Checking or savings account -- Opening an account -- Complaint #11345072
Complaint Overview
Complaint ID: 11345072
Company: Navy Federal Credit Union
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Opening an account
Sub-Issue: Unable to open an account
State: Virginia
ZIP Code: XXXXX
Date Received: 2025-01-01T12:00:00-05:00
Date Sent to Company: 2025-01-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XX/XX/year> Applied to a Deposit Trust Account with Navy Federal Credit Union. Submitted all the necessary documents for review to open the account. XX/XX/year> Navy Federal responded that my trust application did not meet there opening requirements. Here is their response : Navy Federal Response XX/XX/year> : Thank you for your membership with Navy Federal. We have received your Application for Deposit Trust account along with supporting documents ; however, we are unable to process. This Trust does not fall within the category of a simple estate planning Trust that we service. After a thorough review of your documents, it appears we are unable to proceed with your Trust application request and encourage you to explore other financial institutions for your Trust needs. We apologize for this inconvenience. If we can be of further assistance, please let us know. XX/XX/year> I questioned Navy Federal 's decision and asked for their specific GUIDELINES in writing. I also stated that there seemed to be some bias and discrimination within your review process because Navy Federal did not CLEARLY defining the requirements upfront in the application nor is it stated on the website. I allowed them 5 business days for your response now I am escalate the matter. Here is what I asked Navy Federal : After careful review of the application and Navy Federal 's Website, there is NO PROVISION stating that the trust must fall within the category of a " SIMPLE ESTATE PLANNING TRUST. '' Please provide EVIDENCE within Navy Federal policy and guidelines that define what a " SIMPLE ESTATE PLANNING TRUST '' is. I am requesting a relook at my application because a Revocable Living Trust is a simple estate planning trust. Your application list the requirements as the following ; An Access Number will be created for the Legal Trust at the time the Deposit Trust Account is established. This application requires a Social Security number ( SSN/ITIN ) or an Employer Identification Number ( EIN ) and a copy of the Legal Trust pages that : ( 1 ) name the Legal Trust, ( 2 ) provide the signatures that established the Trust, and ( 3 ) provide the Trustee designations. Generally, XXXX requires that all Grantor ( s ) /Trustor ( s ) OR all the trust beneficiaries be members of Navy Federal Credit Union . Navy Federal refuses to provide the policy and/or guidelines that define " Simple Estate Planning Trust '' and how that classification is reached. This act show lack of transparency and possible bias and discrimination within their review process.
Frequently Asked Questions
What is Complaint #11345072 about?
Complaint #11345072 was filed against Navy Federal Credit Union regarding Checking or savings account specifically about Opening an account. It was received by the CFPB on 2025-01-01T12:00:00-05:00.
How did Navy Federal Credit Union respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Navy Federal Credit Union?
Yes, visit the Navy Federal Credit Union company profile at readthecomplaint.com/company/navy-federal-credit-union to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.