I have followed this webiste for many years but never registered until now to provide a review of this horrible credit union.
I applied online for their rewards chacking account. I thought the app said it would use TransUnion to review the credit history and identity verification, but when I hit submit I saw on the screen that Experian had the questions. I passed everything and entered my funding info. I was contacted to provide a copy of my drivers license and then was told I was approved.
I was then sent a link to Docusign for my account documents to sign, but could never gain access and was never asked any questions on the site. After several days of hassle I found out that underwirting denied my checking account application after the initial approval. It was for the standard iitems I see on my Experian score reasons - too many inquiries, too recent time for account opened etc. My score is still above 750 so I was ticked off. I have started my complaint process with their management for taking a hard hit on a different bureau and a turn down that would be for a lending scenario or credit card scenario.
I should have avoided the company after reading all the negative reviews on here and other websites. Avoid this credit union and find another one. I have mulitiple RCA's but needed an extra and with a higher rate. This was a waste of time and an inquiry.
I applied online for a checking account, and after doing a hard pull on my credit report, their web system told me I was approved and even invited me to apply for their credit card for which it said I was pre-approved. So I went ahead with the credit card application. After about a week, however, I received a letter telling me that my applications were in fact all denied. They listed factors based on my credit report, which are all factual criteria (i.e., numbers) their computer system should clearly have been able to evaluate. In addition my FICA score varies from 750 to 770 month to month, not that bad at all so that they would think I'm a risk even for a checking account... I was of course quite annoyed and tried to contact them for a review of my application. Each time the person answering my phone calls, emails, or online chat said they needed to talk to the actual underwriter and promised to call me back the same day, which never happen. The people there were polite but it appears that INOVA does not really care about its customers. I was able to get them to reply by filing a complaint with BBB, but apparently because INOVA has paid fees to become an accredited business, BBB was satisfied with this response from them:
"Applicant applied online for membership with INOVA FCU and for a Visa account. Instant application approval or denial is based on specific criteria. Every instant approval is then thoroughly reviewed by an Underwriter based on all the applicants' information. Upon additional review of the information, INOVA stands behind its decision to deny the applicant. INOVA also reviews credit for every checking account request as those accounts also create a risk for loss. INOVA apologizes for any inconvenience applicant had with member service and those issues will be addressed."
No specific answers to any questions that were asked.. The unwillingness to disclose any more information on their criteria makes one believe that their underwriters work rather subjectively. And yes it's OK to do a credit check to assess risk, but they could either use a soft pull or ChexSystems like the vast majority of banks do, or at least make it clear that they are not following the norm...
To be honest, I've been always skeptical when I read negative reviews about a business, thinking that any reasonably-sized company will inevitably have them, and these bad experiences are what tend to be talked about more. Only when reviews of similar kind begin to repeat, will I start to really doubt the company. I left this review, just to corroborate the stories of cows and anon2 and alert future readers of this web site -- don't try opening an account with INOVA, it's not worth the time and the hard check.
This place is a joke!! No one will ever help you. They just sit around drinking coffee and talking on their phones!!
I wish I wasn't. They have consistently provided my family with poor service. I wish they cared!
Inova will only let you step up your CD to a rate 1.5% higher than your initial rate.
I would advise to open accounts with "any" online or walk in financial institution with small amount $ until you get the debit cards. I just got a little too good of service from INOVA with priority mail. I got debit cards in big cardboard US priority mail envelop on Monday 3/31/14. I guess they were trying to get them to me very fast and were overly helpful to a fault. However, even though the debit card and the password were in separate paper envelops, they were both in the same big cardboard priority mail envelop. I wasn't worried because I had only deposited $100 to open the account. But, if I had $20,000 I would have freaked out. I am going to call them about this. It may have been a one time thing rather than standard policy. I would advise to open accounts with " any " online institutions or even your local banks with small amount $ until you get the debit cards. I think INOVA will even open it up for $0 initial deposit and the $15 membership fee. But, you would need to verify that. The process was so simple and fast. I applied on line Sunday 3/23/14 and got my debit cards Monday 3/31/14. I caused a 1 day delay. I didn't get the documents notarized the same day they were e-mailed to me. The process is very fast. So, there is not need to rush to hit that $20,000 max. It could have happened if I had conducted the business face to face instead of online with " any " bank or credit union. I had never considered this could be a glitch in a system. All that being said, I am pleased with INOVA's "Liability for Unauthorized Use" policy. Better safe than sorry.
On Sunday, I applied on internet for 2 rewards checking accounts, one for me, one for spouse with each of us as joint applicant. I included my funding info on app. They called me on Monday morning. They did credit check. I e-mailed our driver's licenses. I was approved on Tuesday morning and they gave me our account numbers. Tuesday afternoon, they e-mailed the paperwork. Wednesday, I got it notarized and faxed it to them. That evening I set up my passwords, etc. The account was live. Thursday, they had already funded it. I talked with two people there. They were so enthusiastic and friendly it was hard to believe it was a Monday morning. Very helpful, patient and returned calls promptly.
With many Reward Checking Account customers touting their plans to deposit $15K - $20K in accounts at various banks/CUs, and making 10 'payments' of $1 or less online in 15 minutes, it was only a matter of time before one of the rate leaders in RCA decided, 'enough is enough', and set a minimum purchase high enough to eliminate most of the scammers, and make the RCA plan beneficial to customers and financial institutions. The RCA plans must make sense for both sides. The alternative, for those who have followed the history of the RCAs on Deposit Accounts, has been for financial institutions to drop RCAs completely or to drop the rate far enough to eliminate the scammers. After all, there never has and never will be a 'Free Lunch.' Someone always pays . . .
I give praise when it is due. The honeymoon is over. I deposited $100 to open 2 accounts. They charged me $7.50 each. I got my money in last month in time to qualify for the $1,500 min daily balance. Now, I get a letter yesterday that the rules are changing. I won't be able to meet the requirements. I haven't made any charges this month on this new account even though I have a large balance. So, I have lost interest and I'm Going to be charge another $7.50 service charge/ account? My instinct is to take all my money out. Also, they sent a long question sheet for personal security information. The guy I talked to said he would call me back about it and he never did. If I'm not staying, I'm not going to verify more information. Does anybody know what is going on? Did they just need to sign up people for some reason and not keep them? Are other rewards checking banks and credit unions doing the same thing?
549 checks arrived today. The other rewards accounts sent none or about 10-15 to me. My account is in Indiana and a branch manager in CA answered my e-mail question after hours yesterday. Now, if we could get then to drop the debit card requirements from 15 to 10.
As soon as I got my money in, they changed the requirements and I lost 2 months of interest as a result. The new requirements are too difficult for me to meet. Going back to Consumers Credit Union for 3% with $10,000 limit. I will continue looking for higher limit accounts. I have FFB1, LMCU, HBANKUSA and CCU. Too bad. I was very happy with the INNOVA account I opened. But, it no longer exists.
INOVA never informed me of the draconian change to their high-interest monthly checking requirements begun on July 1. There was nothing posted on any of my last 3 monthly e-statements apprising of such a change nor was the messaging function in my account used to inform me of the change. Fortunately I went back to the website to review the terms and noticed the much more onerous requirements which prompted me to immediately remove all funds on deposit and closed my account. I will not do business with such a non-transparent financial entity. This change is sure to entrap many customers for the month of July.