Consumer complaint received 2018-08-15
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: NAVY FEDERAL CREDIT UNION (VA)

Complaint:
XX/XX/XXXX - I made two mobile wallet check deposits for {$5000.00} each ( {$10000.00} ) into my checking account. The deposits were made at XXXX Eastern time, reviewed and approved at XXXX. {$200.00} was immediately available in my account. According to the bank the posting date for the checks was XX/XX/XXXX XX/XX/XXXX- I am not sure if another small portion of the funds was made available into my account because Navy Federal Credit Union online check register is often not accurate and hard to read and understand.

I made two more mobile wallet check deposits for {$5000.00} each ( {$10000.00} ) into my checking account. The deposits were made at XXXX Eastern time, reviewed and approved at XXXX. {$200.00} was immediately available in my account. According to the bank the posting date for the checks was XXXX.

I paid bills after the bank represented the funds were present in my account. It needs to be noted that I would not have paid bills had I of known what was going to transpire next.

At XXXX/XXXX I received two email communications as follows : Dear Member : " This email is in reference to your Navy Federal account .

On XX/XX/18, a check ( s ) was deposited to your account. A further review of your account indicated potentially suspicious activity. As a result, a restriction, which prevents certain access, has been placed on your account.

Please contact a Security Specialist toll-free at XXXX, option 4, to discuss this matter. Security Specialists are available to assist you Monday through Friday between XXXX XXXX and XXXX XXXX  and Saturday between XXXX XXXX  and XXXX XXXX, Eastern Time.

Your immediate attention to this matter is required.

Sincerely, Navy Federal Credit Union '' It is noted that this is now after business hours and I could not contact the bank. An immediate check of my account revealed that I was locked out of my account and my DEBIT card was no longer active-blocked. I'm still unsure what was suspicious about depositing checks into my account at my bank.XX/XX/XXXX - At XXXX I called the bank and was advised there was a hold placed on the two most recent checks. I was advised there would be a 5-day hold placed on the two checks but that the two other checks had already processed and were available in the account. I was given access to look at my account online/mobile again and saw the balance. Because of this, and for no reason that was communicated to me, my account was placed in a " Credit Only '' status. I did not know what that meant until later that morning when I tried to use my DEBIT card and found it being declined. Upon contact with the bank I was advised that my account was FROZEN, and I would not have access to ANY FUNDS until 5-days had passed ( presumably the XX/XX/XXXX-XX/XX/XXXX ). It should be noted that there were funds in the account that pre-existed the check deposits that were frozen AND my available balance showed as {$10000.00}, also reflecting a statement balance of {$20000.00} ( the last two checks were acknowledged but held ). I'm guessing that the initial $ XXXX   had already cleared and processed and the bank just decided that since they could not place a hold on those checks, they would FREEZE me out of my own account and prevent me from accessing my money.

Upon confronting the staff at the only branch in town, all of this information was repeated, and the Security Department had frozen my account completely. No one was willing to fix the issue, of course citing their company policy all along the way. I was even advised that any pending transactions ( such as the ACH bills I had paid the night before or any outstanding checks that had not posted yet ) would be returned, I would be assessed fees on both ends and there was nothing I could do. I was told even if I made a cash deposit to ensure those transactions were covered, which I was planning on doing because of this issue, the account was FROZEN and CREDITS would be the only thing processing to the account.

I attempted to close the account, to at least stay the potential return charge fees, and was advised they would not close it until the checks posted. They also refused to permit me to withdraw on the available {$10000.00} that was clearly showing as AVAILABLE on my mobile app, my online statement and on receipts issued by the bank. After threatening them with the police, I was permitted to withdraw {$33.00} which is what the branch stated in the branch was what was left of my money. It should be noted the AVAILABLE BALANCE after this withdrawl was {$10000.00}.

Furthermore, I allege they did not follow the Expedited Funds Availability Act in the performance of availability of funds.

As of the writing of this communication ( XX/XX/XXXX XXXX ) fund show as available in my account, I have no access to any of my money, and my debit card is blocked.

https : //www.consumerfinance.govXXXX

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