Consumer complaint received 2016-09-10
Company: NAVY FEDERAL CREDIT UNION
State: MI
Product: Credit card
Issue: Balance transfer

Complaint:
On XXXX XXXX, 2016 I applied for a Navy Federal Credit Card online in which I requested a balance transfer for XXXX in hopes that I 'd receive a 0 % interest rate card to pay off my loan and credit card faster. I received correspondence from Navy Federal on XXXX/XXXX/16 that the balance transfer for the Navy Federal loan would n't be processed because it could only be made from other financial institutions. I received the Navy Federal credit card on XXXX/XXXX/2016. On XXXX/XXXX/2016, I reviewed the interest rate and discovered it was 15.40 % with an available balance of {$6500.00} so, I contacted XXXX to cancel the remaining balance transfer for XXXX credit card which has an interest rate of 3 %. I was advised the transfer would be cancelled. I called back on XXXX/XXXX/16 for verification that the balance transfer was cancelled because the online account showed XXXX pending in which the representative XXXX stated he would send out the balance transfer cancellation request via email ( XXXX/XXXX/16 ). On XXXX/XXXX/16 I received a call from XXXX from XXXX which, he denoted he had some email problems but received response back stating the balance transfer was electronically processed on XXXX/XXXX/16 to XXXX and I would need to contact the company to have them return the electronic funds. Did you not see in your notes when you typed my cancellation request that it was processed and posted on the same day? 
On XXXX/XXXX/16 I contacted XXXX and spoke to representative XXXX who transferred me to XXXX with Executive Resolution Team who was wonderful but stated the balance transfer could n't be sent back or reversed it would be an applied payment. I immediately called Navy Federal back and spoke to XXXX again and inquired as to why he did n't utilize other options if he was aware my intent was to cancel the balance transfer. XXXX stated, " He would process a recall submission of the balance transfer which is no guarantee and takes XXXX weeks. '' I requested a supervisor. He transferred me to XXXX who was not empathetic and offered up a bunch of excuses. She proceeded to tell me the representatives take calls and ca n't address all the emails when I asked her if he received a response back why I was n't notified in a timely manner XXXX/XXXX/16. She stated, " You had 10 days to cancel the balance transfer. '' I advised her that I never received or seen any disclaimer that denoted I had 10 days to cancel. Also, ten days from which date the application date, the processing date, or the date I received the card. In addition, does the 10 days include the weekend? She told me that XXXX might not return the electronic payment but I could transfer the balance back. If I transfer the balance will Navy Federal pay the balance fees? Her response was " no ''. I informed her that if I had immediately received information to let me know what my interest rate was going to be I would have cancelled immediately. Now, Navy Federal has caused me to pay more in interest fees which will take even longer to pay -off. I want Navy Federal to reverse my balance transfer. If not, pay the balance transfer fees, accrued interest, and match the 3 % interest that my XXXX credit card has until the card is paid off.

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