If you’re not knowledgable you may aback be branded with a “Do not accept for any product, for any reason…FOREVER” Scarlett Letter by Navy Federal Acclaim Union. I apperceive this because it happened to me. I had a 3,000 acclaim agenda with Navy Federal Acclaim Union from aback in the aboriginal 2000s. Through a bad annulment and job accident I had collapsed abaft on best all of my annual to accommodate my Navy Federal Acclaim Union card. It was afterwards answerable off as bad debt ancient amid 2007 and 2010. My blockage and accumulation accounts that I had at that time were additionally all bankrupt (I’ll accept for non action for several years). In 2013 I filed for defalcation aegis (in hindsight one of the affliction things I’ve anytime done in my life, but I didn’t apperceive any bigger at the time) and that old agenda that had been answerable off and bankrupt for years was additionally included in that procedure. Here’s what I didn’t know.
If you accept a acclaim annual with Navy Federal Acclaim Union (NFCU) and you accommodate that acclaim annual in a bankruptcy, Navy Federal Acclaim Union will, in perpetuity, mark you annual as an annual that can never participate in any added casework with the company…ever. There is no expiration. There is no alley to redemption. It is “policy” and there is no one that can do annihilation about it. You are always banned…well…sort of.
You see the brain-teaser is that you are still accustomed to backpack a blockage or accumulation annual with the institution. So you can drop funds and use those funds as you please. Banking institutions can accommodation out $10 for every $1 they accept on deposit, so it’s in their banking absorption to accumulate as abounding barter on the books as accessible that can add to their deposits so that they can accomplish added money loaning those funds out.
Between filing for that defalcation and now (2017) my activity has taken a abounding 180 with the bigger change actuality teaching myself how to address software and alive my way aural that industry to authoritative able-bodied over 200K per year. This has angry my banking activity about and I’m activity aback and alteration old banking wrongs.
That actuality said, about a year ago (2016) I contacted Navy Federal Acclaim Union to see if I can get addition annual there. I was able to do so and begin that I still had my aforementioned old affiliate cardinal from added than a decade above-mentioned and to all appearances I was aback in business. In hindsight I begin that already you’re banned, you can break on their drop rolls for their annual but you are not accustomed to use any of their casework to YOUR benefit.
You can not do any of the following:
Open a business account…ever=> No
Get an auto loan…ever => No
Get addition acclaim card…ever => No
Get a mortgage…ever => No
Get a claimed load…ever => No
Get a apprentice loan…ever => No
Get a Home Equity Loan…ever => No
Get a motorcycle loan…ever => No
Get a baiter loan…ever => No
Get any added blazon of loan…ever => No
Every time you log into your adaptable annual you’ll see this
I contacted them about this and this was the exchange.
Also apperceive that while the notice/warning is actual upfront and “in your face”, the abatement of your annual for bounce is not. You are not blocked from “applying” for any of the articles that Navy Federal Acclaim Union offers. I begin out that I was banned aback I activated to accessible a business blockage annual for one of the LLCs that I own. I was able to administer and got appealing far bottomward the alley to aperture the annual to alone be told that my appliance was denied. Aback I inquired as to why, the aboriginal chump annual actuality wasn’t abiding and had to do some digging. Turns out that it was due to that old 3,000 acclaim agenda from a decade ago. I was told that no business that I endemic or bigger yet that I was associated with at the officer/executive akin could anytime accessible an annual at Navy Federal Acclaim Union.
I offered to pay aback the 3,000 dollars that was answerable off as I’m now in the banking appearance to be able to do so and was told that I wasn’t accustomed to do that. Shortly there afterwards I boarded on purchasing my aboriginal home and already afresh went to Navy Federal Acclaim Union to administer for a mortgage. I was able to administer for the accommodation but was anon told that I was afresh denied because of that old acclaim agenda annual that I could now do annihilation about. I concluded up activity with USAA for my mortgage instead after any issues.
I inquired for my case to be escalated, basically so that I could allocution to addition that could do article about this and was assigned an accretion specialist. She alleged me and listened to my adventure and told me to accord actuality a few canicule to attending into the affair and that she’d get aback to me. She alleged me aback in a brace of canicule and basically proceeded to acquaint me all of the things that the accustomed chump annual abettor said about “policy” and there not actuality annihilation that can be done. I was affable with her and told her “ok I understand” mostly because I was beat with the accomplished bearings and was in the average of purchasing my home so it wasn’t a antecedence at that time.
A brace of issues that I accept with “denial purgatory” is two fold.
As a software developer, I feel adequate adage that #1 should be adequately easy. They acutely accept some affectionate of banderole on a users annual that already angry on triggers the “You accept had a defalcation at some point in your past” red admonishing in the adaptable app and the adaptable app should be application the aforementioned database as the web app so you should accept admission to that aforementioned banderole in the web app to use to attenuate casework applications.
I say either fix the affair with acceptance banned associates to administer for casework that they no best authorize for, or actualize some alley to accretion for banned associates to authorize for those services.
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