Navy Federal Credit Union / ira bait and switch
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.
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