How the Navy Federal Credit Union (NFCU) Steals Money from Their Customers

BLUF: This is a true story and why anyone in their right mind should never do any business with or entrust their money to the Navy Federal Credit Union (NFCU).

When serving overseas I was a member of the Navy Federal Credit Union (NFCU) but that was long ago and have not been a member for several years. Hence, I was surprised to get a NFCU account statement last June but about the same time my current bank reported a series of several very small three and five cent ACH money transfer transactions which alerted them to fraud involving my account. Turned out fraudsters were testing my account in prep to clean it out of thousands and the scheme involved fraudulently opening a NFCU account to first move the money there and then cashing it out from there. Fortunately we caught the fraud before any money was lost but $100 had been moved out of my banking account and into the fraudulent NFCU savings account.

As a victim of fraud but because no funds were lost, I thought getting this straightened out would be easy but I was mistaken. My bank closed out my checking account and reopened a new one for me and moved funds over seamlessly almost transparent to me but not the case with NFCU. They had to go through a full investigation and in late September they closed the case determining I had been a fraud victim so I expected they would just return the $100 fraudulently transferred from my bank account. WRONG!

Since the September case close out I have called NFCU several times to see about getting my $100 back. It’s just a lousy 100 bucks but it’s the principle of the thing and that the NFCU would open a fraudulent account in my name without requiring any proof of identity from whoever opened the account. Then once discovered the NFCU would try to make me jump through impossible hoops to recover my $100.

The NFCU tactic to prevent fraud victims from ever recovering their money is after their initial NFCU screening agent takes all your information, they tell the customer they need to be transferred to the NFCU Security and Fraud Office to resolve the issue and they pretend to “transfer” you. Over the past 3 months I have spent hours on hold listening to god awful music but have NEVER gotten through to that office. Today I sat on hold 148 minutes before NFCU disconnected from me. It was then I realized there isn’t a NFCU Security and Fraud Office. This is the NFCU ruse to get the customer so frustrated that they give and determined the funds are not worth the effort.

Bottom line, I give up and I guess I’m just going to allow the Navy Federal Credit Union to steal $100 from me.