Consumer complaint received 2024-11-03 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: NAVY FEDERAL CREDIT UNION
State: GA

Complaint narrative:
I am writing to formally lodge a complaint against Navy Federal Credit Union regarding the handling of my loan application and the management of my checking account. I have serious concerns related to potential securities fraud and tax compliance issues with the Internal Revenue Service. 

Account Information : Checking Account : XXXX Summary of Concerns : 1. Loan Application Denial and Account Suspension : My loan application was denied, and my checking account was suspended due to a {$500.00} overdraft fee. The NCUA states that overdraft fees are insured and should not lead to a negative balance. Under 15 U.S. Code 1691, discrimination in credit denial is illegal, which I believe has occurred in my case. Additionally, the denial of my application, which should be viewed as a financial asset, has had substantial repercussions.

2. Unauthorized Use of Personal Information : My personal information, including my Social Security number, appears to have been used for trading, securitization activities, transfers and sales without my consent and disclosure. This may violate the Securities Exchange Act of 1934, which requires transparency regarding personal information to thier investor 's.

3. Request for Full Accounting : I request a complete accounting of all accounts associated with my Social Security number, including details of all assets, liabilities, and all securities deposited or withdrawn from my accounts, including checks, federal reserve notes, and electronic transfers. Also reopen my account in full with and open ended credit of the max amount. The handling of these assets may violate fiduciary duties under state and federal charted banking laws.

5. Non-Profit Status and Fee Structure : Navy Federal, operating under 501 ( c ) ( 3 ) non-profit status, charges fees that may violate IRS regulations, which require non-profits to avoid excessive profit-making practices.

6. Lack of Compliance with NCUA Regulations : Navy Federal 's imposition of fees resulting in negative balances appears to violate NCUA guidelines regarding insured account fees, which could indicate poor banking practices. The demand to pay on an fully insured account shows a sign of greed.

7. Revocation of Interest Collection : I hereby revoke, per 16 CFR 433.1.2.3, the collection of interest on my checking account contracts and credit applications. I request that all payments be returned to me, as I am the investor, not the creditor or finance company. Navy Federal is operating as Navy Federal Investment Services, LLC, and Navy Federal Financial Group, LLC ( trustee company ), which, according to the Trust Indenture Act of 1939 and SECURITIES PURCHASE AGREEMENT STANDARD TERMS for Credit Unions, is not permissible.

8. CFPB Investigation Request : I urge the Consumer Financial Protection Bureau ( CFPB ) to investigate these practices, as they may adversely affect many account holders and small businesses.

9. Negative Impact on My Life : The mishandling of my accounts and loan application has severely impacted my credit score and my ability to secure employment and housing, raising concerns under the Fair Credit Reporting Act. The fraud associated with overdraft fees and the denial of my credit applications has worsened my livelihood, adversely affecting my personal, family, and household pursuits.

10. Request for Removal of Inquiries and Credit Reporting : I request the immediate removal of all inquiries and negative credit reporting related to this matter to mitigate damage to my credit score.

11. Mental Anguish and Request for Monetary Relief : The stress caused by these issues has resulted in significant mental anguish. I seek {$10000.00} in monetary relief for damages outside of litigation, and {$100000.00} should this matter proceed to litigation.

Given these violations, including potential breaches of the Truth in Lending Act, Fair Debt Collection Practices Act, and relevant IRS guidelines, I request a thorough investigation and prompt response addressing these issues.

Thank you for your attention to this matter. I look forward to your timely response.

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