Not resolved
Customer service
Diversity of Products or Services
Interest Rate
Product or Service Quality

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 on the web.

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:

Product or Service Mentioned: Navy Federal Credit Union Loan Officer.

Reason of review: Poor customer service.

Company wrote 0 private or public responses to the review from Dec 20, 2010.
Do You Have Something To Say ?
Write a review


Terms of Service
Post Comment

I have had simular experiences after 25 + years with them. They are getting to big and bloated.

They may as well be a commercial bank

My son a new 2nd a new Lt applied for a uses car loan and they tried to give him a 17% loan rate.

I was astonished we were able to get him a 5% loan here commercially.

Thus ia a very sad future for Nav Fed.


UPDATE: Just a note - shortly after pulling out of NFCU, a credit union in my area approved my mortgage application quickly and gave me a very favorable rate. They were glad to have my business.

By acting so dishonestly, NFCU not only lost my business, but they have one serious pieved ex-customer who's not hesitant to take the time to spread the word about how bad they've become. Veterans and active duty alike deserve better.





If you all have such great credit and are doing so well, why on Earth would they refinance you? You realize that you signed a legally binding contract to pay back a specific amount at a specific interest rate, right?

Have they held up their end of the bargain and loaned you the money?

Is there any reason why you can't make the payments you agreed to? Sorry you want a better deal, but the 'deal' has already been made.

to KGee #1557116

Kgee , Navy Fed is not what it used to be . My wife has a credit card and i have a loan on which together we pay 360 .

The consolidation would be 336 to pay .now how on earth can they say we cannot make those payments when we are making 24 dollars more on it paying 360 . We were good for the card and good for the loan but not good for a consolidation . Its not the fact that they hold on to their held up to their end of the bargain , but they get grimey afterwards .

Its not out to help the vets or active duty and family they are out to do what most banks are out to do is make money off of hard working people who have never missed a payment always on time . So ur response may fit some people but not all .

Moriches, New York, United States #432649

I just finalized a refinance with another credit union (AmeriCU), which welcomed my business and has treated me with respect and professionalism. So, Navy Federal has lost $180,000 of my business.

I hope others follow suit. Nothing like a deteriorating bottom line to grab a CEO's attention.

Moriches, New York, United States #380331

I am now in the process of yanking close to $200,000 in mortgage accounts out of NFCU and refinancing with a local credit union which welcomes my business. I am refinancing at a full one-and-a-half points lower than my rate with NFCU.

Moreover, the new credit union's loan processing is quick, cheap and streamlined. Scammers like NFCU must know that there are consequences to their running roughshod over their clientele.

In this era of ***-the-consumer, we are receiving no protection from govt consumer agencies tasked with protecting us from the bad faith practices of banks. It's shameful.

One can only hope the pendulum will eventually swing back in the citizens' direction. A key way of influencing this is to put your money with institutions that treat you well.


I had a similar experience just this week. I have excellent credit and have been a loyal NFCU customer since 1989.

After numerous poking and prodding about my refinance application, I was told that the "credit committe" would not approve my mortgage. I dealt with 4 different processors during the procedure which took much longer than it should have. The reason it was turned down was "you don't live in the property", although prior phone reps (after supposedly confirming with supervisors) said this was allowed since I am still on active duty and don't own any other property. NFCU used to be small and customer service driven, but as they have expanded their membership group and gotten big, the service to the member has disappeared.

I am switching everything to USAA. NFCU will not get another penny of my business.


Totally agree with you, 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.

Steer clear of Navy Federal!!!!


FDIC has nothing to do with a credit union.

You May Also Like