Consumer complaint received 2025-07-01 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: NAVY FEDERAL CREDIT UNION
State: TX

Complaint narrative:
Complaint Details On XX/XX/year>, at approximately XXXX PM XXXX, I deposited a {$16000.00} cashiers check from XXXX XXXX Bank at the Navy Federal Credit Union ( NFCU ) branch in XXXX, Texas. The check, issued by a third party for the sale of my vehicle, is 100 % genuine and valid, as confirmed by XXXX XXXX. During the deposit, the member service representative ( MSR ) informed me that the funds would be available the next business day ( XX/XX/year> ), consistent with NFCUs Funds Availability Policy for cashiers checks deposited in person. 

On XX/XX/year>, I received an automated email from NFCU stating that the check would be held for five business days due to information indicating the check should be held to ensure its processed successfully. Despite the check being credited to my account, only {$270.00} of the {$16000.00} is currently available, which contradicts NFCUs policy and the Expedited Funds Availability Act ( EFAA, Regulation CC ). According to NFCUs Funds Availability Schedule, the first {$5500.00} of a cashiers check deposited at a branch should be available on the first business day after deposit, even for new accounts. The EFAA similarly requires the first {$5500.00} to be available by the first business day for in-person deposits of cashiers checks. 

I visited the branch on XX/XX/year>, to resolve the issue, providing ample documentation, including proof of identity, the cashiers check receipt, and evidence of the vehicle sale. The branch lead, XXXX XXXX, stated that he could not lift the hold and provided no further explanation. I then contacted NFCUs customer service at XXXX and spoke with a representative named XXXX in the Fraud Department. XXXX claimed that any check over {$1000.00} is subject to a hold, which directly contradicts the MSRs statement during the deposit and NFCUs published policy. This inconsistency and lack of transparency are unacceptable, especially for a cashiers check, which is guaranteed by the issuing bank. 

As a new NFCU customer with a {$0.00} balance and only small deposits over the past three months, I suspect NFCU is applying an overly cautious risk assessment. However, this does not justify holding a verified cashiers check, nor does it explain why only {$270.00} is available when {$5500.00} should be accessible. The excessive hold is causing financial hardship, as I expected the funds to be available as promised. 
Desired Resolution I request the following : Immediate release of the full {$16000.00} to my account, as the cashiers check is valid and should not be subject to an extended hold under NFCUs policy or the EFAA. 
A written explanation of the specific policy or information justifying the five-day hold, including why only {$270.00} was made available instead of {$5500.00}. 
An apology for the misleading information provided by the MSR and the lack of clarity from branch and customer service staff. 
Confirmation that NFCU will review its training and communication practices to prevent similar issues for other members. 

Had the XXXX informed me of a potential five-day hold, I would have requested cash from XXXX XXXX instead XXXX avoiding this disruption. I intend to file concurrent complaints with the Consumer Financial Protection Bureau ( CFPB ), the Texas Department XXXX Banking, and the Texas Office of the Attorney Generals Consumer Protection Division if this matter is not resolved promptly. 

Supporting Documents Copy of the cashiers check receipt Proof of vehicle sale ( bill of sale or contract ) NFCU email dated XX/XX/year>, regarding the five-day hold

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