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Navy Fed's System Disappears My Money

ikbok
  |     |   60 posts since 2023

It's a very small amount but it sure doesn't give me confidence. Monitor your money at Navy Fed carefully.

I had $0.81 in my roth savings plus a roth smart start cd where you can add any amount any time. I figured the 81c is doing nothing in savings so I'd move all but 1c to the cd and just keep 1c in the roth savings.

On 12/31 I transferred 80c to the cd, and the cd shows the 80c added to it.

But then instead of having 1c left in my roth savings it now shows $0.00. Huh?

Then I see after the transfer Navy inserted another transaction listed as INTEREST INCOME but instead of it being income (positive) it's shows NEGATIVE 1c ($-0.01) as INTEREST INCOME.

The last income my roth savings got was posted the end of august for 1c, upping it from 80c to 81c, and it's had an 81c balance for 4 months. So how do they post a NEGATIVE amount as interest "income" for a savings account? It's not like the acct requires a minimum, if so there would be little difference between 1c and 81c.

They are closed today but I will call tomorrow. Yes it is only a penny but I don't like to see my money disappear for no reason or due to a computer glitch. If anything there should have been 1c ADDED to cover interest for the last 4 months or so, not 1c NEGATIVE as interest income.

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ikbok
  |     |   60 posts since 2023
Update / Warning!!
You might want to CHECK your Navy Federal accounts.

After 6 days, I finally heard back from them. Their system did in fact disappear my money and only because I noticed and told them did they put it back. If I had not noticed and told them, it would have been gone forever. Mine was only 1c because of the tiny amount of the transaction I did, but how many OTHER people did this happen to who haven't noticed and it could be a lot more?

According to their reply their system doesn't like transactions during the 4-day period at the end of the year. Hello? How many members do you have, and how many transactions do they do during that 4-day period?! If your system can't do them without mistakes why not bar people from making transactions during those 4 days?

If you have Navy Federal I would check your accounts if you tried to do any kind of payment, transfer or other transaction during that 4-day period, Dec 30 to Jan 2.

Their reply....
"From 12/30/24 through 01/02/25, our systems were in the process of transitioning from 2024 to the new year. During this time frame, no monetary transactions can be processed. Because your withdrawal occurred on the last day of 2024, while our system was in the process of paying out interest, we have determined that the $0.01 was debited in error. On that date, multiple monetary transactions were attempting to finalize and that interest was subtracted in error. The $0.01 has been credited back into your Roth savings."
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racecar
  |     |   628 posts since 2014
Interesting. I have NavyFed but don't think I did any transactions during that 4 day period. I'll have a look though, thanks.

"On that date, multiple monetary transactions were attempting to finalize and that interest was subtracted in error."

Aren't there always "multiple monetary transactions attempting to finalize" on any given day? Looks like another example of why I only have certain account types at Navy (though everyone has to have a savings account...)
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