Complaint Rating:

Company information:
Navy Federal Credit Union
PO Box 3000
Merrifield, Virginia
United States
nfcu.org

I received a mailed notice that my IRA was going to mature in April. I called NFCU after receiving a written notice well in advance of the maturity date (more than 3 weeks ahead of maturity) and selected a 30-month 4.10% rate that they were offering.

When I reviewed my account last night, I saw where NFCU did not honor the rate I selected, but instead renewed my IRA for its original term (5 years) at a much lower rate of 3.3%. I was never informed via phone or email or U.S. Mail that the renewal was not going to be what I selected.

I called NFCU to inquire what happened thinking it was just an administrative error but was told that the 4.10% rate "expired two weeks before my IRA certificate matured." I asked why I was not informed and received no viable answer except that "the customer service person who assisted me didn't know what the expiration date was." Baloney! I insisted on speaking to a supervisor but "she was busy." I asked to be connected to a manager, but that person "is not available." I then asked to be called back and now, more than an hour later, no call back.

This is a BAIT AND SWITCH tactic as far as I'm concerned. At a minimum, NFCU should have called me before the certificate matured and stated that the 4.10% rate was no longer available. I certainly would have NOT chosen to renew to another 5 year term at a low rate.

These are deceptive practices and NFCU should be ashamed of itself. If they do not resolve this, a complaint will be filed via NCUA.