Checking or savings account -- Closing an account -- Complaint #15051112
Navy Federal Credit Union Fails to Return Funds After Account Closure
Complaint Overview
Complaint ID: 15051112
Company: Navy Federal Credit Union
Product: Checking or savings account
Sub-Product: Savings account
Issue: Closing an account
Sub-Issue: Funds not received from closed account
State: Ohio
ZIP Code: 44143
Date Received: 2025-07-31T12:00:00-05:00
Date Sent to Company: 2025-08-01T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Risk Assessment
Risk Level: high
The risk is high because the consumer did not receive funds from a closed account, indicating a potential failure in the credit union's fund disbursement process.
Consumer Sentiment: negative
Topics: Savings Account, Account Closure, Funds Disbursement
AI Analysis
CFPB complaint 15051112 was filed against NAVY FEDERAL CREDIT UNION regarding Checking or savings account (Savings account), specifically about "Closing an account". A consumer's savings account was closed, but they did not receive the expected funds. The complaint was received on July 31, 2025 from Ohio. The company responded with "Closed with non-monetary relief".
What You Should Do -- Consumer Action Plan
Consumers should meticulously document all transactions and communications when closing an account, especially ensuring confirmation of fund transfer.
Legal Context & Consumer Protection Laws
This situation may involve breach of contract or violations of consumer protection laws regarding timely fund disbursement.
Regulatory Insight
Regulators will likely scrutinize the credit union's internal procedures for account closures and fund transfers to prevent future occurrences.
Resolution Likelihood
likely
State-Specific Consumer Protections
The complaint originated in Ohio, and state regulations may also apply to the handling of closed accounts and fund disbursements.
Industry Comparison
This issue is common across financial institutions, highlighting the importance of robust internal controls for account closures.
Related Issues
Frequently Asked Questions
What is CFPB complaint 15051112 about?
CFPB complaint 15051112 involves Checking or savings account (Savings account). The consumer reported an issue with "Closing an account", specifically "Funds not received from closed account". This complaint was filed against NAVY FEDERAL CREDIT UNION on July 31, 2025.
Which company is complaint 15051112 filed against?
Complaint 15051112 was filed against NAVY FEDERAL CREDIT UNION. You can view all complaints against this company on their profile page at /company/navy-federal-credit-union.
What was the company's response to complaint 15051112?
NAVY FEDERAL CREDIT UNION responded with "Closed with non-monetary relief". The response was marked as timely by the CFPB.
When was complaint 15051112 filed?
Complaint 15051112 was received by the CFPB on July 31, 2025. It was sent to NAVY FEDERAL CREDIT UNION on August 1, 2025.
What state was complaint 15051112 filed from?
Complaint 15051112 was filed from Ohio. You can view all complaints from this state at /state/OH.
Was the consumer satisfied with the resolution of complaint 15051112?
Dispute information is not available for complaint 15051112.
What product category is complaint 15051112 about?
Complaint 15051112 is categorized under "Checking or savings account", specifically "Savings account". This is one of the product categories tracked by the CFPB.
How was complaint 15051112 submitted?
Complaint 15051112 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 15051112?
This situation may involve breach of contract or violations of consumer protection laws regarding timely fund disbursement. This relates to a Checking or savings account complaint against NAVY FEDERAL CREDIT UNION involving "Closing an account".
How likely is complaint 15051112 to be resolved?
Resolution likelihood: likely. The company's current response is "Closed with non-monetary relief". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 15051112?
This complaint is rated as high risk. The risk is high because the consumer did not receive funds from a closed account, indicating a potential failure in the credit union's fund disbursement process.
What regulatory actions apply to complaint 15051112?
Regulators will likely scrutinize the credit union's internal procedures for account closures and fund transfers to prevent future occurrences. The CFPB tracks complaints like this one to identify patterns of misconduct across the Checking or savings account industry.
What should the consumer do about complaint 15051112?
Consumers should meticulously document all transactions and communications when closing an account, especially ensuring confirmation of fund transfer.
Are there state-specific protections for complaint 15051112?
The complaint originated in Ohio, and state regulations may also apply to the handling of closed accounts and fund disbursements. This complaint was filed from Ohio.
How does complaint 15051112 compare to industry norms?
This issue is common across financial institutions, highlighting the importance of robust internal controls for account closures.
What is the typical timeframe for receiving funds after closing a savings account?
The timeframe can vary by institution, but generally, funds should be disbursed within a few business days to a week after account closure.
What steps should a consumer take if funds are not received after closing an account?
Contact the financial institution immediately to inquire about the status of the funds and request a trace if necessary. If unresolved, file a formal complaint with the CFPB or relevant state regulator.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.