Customer ReviewsforUniversity of Kentucky Federal Credit Union

BEWARE— WORST CREDIT UNION EVER— First of all, I had to go through several steps to be able to make a payment from my bank account which I have never had to do before. There was nothing simple about it. I finally had to call customer service to figure it out. Secondly, they included a stipulation in the agreement when we bought our truck that we had to have a 1000 dollar deductible on our comprehensive insurance. We didn’t realize this so we are FORCED to take a 1000 dollar deductible instead of a 1500 like we wanted. It is still full coverage insurance but, you are FORCED to take a 1000 dollar deductible. Lastly, they include a stipulation in the agreement that states if you don’t have insurance they will charge from the date you buy the vehicle. I guess this is to protect them, I understand that, but if you have any problems with the insurance they extremely over charge for the insurance and they add it to your car loan so it will accumulate interest. Example of what they are charging for car insurance. —- 4000.00 FOR THREE MONTHS —. THIS IS THIVERY!!

At the time an agreement is signed with UKFCU, an agreement to provide insurance is also signed. This agreement states that you are to have full coverage insurance with comprehensive and collection deductible to not exceed $1,000 as well as list UKFCU as a lien holder. A copy of this document can be provided upon request. Before adding CPI (forced-placed insurance), we attempted to contact the member at the address provided to let them know that we were going to be force placing insurance if the coverage deductible was not met and if UKFCU was not added as lien holder. The letters were mailed on the following dates: 11/23/23, 12/7/23 and 12/28/23. UKFCU received the policy from the member on 1/4/24 showing a $1,500 comprehensive and collision deductible; however, this still exceeded our deductible guidelines. We then received an updated copy of your insurance with adequate policy coverage on 1/6/24. We have requested a partial refund, but the request is still in process. Since the loan has been paid off, the funds will be placed in the member’s UKFCU prime share account.

Do not do trust this company with anything! If you currently have business with them please be extremely cautious, record and document everything! These crooks will do anything to keep taking money from you until they’ve drained your accounts and take everything you have. I was so grateful when they gave me an auto loan being a single mom with nothing. I wasn’t expecting them to keep taking everything I get. Stating I didn’t have insurance and adding more and more fees. Please do not do business with these thieves!

Thank you for bringing this concern to our attention. Based on the information in the complaint we were able to identify the member and were able to research the issue in question. When members take out a vehicle loan, they agree to carry insurance on the vehicle for the life of the loan. When that coverage lapses, we place insurance on the vehicle, as agreed by the member in the loan documents. When the member obtains insurance, we are able to cancel the coverage we placed on the vehicle and refund any unused premiums. Members also have the option to purchase GAP coverage in case their vehicle is totaled and their insurance does not cover the full amount of the loan balance. However, GAP policies do not cover costs for additional products such as service agreements. Settlement options are available to the member.

This business did me more than wrong! started my business account with them in Oct, 2021. two weeks before Christmas when i am at my busiest moment they called me with drama. we no longer do business at all. do yourself a favor and find another financial intuition. they have bylaws in place and they seriously don't even know the hoops they want me to jump through don't exist. i asked my attorney! and if you ask them they say they don't know or have the answer just figure it out. they gave me a fixed timeframe. 30 days. that was on dec.12. on jan 1 they locked my account. so they couldn't even get there time frame straight. and keep in mind in all this i have done nothing wrong or out of the ordinary. terrible business!

The University of Kentucky Federal Credit Union’s Bank Secrecy Act Policy (BSA Policy) has been updated to reflect the USA Patriot Act requirements, which do not allow for high-risk businesses that qualify as a Nonbank Financial Institution (NBFI), defined in the USA Patriot Act. While Mr. H*** originally opened his account prior to the BSA Policy update, we offered Mr. H*** the opportunity to maintain his relationship with UKFCU if he could provide a copy of his company’s Anti-Money Laundering (AML) Program that is required from all high-risk businesses. The AML Program should describe the types of products and services offered, locations and markets served, and OFAC monitoring and reporting methodologies regarding business relationships. The BSA Officer gave the member 30 days to provide the information needed to maintain the account; however, the member decided to close out his business relationship with UKFCU on January 3, 2023.