Navy Federal Credit Union - Charged twice for being late

I understand NFCU loans are due on the 13th of each month, if you do not pay it by the 13th, they are charging you $20 Increased Balance Adjustment, if you have not paid by the 23rd, they charge you $20 Late fee assessment. I discussed it with my local branch representative and she called someone in the loan dept, they told her it the increase balance adjustment was a late fee also. Is this legal? Can they double charge for the same thing? I understand charging a late fee, but why a increased balance adjustment. We have been charged this every month since August. I had no idea I was being charged this because it never appeared on my bank statements. I know I am not the only person they are doing this to, Navy Federal Credit Union has all their loans due on the 13th of each month, but the military gets paid on the 15th. Does this mean they are charging

everyone who pays their loans out of their 15th payday $20, and no one

realizes they are charging the $20, because it never appears on there


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Jan 24, 2013 #598201 Santa Clarita, California

just looked at my online account to see several 29$ fees ill take one late fee but two? you have to be kidding me! time to transfer this loan to another bank!

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May 17, 2012 #481831

I ran across this post on google and have an answer about the "mysterious" double charges, because I noticed the same thing on my account. Luckily for me, I managed to get an NFCU rep that calls me back and cares enough to explain. (Kudos to Brian H. w/ NFCU by the way) So your answer is in your balances. You are charged a $20 late fee after your grace period because the payment was made on time (obviously) but the additional $20 is not actually getting put towards your balance. If you look at your statement balances, you'll see. Check out the account activity.

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Xavier Garcia

Mar 01, 2011 #254969 Savannah, New York

Steer clear of Navy Federal!!!!

Transfer your loan to another bank, this is the kind of stuff they do to steal money from service men and women. Navy Federal is and has been a shady business operation for years already, anywhere from misterious fees, money missing from accounts and last but not least, predatory lending practices. If you are a member on Navy Federal Credit Union and have any money with them cancel your account and go to another bank, i will reccomend USAA, i have been there for 6 out my 8 years in the Navy and they have allways treated me right, like a good costumer deserves.

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