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Navy Federal Credit Union / ira bait and switch

1 PO Box 3000Merrifield, VA, United States Review updated:
Contact information:

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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Comments

  • Wh
      21st of May, 2009
    +1 Votes

    Better start filing your complaint.. Better Business Bureau has a C- rating for this company.
    You can't seem to get rate locks in writing.. even when you are n their offices. Anything a CSR says to you you need to have an e-Mail to CONFIRM it in WRITING.

    Thats what I have learned about dealing with this company.

  • Ko
      12th of Jun, 2009
    +1 Votes

    C- rating? Look at the rating for their national headquarters. The BBB has them listed as an F!

    Navy Federal used to care about its members. Now they are boasting of being the largest credit union in the country and not focusing on the membership base that got them to where they are today.

    File a complaint with the Better Business Bureau and see if that helps. Boards like this are great at letting people know, but the BBB has some teeth.

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