Consumer complaint received 2022-06-28
Company: NAVY FEDERAL CREDIT UNION
State: TX
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
I am filing a complaint against my credit card company Navy Federal Credit Union. I had both a transaction that posted to my account and my credit card statement closing date occur on XX/XX/XXXX, which was observed this year as the federal holiday XXXX. 

Being that the holiday is XX/XX/XXXX, the fact that the holiday occurred on a Sunday it was observed on Monday, XX/XX/XXXX. Banking institutions along with the Federal Reserve were to be closed on Sunday and Monday in observance of the holiday. 

I received my credit card statement, and it appears that a transaction that was made on XX/XX/XXXX, posted to my account on XX/XX/XXXX. I also had made a credit card payment on XX/XX/XXXX, that should have also posted to my credit card account for the billing period, however my credit card payment did not process and post to my account until the following day XX/XX/XXXX. This has caused a hardship for me because I initiated my credit card payment before the XXXX transaction that posted when my account statement closed on XX/XX/XXXX. Both transaction and credit card payment was initiated on XX/XX/XXXX, so therefore if the transaction posted to the credit card account the payment should have posted as well. 

The fact that there was any activity that posted to the account on a federally observed holiday is indeed concerning for me. For the past several months I have paid my credit card balance in full, or more than the minimum payment, always keeping the credit card balance with a credit to debt ratio lower than 8- 10 %. The fact that my payment did not post to my account, which would have brought my balance to zero dollars owed, has affected my credit tremendously. My payment should have posted for this payment period, as my payment should had posted XX/XX/XXXX, and my credit card statement should have also closed XX/XX/XXXX, and not on XX/XX/XXXX, a federal holiday, where all banks and financial institutions were to be closed. 

I am filling this complaint as I have reached out to Navy Federal Credit Union several times to ask why this occurred with my account. I have been unable to get any legitimate answers to the cause of my statement closing on XX/XX/XXXX. Navy Federal Credit Union also fails to provide me with any resolution to fix the problems that has occurred with the reporting of this account to my credit profile. This account is now appearing on my credit that I am spending over 48 % of my available credit. This is inaccurate as it should report that I am spending 0 % of my available credit. My payment was made in a timely manner and should have processed on XX/XX/XXXX, and my closing statement date should have also occurred on XX/XX/XXXX, and not XX/XX/XXXX, when banks were due to be closed in observance of the XXXX holiday. 

I do believe that there are regulations set forth by the Federal Reserve that monitors financial institutions to make sure that they adhere to the policies and regulations that are put in place for businesses and consumers. I do feel that my rights have been violated and my personal credit has taken been affected negatively because of this non-compliance by Navy Federal Credit Union. 

Please see the documents that I have attached to this complaint. I have attached my credit card statement. I have also attached the current view of my credit card account, showing that my credit card payment occurred on XX/XX/XXXX and the XXXX transaction occurred on XX/XX/XXXX. My payment did not post to the account, but the XXXX transaction did post on XX/XX/XXXX. The credit card payment was initiated on XX/XX/XXXX around XXXX and the XXXX transaction was initiated XX/XX/XXXX around XXXX. My payment should have posted as it was made before the XXXX transaction .

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