I believe this story. I have seen quite a few reports of NFCU becoming more and more like the large banks instead of the member-owned credit union it used to be.
The BBB rates them as "F". (www.bbb.org)
Take a look at navyfederalsucks.com to see a laundry list of complaints.
Interesting response from “QUIT[censored]ING”. To make the insinuation that people who have had a bad experience with a credit union and wish to share that experience with others have neither “sense or smarts” really demonstrates his lack of understanding as to what good customer service is and how free markets work.
Of course there is no monopoly and people can go where they please. It is feedback such as this that helps people make those decisions. Contrary to QUIT[censored]ING’s assessment of the situation, there are credit unions other than Navy Fed available to folks. Many of these offer the kind of service Navy Fed USED to offer. The false dichotomy of “you can choose Navy Fed or a bailout bank!” makes little sense, but then again judging by QUIT[censored]ING’s grammar and logic I wouldn’t expect much else.
There is a reason that the Better Business Bureau rates NFCU an "F". There are other credit unions out there that deserve your business much more than Navy Federal.
I love the unprofessional attitude demonstrated here by NFCU employees. Their vitriol towards he members they are supposed to be helping and serving explains many of the problems I experienced with Navy Federal. The Better Business Bureau has them rated as an "F", so I doubt I am the only one who has noticed the decline in NFCU's focus on its members.
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.
Steve:
I think we are beginning to see the "self-implosion" of NFCU firsthand. The emphasis used to be "membership counts", now it's "rack up as many members as possible and brag to the world that we are the largest credit union in the country!" Remember Hertz's ad, "We're #2, so we try harder"? That was NFCU several years ago. Now that they have a large membership base and in some locations a virtual monopoly on servicemembers, customer service has gone out the window.
Pedro77: Just because an organization is non-profit doesn't mean Mr. Cutler Dawson or other high-ranking officers aren't pulling in a large paycheck.
You can see links to many similar stories at www.navyfederalsucks.com
Tom:
RUN, don't walk, away from Navy Federal.
First: Have all of your direct deposit moved to a different banking institution and pull your savings out of there as well. That way YOU make the decisions as to when the money comes out and from where.
Second: Read all of the stories on here and on websites such as www.navyfederalsucks.com and see that you aren't the only one with problems with the credit union that you are a MEMBER of. Look at some of the responses given to folks right here on this board from supposed employees of NFCU and ask yourself if you want to continue doing business with an organization that treats folks with a level of contempt unacceptable at ANY banking institution, member owned or otherwise.
Third: Good luck with everything! Times are tough and we need to look out for one another. Something Navy Fed seems to have forgotten.
Maggie:
It isn't that simple. I can concede, about 25% of the time, that a fee is warranted. When that fee, however, is backdated and causes 4 other transactions to "overdraft", that is just extortion.
I haven;t had any problems with my new credit union doing this, so I tend to think it is NFCU tweaking the process to favor their coffers instead of their members.
JFrustrated:
You should post your story as a separate complaint on here. A free market economy requires knowledge for folks to make choices. The more complaints posted, the better decisions folks can make about where to put their hard-earned money.
This is typical of NFCU. The amount is too small for small claims court, so there will be legal fees involved if you take it to court. Did you file a complaint with the NCUA? They regulate the credit unions and have an interest in not letting things like this happen.
Navy Federal, on the other hand, has to pay their CEO an undisclosed sum, and pay millions for ad campaigns so that $10, 000 would put a dent in their "non-profit" budget. Hence the hesitancy to help you out.
I had similar issues, along with the fees being backdated and causing even more fees. This is how they make their money. Their multimillion dollar ad campaigns for more members don't pay for themselves, you know. The fees you and I paid help fuel NFCU's growth, when they can't even support their current membership load (try going to a branch and time how long you wait in line).
Interesting that a "non-profit" entity (that you and I are part-owners of) need to assess fees like this in the first place, let alone the shifty practices of transferring funds automatically and causing the fees to occur.
I found a local credit union and haven't looked back since.
What difference do "lower rates" make if you can't get your money because NFCU won't honor a power of attorney? What difference does a few percentage points mean if you are being charged fees left and right? What difference will "lower rates" mean if your checks, money orders, and now California IOUs are put on hold for 5 days?
Navy Federal's one trick pony of "lower rates" is a myth to begin with. I've seen lower rates with traditional lenders and USAA.
Come see the plethora of complains at www.navyfederalsucks.com
Kina68: One question: Did they call you at work at your office or on your cell phone? If they are calling you at your place of employment, they are breaking the law. This would not be the first time Navy Federal looked past the law when it comes to collections.
realist007: I hope that my response to Kina68 meets your grammar and punctuation requirements. ;)
"Loan officers don't call members back". So, the poor customer service these people are receiving is due to official policy and not individual negligence? Good to know. I'll chalk that one up as well, NFCU Collector. By the way: You may think that you are a clever guy/gal, but every asinine statement you make on this board only reinforces the perception that NFCU is laughing all the way to the bank and doesn't give two ### about the membership base it is supposed to be serving.
As far as the person who got NFCU's CEO's name wrong: Do you really think that just because someone is a 30-year member they should know who runs the company? I have been shopping at the same grocery store for over 10 years and I don't know the name of the guy who runs the outfit. Should I be embarrassed by that fact, or should I hold my head high when I walk in there and buy groceries? Like I said earlier, every idiotic comment that you make on here only reminds us of why we no longer wish to deal with NFCU.
NFCU Collector:
We, as in the 27 people who have posted complaints about NFCU on this board alone. That being said, I feel comfortable using the 1st person plural pronoun when making statements that refer to you (second person plural pronoun) sucking at customer service, and you (second person singular pronoun) sucking at an individual level.
Be honest with us: You actually enjoy being a "collector", don't you? I bet you get off on all of these sad stories. You feel so good when you call someone and tell them they need to pay NOW. You're in control, you're the boss. You like it, don't you? I can tell because you like to mention credit scores. You like how a financial institution can pass judgement on a person and how you are a cog in that machine. It makes you feel good talking about millions of members, about zero layoffs, about all the money NFCU makes off of its members via fees and interest paid. I like the condescending attitude and sneering. I can see it in the words you choose.
Congratulations on finding a career that suits your inadequate personality, "Collector". You even chose a name that reflects your position. "Look at me, I'm an attention [censored]! Better pay your bills, or I'll lower your credit score!"
Pathetic.
NFCU Collector:
I stand by my original post. You still have a condescending tone when describing how members "don't understand how the banking industry works". I'm glad you remember your quote where you stated "the customer is always wrong". I have quoted you on my blog as an example of why my Navy Federal experience has gone down the toilet in recent years. The fact that you don't see this as a problem only buttresses my point further.
If it is maturity that you are trying to display, you will have to delete a few more lines. I'm thinking of the lines where you "LOL" at 30-year members too frustrated to do anything but vent on the internet. Or the lines where you poke fun at people with poor credit. Hello? There is a recession out there and people are losing their jobs. To have a person that works in the banking industry making fun of these people makes me a little bit sick, actually.
So, I'm glad NFCU is setting records and not laying off anybody during one of the largest recessions in history. I'm glad that is how you measure success in a time like this. Just remember where that money is coming from next time you are on the phone with the members who, for what ever reason, are sticking around.
Applysauce:
Make sure you check out my blog: www.navyfederalsucks.com as it gives you a much better picture as to how big NFCU's problems are. I think our resident disgruntled misantrophic NFCU Collector is just the tip of the iceberg.
By the way: The tips of icebergs are GOOD things, as they show people where the problems lie waiting beneath.
I ride a bicycle to work every day, but I think NFCU Collector has me beat with all of his backpedalling!
First impressions are lasting, as they say. If you come on here and address people on here in a condescending tone and then later become recalcitrant people are only going to remember the guy who came on hear making fun of the unemployed people on the other end of the phone and not the reconciliatory statements made later.
I like this one: "[I]f anyone is not happy or has complaints, just don[']t deal with NFCU anymore and find another bank!" Classic. I read today that Navy Federal had 166, 000 new members sign up year to date. I also read in USA Today* that last year NFCU made $65.30 per member last year on overdraft, ATM and credit charges. Guess what? That's $10, 839, 800 dollars if they are collecting fees at the same rate this year. Why does a non-profit have to charge fees at such an exorbitant rate? Is that looking after the membership, or looking out for the bottom line?
Presidents and CEOs BETTER be concerned with where the rank-and-file membership deposit their money. It's called Discounted Cash Flow, Time-Value of Money, and Risk Premium. People who take their money elsewhere diminish NFCU's cash flow, restricting the source of capital that their investment group has. Enough people get fed up, and cash flow decreases. Also: We stop fighting foreign wars and cash flow goes down as well, as NFCU is an indirect beneficiary of the Industrial Military Complex and, by default, profit from war-making as well (but that's a different subject!)
Now, it was stated by NFCU Collector that members don't understand how banking systems work. Only a myopic lower-level functionary would fail to see the importance in keeping members banking with NFCU, instead of making statements like the aforementioned "just don[']t deal with NFCU anymore and find another bank!"
I'm thinking someone should quit while they are ahead.
Source: http://www.usatoday.com/money/perfi/credit/2009-08-03-overdraft-fees-credit-unions_N.htm
Laid-off mother of 3:
I recommend:
https://www.ftccomplaintassistant.gov/
I also recommend filing a complaint with:
http://www.bbb.org/
For more info on NFCU's suckage:
http://www.navyfederalsucks.com/
I am sorry to hear about your bad experience with Navy Federal. It seems quite typical these days.
Regardless of the above poster's comments, I recommend filling a complaint with the Federal Trade Commission. Let them determine what course of action to take.
Also, change to a different credit union. NFCU can't take your money if you switch to a different financial institution. Find a smaller local credit union, you'll be glad that you did.
Yeah, quite a few "complaints" on Complaintsboard.com. Whodathunkit?
The captain of the Titanic saw the tip of an iceberg and was equally dismissive of the disaster lurking beneath.
By my count it's over 20 complaints on this board alone, with an average of 2-3 folks chiming in with similar dissatisfaction on each entry. That doesn't count the number of complaints on similar boards such as consumeraffairs.com, /link removed/ bbb.org. But you can go ahead and keep rearranging the deck chairs on your Titanic and keep telling yourself that everything is going well.
Navy Federal lost a pretty big bankruptcy case a little while ago and had to pay damages to a member they harassed. Once you get your case number you attorney should go after them hard and fast for every time they contact or threaten you.
Pedro,
Too late. This guy has demonstrated the lack of professionalism and disdain for his organization's members that have driven most of them here in the first place. He doesn't realize it, but he is validating every complaint on this board by his behavior here.
If he is the caliber of person NFCU wants to make a supervisor, well that speaks volumes right there.
I'm done with them as well. Paid my debts and moved to a better CU.
