Consumer complaint received 2021-03-05
Company: NAVY FEDERAL CREDIT UNION
State: VA
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
Yesterday, I looked at our bank statement and I noticed an adjustment for - {$470.00}. Naturally, I called the bank to inquire and they explained that back in XXXX when the stimulus checks were disbursed, Navy Federal Credit Union decided to give all the members who use the Optional Overdraft Protection Service ( OOPS ) program a {$470.00} provisional credit in case their stimulus checks were deposited later than expected. So, I scrolled through our bank statement and sure enough NFCU did deposit {$470.00} into our bank account on the exact same day that we received our stimulus checks. It was marked simply as {$470.00} Adjustment on our statement. In late XXXX, my husband and I had deposited a sizable check from my grandmother 's estate into our account. Part of the check was held and the rest was deposited. When I saw the " Adjustment '', I mistakenly assumed that it was the remainder of the check that we had deposited. It never even crossed my mind that NFCU was going to take it upon themselves to provide us with a provisional check ( otherwise known as a loan ) that we did not authorize. I specifically asked the supervisor why NFCU felt the need to do that - both my husband and I received our stimulus checks, so obviously we didnt need the provisional funds. The supervisor explained that a lot of bank members had been asking when the stimulus checks were coming in, so NFCU made an executive decision to do this. I explained that we never asked for this service, we were never asked if this was something that we were interested in, and we never gave our permission for this money to be deposited into our account. How is that o.k.? How can NFCU presume to know what is best for our family? No answer. Then I asked if any kind of communication was sent out and they replied that an email was sent out. So, I double checked my email - Nothing! I explained that there is an email on file, its been there since 2012. NFCU 's response - the email address is listed under my name and Im not the primary account holder, so it wasnt sent to our email. This is a joint checking account that my husband and I share. They stated that they sent out letters, as well, but I'm pretty sure that I would've remembered receiving a notice about this. I also feel like a definitive " yes '' or " no '' should be received from the account holder before the bank makes a decision regarding the account. If we had missed out on this " opportunity '' because it was not sent to our email or we did not receive the letter in the mail, then that would've fallen on us. But to make a decision without receiving permission from the account holder, I do not see how that is legal. So, thanks to the help that we received from Navy Federal Credit Union, we had {$470.00} placed into our account when we really didnt need it and then it was withdrawn 2 months later when we actually do need it. When I asked what could be done to remedy this situation, the supervisor told me that he could not reverse the adjustment, however, he'd be more than happy to set us up with a personal loan specialist. That's not a viable solution. So, now we have to take out another loan and end up owing NFCU interest? No thank you, NFCU! How about next time you let us decide whats best for our lives?

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation