Consumer complaint received 2024-04-17 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Other problem
Company: NAVY FEDERAL CREDIT UNION
State: VA

Complaint narrative:
I am filing this complaint for Non-Compliance, denial of registered Security, Security Fraud, and theft on Navy Federal Credit Union, credit card account. On XX/XX/2024, I sent an instrument presentment per Federal Regulations XXXX XXXX XXXX, The Security Exchange Act, and the Electronic Funds Transfer Act via Registered Mail delivery confirmed on XX/XX/2024, and received that contained the following items : Letter of Instruction Security ( Negotiable Instrument [ XXXX XXXX ] valued at {$18000.00} ) IRS XXXX XXXX XXXX XXXX IRS XXXX This presentment XXXX sent as discharge/setoff for the entirety of the ALLEGED LOAN or credit card account. There was no response via a written notice from the Navy Federal Credit Union, which completely violates the law. Not only do these actions violate XXXX XXXX, but they violate UCC XXXX XXXX b ) which states : If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates. 

Since the Navy Federal Credit Union refused this lawful negotiable instrument, there is full discharge according to said law for the entirety of the security ( {$18000.00} ). In addition, Navy Federal Credit Union has not returned my security and has violated XXXX XXXX, proving the theft of the Undersigneds negotiable instrument. Furthermore, Navy Federal Credit Union has violated the following U.S. Civil Statutes : 18 U.S. Code 1348 Securities and Commodities Fraud 18 U.S. Code 3301 Securities Fraud Offenses 18 U.S. Code 656 Theft, embezzlement, or misapplication by a bank officer or employee Due to Navy Federal Credit Unions unsound practices in conducting their affairs and knowingly violating Federal Law, Civil Money Penalties were assessed for violation of the Federal Reserve Act XXXX, as I continued with my administrative process, with reference to the letters dated XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX, totaling {>= $1,000,000} in fees, all delivered by recorded mail. 

Also, let it be known that throughout this entire process, I acted in honor and followed the law and Federal Regulations. On XX/XX/2024, a Billing Notice was delivered to the CFO and the Billing Department per XXXX XXXX XXXX ( d ) ; Billing error resolution and procedures. 

( XXXX ) Consumers right to withhold disputed amount ; collection action prohibited. The consumer need not pay ( and the creditor may not try to collect ) any portion of any required payment that the consumer believes is related to the disputed amount ( including related finance or other charges ). 


Once again, Federal Regulations were violated as Navy Federal Credit Union proceeded to forcefully withdraw funds from my personal checking account without any type of verbal, written, or electronic notification. 

Let also be known, that I have given Navy Federal Credit Union reasonable time and opportunity to take corrective action but through their acquiescence, non-compliance, and theft of my security, they have violated Federal Law and my rights as a Consumer.

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