Navy Federal Credit Union

Bye, Bye NFCU
- Tucker - Sunday, January 22, 2012 - 1:07 AM

Should be zero stars.

I have been a member for over 30 years.  I lost two jobs in 2011 and ended up having to short sale my home.

Even though NFCU accepted AND approved the short sale, NFCU hasn't reported my mortgage as PAID IN FULL and they ignore my inquires via phone and certified mail.  The icing on the cake, NFCU has cancelled my CC with no prior notice - an account that I have had for 20 years without one, not one, late payment.

Guess who is moving to USAA?   Bye, bye NFCU.

NAVY FEDERAL CREDIT UNION....NO LONGER A TRUST WORTHY FINANCIAL INSTITUTION
- chatmon1 - Saturday, January 8, 2011 - 2:52 AM

NFCU has very unfriendly customer service representatives and I believe that I need to warn Military personnel and Civilians about this bank.  Recently, I had a family emergency and for the 1st time ever, in five years, I am about 4 days late on a credit card payment. I told NFCU rep. that I would make my payment on Jan 15th, 2011.  Well they froze my checking and savings accounts so now I cannot even put gas in my car. This never ever happened to me with any bank in 29 years.  I am 49.  If you are even one day late due to emergency, business trip, military deployment,etc., I promise they have the right to freeze your other accounts.  I am going to pay off that credit card and move my business elsewhere. 2nd, after reading several complaints online, I just found out that if you have for example, a mortgage and a car loan and you are, for example, late on your mortgage, maybe 60 days, they can repo your car, EVEN IF YOU NEVER MISSED A CAR PAYMENT, ALL OF YOUR ACCOUNTS ARE TIED TOGETHER. BEWARE!!!!!!!!!!!!!!!!

Discriminates Against Wounded Soldiers - Disabled Vets- Dont Waste Your Time They Wont Take You!
- RFayas - Friday, September 16, 2011 - 12:41 PM

I can't believe that this company will not accept veterns due to their short term. You must be active or retired from military. So too bad for our troops that come back with missing arms and legs. They are discriminated against. So tell me how a guy coming back disabled can possibly continue their career when they are disabled?
Just a tyical bank using Navy in it's name trying to pretend they care about our military.

Customer Service Reps Are Increasingly Hostile
- jenholm - Thursday, April 7, 2011 - 1:22 PM

Navy Federal used to set the bar for financial institutions, but in the last two years their customer service reps are increasingly hostile (including their supervisors), their credit card service has become onerous, and their online banking has gotten worse. I am asked to renew security questions almost every time I log on.

 

The last time I had to call them to allow a Visa Check charge to go through they asked me where I lived in 1993. Honestly? Who does that? 

Navy Fed appears to be run now by the same government hacks that brought you the joy of NMCI and other government IT blunders. Recommend you go elsewhere.

GOOD But Starting To Lag Behind
- duck55 - Monday, June 27, 2011 - 1:57 PM

Been a member since 1987 but didn't start using them for routine banking until the mid-90's.  

Recommend the CDs which generally rate better than commercial banks.  The complaints about rude tellers or incompetence are individual issues, not an institutional one - IMHO.  In agreement however, I have never and sat down and discussed extensive financial matters with an NFCU employee, and probably never will, but for routine day to day banking and credit, has worked fine for me.  Until now.  

As we become a cashless society, using credit and debit cards most of the time, you need to monitor the market, and in this regard and unfortunately, NFCU has not stayed up on trends.

I've asked twice, once recently, for consideration on absorbing the 1% of purchase amount for foreign currency Visa transactions for those living long term or stationed overseas.  Rebuffed again.  It's a Visa charge not an NFCU charge, which I agree with, even though the name has changed at least 2 times in the past years, now it's "International Service Fee" I think.  Put lipstick on a pig, it's still a pig.  

Truth is, there are other options out there that do absorb this pesky foreign currency transaction charge, also reimburse foreign ATM charges which can range from 1 to 6 dollars extra, and offer a higher cash back % on top of all that, which together, beats the pants off NFCU.  The key is not carrying a large balance as the APR is a tad higher than NFCU.  One nice feature on one or two I've found and applied for today, is the foreign ATM charges are reimbursed immediately, which keeps the money in our pockets, where it belongs, and easier to track on statements.

NFCU does refund their own extra $1.00 non-NFCU ATM fee (up to $20/month I think), but only if you use the right foreign ATM.  Unfortunately, you must wait for the end of the month to get all your $1.00 charges back and you have to go back and figure out which ones applied to which ATMs, instead of rebating the $1.00 right away.  A bit cumbersome for the customer to track. 

So, be wary and know what you are in for when you swipe that NFCU Visa credit or Visa debit card (or any card) overseas or stick it in the ATM.  Bear in mind, local ATM fees may be added to the overall withdraw amount also in foreign currency, thus you get the 1% charge on that whole amount, and then keep in mind, the Visa (and MasterCard) foreign exhange rate is always a tad below the international rate, so you hand over more money on that as well.  If you are in a country where there is no NFCU branch, they you are pretty much out of luck and in for it at the end of the month. 

Other institutions are pulling ahead by paying attention to their customers with these extra touches in service and convenience.  A dead art that will only be brought back into fashion through competition and that will only happen if consumers wake up and remind businesses of the "customer - provider" relationship, which has become retardedly reversed in the past 5 to 10 years.  The only thing business will respond to is loss of revenue and market share, and once they do, will dress it up to make it seem like they are doing you favor. 

Don't be cowed, be smart, do a little research on-line and don't be afraid (or lazy) to change things up to save your money, or at least not give it away for nothing if you can help it.  Personally, I would be happy to keep everything in NFCU, but am not going to foolishly give away hundreds of dollars if there is a better option. 

Navy Credit Union Service
- rosie43 - Wednesday, May 18, 2011 - 1:57 PM

I overnighted checks for a Traditional and Roth IRA. I had the credit union send me the applications. I called and had them review my paperwork before sending it to them. I also forwarded instructions with my intent for each check.

The CD's did not get done for a 2-3 days but each was back dated to the date they received the checks. I was able to call to verify the account numbers and all the specifics the day after they were completed. I will receive verification of all information including beneficiaries for my files. After reading the reviews on this blog I was a little apprehensive but so far everything has been smooth.

I like that I can take out the RMD with no penalty, take out money for a conversion with no penalty and actually take out more than the required RMD with no penalty.

Navy Fed -- Unorganized And Clueless EACH And Every Time (Though They Try, They Always, Always Mess Up)
- saverguy99 - Tuesday, March 1, 2011 - 10:35 PM

I have a couple accounts with Navy Fed, and WITHOUT FAIL, every single time I have had to do something major (ie, open an account, close an account, change my personal information, etc) they have made major mistakes. Not even once did it happen without a major incident. It's a running joke now in our family. 6 times out of 6 -- with more than one person in our family -- they've messed up, made mistakes, and didn't have a clue. That said, things eventually (read: EVENTUALLY) get corrected, and they try. It's not like they're mean or nasty. It's just that, well, under "incompetent" or "danger-prone" in the dictionary, it says "See Navy Federal FCU." We keep an account there because there's a branch close by, though because they can never seem to get things right, all my everyday banking is done at another close-by credit union instead. Those of us in my family simply have only CDs and/or IRAs there (certificates that don't require much once they're opened), but every time we've even tried to do something as simple as just opening a CD, there's been major gaffes and mistakes. Again, you don't get the feeling like they're trying to fleece you (the way we do with the major banks) but as much as I hate to say it, to anyone looking at their operation, they just seem totally halpless. Especially when compared to the two other credit unions I deal with (one large, one small) that never have any of the constant problems NavyFed seems to have each time.

That said, if you qualify to have an account at NavyFed, it's probably a good idea to open an account and at least get your foot in the door with just a simple share savings account ($5) because occasionally they have decent rates on CDs and IRAs. But just know going in that there will most likely be problems and mistakes made with simple banking transactions (everything from filling out an application form -- which mysteriously gets lost when it's sent inter-office to the main branch -- to opening the wrong account types). Part of the problem is that EVERYTHING has to go through the main office on the east coast -- and whenever problems happen, nothing can be solved until it goes into a long queue at the main office and someone there manually looks at it and after a while, responds. It's old-fashioned in that even a branch manager is helpless to do anything except send a message to headquarters and await a reply which may come in a few days or a few weeks.

Again though, if you qualify, it's good to at least open an account and watch out for occasional specials. We have some CDs and IRAs there because of the rates -- but not one account has been opened trouble-free, so just keep that in mind. The CSRs in the branch and on the phone are quite nice and mean well, but to be honest, the best way to put it, is that it's a lot like banking with the Keystone Cops. Still, I'd still rather have that than bank with a megabank like BofA, Wells, Chase, that treat their customers like dirt. But it's amazing how unorganized and trouble-prone NavyFed is, when no other credit union I've ever dealt with has had the kind of problems they have. They really need to to fix the entire structure of their organization.

 

Horrible!!! Mistakes Made On My Online Banking. Sure To Take Money From Any Asset They Can
- Notsogood1 - Tuesday, May 3, 2011 - 3:15 PM

Navy Federal Credit Union used to be a good Credit Union when I first started banking in 2003.  If I am late on my credit card by a day they charge a fee and then take out money from any account available including my 4 year old daughters account. 

Times have gotten tough for my wife and myself Navy Federal doesn't care they money from any account available.  My wife still has an account with them for one withdrawl that has not been adjusted.  They have regularly taken money out of her account causing her charges from the other bank. 

After I was less then 30 days late on a credit account  (130.00) they threatened to repossess our car, another loan through them.

 The Customer Service is hostile and will hang up on you if they dont agree with you. 

Bottom line.. if you have eligibility with this bank.. dont go there.. use USAA instead.

Former Employee
- SuperWoman87 - Sunday, April 15, 2012 - 9:31 PM

Navy Federal offers great benefits, but you have to work a lot of overtime to get a decent paycheck in Collections.  Management does not know you as an individual, only as employee number *****.  Supervisors only cater to their own and helping their friends & relatives advance in the company.  There is not a real big opportunity for advancement unless you know someone higher up and have good connections.  Too much stress in collections and you are expendable no matter how good your numbers may be.  They are very two faced and do not abide by their code of ethics.  They use profanity in the workplace and are the slightest bit professional-the Collections department.  I would recommend military members to go to USAA where you will always be treated with respect.  All they care about at NFCU is getting the loan/credit card payment regardless of your financial situation.  They tell you to borrow the money just to get by for one month.  To them it is about making numbers and getting a percent, not the overall value of genuinely trying to help the member get and stay out of delinquency.

This WAS An Incredible Place To Bank
- tdoll1246 - Tuesday, January 31, 2012 - 8:49 AM

  I was a customer woth this formerly outstanding institution. But BEWARE it has become too big for its britches. I bacame 70.00 behind on a 1500.00 credit line and called to make arrangements. They agreed to them (2 weeksin future). I even paid early by western union. When I deposited 2000.00 in my bank account and put 700.00 toward my credit line it was happily accepted. Imagine my surprise when I was notified that my credit card account was closed, So I called and the rep stated to pay off the credit line in full and they would re-instate it . The closure was because of recent activity on this account. What paying down the credit card ??? Customer NO-service ensued so I immediately withdrew my cash from all accounts. I WAS a customer for 5 years and $70.00 caused all this turmoil. I recommend all military/family close there accounts or suffer the consequences of this institution. USAA is the way to go and is now my choice for loans/creditcards/insurance/checking(free with atm re-imbursement for fees) free checks and a customer service that is freindly/american and glad to be employed.

Either Very Good Or Very Horrid
- flchick06 - Wednesday, June 8, 2011 - 12:18 PM

My husband has been a member of Navy Federal since he joined the Navy in 2005 and I have had accounts there since we married in 2008.  They used to be great, but in the last 18 months or so, things have taken a severe turn for the worse. 

Here are the cons:

* Customer service is a nightmare.  Rude, rude, rude and rude.  They will actually argue with you, take "notes" for your account (which are never there when you have to call again), act like you are an idiot when you call and then will try to sell you something!  Everytime I call, I'm told I'm not a full member - I guess the checking account, credit card, debit card, car loans and savings account with my name on it are not enough...  They all say the same thing, too - "If your husband dies, we will lock you out of the accounts because you don't have a seperate account from him."  Excuse me?!?!  Beyond the error of the statement since the accounts are JOINT, nice customer service to a military spouse.  Considering this is NAVY Federal Credit Union, and sea duty can be 50% or more of a sailor's career and they (along with every other branch) are in hotzones, this is just great customer service, ya know?  Thank you for reminding me of the dangers of my husband's job.  Not like I simply forgot...

* Simple issues like changing an address take forever to fix and usually need to be done online and on the phone for it to stick.  Also, if you have a joint account, everything is linked for payments, but not personal information, so you have to log in to 2 seperate accounts and more than likely, make 2 seperate phone calls to just change an address.  As a military related institution, whose members change addresses quite frequently, this is just absurd. 

*  Paperwork is sent to different places for the same loan.  For example, car titles go to Pennsylvania, but all of the loan paperwork is sent to Virginia, hence the common complaint of titles being lost that you'll find on the web.  We've purchased 2 cars with loans from Navy Federal and the paperwork seems to be very confusing for the car dealer and add an extra layer of hassle to an already frustrating experience.  This has happened at 2 different dealers in 2 different states. 

*  They will freeze your debit card with no warning.  Imagine how fun that is on a payday at the commissary and your debit card does not work!  Sometimes they don't even have an idea as to why it was frozen and will gladly unfreeze it, but still...  And, good luck if you need a new card because of a legitimate security issue.  When VISA had its issues with security breaches a few years ago, Navy Federal's policy was freeze first, then wait to see if the customer calls to send out a new card.  It took multiple phone calls to find out why our cards were not working and then after being assured that new cards were in the mail, they never processed the order for the new cards!   Something that should've taken a few business days to correct took almost 2 weeks!  Thank goodness we were in San Diego which has branches everywhere, unlike other stations where there is 1 branch 30 minutes away so we at least had access to our money.  Other institutions we have belonged to will freeze the card, call/email/send smoke signals/etc.. to inform you of the problem and will have a new card to you with in 3 or 4 business days... it just doesn't work that way with Navy Federal.

*  Their mortgage center is either severly understaffed or incompetent.  It took 8 weeks for them to acknowledge our application and that was after we had to move heaven and earth to rescind it since we went with another lender.  We had a representative call 2 weeks after we closed on our house to start the mortgage process.  When informed that we had already closed, she offered to refinance for us!  Umm.. no thanks.

The pros:

*  They have good rates.  The same rates can be found elsewhere, however.

* The branches are superb.  Yes there can be a wait, but they are always courteous, quick as they can be and make sure you leave happy.  I think the longest I've ever waited in line was 30 minutes and considering that was a payday, not too bad.  For those who complain about the lines at the bank, try a Bank of America or other large bank on a payday afternoon, the wait is comparable or longer.

*  Perks with discounts & member only services.  They have discounts on tax software and occasionally on shopping items.  The member only services are nice - their home center is very helpful with checklists to compare realtors & houses when looking to buy.  They will even refer you to a realtor and if you close with that realtor, you receive money back.  You don't have to have a mortgage with them to qualify.

Overall, the experience with Navy Federal is hit and miss.  The perks are nice, but for us, the hassles of everyday banking are just too much.  Most of our major issues began as they expanded to include all branches of the military & DOD personnel.  Maybe they grew too fast and haven't been able to properly train people, hence all of the incompentcy that is encountered online & over the phone.  Maybe they don't care.  And that is why we are looking at other options for our money.

 

Poor Service.
- maddog22 - Friday, January 13, 2012 - 4:05 PM

You are probably better off going with another bank. Navyfcu has probably outgrown itself and the kind of excuses they make is childs play. Cant even get a simple transaction done over the phone without mounds of excuses why fed govt is closed or someone else will call you back and never do

Bank To Bank Transfers Are Only ONE Way - What A Joke! NFCU Is Still In The 1980'S!!!
- BillGates - Tuesday, November 22, 2011 - 7:34 PM

What a surprise when I went to set up a bank to bank transfer from Navy FCU to USAA.

I found out that you can ONLY push money from Navy FCU to other banks.

You CANNOT pull money from an outside bank account (ex. USAA) into a Navy FCU account!!!

But, you can pull money from an outside bank to ONLY pay an existing Navy FCU type bill (ex. mortgage, car payment, credit card payment, etc).

Navy FCU seems to be behind the times!!!

I called up a representative to inquire about this and the guy starts spouting off some BS about it's a Federal Regulation that they cannot pull money from another bank and transfer the money into a Navy FCU account. 

He quickly realized how stupid he sounded and tried to back peddle when I told him he did not know what he was talking about and that I transferred money all the time from USAA to various Rewards Checking accounts all over the country, including to little po-dunk banks in Wyoming and Kentucky.

What a shame for the "worlds largest credit union"...with stupid CSR's to boot!  Stupid Squids!

Below Average Mortgage Loan Experience
- SammyScooter1 - Monday, March 14, 2011 - 8:09 PM

Recently, I bought my first home in Edmonds, WA.  My father served in the Navy for many years which is why he's been a huge fan of their products and services.  After doing some due diligence in searching for mortgage rates, NFCU does have very competitive rates.  However, I am most disappointed that the fees and the process wasn't explained to me very thoroughly especially since this was my first experience in buying a home.  I only worked with 2 different people, but if they represented the customer service department as a whole, they did a terrible job.  I felt that I was doing their work for them and I definitely did not feel I was treated correctly especially after they took my money towards the loan origination fee.  I would still use them again, because despite the poor service, their fees are good and their rates are very competitive.  For me, I'm willing to go through the hassle to save a buck.  Hopefully, my second experience wont be so bad and I just had a small round of bad luck.

Good Bank For Military
- fwdtoawd - Monday, February 27, 2012 - 8:44 PM

I have had an account with Navy Federal since a kid and I have continued with them while I served in the Marines and after. I have recieved great rates for all my car loans, CDs, Savings, and the online banking has improved over the last year. I am also a member with USAA, but they never could match the rates for Navy Federal. They even helped me to close out my account and transfer the funds with Marine Pacific (thats a crooked bank). The only thing I have seen is those that have failed or other had banking issues prior to they are slow to assist, but me I have never had poor customer service. I will continue to use this excellent Credit Union. I recommend Navy Federal.  

CONSTANT ONLINE BANKING ISSUES FOR NEW ACCOUNT...I'm SWITCHING BANKS
- LRBOGUE - Friday, November 4, 2011 - 3:08 PM

I feel like I am being forced to switch banks...again! I am new to NFCC but due to the constant online banking issues I am closing my account. I simply CANNOT tolerate late payments, no notifications to payment complications, etc. Even after 3 phone calls and several hours woth of explaining my issues they have not fixed "my account issues" on their part of things. If I have funds and pay my bill before the due date HOW IS IT MY BILLS HAVE NOT BEEN PAID?!? 

The service people have been understanding even the 2 supervisors have been very nice BUT they have not fixed their issues. I found out today that 2 more of my bills are either overdue or simple have not processed. 

******UNACCEPTABLE!!!****** I CANNOT BELIEVE THIS HAS HAPPENED!

Best Credit Union Ever!
- Foxtrotter - Thursday, March 10, 2011 - 10:42 PM

I love Navy Federal. I have financed three homes with them, and have done in over the phone! They have the most stream-lined paperwork ever. They have me enrolled in online check deposit - I enter my check information online, and it is automatically credited to my account. I then have 7 days to mail the check to the bank in a pre-paid envelope - very handy as I don't live close to a branch. When my son needed a car loan (with no credit history) they pre-approved him for $3000.00 - plenty to buy a car, but not enough to get into trouble. They also gave my son his first credit card, that has cash rewards! His credit card pays him. They have great rates on savings, and frequent special rates on CDs with interest much higher than average. I really think Navy Fed is the best credit union ever. They have my business for life!

ZERO STARS ACTUALLY
- lovelyladybumps - Monday, January 9, 2012 - 2:25 PM

Navy Federal will not allow me to be listed on my husband's account as a joint owner because after my previous marriage, I had to file bankruptcy and a credit card that I had through them was included in that bankruptcy.  I didn't file bankruptcy because of any fiscal irresponsibility on my part, I was forced to file because I had $30k of uncovered medical bills that I was unable to get personal loans to cover and was advised upon speaking with attorney after attorney that it was the only way I would be able to resolve the issue.

When I asked the woman if something were to happen to my husband, how would I gain access to his account, she told me that I would have to get Power of Attorney. 

I asked her why Navy Fed penalizes people for being sick. She had no response to that. I told her that even though my bankruptcy was five years ago and it was for no reason other than extraordinary medical expenses, and they could pull my credit report to see that in the 5 years since I had the filing that there was zero credit issues whatsoever, I'm still being blackballed for life by them and that it's unfair practice.

I told her the representative that based on this, I am strongly going to encourage my husband to close out his account and take his $50k of loans/investments elsewhere.  I also told her that I will make sure that my son, who is joining the Marines, will not use Navy Fed either since they will barr me from being a joint owner to access his account while he is in basic.

Navy Fed is absolutely horrible and uncaring. Take your money elsewhere since if you have a significant life event beyond your control, you will have no help and will be excluded from them for the rest of your life.