Navy Federal Credit Union

★★★★☆
We Serve Where You Serve
  • 1530 International Boulevard

    Norfolk, VA 23513

    Map & Directions
  • 888-842-6328

About Navy Federal Credit Union

Categories
  • Credit Unions
  • Banks
Hours
M-F 9am-5:30pm, Sa 9am-2pm, Su Closed
Year Established
  • 1933
Products
  • Loans
  • Auto Loans
  • Mortgages
  • Credit Cards
  • Checking
  • Savings
3.8 5
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I have been a member of the NFCU for 16 years. When I applied for a mortgage for my new home in 2002, and when I refinanced in 2003, they were efficient, customer-friendly and offered the best rates and terms. It was a pleasure working with them. When I applied for another refinance in June 2010, my experience was exactly the opposite, thus, echoing other complaints here.
I have an unblemished record as a mortgage, banking and credit card customer with NFCU as well as with other banks I do business with. My credit scores hover around 820-830. I have zero consumer debt. I have a high verifiable net worth as an investor/businessman. My equity in my house is two-thirds. Banks love to do business with me. NFCU, however, is a different story.
I first became concerned over my loan application when NFCU's loan officer kept losing the reams of documentation I sent in both electronically and by mail -- not once, not twice, but three, four and five times. Moreover, it took her on average two weeks to reply to anything I sent in. I became so exasperated that I lodged a formal complaint to NFCU's Special Committee which is supposed to act as ombudsman for NFCU customers. I suspected something was amiss with this committee when I couldn't find any contact info on it. Hours of cybersleuthing got me the email address of a Navy Dept. official who is on the board, whom I contacted. After a month, I received a canned response from the board obviously written by the same incompetent loan officer I'd been dealing with, instructing me to send in the documents she'd been losing. Exercise in total frustration.
Nonetheless, I continued to assiduously fulfill each request for information. But every time I submitted information, back came additional demands which over time became increasingly absurd. As I reached the sixth month of this charade, it became very clear to me that NFCU had no intention of approving my application to refinance at a full percentage point lower rate. The game they were playing was clear: henpeck the client to the point he gives up. My requests to speak to a supervisor were ignored. I finally issued them an ultimatum: they had more than adequate data proving my creditworthiness. Make a decision, I told them. Well, I received no response for two weeks. I had to goose them repeatedly for a reply. They sent me a form rejecting my loan application, checking every box available for the rejection. My impression was that they had great glee in throwing the book at me. And I am out of pocket for $850 in fees.
NFCU isn't the veterans-friendly bank it used to be. Something has changed. They now comport themselves like some fly-by-night scammer. I plan on removing my $200,000 in accounts from NFCU and to cease doing business with them. Moreover, I'm writing their management to inform them that I am reporting their bad faith practices to the National Credit Union Administration, FTC, FDIC, Federal Reserve, BBB and the new Consumer Financial Protection Bureau. Moreover, I am writing to the respective oversight committees of Congress requesting that they investigate the lending practices of NFCU and other banks who are committed to lending, but who act in bad faith, a form of fraud. I followed this same route with another bank several years ago and got results.
I urge other NFCU members to follow suit. Make your voices heard. Also lodge your complaints in writing. A good place to start is: http://www.mortgagesfinancingandcredit.org/mortgages/complaints-regulatory/ncua6.htm.

1
★☆☆☆☆

I have been a member of the NFCU for 16 years. When I applied for a mortgage for my new home in 2002, and when I refinanced in 2003, they were efficient, customer-friendly and offered the best rates and terms. It was a pleasure working with them. When I applied for another refinance in June 2010, my experience was exactly the opposite, thus, echoing other complaints here.
I have an unblemished record as a mortgage, banking and credit card customer with NFCU as well as with other banks I do business with. My credit scores hover around 820-830. I have zero consumer debt. I have a high verifiable net worth as an investor/businessman. My equity in my house is two-thirds. Banks love to do business with me. NFCU, however, is a different story.
I first became concerned over my loan application when NFCU's loan officer kept losing the reams of documentation I sent in both electronically and by mail -- not once, not twice, but three, four and five times. Moreover, it took her on average two weeks to reply to anything I sent in. I became so exasperated that I lodged a formal complaint to NFCU's Special Committee which is supposed to act as ombudsman for NFCU customers. I suspected something was amiss with this committee when I couldn't find any contact info on it. Hours of cybersleuthing got me the email address of a Navy Dept. official who is on the board, whom I contacted. After a month, I received a canned response from the board obviously written by the same incompetent loan officer I'd been dealing with, instructing me to send in the documents she'd been losing. Exercise in total frustration.
Nonetheless, I continued to assiduously fulfill each request for information. But every time I submitted information, back came additional demands which over time became increasingly absurd. As I reached the sixth month of this charade, it became very clear to me that NFCU had no intention of approving my application to refinance at a full percentage point lower rate. The game they were playing was clear: henpeck the client to the point he gives up. My requests to speak to a supervisor were ignored. I finally issued them an ultimatum: they had more than adequate data proving my creditworthiness. Make a decision, I told them. Well, I received no response for two weeks. I had to goose them repeatedly for a reply. They sent me a form rejecting my loan application, checking every box available for the rejection. My impression was that they had great glee in throwing the book at me. And I am out of pocket for $850 in fees.
NFCU isn't the veterans-friendly bank it used to be. Something has changed. They now comport themselves like some fly-by-night scammer. I plan on removing my $200,000 in accounts from NFCU and to cease doing business with them. Moreover, I'm writing their management to inform them that I am reporting their bad faith practices to the National Credit Union Administration, FTC, FDIC, Federal Reserve, BBB and the new Consumer Financial Protection Bureau. Moreover, I am writing to the respective oversight committees of Congress requesting that they investigate the lending practices of NFCU and other banks who are committed to lending, but who act in bad faith, a form of fraud. I followed this same route with another bank several years ago and got results.
I urge other NFCU members to follow suit. Make your voices heard. Also lodge your complaints in writing. A good place to start is: http://www.mortgagesfinancingandcredit.org/mortgages/complaints-regulatory/ncua6.htm.

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If you qualify to be a member of NFCU then do it. Do not delay in becoming a member. They have branches even overseas if your deployed or stationed there. Friendly staff, you just cannot ask for better.

5
★★★★★

If you qualify to be a member of NFCU then do it. Do not delay in becoming a member. They have branches even overseas if your deployed or stationed there. Friendly staff, you just cannot ask for better.

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My fiance encouraged me to join Navy Federal because he is a member. I did so nearly six months ago, and I have not regretted it. Although I was not a service member, family can join.

Interest rates are fairly high on the checking and savings, and there are no fees. Online banking is simple and quick.

The employees of Navy Federal are friendly and helpful if one has a question. Thus far, I have not encountered any problems with my accounts. I currently have direct deposit with them, and it has gone off without a hitch.

My only complaint is that more ATMs are needed. There are none in Suffolk where I live, and branches are not too convenient.

PROS: Great service, no fees
CONS: Not enough ATMs

5
★★★★★

My fiance encouraged me to join Navy Federal because he is a member. I did so nearly six months ago, and I have not regretted it. Although I was not a service member, family can join.

Interest rates are fairly high on the checking and savings, and there are no fees. Online banking is simple and quick.

The employees of Navy Federal are friendly and helpful if one has a question. Thus far, I have not encountered any problems with my accounts. I currently have direct deposit with them, and it has gone off without a hitch.

My only complaint is that more ATMs are needed. There are none in Suffolk where I live, and branches are not too convenient.

PROS: Great service, no fees
CONS: Not enough ATMs

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We have had an account with NFCU since 1994. We do all of our main banking with them. I absolutely love the service. It is very easy to get a loan with them. If you pay them on time they will be very good to you. We have had several car loans with them. They are awesome. The rates are pretty good too. The only thing I do not like is that they do not have enough branches in the Hampton Roads area. We have a huge population of military but they only have a handfull of branches. That means many times you have very long lines. That is the only negative thing I could ever say about NFCU.

4
★★★★☆

We have had an account with NFCU since 1994. We do all of our main banking with them. I absolutely love the service. It is very easy to get a loan with them. If you pay them on time they will be very good to you. We have had several car loans with them. They are awesome. The rates are pretty good too. The only thing I do not like is that they do not have enough branches in the Hampton Roads area. We have a huge population of military but they only have a handfull of branches. That means many times you have very long lines. That is the only negative thing I could ever say about NFCU.

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We go to Navy Federal for all of our banking and loan needs. The rates can't be beat on loans and credit cards. Most of all, the staff is very friendly and helpful. They always make us feel right at home. They'll help you figure out what is best for your family's needs!

4
★★★★☆

We go to Navy Federal for all of our banking and loan needs. The rates can't be beat on loans and credit cards. Most of all, the staff is very friendly and helpful. They always make us feel right at home. They'll help you figure out what is best for your family's needs!

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Message from Navy Federal Credit Union

Navy Federal Credit Union proudly serves all Army, Marine Corps, Navy, Air Force and Coast Guard, active duty, retired, reserve, National Guard, Military Civilians and their families. We offer amazing loan and savings rates with incomparable service at over 220 worldwide branches -- many on or near military installations. Federally insured.. Loans,Auto Loans,Mortgages,Credit Cards,Checking,Savings

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Key Points

  • We Serve Where You Serve
 

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