Bye, Bye NFCU

With all due respect I can see why they don't want to do business with you. You have already caused them to lose money; it is not surprising they would not trust you with a credit card or any loan for that matter. What do you want from them: a kiss on the forehead for having to write down your loan. No wonder why our country is going down the tubes.

Just to be fair, I do not think that Tucker's situation is unique.  When economy goes under, everybody suffers. 

On the other hand, NFCU is by no means to blame.  They are doing the right thing from their perspectives. 

So, it is the economy indeed.:-)

What has robbi's partisan political "blast" to do with any of the preceding comments? Is it even germane to the original post?

I would have to agree with Mr. Bye-Bye NFCU. I have left banks for lesser reasons. Though from their prospective under todays government regulations in conjunction with the economy, they only did what they thought was safe. I however believe part of the problem with economy and regulations is our banks being greedy. The basic banking principle was that we put money in their bank allowing them to use our collective moneys to loan to those in need. They gave us a cut of the interest charged the borrower for that privelege. They might also make investments using our money to further capitolize on the money we deposit in their bank. This is ok until they started losing money, NOT because of a significant amount of unpaid loans, but to poor investments. Those with misfortune initially were granted extension of time or even more money until on their feet(within a modest time frame of course). The people making investments just use the non-payers as their patsy. today we have to pay to get to our own money. Add up your atm fees and transfer fees and this fee and that fee, then you will relize the .?% for a savings account is hog wash. The Banks steel your money everyday with make believe fees. I hardly understand my statement anymore. If I exceed a time limit while trying to do a fee based service I get charged a second time for my second effort on a single service. The only way to get back the power we lost is to come together, set a date and make a run on the bank to withdraw all money in interest making accounts. Send a public message to that bank demanding a reduction in fees associated with your own money so that interest earned is truely interest earned. Those "conveniences" we get should be free and there only to attract new members to the free services. the more members the more profit for all who join not just the bankers. Personalized service can no longer exist thanks to imposed regulations due to their greedy ways. Maybe its time for a change in Banking as well as government.    

Right on, Moneyguy!!

I totally agree 100% about what you said about banks (mis)using OUR money and charging fees to get to our own deposits. The coup de gras for me was when I took a check my renter gave me to the bank HE had written it from and they wanted to charge me to CASH IT!!! WTF? It was written on their bank! The check was made out to ME, not a 3rd party....just ridiculous, utterly ridiculous. So I just went down to my bank and cashed it, no problem whatsoever. I was under the impression that a bank had to cash a check written from it. Guess I was wrong. It certainly was that way when I worked at a credit union 18 yrs ago. If the money was in that checking account, the check was cashed. PERIOD!

Between the banks and the insurance companies, ordinary people cannot get ahead. The rich find the loopholes and get richer while the middle and lower classes just fall in the pit!

It's all a ploy to get ppl to invest in the stock market, so they can lose what little they have when it crashes. BTW,does anyone know where their money really goes when they lose it in the stock market? Can anyone explain that to me? Is it just 'play money' to start with and if you don't 'play' right you don't win? SOMEBODY has to have gotten the money, it doesn't just disappear....

I have a NFCU mortgage and they refused to answer my questions regarding ESCROW and how its computered.  I also found out they are not paying the correct amount of interest on the balance in escrow for residence of New York State, it should be 2% not the current passbook rate!  They owe me and the mortgagees of NEW YORK money!  I also wanted to pay extra into my escrow account so that my payments would not increase, that's impossible according to the staff of their mortgage department.  They also REFUSE to give me a contact of their EXCUTIVE OFFICES, they don't take phone calls!

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.

 

No disrespect, but if you did a short sale on your house that means your Mortgage was not paid in full, so the Bank is correct in not reporting it as PAID IN FULL because it was not paid in full.

RE Money guy:

'The basic banking principle was that we put money in their bank allowing them to use our collective moneys to loan to those in need."

No, the basic principle was that banks would lend to those who would be reasonably sure to pay the money back! Need has, and had, nothing to do with it. Many people are needy and wouldn't qualify for a $20 loan much less a bank loan.

This credit union made hundredths of millions of dollars every year from its members. They swallow all the interest and pay you prartically nothing. With the massive of money that they have made since the beginning of its institution, they could pay off the national debt yet their service is a D --- minus in my assessement. People use them because of no monthly fee, but they get it from other services. If not for the "No Monthly Fee", many customers would have gone, gone, long ago. USAA seems to be a better alternative and it provides insurance with divident share. People needs to take a look at USAA.

I have been a member for over 30 years as well, and I noticed that none of you mentiond the NFCU interest rates.  No one paid even half of what they paid.  For about three years I was drawing almost 7% off of my CD's.  Three times my credit card number was stolen from places like Romainia and Canada, and NFCU called me to tell me they took care of it.  Now, in all fairness, I have never had a loan with them, so i can't really speak for that.  USAA always had a better deal for us in that department.  But when my water bill check was stolen out of my mail box and a local woman changed the numbers and tried to cash it, NFCU took full responsibility and I never lost a cent.  Say what you want, but I am a believer.  I love NFCU, and I think I always will.   

"7% off my CD's"

Ah, the good ole days!  I have only three requirements for a credit union or bank. High deposit rates, reasonable EWP's and no changing of the rules retroactively. Everything else is irrelevant.

I don't know what you people are talking about.  I've been with NFCU for 5 years. From my second paycheck in the USMC and have never had a problem with them.  I have also paid no fees except ATM fees which were mostly reimbursable.  Please someone describe these make believe fees.  They always solve my problems and I never have to worry about not getting an answer when I call.  Sure, there rates aren't very competitive, but they don't have many fees that I have to pay at least.  Also, I sort of only use my account to pay my bills through web bill pay and Direct Deposit through DFAS.

I am a retired Navy Veteran 100% disabled a member of NFCU 57 years joined in Pensacola when they were sharing a building with a laundrymat. I'll try to make this as short as possible.I had to short sale a house I had purchased five years earlier. I was living alone and falling down the stairs often thirteen steps to be exact.I wrote them a long letter explaining my situation,asked them to make a contract and let me pay the shortage if i could get a eeasonable interest rate. They didn't respond to my letter,but became very rude over the phone when I tried talking with someone in that department,after a month or more and writing them numerous letters and many phone calls,I got a call from Abraham don't know which country he was from,but hard to communicate with ,partly my loss of hearing and his accent. After they agreed to a plan they kept taking money from my account for house payments for four months, I finally hired an attorney and they deposited two payments back into my account,lying to me and telling me even though my loan had closed I had to continue making payments,because it was a VA loan, A big lie I found out later. I told them previously that I didnt want to ruin my credit which had been in the 700's for many many years.

Well I finally got the house sold  for approx seventy thousand less than the loan balance, I bought a house with bed rooms on one floor,which I can live in without risking my life, I had had a knee surgury,two back surguries. 

I waited until after the allotted time and was approved for the VA loan refinance,everything was going great until I found out the NFCU had me down as missed april paynment, I had been reimbursed for the Feb March pmt. So back to the attorney, a law suite this time for what the lying ,cheating,dishonest practices they are guilty of, I hope for a jury trial,they won't have a leg to stand on. You college grads reading this keep in mind I am a 9th grade drope out,my grammer may not be perfect ,so don't make yourself look stupid by pointing that out, it is the substance I'm writing about, by the way I paid for my children to get a college degree useing money I earned after starting two Corporations,and other buisness ventures. Kinda of a hometown boy makes it situation. If an employee of NFCU rights a rebuttal  Who I believe some I read about good-by NFCU were written.

That is my story after fifty seven yrs with NFCU, probably a few yrs befre Cutler was born, NFCU in my oipinion  has been so caught up on growth they left the personal service portion of their/our Credit Union behind.

If anyone wants to comment  my e mail  is wtandsagenelson@gmail.com, speak your piece. All comments wll be appriciated, I have thick skin,go for it.

,

 W T Bill Nelson (WaterTight)

USN Retired

I am a bit surpirised that there were so many comments (mostly negative and many on loans/mortgages) concerning this credit union.  This credit union is supposed to serve our soldiers who fight for our nation.

Even the banks/credit unions have the right to pursue their loans/mortgages for maximum return of investment, I have to say that, as an observer, I would not come close to this credit union even if they offer the best rates and loans/mortgages.  They do have some fundamental issues that they need to deal with, especially how they treat their customers, in good times and bad times.  Further, not a single NFCU representative showed up to even acknowledge the issues for nine months since this thread started.  What an arrogant attitude!

So stay away from this outfit, if at all possible.  I would.

It doesn't matter how many of you decide to go to another financial institution because you felt miss treated or disrespected. You always always have some kind of issue with them or an even worst experience. Not one bank in this world is perfect. And I don't know if you all who are ex-military have noticed but most or all of the board members who agree on the rules and regulations for Nfcu are also ex-military. Including might I mentioned Cutler Dawson ex- military. So it's not a bunch of civilians running the show. And hello is federally regulated which means federal government. So are all other credit unions. Duh! So quit your whining!

NFCU is a very good, hyper-efficient credit union that offers very competitive services to the Navy and Marine Corps extended 'family.' I've been a member since 1978 and they've gotten steadily better and better over the years. I challenge any posters above to present a better overall set of services. USAA is good, but doesn't have the physical presence (branch locations).

To be fair, I need to revise my original impression about NFCU, accumulated from and influnenced by multiple negative reviews about this credit union.

I was attracted by their 0% no-fee 12-month credit card BT offers stated by yt.  I applied online and got approved right away for the membership.  Received several welcome calls the next day.  I went ahead and applied for their credit card; got approved for $5K.  Requested to increase limit to $20K, had to sent pay stubs and got approved on the spot (cost me two FICO hits though).  The entire pprocess took 2 business days.

Throughout every process and step, the CSRs went out of their way to help and support.  Opening checking account took one minute to complete. 

Banks/credit unions are out there to make profit, thus when in difficult situations (loan/mortgage default, etc.) they have to understandably minimize their loss.  I think that most NFCU people are sympathetic about the situations, but there is little they can do/help. 

But I can personally testify, according to my current experience, this is a great credit union with very personal services.

NFCU is losing my business too. After 26 years with them, including 8 car loans and over $4M in deposits, they have gone hostile on me. I got the 3rd degree when I asked to take out a small motorcycle loan. They quoted me an absurd interest rate, and refused to loan the entire amount. I started getting late notice on paid accounts.

Not a single representative knew how long I have been banking with them, or how many loans I have paid off without missing a single payment. 

NFCU will change attitude when you retire. After that, expect rude, indifferent treatment

Their loss.  With any luck, I will have about $1.5M in retirement deposits before I kick off, not to mention Social Security deposity.

I frankly saw NFCU as family for a long long time, and am embarrassed for the way they have grown and forgotten to take care of the people that built them into a strong bank.

 

Shame on you, Cutler. Your old shipmates deserve better

 

Dear Tucker,

Sorry to hear that you lost two jobs, and had to to undrgo a Short Sale.  (Folks at FOMC have policies that will hopefully create environment where those of us who are unemployed will be able to find a job a little faster.)

At USAA you'll find additional products e.g. Mutual Funds, Annuities if you're interested.

My experience with NAVY FCU has been great year after year.  And my experience with USAA year after years is not bad either! Both are fine institutes. YMMV.

Yours Truly,
Anonymous

34,000 views, record breaking.:D

I have been with Navy federal Credit Union for over 20 years. I have had auto loans, Banking accounts and personal loans with them. My small children have savings account with them as well. In Sept 2011 my husband suffered 2 heart attcaks and was out of work for a while. I had to take on not only my full time job but 2 part time jobs as well just to barely make ends meet. I am not complaining about that... I would do anything for my family.  We do not live above our means. We have a modest home in rural NC, have only 1 car payment for a car that is now 6 years old and only 1 large credit card (Visa/ MC) that is with NFCU. I have a few small department stores and a gas card.

After my husband's heart attack and over $17,000 in doctor bills I had to decide to be late on some payments, miss the mortgage or to not put food on the table literally!! I was never late paying NFCU acct wth a credit line of 12,000. Sometimes I even rely on the card to pay electric or water bills, gas in car to get through till next month because money is short. I was never late on car payment and even paid off a loan with them while goign through this difficult time.

Unfortunetly, many hospital bills and doctor bills and now hundreds of dollars in prescription mad bills started piling up... I could not let husband go without meds..and the doctors, hospitals etc would not work with me to pay monthly payments so some got nothing!!! This got worse when I lost my full time job after being in a car accident and a few months later suffering from a minor stroke from the head injuries. Never did I miss a payment to NFCU which is $850 month total for all accounts and loans with them.

I received a letter a week ago that said they will not be extending my credit with them once the expiration date on my account expires in April due to the fact that my credit report and credit number is bad with Experion. Yes it is..I  admit it. I have been paying dr bills off slowly each month and have some that are turned over to collections that will get paid as soon as I can but the point is all of my accounts are perfect with Navy Federal. I had a CSR open up and send an appeal to the "higher ups" and ask them to please let me keep my credit line for it is how we just get by some months. They sent a new letter today... We considered your request but no.....Bull! 

Everybody has unexpected things happen to them sometime in their lives...I have been a cutomer for 25 years. Never missed payments and even got my parents to sign on to navy federal in December when they moved to the area from Alabama. Their deposit was $150,000 to open account. To NFCU that may be nothing but to me its alot of money!!

NFCU has shown me I am not worth it to them and they can do without my business !! Do you treat our men and women in uniform who r injured in combat this way!!! I Hope Not!!

Tag, I am sorry to hear about your difficult situation. Although I understand your frustration, I also can understand why NFCU will not renew your credit card. They have a fiduciary responsibility to the other members to manage the credit union in a safe and sound manner. If they think you are not in a position to payback the $12,000 of credit they have extended to you, they really have no other choice.

Did you have health insurance for your husband?  Also, you mentioned your parents deposited $150,000 at NFCU. Can they loan you the money temporarily until your husband is well enough to go back to work?

Dear Tag,

Sorry to hear of your situation.

>> This got worse when I lost my full time job after being
>> in a car accident and a few months later suffering from
>> a minor stroke from the head injuries.

I hope that robust policies FOMC has implemented will be of help to you to find a job a little faster if you're still looking for one.

>> NFCU has shown me I am not worth it to them and they
>> can do without my business !! Do you treat our men and
>> women in uniform who r injured in combat this way!!!
>> I Hope Not!!

I really hope that Navy FCU has a process in place to consider every decision they make very seriously, which carefully considers who exactly are they dealing with.  I am unsure of how exactly a CU can show some special consideration to the veterans who were injured in combat (and their spouses) when making a financial decision.  But if there is a way, I hope Navy FCU will implement it.

For what it is worth - My experience with Navy FCU has been good.  I have never faced any issues with them, but then again my financial situation is quite good with a very high FICO score.  They were too generous to grant me an Aircarft Carrier Size credit limit. :-)

Yours Truly,
- Anonymous

All banks and CU's have their pros n cons. I have had NO problems with NFCU. Never been refused a loan and have paid my loans on time and in full. A few years ago while on vacation someone acquired my VISA bank card number and emptied 2500.00 outa my checking account. NFCU immediately cancelled my card and contacted me concerning the activity. Within 12 hours NFCU replaced the money in my account. Had they not cancelled my card the perp would gotten much more. I love their proactive actions and concerns for the customers. Getting ready for the Furlough now and I see the credit union has low interest programs in place to help out. Semper FI NFCU!

I have been a loyal member for 10 yrs, had loans, personal and car loans, always had a good status, I have hit a downfall on my credit and even though I pay every month good on my credit card they decided to cancel it on me not because of my good credit with them but my credit in general. I disgusts me that I have been a good member and paid them right and they decided to cancel me. I guess good credit with them does not matter. Not to mention I would get my check a day late every payday but with USAA I get it a day early!!! Although they claim it's my payroll department and not their fault, seems fishy that USAA don't have a problem getting it deposited not only on time but a day early!!!!! I am done with NFCU, USAA all the way!!! I will convince everybody I know to switch!! 

I have been a NFCU customer for maybe 30 years.  My son was brought into the NFCU fold many years ago and got a mortgage with them.  When CC debts got tight and mortgage rates went down and down he tried and tried to get them to refinance the mortgage and work to consolidage the CC debt.  Bottom: line the mortgage folks spun him around for a year w/o helping and then could never communicate with their own folks on CC debt.  What a disorganized bunch of folks who cannot seem to communicate even amongst themselves.  Worst credit union around for mortgage issues.  Maybe they are JUST TOO BIG and have become part of the problem and not part of the solution.

Somewhere on the NFCU website, the CEO declares that members are the most important part of "our" credit union. Wish I'd seen this thread before I applied for a home equity LOC last December.  

I've been a member since 1974, paid off my NFCU mortgage early, earned credit scores over 800, accumulated six paid off investment properties, carry no debt, have never ever missed a payment on anything -- and after 14 weeks I still haven't got an answer on whether NFCU feels they can risk a 5-figure loan to me. 

Up to this point, I had never had a problem with any of my dealings with NFCU, but perhaps that was because I never asked for anything. Now that I have, I'm beginnning to see what some of the commenters on this thread are experiencing, especially lack of communication. It's been near total in my case.

Never been so frustrated with an institution.  Good luck to us all.

They should be reporting to the credit bureaus "paid as agreed". They agreed to and approved the short sale.