Checking or savings account -- Managing an account -- Complaint #9907077
Complaint Overview
Complaint ID: 9907077
Company: Navy Federal Credit Union
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: California
ZIP Code: 90249
Date Received: 2024-08-23T12:00:00-05:00
Date Sent to Company: 2024-08-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Dear Sir/Madam, I am writing to file a formal complaint against Navy Federal Credit Union regarding the excessive delay in releasing funds from a signed-over check that I deposited on XX/XX/year>. The check in question was a XXXX rent relief payment signed over to me by my tenant, XXXX XXXX XXXX XXXX to cover back rent owed. Prior to depositing the check, I contacted Navy Federal to confirm that they accept signed-over checks, and I was assured that they do. Upon depositing the check into my Navy Federal business checking account via an ATM, I received a notification that the check would be subject to a 5-day hold. However, it has now been over five months, and the funds have yet to be released. Navy Federal has requested that XXXX XXXX provide a passport for verification purposes. Unfortunately, XXXX XXXX does not possess a passport, and this request has caused significant delays. Despite this, Navy Federal has continued to pay dividends on the check, indicating that the funds are in their possession, but they have not released the funds to me. This delay has caused undue financial stress and hardship. I believe that Navy Federal 's actions are both unreasonable and unjustified, and I am requesting that the CFPB investigate this matter to facilitate the release of the funds that are rightfully owed to me. Enclosed are copies of relevant documents, including the deposit receipt, the letter from Navy Federal regarding the hold, and any correspondence with Navy Federal regarding this issue. I appreciate your attention to this matter and look forward to a prompt resolution. Sincerely, XXXX XXXX
Frequently Asked Questions
What is Complaint #9907077 about?
Complaint #9907077 was filed against Navy Federal Credit Union regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2024-08-23T12:00:00-05:00.
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.