The complaint has been investigated and
resolved to the customer's satisfactionResolved Navy Federal Credit Union — Customer commitment
resolved to the customer's satisfaction
Here's my letter to the board of directors, ceo, and vp of real estate lending that for some reason think I would ever do business with them again.
I started banking with nfcu in 1989 as a new usmc second lieutenant. During those twenty years nfcu mortgage products were never superior in terms compared with local bank mortgages. Thus, I have always financed my home through local banks wherever the corps sent my family.
With the nation’s recent economic dilemma, mortgage rates dropped to very attractive rates at the turn of the 2009 new year and I decided to refinance my homes. I was shocked when the nfcu representative said nfcu would not subordinate the home equityline if I refinanced. Curiously, usaa federal savings bank subordinated the home equity loc I carry with their institution. Your representative proudly stated that nfcu did not accept any t. A. R. P. Funds. Similarly, usaa f. S. B. And my new local mortgage lender did not need t. A. R. P. Funds. The nfcu representative mentioned that locs are not being subordinated, & ldquo;in order to protect the assets of navy federal”. Wow! I thought I was an nfcu asset. After all, nfcu’s website states, & ldquo;stop banking, start belonging”.
My new mortgage lender was amazed that my credit union would not subordinate for a twenty year customer with an 800+ numbered credit score. I would love to keep my nfcu home equityline open. Since nfcu will not subordinate the loc to this refinance, the loc must be closed. But since nfcu is forcing me to close the loc due to lack of subordination, somehow I am required to reimburse closing costs for the loc. & ldquo;start belonging” as your website proclaims…to what?
For being a loyal customer for twenty years I thought surely reimbursing closing costs could be waived. When I returned a call on 23 february I spoke with an nfcu representative and was given the same standard reply. I asked for a supervisor. I was connected and given the same standard reply. I mentioned to the supervisor how insulted I was at nfcu’s loc policy especially since I have banked with nfcu for over twenty years. I told the supervisor he should waive the required reimbursed costs or that I would no longer bank with nfcu. I was floored when he demanded that I provide him an apology for giving him an ultimatum.
Wow! How nfcu has changed over these twenty years. I will now be banking totally with my local bank. They told me they love having twenty year loyal customers. I will be closing my accounts soon with your institution. I will also be sending a copy of this letter to the nfcu board, ceo and numerous others who might be concerned with nfcu’s policies and level of customer commitment.
These folks are not serving the military member like their charter proclaims.
Avoid! Bank with a local honest bank in your area.