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Navy Federal Credit Union / rip-off!

1 United States Review updated:

Navy federal credit union pulled a classic bait and switch on me. When I applied for the loan, the rate was quoted to me as 5.875%. Then they bumbled along taking their time on the approval, all the while rates were going up and up. By the time I could lock in, I had to pay a full 0.5% more. Then to make matters worse, just before closing, the rates went back down to the 5.875% they originally quoted me. I called and complained, but they wouldn't even fix it for me.

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  • Wh
      25th of Jan, 2009
    -2 Votes

    I'll bet the rate Navy Federal gave you still beat any rate you could have gotten anywhere else. And I'm sure that you're so fantastic that you should have gotten an immediate approval, right? And you're so special that Navy Federal should have waived all of its verification measures used because they are responsible lender...right?

  • Yo
      10th of Apr, 2009
    +1 Votes


    You just dont know the stuff NFCU Lasorda Mortgage Group has been getting away with lately. Think all of them even the pnes at Corporate HQ need some retraining. You will NOT, repeat will NOT get competitive mortgage or Refi from them unless you can provide evidence that you can get it somewhere else ! Evidence being the Good Faith Estimate and or approval letter. Two people I know have had similar experiences in March of 2009 and April of 2009. Both were full doc loan candidates. Both walked on the deals offered by NFCU both provided proof to NFCU that they could get good rates elsewhere. In the end NFCU decided they could finally match what other banks would give if the "customer wouldnt walk away from a NFCU loan . They had to play hardball to get NFCU to approve it. BTW right now NFCU will NOT approve ANY CASH out loans. So if you are thinking you can get one. Forgetaboutit!

  • Pe
      16th of Apr, 2009
    -2 Votes

    Well if u have to go thru that much trouble then why didn't u just go with the competing company that could give u the better loan??? sounds liek that makes more sense to me. USually the initial rate is not a guaranteed rate...after the the company you apply with actually processes the loan app then you get your actual rate.

  • Ca
      20th of May, 2009
    -1 Votes

    Would have written this thread if the "bait and switch" had resulted in a lower rate? Do you know how many times someone puts in an application, locks their rate and later the same day the rates go down and they call back and complain when the rate will not be lowered? This doesn't sound like a complaint of customer service as much as not getting what you wanted. Just my thought.

  • Ka
      19th of Mar, 2010
    0 Votes

    NFCU is now ran by a bunch of GREEDY immigrants!! Do business with NFCU, and you will immediately experience a language barrier on a majority of your phone calls to them! They are obviously abusing the word "Navy, " and ripping off many military service members! Look at their comes from their clientele: Army, Navy, Marines, and Air Force.

  • Ka
      3rd of May, 2011
    +1 Votes

    Nah it's completely true. They offered me a car loan for 4.9% after approving the loan the proceeded to tell me that since I did not have a whole lot of credit history they would have to raise it to 6.9% and if after 2 years I was up to date they would lower it back to 4.9%. Since I was already through the purchase and the car was in my driveway and the check cashed I really didn't have much of a choice. 2 years rolled by and they dropped my rates to 6.2%. I called to complain about the original deal and they stated they no longer offer a 4.9% rate even though that was the deal. They will get you anyway they can. I've closed my account cause I was sick of having money stolen and random fees charged, immature customer service (and I use the word immature on purpose) and customer service reps that you can barely understand and half the time they don't know what's going on. NFCU is a joke and I highly recommend not getting involved with them.

  • Ih
      21st of Jul, 2011
    +1 Votes

    I have been a member since 1996 I really thought it was a great credit union but it has changed lots of new fees on different things and if you have a credit card with them run run away get out as fast as you can it's a ripoff. Don't ever be late on a payment or have an emergency and ask for to pay late they will lock your whole bank account and you have no way out of it. I HATE NFCU I am starting a new account at another bank. There is no benefits to having them over any other bank. My dad on his death bed and I couldn't buy plane ticket cause my credit card was due... Yeah serving military members with honor FU NFCU!

  • Pr
      10th of Feb, 2012
    +1 Votes

    I agree. After I got out of the military, I chose to keep NFCU. Unfortunately, my pay check is now every other thursday instead of 1st and 15th which results in me paying late most of the time. Worst sometimes I had to pay up to 25 days late. I tried to get them to change due dates on my account but was denied. Even though I am late I always pay and my account is locked resulting in me not being able to use my Debit card. I stuck with NFCU because I thought they supported veterans but that is obviously not the case. I have recently switched all of my accounts to another bank. I hope they are better. It gets old having to call NFCU to make a payment when I should only have to go online and pay. It is sad that they only care about themselves and not their members. I can see if I didn't pay but my 18 year history with them was a clear indication that I always pay my debt. I am truly angry with NFCU and will never fall for their brand of fake again.

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