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Problems With Navy Federal Credit Union

Friday, June 6, 2014 - 2:04 PMNavy Federal Credit Union - Details
Does anyone have any idea of what is going on at Navy Federal Credit Union?.  I am interested in opening two 5 year CDs with them and did not know whether to go tomorrow, Saturday, to their nearest branch in Ratcliff, KY or to wait until Monday.  I was informed by one of their phone reps earlier this week to call today, Friday because they always get an email telling them what the Board decided on Wednesday concerning whether to raise or lower rates.

 I called today and spoke to several different phone reps, a supervisor, and reps in their Share department and no one will give me "any" information about what their email told them to do about Monday's rates.  I have called on other weeks and was readily given the info for the next week's rates.  Today, they are refusing to share anything until Monday.

If the rates are staying the same, I could just go Monday and not have to rush to get it done.  If their rates are being lowered, I don't want to wait until Monday and get an even lower 5 year rate than they have now.  I just can't understand why they are acting so secretive about something they have always shared on Fridays before.  If anyone has any insight as to what their sudden change is all about, I would greatly appreciate knowing.  I truly doubt it is because they have raised their rates considering the way the reps are acting.  Thanks for any information you can provide.
4
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
1. Friday, June 6, 2014 - 2:16 PM
Just look at what happened to the certificate rates at PenFed for a hint what may be occurring at Navy Federal CU on Monday. Of course, "I can't say, not knowing", so take that with a grain of salt. However, don't be surprised at anything happening these days.
5
ShorebreakShorebreak2,603 posts since
Apr 6, 2010
Rep Points: 14,107
2. Friday, June 6, 2014 - 2:57 PM
Shorebreak:  "Highest of the Highest" what art thou truly saying?  Are you referring to Penfed giving us the 3% great rates or when Penfed dropped the rates into the garbage?  I am not a lover of mysteries and my pea brain is fogged up from all those telephone calls.  Please translate a bit for me and I will eat the entire box of salt!  Much thanks and appreciation.
5
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
3. Friday, June 6, 2014 - 4:55 PM
I'm referring to the latest crash in rates at PenFed posted June 3, 2014.
5
ShorebreakShorebreak2,603 posts since
Apr 6, 2010
Rep Points: 14,107
4. Friday, June 6, 2014 - 6:18 PM
Thanks!  Guess I will go with my intuition and head out of town to try to get the CDs tomorrow incase the news is not good Monday and they go even lower.  I think it's time to go eat that "grain of salt" you were referring to and then do what has to be done.  Much appreciation.
4
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
5. Friday, June 6, 2014 - 8:00 PM
Caveat: You are on your own. Don't blame me if the 5-year APY goes to 3% on Monday. Of course I'll be putting funds in there if that occurs.
4
ShorebreakShorebreak2,603 posts since
Apr 6, 2010
Rep Points: 14,107
6. Friday, June 6, 2014 - 8:17 PM
It pays to be persistent and I always do better when I can get a male rep!  I just called again and the MEN were on duty.  I spoke to this nice guy in the certificate department and he read the email to me.  It said "the rates will stay the same for the week of 6/9/14".  He also said once they get the message, it can't change until they get a new email next Friday.  Their rates are not subject to change daily as the "women" reps tried to tell me today.  So I don't need that salt, SB.  I am set to head off on my trip to their branch tomorrow and doing what I need to do.  If they end up raising the rates after next Friday, I will use my other maturing CD for that.  Have a good evening and thanks for the input. 
2
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
7. Friday, June 6, 2014 - 8:39 PM
“What — Me Worry?"
4
ShorebreakShorebreak2,603 posts since
Apr 6, 2010
Rep Points: 14,107
8. Saturday, June 7, 2014 - 12:32 PM
Well, I am not the best liked customer at Navy Federal after this morning.  I took the time to type up exactly how I wanted the two CDs to read and after waiting our turn (like in the old time welfare clinics) this rep called us to her desk and insisted she knew how to do certificates after I questioned her.  After she was finished and I gave her two check for quite a goodly sum, she handed me two "receipts"!  Nothing was on it about the EWP, or that I wanted monthly interest checks mailed to me etc.  She called her Supervisor over to talk to me and she insisted they don't do certificates like that any more. I said if I have to cash them in early, how will I know you will stick by the 6 months EWP etc.  I had no proof of anything but that I gave them two checks.  After we battled (after all it is a Military institution) I told her I wanted her to type on both CDs  that the EWP was 6 months and I wanted monthly interest checks mailed to me.  I also told her I wanted her to sign it.  She said she didn't have a typewriter but would write it on both CDs and she did. 
Was I being overly consciencious  to expect this info on the Receipt sheet?  Is this the way some of you are getting your certificates?  She said they will mail me the Disclosures but it may not have info I want on it.  Maybe I have to get used to the new way of doing things but this doesn't seem right to me.  At least I know I gave them all that money for "something" which will mature in 5 years.  I am very disgusted with NFCU's branches.  I told the supervisor "Jason" warned me they didn't know what they were doing at that branch and I should not open CDs with them and now she says she is going after Jason.  That should be quite a conversation.  Then DP hands me one of their cards so I can reply how satisfied I was with my experience at that branch.  Can't wait to fill it out!  Well at least it is overwith but I am curious if the rest of you just accept "receipts" for your CD purchases with other institutions.  This was a first for me.
3
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
9. Sunday, June 8, 2014 - 4:54 PM
Rather than have the monthly interest checks mailed to you why didn't you just open a checking account with Navy Federal CU and have the certificate interest deposited into the checking account each month? Then, if you need cash just write a check to yourself and cash it at your local bricks and mortar institution.

As far as the EWP penalty is concerned it's printed right on the back of the certificate document I received in the mail from Navy Federal CU.

Of course you realize, with all this hoopla, you are now flagged at the Navy Federal CU call center on the 'place on hold forever' list. Nice going.
3
ShorebreakShorebreak2,603 posts since
Apr 6, 2010
Rep Points: 14,107
10. Sunday, June 8, 2014 - 5:47 PM
SB:  What you call "hoopla", I just consider getting the correct information I should have for the chunk of money we were entrusting to them.  One of their own phone reps advised me the branch reps were not well trained in CDs.  I can't believe you would have accepted a small receipt with no EWP on it or disclosures.  What you got in the mail was what they told me Virginia mails out.  The Confirmation and it is supposed to have the EWP on it.  The brainy branch reps did not inform me of this or I would not have insisted they write it on the Receipt.  It's not the "Call Center" I had the problem with, it was with the actual local branch.  Why do you think I caused a "hoopla" ?  I can be very nice and professional when I am trying to get cooperation from someone. 
If they try to "place me on hold forever" I will put my phone on "redial" and keep them answering my calls until "Hell Freezes Over!"  

BTW, we are due to return week after next to purchase another CD.    I expect to be treated professionally or will contact the people in Virginia.  For the pitance they are paying me for the 5 year CDs I want, I certainly expect to be treated professionally.    As for your suggestion about the checking account, I do not want a checking account with them.  So far I have not had a problem with their other monthly checks arriving on time so I will continue with this.  Thank you anyway for the suggestion.   
2
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
11. Sunday, June 8, 2014 - 6:49 PM
I don't have a "small receipt" for a certificate from Navy Federal CU. I don't know what they gave you. I was being sarcastic when I posted "Of course you realize, with all this hoopla, you are now flagged at the Navy Federal CU call center on the 'place on hold forever' list." I'm sure they will treat you professionally or we will read about it next week.
6
ShorebreakShorebreak2,603 posts since
Apr 6, 2010
Rep Points: 14,107
12. Sunday, June 8, 2014 - 7:01 PM
SB:  If you got your CD online or over the phone you probably got a regular sized sheet with Disclosures and the EWP on back of it.  Evidently they don't give that at the branches for whatever reason.  I knew you were being "sarcastic" with your remark to me.  I would have been shocked if you weren't.  :)    If you prefer, I will not share my encounter with the Navy FCU when I return, good or bad.  Then again, I would not want you to be miserable wondering  who "won" the hoopla so I may drop in a line or two when we return.
2
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
13. Sunday, June 8, 2014 - 7:13 PM
The disclosures are on the Navy website. 
3
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
14. Sunday, June 8, 2014 - 8:40 PM
I'm sure they are but why should I have to take my time to print out their info when all they had to do was put in a couple of lines of information on the sheet.  All I wanted was the EWP and a statement about the interest rate and how it was supposed to be paid.  I don't think that is asking too much when we are trusting them with our money.  Nowadays the institutions don't want to provide anything much at all.  We are supposed to just go find it online and print it out for ourselves.  So why don't they give us a bit higher interest rate if we are going to do their job?  I may have to accept the new way of doing things nowadays but I sure don't have to like it and if I feel like making a "hoopla" about it, that is my right.  Here's to lots of hooplas!
2
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
15. Monday, June 9, 2014 - 10:16 AM
You would want to read it because they might have a clause in their disclosure that they 
have a right to change the terms of the CD and even the  EWP etc at any time. 
Typing the terms on your receipt or your check etc when you took out the CD does not mean they could not change the terms legally. The disclosure is the contract. 
5
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
16. Monday, June 9, 2014 - 10:41 AM
Do you now understand why I was irritated that they did not give me a copy of the Disclosure when I was at the branch?  I wanted and am used to reading the CD for these little "hidden" clauses which give them the power to trash the 6 months EWP at their discretion and I could not do this.  So I wanted "something" written on the receipt for some type of proof of what the EWP was on the date I took out the CDs.  Legally it may not hold up if push comes to shove but I was determined to not leave there without "something" to shove with.  When I get the Confirmation in the mail and the needed disclosures I will have everything I want.    I am not used to not getting to read the "clauses" on the CDs on the day I pay for them.  I still don't think they have a right to send them later.  I may contact Navy Federal's main office about this procedure and see what they say since we are due to return next week for another CD I need.  Now that I am getting older, I am trying to get CDs closer to where we live to make it easier for the POD even if it means taking less on the interest rate.
1
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
17. Monday, June 9, 2014 - 11:34 AM
Well it took over 35 minutes and speaking to a Navy FCU Supervisor who gave me her name and ID number but this is what they state in their Disclosures for anyone interested:

"Change in Terms: Navy Federal reserves the right to discontinue or change
the terms of Certificate/SaveFirst Account offerings within 30 days prior
notice; however, once issued, the terms of a Certificate/SaveFirst Account
may not be changed without the owner’s consent."

Please notice it states "without the owner's consent" so this gives the owner some input which others I have read do not.  The first agent did not understand it correctly so the Supervisor got it verified with others in the Share department that it basically means that whatever the terms are for on the CDs I open on the day opened cannot be changed etc.and she verified that the EWP is considered part of the Terms.  

Problem here is that one should make sure to get something in "writing" stating what you need or you have no proof of what the "Terms" were in 2014 if you need to do an EWP in 2017.    I will make sure if they give me "receipts" for the next one that I have them write what I need on that cd also. 
3
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
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