Consumer complaint received 2024-03-20 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: NAVY FEDERAL CREDIT UNION
State: CA

Complaint narrative:
Dear, CFPB My name is XXXX XXXX, an investor who bought a bond on XX/XX/year>, a United States Debt security delivered to Navy Federal Financial Group. A Security that is an debt obligation of the United States backed by full faith and credit of the United States. Debt capital represents money loaned to a corporation by investors who buy the issuers debt securities. The corporation is obligated to pay back a specific sum of money ( the principal ) on a specific date ( maturity ). The corporation is also obligated to pay investors a stated rate of interest for the use of their funds. When investors buy a bond, they are lending a corporation money for a set length of time at a fixed annual interest rate. In my case the APY is 8.14 %. The interest rate on a bond is always shown on the bond certificate as a percentage of the par value. That interest stated on the face of the bond is the nominal yield. Sometimes it is referred to as the coupon rate. The company is not accepting my voucher coupons I send to credit the principal. Treasury bills are considered money market instruments. Navy Federal advertised to me in the company 's Important Disclosures, I quote Navy Federal also provides the Annual Percentage Yield for each dividend rate declared. Payment of all dividends is dependent on the availability of earnings at the end of the period. Dividends at Navy Federal are earned on deposits, including non-cash deposits, from day-of-deposit to day-of-withdrawal, and are computed using the daily balance method by applying the daily periodic rate to the full amount in the account at the end of the day. Dividends for the savings and checking accounts, money market accounts where applicable, are credited the last day of the period they are earned and are compounded monthly. There has been monthly accrued amounts of dividend Interest that was advertised to me, would be paid to the principal 's account monthly on maturity at par, in book entry form. Currently there is an accrued amount of {$730.00} I have not been accredited with the Interest payments as advertised to me in the company 's Important Disclosures. This is a false advertising of United States Interest payments of debt securities. I am being required to pay an unearned portion of interest fees exceeding the finance charge. If I do not pay the excess fees, Navy Federal Financial Group is using extortionate means to sell and share my personal non-public information to credit agencies to affect my creditworthiness. It was advertised to me in Navy Federal Important Disclosures that, I quote Federal law gives me the right to limit only sharing for affiliates everyday business purposesinformation about my creditworthiness, affiliates from using my information to market to me, sharing for non affiliates to market to me. They advertised that Companies not related by common ownership or control, They can be financial and non-financial companies, that Navy Federal does not share with non affiliates so they can market to me. NAVY FEDERAL advertised that, We will disclose information to third parties about your account or the transactions you make if you give us your written permission. Navy Federal you do not have my written permission to share my personal information or credit worthiness to affiliates or non-affiliates. I demand Cease and DESIST of the sharing of my personal information to non affiliated third parties. I have previously sent an opt out of sharing my nonpublic personal information to non affiliates to NAVY FEDERAL CREDIT UNION. My request has been denied because of the business relationship they have to report creditworthiness to non affiliated credit agencies. This is also a false advertisement and is contrary to the Company 's Important Disclosures that is being advertised to me. Credit agencies are not an affiliate of the company and it is a federal law that income should not be reported on my credit profile. My personal information has been compromised through those medians. NAVY FEDERAL is not acting as a responsible fiduciary in trust to protect my personal information. It seems they can care less of my nonpublic personal information being compromised for a financial gain on the company 's behalf. The Trust Indenture Act prohibits the sale of corporate debt Securities to the public unless they are issued under an Indenture that conforms to federal statutory standards. The basic requirement of the Trust Indenture Act is that a Trustee be appointed to oversee the Indenture and that the Trustee exercise certain ministerial duties prior to a Default under the Indenture and exercise a fiduciary duty to act as a prudent person on behalf of investors. The acts that Navy Federal is being allowed to commit are unsafe and unsound practices in conducting the business of a credit union. I request that all accrued interest be credited to the principal 's account monthly at maturity. I also request all securities over {$500.00} be sent to me by registered mail only. If not, that is mail fraud. This is my final attempt to issue a Cease and DESIST of the reporting of income or my credit worthiness to non affiliated third parties. This is NAVY FEDERAL Financial Group opportunity to cure. CFPB, if you can not regulate my request. Please refer this complaint to the appropriate governmental agencies for BOOK ENTRY SECURITIES FRAUD.

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