date Sent: 2024-01-10
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-01-10
Issue: Other features, terms, or problems
Subissue: Privacy issues
Consumer Complaint: I keep receiving credit alerts regarding an outstanding balance on a Navy Federal credit card that I was added to as an authorized user by my sister. Whenever I call the automated system or try to establish an account online, the system says it can not verify me with my social security number and date of birth. However, the bank representatives can pull me up with that information. Today, I visited a Navy Federal branch in person, presented my identification, and was advised that the account was closed but has an outstanding balance. However, the credit bureau only indicated that payments are late on an open account. The representative in the branch also stated that I am liable to be garnished if the bank needs to collect the outstanding balance. However, the branch representative was unable to give me access to the online accounts. I followed up later today with XXXX and XXXX by phone requesting access to the credit card account and assistance with creating an online account to obtain statements or copies of the information that is being negatively reported to the credit bureaus. Both representatives refused to update my contact information in the system or help me establish an online account so that I could access the information being reported to the credit bureaus.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 336XX
Submitted Via: Web
Date Sent: 2024-01-10
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A