Consumer complaint received 2022-07-18 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: NAVY FEDERAL CREDIT UNION
State: FL

Complaint narrative:
In XX/XX/2022, Navy Federal Credit Union received a {$44000.00} payoff check following the sale of my car, for which Navy Federal was the lien holder. Navy Federals automated transaction system credited {$77.00} to and then debited {$38.00} from my savings account following payoff of my auto loan. Upon complaint to Navy Federal regarding the strange transaction history, multiple representatives stated the automated system must have incorrectly issued the credit in an amount too great and immediately debited the incorrect portion. No representative was willing or able to manually research the transaction to confirm the automated systems transactions were accurate, replying that the system is automated. If an automated system can incorrectly credit an account, it could also incorrectly debit an account. Therefore, Navy Federal should perform manual due diligence of my account by reviewing the loan pay off amount, the daily interest accrued, and the final loan payment received to confirm to me that the credits and debits received as an overpayment of the loan payoff were accurate. 

I tried to resolve this issue in person at a local Navy Federal branch on XXXX XXXX in XXXX, FL on XX/XX/2022, but no representative would do the math or seek assistance from their the back office. I had to wait over XXXX minutes to speak with a banker in person. Before visiting the XXXX XXXX branch, I visiting the XXXX XXXX XXXX, which was unexpectedly closed on a weekday. I also tried calling Navy Federals XXXX number multiple times over three weeks, but could not speak with a representative due to hold times estimated to be 20 or 40 minutes. 

During my XX/XX/2022 visit to the XXXX XXXX XXXX, I also sought withdraw all funds in and ultimately close my account with Navy Federal. My savings account total was only {$46.00}, with {$5.00} locked as a membership fee. I previously attempted to transfer the available balance of the account to my other external accounts, but such transfer attempts were blocked by Navy Federal because my account was considered a non-transaction account. At the branch, I was told the only way to access the funds was by requesting a cashiers check. I argued the issue further, stating that I should be free to withdraw the funds in the form of cash without incurring a cashiers check fee. Navy Federal finally allowed me to withdraw all funds in the form of cash by first closing my account, which took over an hour to process in person. 

Following these experiences, I politely informed the representative in person that I wished to enter a formal complaint to Navy Federals complaints or compliance department. The representative stated she did not possess access to the customer complaints system and needed to speak with her leader. After a lengthy wait, she replied that I had to wait five minutes longer to speak directly with her leader. I waited another 15 minutes before choosing to leave the branch, after spending well over two hours at the location. 

The overall amount of funds at issue is very small, but Navy Federals handling of my accounts and complaint is inexcusable. Navy Federal should proactively exercise due diligence over automated systems, be willing to manually support customer account auditing requests, increase telephone support manpower to limit hold times, shorten in person wait times in branches, and expedite account closures upon request. I should also be free to access available funds in my savings account, through cash withdrawal or external transfer, without incurring fees.

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