Consumer complaint received 2023-12-28 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Banking errors
Company: NAVY FEDERAL CREDIT UNION
State: CA

Complaint narrative:
Greetings : I need your help. 

NFCU has lost the money that was on hold for my Pledge Loan. We got the balance to under XXXX XXXX then made a large XXXX XXXX payment that extended the payment out for a year. With relationship issues, my ex and I closed some checking and savings accounts. Somehow the hold has disappeared and once payments became due, when money was taken from my direct deposited payroll check.it didnt come back to me in 48 hours. This is when I began my inquiries. First, I was told it went to collections but collections said they never received any funds. Then they started saying my own money was them releasing the hold. Now, theyre saying the initial XXXX XXXXXXXX hold was never done even though it was taken from my balance. I had over XXXX XXXX and after doing the pledge loan XXXX XXXX  was deducted from my balance. Its been a chase down a rabbit hole. Ive only been insulted and not treated with fair practices or as a member. They want me to continue making ghost payments on a Pledge Loan that not be adhered to on NFCUs part. 

E-messages XXXX XXXX XXXX XXXX XXXX XXXX  Audit Request per phone by XXXX on XXXX as many other calls I made by phone. XXXX  visited a branch and met with a branch manager. And more. Below please find e-messages from me and from them at the bottom. Ive taken out the names and account numbers per your request. 

E-Messages are as follows : My inquries have not been handled thoroughly. Ive messaged, called, and went inside a branch. The branch manager contacted the loan department and the collections department. The branch manager gave me copies of my statements. The statements proves my concerns. I called and went over the statements to prove where my money was deducted for the loan, my payments, and when my payments were returned to me. An audit was suppose to have been done. I didntvhear anything of said audit results so i reached out again. It took two werks to teceive more inaccurate and ride replies. Your reply didnt say how to submit a formail complaint. I thought I already did that. Most importantly, an audit shouldve been done as requested. As equally important, its so wrong to treat me as a debt collection when youve lost my money that was hold as a pledge loan and my payments arent being returned to me but you dont know where the money is going. Your previous response was that the XXXX was never placed on hold. It was taken from my balance so where did it go? It seems you all have many eyes but noone trained in finance that can see what has transpired. Again, how shall I make a formal complaint if what ive done already isnt one? Distraught Member, Audit Update Request : Please accept this as a follow-up to XX/XX/XXXX Audit Request. First and foremost, I was told said audit was requested and it would take 5 business days. I havent heard anything and there arent any recent e-message. Nothing has been resolved. In addition, I just spoke to a representative and there arent any notes regarding said audit. Most importantly, Im totally disappointed in Navy Federal. I trusted my finds to you. You all have failed to honor the Pledge Loan Agreement and dont know where my money has disappeared to. As equally important, the supervisors that I initially spoke to were rude and released the call while i was talking, placed false notes without researching completely. They kept thinking the large payments are withdrawals were the hold being released. I tried to have them to go back before that so they would see that was my own money. I was told why would I have large sums of money. Initially, the Pledge Loan was done and a cashiers check was made out to the mortgage company for approximately {$11.00} to prevent foreclosure. I had over {$20000.00} when the Pledge Loan was done. My ex and I transferred money to and from our business acount. We had a balance until we transferred the last {$3000.00} to {$4000.00} of it. We made a {$4000.00} payment of our own money to bring the balance from approx {$7000.00} to {$8000.00} to approximately {$4000.00} which brought the payment to to approx a little under {$4000.00}. The large payment extended the payment out for a year. During that time some of the checking and saving accounts were closed by my ex and I. I didnt make a payment because I wanted my ex to pay the loan and 3 payments were due. When my payroll deposit wa made. My payroll deposit was made to pay the past due payments. However, the money was not given back to me in 48 hours as it was supposed to. Since then, Ive been trying to resolve this matter. The Charge Off/Collection Department ( agent ) said and placed notes that they never received any money. Noone can tell me where the Hold went. You all keep saying that money is the money, instead of going further back to see it was my own funds. To reiterate, months that yor fact finders think that the hold was released to me but that was my money from our own payments, balances, and deposits. I have all the statemets printed and can verify per the statements that the amounts that ( you all think is the money of hold being released is not ) instead it was the funds of my ex, father, and my own funds. To conclude, Ive spoken to many agents and supervisors. I even went to a Branch and sat with a Branch Manager. Brought printed statements home. Went over statements with an agent. On XXXX XXXX XXXX a NFCU representative and I went over the statements. After hours on the phone, an audit was requested by the representative. As of now, XXXX XXXX XXXX there hasnt been a resolution, apology, or update. Your immediate attention regarding this matter is required. Respectfully, RESPECFULLY, WHERE IS MY MONEY? INTERACTION : XXXX XXXX XXXX XXXX XXXX XXXX XXXX. RESULT : NO ANSWER AND SROPPED CALLS. SUPERVISOR 'S REQUEST UNANSWERED FROM XX/XX/XXXX. XXXX XXXX, Hello. Please escalate this to a supervisor or lead manager. Per your request, I called on yesterday and spent hours. I spoke to XXXX XXXX XXXX XXXX XXXX XXXX  placed me on hold to XXXXXXXX XXXX and did a blind transfer or placed me back in the queue. No one can answer the following question : " Where is my money? '' The Pledge Loan was from over XXXX of my own money, When a payment is made, the money is supposed to come back to me within 48 hours.This was not done and noone can explain whete my {$580.00} on XXXX  went after it was yranaferred to pay my pledge loan balance due.. Where did my money go because it didn't go to the charge off account? The recovery department stated there was a charge off Account with my ex. However, the money was not placed there to decrease the balance. Therefore, where is it? Thus was a loan with my own money to myself. The charge off info is as follows : XXXX XXXX XXXX XXXX No one can tell me where this balance came from. I've asked to be emailed or e-messaged what caused the negative balance. I don't appreciate having no answers for two weeks now. I only want a manager to handle my concerns. To reiterate, over XXXX was placed in your hands to do the pledge loan.The loan was to prevent a foreclosure of property for my ex. The cashier 's check said accordingly. My own money that I loaned to myself to build my credit. Where did the {$580.00} go since it wasn't returned to me or to pay the charged off account between my ex and myself? A manager 's immediate attention regarding this sensitive and urgent matter is truly important. Please contact by email or e-message only, please. Respectfully, I'M BEING IGNORED. AND MY QUESTIONS AND CONCERNS ON CALLS AND E-MESSAGE ARE BEING IGNORED. I WILL HAVE TO SEEK OUTSIDE HELP IF YOU ALL ARE UNABLE TO DETERMINE WHAT HAPPENED TO MY MONEY ( PLEDGE LOAN ) THATS IN LIMBO SOMEWHERE. Your attention and reply by email or e-message regarding the urgent and time sensitive matter is expected accordingly. Respectfully, E-Message SOME REPLIES FROM NFCU : XXXX  Thank you for contacting us via Navy Federal 's XXXX XXXX XXXX. After thorough research, we have concluded that upon approval of the loan on XX/XX/XXXX, no funds were ever placed on hold for approved amount of {$11000.00}. On XX/XX/XXXX, {$3800.00} was placed on hold in your Membership Share Savings ending in XXXX but the hole was released on XX/XX/XXXX and then a transfer in the amount of {$2900.00} was transferred to your business account,, leaving the balance available in the savings as {$500.00}. 

XX/XX/XXXX Thank you for your patience while this concern was being researched. 
The below history is being included to provide all pieces of information you asked for, and to ensure all issues are addressed. 
The information below is just historical information only. 
1 Your Membership Share Savings account was opened XXXX The initial {$5.00} deposit is on hold for your membership XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 
2 You also have a secured credit card ( last four digits are XXXX ). The credit limit for this card is {$500.00}, and was opened in XXXX XXXX These funds were placed on hold in the same Membership Savings Account, XXXX, at the time that the credit card was opened. 
3 You also have the secured loan that you address, XXXX, that was opened in XX/XX/XXXX. The hold for this loan was also initially placed within the XXXX XXXXXXXX XXXX XXXX, where was the primary and you were his joint owner. 
The first concern is the inquiry of the {$11000.00}. 
1 We confirm that on XXXX a credit was made to the savings account XXXX XXXX the account where was the primary owner ). The amount of the credit to the account was {$11000.00}. This is the amount that was placed on hold for your secured loan. 
2 This hold did work the same as your understanding regarding the secured loan. When payments were made to the loan, the amount on hold within the savings account would have been reduced. 
3 As the hold amount for the loan was reduced, the amount available within the savings account became available for use. 
4 We are attaching the statements for the savings account xxxxxx for the dates from XXXX through XXXX  ( when the account was closed ), as this will provide what was done with funds as those funds became available. 
When the savings account xxxxxx was closed, the remaining funds were moved to your own primary XXXX XXXX XXXX XXXX, and the below information addresses your inquiry regarding the current status of your savings account : 1 Savings account XXXX was closed on XX/XX/XXXX. On XX/XX/XXXX, a transfer of {$3800.00} was made from this account to your primary savings account xxxxxx. Both statements for each account are attached to this eMessage for confirmation of the transfer. 
2 After the transfer to savings account XXXX XXXX XXXX  the total balance was {$4300.00}. This was a sufficient balance on that date to cover the {$5.00} membership hold, the {$500.00} secured credit card hold, and the {$3800.00} hold for the secured loan ( as of XXXX the balance on the loan had been paid down, and the {$3800.00} was sufficient for the hold needed for the loan ). While there were no funds available as of XX/XX/XXXX, all necessary holds were covered, with the balance of {$4300.00}. 
3 Separately, the {$3800.00} that you made payment arrangements for repayment with our Survivor Support Team in reference to the XXXX deposits for were setup in XXXX of XXXX. Those payments were in the amount of {$300.00} per month and began in XX/XX/XXXX. This is being mentioned here because the account that was setup for these debits was your savings account XXXX4 The {$300.00} debits continued monthly until the last payment on XX/XX/XXXXXXXX The last payment was actually for {$270.00}, as this was the remaining balance for payoff. 
5 As these {$300.00} deductions were occurring, the balance within your savings account was decreasing. Additionally, on XXXX there was a transfer to of {$2900.00}. As of XXXX while the account balance was not overdrawn, there were not sufficient funds for the secured loan hold ; therefore, the Loan Account Servicing team removed the hold for the loan from your savings account. 
6 As of the {$300.00} debit on XXXX XXXX XXXX XXXX XXXX was reflecting a balance of - {$94.00}. 
7 Each monthly payment of {$300.00} further overdrew the savings account. As of the last payment of {$270.00} on XX/XX/XXXX, the account had a balance of - {$1300.00}. 
8 There have been additional transactions within the account, but as of XXXX the overdrawn balance in the account was - {$1200.00}. The account was charged off on XXXX with a charged off balance of $ XXXX includes the negative balance and ensuring that the membership hold ( {$5.00} ) and the secured credit card hold ( {$500.00} ) were still secured. 
9 All statements from XXXX XXXX XXXX are being attached for your review. 
Navy Federal does confirm the following : XXXX XXXX XXXX a payment in the amount of {$580.00} was applied to your loan suffix XXXX The balance prior to the payment was {$3800.00}, and after the payment was applied, the balance was {$3400.00}. For current loan balance information, please contact our contact center for Consumer Loans at XXXX ; this line is open 24 hours, 7 days a week. 
2 Since the hold within the savings account for your loan had been deleted on XXXX there is no adjustment or action that is needed within the savings account for the most recent loan payment. 
3 You may also speak with a credit card representative at XXXX  ; this line is open 24 hours, 7 days a week, should you have any questions regarding your credit card. 
4 For payment arrangements or additional questions regarding the savings account charge off, please contact Recoveries at XXXX, extension XXXX. The Recoveries department is available weekdays from XXXXXXXX XXXX XXXX XXXX XXXX XXXX 
5 You may speak with a Survivor Support Specialist at XXXX, should you have any questions regarding the prior payment arrangement discussed above. The Survivor Support line is available weekdays from XXXX XXXX XXXX XXXX XXXX XXXX

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