Consumer complaint received 2024-03-30
Product: Checking or savings account — Checking account
Issue: Closing an account — Company closed your account
Company: NAVY FEDERAL CREDIT UNION (FL)

I am writing to file a formal complaint against Navy Federal Credit Union for its blatant disregard of its commitment to its members and the mishandling of a situation involving unauthorized transactions on my account. Despite claiming to be dedicated to its members, Navy Federal Credit Union has failed to uphold its obligations under The Electronic Funds Transfer Act ( EFTA ) and has violated my consumer rights. My private information was compromised, leading to unauthorized transactions of my funds. As a responsible member, I promptly alerted Navy Federal Credit Union to seek assistance in rectifying this error. However, instead of providing the necessary support and assistance, Navy Federal Credit Union made matters worse by closing my accounts and forcing indebtedness upon me.This is not the treatment I expect or deserve as a member since XXXX. Navy Federal Credit Union 's actions are not only unjust but also in clear violation of the EFTA and my consumer rights.Under EFTA Regulation E ( 12 CFR 205.6 ), I fulfilled my obligation by notifying Navy Federal Credit Union within the mandated 60 calendar days following the unauthorized transfer event, as stated in the periodic statement. Despite making multiple verbal notices and personally visiting the bank to provide relevant information and request new account details, Navy Federal Credit Union chose to disregard my concerns and take drastic actions against me.As per Section 205.6 ( b ) ( 5 ) ( i ) of the EFTA, a consumer effectively limits their liability by taking reasonable steps to provide pertinent information to the financial institution, regardless of whether a specific employee receives the information. Navy Federal Credit Union 's failure to acknowledge this provision is deeply concerning and highlights its lack of commitment to its members ' well-being.Furthermore, as per the Truth In Lending Act, Section 205.12 ( a ) ( 1 ) ( iii ) specifies that Regulation Es liability and error resolution provisions apply to situations where the consumers account is overdrawn or when maintaining a specified minimum balance. The unauthorized Electronic Funds Transfer in my case clearly qualifies as an " error '' that Navy Federal Credit Union is obligated to address and resolve promptly.I am not liable for any unauthorized transactions, and Navy Federal Credit Union 's actions have caused significant distress and inconvenience. Therefore, I am seeking the following actions to rectify this matter : Immediate reversal of any unauthorized transactions and restoration of funds to my account.Reinstatement of my accounts or provision of suitable alternatives.Confirmation of compliance with Regulation E 's error resolution procedures.Implementation of measures to prevent similar incidents in the future.I expect a prompt and satisfactory resolution to this matter. Failure to address these concerns will compel me to escalate this issue further, including seeking assistance from regulatory authorities and pursuing legal action against Navy Federal Credit Union.I trust that the Consumer Financial Protection Bureau will conduct a thorough investigation into this matter and ensure that Navy Federal Credit Union fulfills its obligations under the law and upholds its commitment to its members.Thank you for your attention to this urgent matter. I look forward to your prompt response.