ComplaintsforAzura Credit Union

• Initial Complaint

  03/28/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Azura is hitting my credit for late payments when payments have been made. Azura is taking weeks to process payments, or I can call and be charged $10 for them to take my payment. A payment was made on March 13th for $260 and on March 25, 2024 for $475.00. I talked to a representative of the credit union stating payment have been sent. Azura has been slow to process payments from previous bank as well. It appears Azura credit union is using tactics to collect more money in fees from customers. I would like the late payment comments on all 3 credit bureaus removed and for Azura to stop charging extra fees.

  Business response

  04/05/2024

  Mr. ******** 
  
  We take the accuracy of payment application and credit reporting very seriously and can assure you that payments are processed the same day they are received. We received and posted a payment in the amount of $475 on April 1, 2024. As of the time of this response, we are not in receipt of the other payment you stated to have mailed in March. If your records indicate otherwise and the amounts have cleared your account, please provide that documentation so we may investigate and make any necessary corrections, including refunding any unearned fees and amending data previously furnished to the credit reporting agencies.
  
  While we cannot account for mail delivery time, we would be happy to assist you with setting up automatic payments to avoid additional delays in the future. Please contact us at your convenience to discuss the best option!

  Business response

  04/08/2024

  *** *******: 
  
  We appreciate the additional information regarding the missing payment in the amount of $260 mailed on March 13, 2024 via your primary financial institutions bill pay provider. This additional information has helped us conduct thorough research and we have discovered that the payment was received on March 18, 2024 but was applied to the wrong account. Please accept our sincerest apologies for this mistake and rest assured we are making the necessary corrections. 
  
  To protect and respect your privacy, we will provide further detail about these corrections directly to you. Thank you for your patience and cooperation. 

  Customer response

  04/10/2024

  Another 30 day late notice was put on my account at the end of March. As shown in last documents payment was sent. I also told a bank representative on the phine the date payment was made and the amount. That payment was not 30 days late. If the last two derogatory remarks put on my credit reports are removed as well as late fees refunded as ******* ******* said then I will agree and close this case.

• Initial Complaint

  04/20/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  My wife and I went to Azura in August 2022 to discuss certificates of deposit after seeing their “30 month ****% APY bump rate cd” advertising. We were told that this cd would be ideal for us because “when rates rise, you will be able to bump it to the higher rate”. Interest rates have increased 5 times since August 2022, for an total of ***%! Azura hasn’t raised their “bump rate“ at all, even though they have increased all of their other rates on CDs and loans. (Fed rate was 2.25% in Aug. 2022 and 4.75% as of today). We have contacted Azura several times in the last few months, asking about the 30 month bump rate CD that we have and when might it increase. The answers that I was given were: that doesn’t seem right, check on the first of every month for an increase, or you could pay the 6 months interest penalty and move it to a different account! This product was highly advertised, and was sold to us with the understanding that when interest rates climb, you can lock it in at the new higher rate! I contend that this was false advertising, that this product is not a “bump rate cd” as advertised because it never increases. Their competition, ************** ******* ****** ***** just offered a ****% APY for ** months, a big difference for someone ** * ***** ******, like my wife and myself.

  Customer response

  04/30/2023

  The “Bump Rate CD” that we inquired about when we first talked to the representative at Azura Credit Union was described to be an investment vehicle that would offer an opportunity to bump up the rate as interest rates increase. Before we spoke to the Azura representative, we were hesitant to invest in this institution. We were sold on this product by the statement of the Azura representative! When I spoke with Jessica, who told me that she was a supervisor, she said that Azura has received multiple complaints about this issue!

  What Is a Bump-Up Certificate of Deposit? 
  A bump-up certificate of deposit (bump-up CD) is a savings certificate that entitles the bearer to take advantage of rising interest rates with a one-time option to raise (or “bump up”) the interest rate paid. (From Investopedia)

  I believe that Azura has no business calling their product a bump rate cd, and that they don’t intend to “bump” the rate.

  Business response

  04/30/2023

  This complaint is identical to one filed with our state regulatory department and has been responded to in the manner in which the regulator requires - by direct contact and formal response to the complainant.

  No further response is required regarding this BBB complaint at this time.

  Customer response

  05/01/2023

  
  Complaint: ********
  
  I am rejecting this response. Azura claims to have no responsibility to increase the bump rate. I contend that what I was told when obtaining this account is not what has actually occurred. While I understand that there was no guarantee of an increase, it was represented to me that rates would increase when warranted. When are increases warranted, if not in an environment where 5 Federal Bank rate increases took place for a total of ***%?

  
  Sincerely,
  
  Jim ********

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