If Navy Federal Credit Union is hiding fees in your bill, you may have legal options.
Navy Federal offers many financial services to members of the armed forces and their families. Because they have so many services, it can be easy to overlook something like a fraudulent account opened in your name or a hidden fee that shouldn’t be there on your bank statement. Understanding all of the potential fees you might be charged for different services helps you better catch an error and report it to Navy Federal customer service.
Navy Federal charges $1 fees for all non-Navy Federal ATMs for withdrawals, rejected transactions, transfers, inquiries into your account balance, and invalid PIN entries. Otherwise, there are no fees.
Business Solutions basic checking accounts do not have monthly maintenance fees, but they have a transaction fee of $.25 after 30 non-electronic transactions each month. Business Plus checking accounts have an $8 monthly maintenance fee and the same transaction fee of $.25 but only after 50 transactions. The same transaction fee of $.25 begins after the first 100 transactions. The Business Premium checking account has a $20 monthly fee waived if you keep more than $5,000 in your checking account at all times.
Fees here vary based on the type of checking account you have, but in general, if you need to stop payment, it will cost $25. If you need overdraft protection, it is $29 for each transaction beyond what you have in your account. Their Flagship checking account comes with a $10 monthly fee. If you let your checking account become dormant for more than 12 months, they add a $3 fee per quarter until you conduct a transaction.
For consumer loans, you might see a returned payment fee of $29 on your account. If you are late on a payment, another $29 fee will add. If you go over your limit, expect a $10 fee. Lien placement fees vary by state, as do duplicate title fees. Still, if you have used those services, expect something different on your next statement.
Navy Federal has six different credit cards, and only one of them has an annual fee of $49. Beyond that, other hidden fees can be applied for a returned payment ($20), late payment ($20), or a replacement card ($22).
If you use your PIN to complete a transaction for debit cards, you face a $5.95 fee. If you need a new card and PIN, it can cost up to $17.45. Navy Federal adds 1% of the transaction total to your next statement if you make any payment in a foreign country.
For equity loan services, you can face a $29 fee for any returned checks or payments. If you are over your limit, your account will be charged $10. If you need an appraisal, the fee starts at $505. If you need to stop payment, it will cost up to $25 in fees. Getting a credit report costs $5.48 per application. Tax services charges are $25. Finally, if you need to modify your loan, you can expect a $150 charge on your next statement.
Navy Federal offers a debt cancellation product for any outstanding loan balances on stolen vehicles and not recovered or totaled in an accident. This comes with a $399 fee for each vehicle used for the protection.
For money transfers, there are no charges on incoming transfers. Still, outgoing domestic transfers will add a $14 fee to your statement and $25 for international transfers if you need to make a Western Union Quick Cash transfer, which costs $14.50.
If you make a loan payment and it is returned, you can face up to $29 in fees depending on where you live. If you are late with your mortgage payments, you can face a late charge of up to $30 plus a percentage of your principal, usually 4-5%.
If you use the Navy Federal notary service, you don’t face any fees for Navy Federal documents. Still, any non-Navy Federal documents incur a $5 fee after the first two documents per week. This does not apply to Louisiana residents where this service is not offered or to California residents for whom non-Navy Federal notary services are not available.
You don’t have any charges or fees when you make a purchase, but if you need a replacement card, you can expect a $5 fee on your statement. If your gift card or prepaid card remains inactive for 12 months, the same is true. They charge you $5 per month until you purchase or use all of the remaining balance.
For a savings account or MMSA, you are charged $5 per check if you use a Share Withdrawal Check. If you are over the age of 24, with a balance of less than $50, and don’t have any activity for 12 months, they start charging you $3 per quarter. If you are deployed or don’t remember to add funds to your savings account, it can cost you quite a bit when you next take a look at your statement.
So, for example, if you have a savings account and it falls dormant with only $49 in it, $12 gets taken out each year you don’t conduct any activity. Similarly, if you have a combined savings and checking account with a balance of less than $50 and don’t use any other Navy Federal services, a dormant checking fee gets applied after 12 months. It’s the same as the savings account; they charge you $3 per quarter.
If you have to reassign your account number, you face another $25 fee.
If you notice something isn’t right on one of your statements, or it doesn’t make sense, start by contacting Navy Federal. If customer service can’t fix your problem, you have two other options:
With small claims court, you can sue Navy Federal at your local court, but each state has limits on the compensation. So your case might not qualify. What’s more, you are responsible for ensuring the right paperwork is filed at the right times.
If you don’t want to deal with that, or your situation does not qualify, consider consumer arbitration. Using arbitration, you can file a complaint with more flexibility and usually faster results.
Share your complaint about Navy Federal with FairShake today.
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