- Report: #1084698
Complaint Review: navy federal credit union - Select State/Province
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navy federal credit union
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navy federal credit union Nfcu they made an error that I am paying for VA
Navy federal credit union approved me for a credit card with a $25, 000 limit. Which was not a shock since I have good credit without a blemish and great income. So I changed all my banking to navy, which I thought was a good idea. I refinanced my vehicle and changed my dirext deposit also. I had a credit card with another bank with a $10, 900 limit with a $7, 000 balance. Since I was told I had this great card with travel benifits from Navy I paid the other card off and closed the account also my checking and savings. Now 4 days later I sit with Navy card in hand and they are telling me it was a mistake. I don't have any bad reports and my income is great. But now not only am I out of the $7, 000 cash but I have canceled my card. No card and out of cash and all they can tell me is we made a mistake. But I have a wife and 2 kids to take care of. And now because of thier so called mistake I am suffering financially and to top it of no one can transfer me to a supervisor in that department.They aactually told me to go nack to the other bank.
I thought credit unions were for the members especially one that represents the military but I was mistaken because I have been placed in a fonancial hardship because of what Navy Federal Credit Union promised me. And thier mistake
1 Updates & Rebuttals
Robert
Irvine,California,
For someone with great credit.
#2Consumer Comment
Mon, September 16, 2013
You seem to have a lot of misconceptions.
First of all with a Credit Card..you are BORROWING money and it is not yours. So if someone is issuing a 10,000 credit limit that means they are willing to allow you to borrow $10,000 of their money. The only reason you had a $7,000 balance with the other credit card is because you had borrowed $7,000 of THEIR money.
You are NOT out $7,000 in fact you are not out a single dime. You were just paying back money that YOU owed. But then we go a bit farther. If you had $7,000 to plunk down on a Credit Card, what does Navy Federal have to do with this?
Because if they didn't approve you...were you just going to keep paying astronomical interest rates to the other card with this money just sitting doing nothing? Or is this a case of you figured give up $7,000 of your cash so you can BORROW another $7,000 and continue to pay a high intrest rate on another card?
Oh and I can just about guarantee you that regardless of how low your interest rate was you are just throwing away money if you truly had $7,000 just sitting around.
As for you closing your account, Navy Federal didn't tell you to do that. That was 100% on you, and there is absolutly no reason you needed to close that account out.
