Consumer complaint received 2022-06-21
Company: NAVY FEDERAL CREDIT UNION
State: TX
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
I Claim that Navy federal had committed a breach of contract involving a fraud claim and NSF fees. Attempts to resolve this issue with Navy federal have gone unresolved and unresponsive. I was frauded by another member of the Navy Federal Bank I provided all of the details including account numbers names and any other information Navy Federal required. No further investigation has conducted no repercussions were brought against the other member Navy Federal held me liable for the fraud claim even though they have a Zero Liability policy and that policy does state According to Navy Federal Credit Unions bank policy. I am baffled by the handling of this claim as a XXXX  XXXX XXXX Veteran I assumed this institution cared about service members as they advertised in many commercials and in their policy but like so many other parts of their policy Navy Federal has not kept their own word and went against their own policy as an Institution Navy Federal should be held responsible just as they would hold a consumer response in the same matters. According to their policy, it statesThe Zero Liability policy only covers transactions that have been confirmed by Navy Federal as fraudulent and that are reported to Navy Federal in a timely manner. You must report suspected fraud as soon as possible. Nowhere in the policy does it states that this is only limited to a certain type of transaction or it has to happen a certain way it just says consumers are held at zero liability. I reported my findings in a timely manner and Navy federal denied the claim with no evidence or explanation. On top of the policy discrepancy, Navy FederaXXXX did not respond to emails, calls, or any correspondence involving the matter. Navy Federal in the policy states fraud claims will be resolved and assigned within 10 calendar days. According to documentation regarding my claim, Navy Federal assigned an investigator and in 3 hours the claim was denied with no investigation. I have filed police reports, CPFB claims and done my own investigation, and found the offender 's information and Navy Federal refuses to thoroughly investigate this claim, therefore, they have breached their policy by not allowing me a proper investigation and I will be seeking legal counsel. When reaching out I was informed by a Navy Federal customer service agent that fraud happens a lot within their institution and that the reason for not being assigned an investigator in a timely manner is due to them being backed up. After this conversation, I will reach out 3 more times in a period of 2 months only to have the same answer repeated they do not know why I havent been assigned an investigator or why. Again I was assigned an investigator and after only a few hours denied even with evidence showing i had never transferred to this member did not know this member or any of those findings. Under Federal reserve regulation E requires banks and credit unions to provide reimbursement for certain fraud losses occurring through unauthorized electronic transfers. Navy Federal did nothing of the such. Another issue is the returned check fee I was charged multiple returned check fees from XXXX for the same transaction. Although I did not authorize Navy Federal to repeatedly attempt to charge this check they did so without my consent or knowledge racking up to {$120.00} in returned check fees for the same transaction that had failed that same day. Now according to Navy Federals policy, it states We will charge a fee of {$20.00} each time we pay an overdraft. You will not be charged a fee on transactions of {$5.00} or less. You will not be charged a fee if the amount you are overdrawn after all transactions have cleared or posted after the end of the business day is less than $ XXXX.You can only be assessed one overdraft fee per day per account.OOPS is limited and only available for up to {$500.00}. Your account may become overdrawn in excess of the {$500.00} limit due to fees. Up to {$50.00} in fees may be added to the limit. The {$500.00} limit includes the amount of overdrawn items, OOPS fees, and any other transactions that result in overdrawing your accounts, such as returned deposits and other fees described in our Schedule of Fees and Charges ( NFCU XXXX ). Enrolling in OOPS does not guarantee that we will pay overdrafts. Navy Federal Credit Union pays overdrafts at our discretion. If we do not authorize and pay an overdraft, your transaction will be declined yet I was charged 4 NSF fees for the same transaction within the same day. Instead of Navy Federal denying the transaction they continued the same attempt 4 times and charged a fee each time without my consent. I am Disappointed in Navy Federals Deceptive practices according to the policy several things have been breached and will be seeking further counsel concerning the matters listed above and to recover funds for damages to my credit and other fees that have arisen due to this issue.

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