NFCU dirty practices

Banks and Credit Unions are continually trying to find new ways to make a healthier profit. Unfortunately, many of these ways are sneaky and unethical. Many banks are purposefully cheating its customers with overdraft fee practices. NFCU is sadly one of them.

During the month of December, we had delayed our car payment to help with christmas expenses. The payment was due on the 15th. We intended to pay it 2 weeks late on the 1st of January, however, there is a stipulation that we were not aware of in our loan agreement. If you do not pay your payment on time, NFCU will automatically deduct the money from your account in 10 days. on the 25th of December, our bank account was empty, a suprise when your trying to pay for groceries at the commissary.

It was not fun spending a week without money, though, we've lived off of hotdogs before and indeed this was our fault for not fully reading our loan agreement when we opened the loan. This was not the problem.

The problem was that we also had several other charges that had not yet cleared NFCU. During that week, we had 10 charges, most of which were less than $10. Our bank account was now at $0 because NFCU had withdrawn the money for the car payment. Overdraft fees were $25 each, adding to a total of $250 in overdraft fees for that week. (If I had known a grande coffee at starbucks was going to cost me $27, I would not have purchased it.)

NFCU refused to see the craziness in this and told us "we should have known." I should have known? Merry Christmas NFCU.

We have since switched to a different Credit Union with better service and most importantly, no profitability scams.

Why does the FDIC allow these practices? What happened to ethical banking. Sadly, I expect it from large banks, but not from NFCU.