ComplaintsforLafayette Federal Credit Union

• Initial Complaint

  03/05/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  They changed the way loan payments are drafted from my business bank account. Fixing it on their portal resulted in being drafted 2x a month. I removed my bank info and asked for paper statements to pay them. That request was over a month ago. I’ve called. They don’t pick up. I’ve emailed & get stupid auto replies. Today the next bill is due. So, it wall be late due to their inability to send a paper statement or pick up the phone so I can pay with my card.

  Business response

  04/12/2023

  4/12/2023
  **. ***********************
  Dispute Resolution Team Leader
  Better Business Bureau
  Re: ***********************
  Re:   Complaint ID - ********
   
  Dear ****************,
  Thank you for bringing this matter to our attention. Lafayette Federal Credit Union (LFCU) takes member
  complaints very seriously.
   
  We have thoroughly reviewed ************************** complaints. Our investigation revealed that LFCU
  followed all policies and procedures pertaining to ********************** loan payment issues. A detailed
  response letter to **. ****** was sent to the address we have on file. 
  Please be informed that LFCU does not share sensitive information about members for security reasons.
  Should you have any questions, please feel free to contact me.
  *************************
  VP Member Services
  ************
  *****************

• Initial Complaint

  02/24/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  To whom it may concern, we are seeking help to have a serious fraud issue resolved. We applied for a pool loan May 23, 2022 by the recommendation of our pool construction company. First payment was applied 6-23-2022 for $553.27 but we decided to add an additional payment to principal of $600.00 monthly to lower our loan. But we soon realized both payments were being charged interest, and not being applied to principal. We proceeded to call the financial institution , which assured us they would resolve the issue and get the interest previously charged applied to our principal or get a refund. But they never followed up, they never updated the system and proceeded to take two payments a month one for $553.27 (which is the monthly) and in addition $600.00. ,both payments are being charged interest, and our loan has not lowered in the last 8 months. They have taken over $3,000 solely interest in the last 8 months. It has been a nightmare to reach the company, they do not return calls, they do not resolve the issues despite assuring so. We decided to do some research and it appears were not the only ones going through this nightmare. It appears many customers have same story and no one gets anywhere with this company, were getting frustrated. It seems to be a fraud, where they take costumers accounts and take additional payments despite constant complaints of not authorizing. I am unable to remove my account information from online site, only a representative can do so. We are desperate to get this resolved. They are getting away with thousands of dollars fraudulently, thousands of customers are being scammed. Please assist the many of us who are desperately seeking justice in this issue. Please review online complaints on Lafayette federal credit union, it is truly alarming they are getting away with this. Thank you for your time in this matter. ************************* Account/loan#************** Member#********** Loan$77,250.00 monthly payment $553.27 interest 5.99% *************

  Business response

  03/29/2023

  March 28, 2023
  
  *************************
  **************************************************
  Fresno, CA *****
  
  Complaint ID  ********
  
  Dear ****************,
  
  Thank you for bringing this matter to our attention. Lafayette Federal Credit Union (LFCU) takes member complaints very seriously.
    
  We have thoroughly reviewed *****************************. Our investigation revealed that LFCU followed all policies and procedures pertaining to ********************** complaint. A detailed response letter to ******************** was sent to the address we have on file.  
  
  Please be informed that LFCU does not share sensitive information about members for security reasons. 
  
  Should you have any questions, please feel free to contact me. 
  
  *************************
  VP Member Services
  ************
  *****************

• Initial Complaint

  01/26/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This newest issue began on 01/20/2023 when I tried to pay on my pool loan. I was not able to access my account; therefore have been trying to call this business since then. I reached one person on 01/24/2023 and they took all my information and said someone would be calling me back, which they did not. We are now on January 26th and my payment is past due and I still have not reached anyone to assist me. I finally got in the account and found that it did not allow me to pay on my loan as it did previously and all my banking information was missing. I emailed the company and they are asking me to send them my drivers license which I refused. I just want them to call me back so that I can pay my loan. They asked me for things such as last 4 of my social security number and every demographic detail and still they are not calling me back. None of the extensions I have tried on the phone number listed of answered the phone. I do not want there error to affect my good credit rating.

  Business response

  03/14/2023

  March 14, 2023
  
  **. ***********************
  Dispute Resolution Team Leader
  Better Business Bureau
  
  Re: *******************************
   Complaint ID  ********
  Dear ****************,
  
  Thank you for bringing this matter to our attention. Lafayette Federal Credit Union (LFCU) takes member complaints very seriously.
    
  We have thoroughly reviewed *********************************** complaints. Our investigation revealed that LFCU followed all policies and procedures pertaining to *** ********* billing or collection issues. A detailed response letter to ******************** was sent to the address we have on file.  
  
  Please be informed that LFCU does not share sensitive information about members for security reasons. 
  
  Should you have any questions, please feel free to contact me. 
  
  *************************
  VP Member Services
  ************
  *****************
  

  
  

• Initial Complaint

  01/18/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Didn’t adhere to contract with reduction of .25% reduction of Home Loan. Still not applied even after speaking with manager. Lafayette informed customers of new payment portal. I called and walked through the set up with Lafayette rep November 2022. First payment in January 2023 was a double withdrawal. Reached out 1/9, received called on 1/11 that it’ll be fixed and the reversal of the payment of $692.72 would be returned within one business day. Called 1/18 as I hadn’t received the reversal of double payment. I called ###-###-#### and tel:###-###-#### - both times today 1/18, and I received an error message that said, "call transferred failed." I sent a follow up email to customer service on 1/18: Hello, I am requesting this be forwarded to a manager to resolve this issue. I'm following up on my conversation with ********* from Lafayette on Thursday, 1/12 about 9:45 a.m. EST. To recap my call with Christian: Confirmed Lafayette was discontinuing the old system 1/1/23 old system was supposed to go offline, but didn't Payment ($692.72) set up as a double payment in the system ********* confirmed the old system cleared out. Won't happen again. Gave authorization and confirmed 2nd payment reversed funds, placed in Lafayette Savings Account, take 1 business day Have not received reversal of funds as of 1/18/23 Received, "Action Required: Loan Payment Portal Update" on 1/12 at 2:56 p.m. Payment not received as of 1/18/23 I called ###-###-#### and tel:###-###-#### - both times today 1/18, and I received an error message that said, "call transferred failed." I'm requesting the reversal of $692.72 again immediately in either the Lafayette Federal Credit Union or the ***** ***** account, and written confirmation from someone that no action is required on my end to go into the loan payment portal and make changes. Thank you, ***********************

  Business response

  02/23/2023

  February 23, 2023
  
  **. ***********************
  Dispute Resolution Team Leader
  Better Business Bureau
  
  Re: ***********************;
  Complaint ID: ********
   
  Dear ****************,
  
  Thank you for bringing this matter to our attention. Lafayette Federal Credit Union (LFCU) takes member complaints very seriously.
    
  We have thoroughly reviewed *************************** complaints. Our investigation revealed that LFCU followed all policies and procedures pertaining to ***************************** loan payment issues. A detailed response letter to ************** was sent to the address we have on file.  
  
  Please be informed that LFCU does not share sensitive information about members for security reasons. 
  
  Should you have any questions, please feel free to contact me. 
  
  *************************
  VP Member Services
  ************
  *****************
  

• Initial Complaint

  01/04/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  The Date of Transaction: 06/03/2022 The amount Paid to the company: $23,0675.51 The Nature of the Dispute: ***************** Lending To date neither business has reached out to try and resolve the issue.Account Tracking:Member ID Loan Suffix Loan Number Funding Date Loan Amount Rate Payment amount ********** **** ************** ********** ********** ********* ******* ********** **** ************** ********** ********** ********* ******* ********** **** ************** ********** ********** ********* ******* ********** **** ************** ********** ********** ********* ******* ********** **** ************** ********** ********** ********* *******

  Customer response

  01/23/2023

  A personal loan was acquired through a broker *** with Lafayette Federal credit union and the requested amount was ********** The agreed upon rate was *****%. However, Lafayette Federal Credit Union increased the loan amount to ********** without my knowledge nor agreement to do so. The loan was separated into 5 separate amounts for disburmsnet which they turned into 5 separate loan amounts of *****% now making my total interested rate of pay back to *****%. for the life of the loan I will be paying back double the amount I borrowed.  I was never contacted by the credit union when I asked for clarification and I was never notified that the Broker was getting a ******** commission from the deal that i would be responsible for paying back.

  Lafayette Federal Credit Union sent over a corrupted or read only file that I could not sign nor print. *** representative electronically signed for me but the document I'd agreed to were not what I actually received back.  I made several attempts to contact Lafayette Federal Credit Union in the beginning and it took a representative several weeks before they responded. I explained the situation and I was treated rudely, verbal threats were made against me and my family as well as taking my home if I did not pay the amounts back as they'd authored. This was an unsecured business loan and my home was never used as collateral nor did I agree to such  a thing but they have made it a target due to its value. I have never been late nor missed a payment, but they have delayed processing my payments and have sent me first and second notices of non payment. 

  The structure of this loan is predatory and consistent to loan sharking: The definition of loan sharks are money lenders that practice predatory lending. Think of sharks in the ocean that prey on their victims. They offer emergency loans to businesses with extremely high interest rates that will basically kill you. It is unfair, heartless, and exploitive but all they care about is to make a profit, and not about you nor your family.

  Usury is the unfair and illegal practice of charging interest at unreasonably high rates to enrich the lender. The government passed usury laws that capped the interest rates that people can charge on loans. It varies by state.

  Business response

  05/08/2023

  *** ** **** *** *********************** ******* ********** **** ****** ****** ******** ****** *** ******* ************************* ********* ** **********   **** *****************
  
  Thank you for bringing this matter to our attention. Lafayette Federal Credit Union (LFCU) takes member complaints very seriously.
    
  We have thoroughly reviewed Mr. ****** complaints. Our investigation revealed that LFCU followed all policies and procedures pertaining to ****************** * ****** billing or collection issues. After we received the complaint in 2022, a detailed response letter was sent to ************** on 8/12/22 using the address we have on file. We informed BBB and his file was closed on 8/29/22. 
  ************** also filed a complaint with **** (******** ****** ***** ***********) on 2/2/23 about the same issue.  LFCU responded to ************** on 2/28/23 and the letter was mailed to the address we have on file. LFCU believes that Mr. ****** complaints have been fully addressed.  
  
  Please be informed that LFCU does not share sensitive information about members for security reasons. 
  
  Should you have any questions, please feel free to contact me. 
  
  *************************
  VP Member Services
  ************
  *****************
  
  

  Customer response

  05/12/2023

  [To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
  
   Complaint: ********
  
  I am rejecting this response because:
  
  
  Regards,
  
  ******* *************************
  
  
  
  
  
  
  
  
  

• Initial Complaint

  12/05/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  A couple of years ago, I took out a personal loan with Lafayette Federal Credit Union to update my kitchen. Due to an error on my part, I miscalculated the first payment. Within 3 months I was caught up and ontime. However, Lafayette sent my account to collections/an attorney. I came to an agreement with the attorney and have been making timely payments until this past spring. My bank card was stolen and replaced. I had forgotten that the attorney payments were on this card, but resolved it quickly. I estimate that one month was past due on the payments by 30 days max. Lafayette has continued to monitor my payments to the attorney and updated my credit report. That is until this past spring and the stolen card issue. Currently, they are showing on my credit report that I'm 120 days past due on my account for several months. I contacted them to resolve the issue and I was told I had to contact the attorney. I did and he agreed that my payments were current, but that Lafayette was in control of any statements and credit reporting. I've reached back out to Lafayette and they have stop responding to me and have not corrected my credit report either.

  Business response

  01/09/2023

  January 9, 2023
  
  **. ***********************
  Dispute Resolution Team Leader
  Better Business Bureau
  
  Re: ******************************** Complaint ID ******** 
  
  Dear ****************,
  
  Thank you for bringing this matter to our attention. Lafayette Federal Credit Union (LFCU) takes member complaints very seriously.
    
  We have thoroughly reviewed **. ******** complaints. Our investigation revealed that LFCU followed all policies and procedures pertaining to **. ************** loan payments. A detailed response letter to **. ******* was sent to the address we have on file.  
  
  Please be informed that LFCU does not share sensitive information about members for security reasons. 
  
  Should you have any questions, please feel free to contact me. 
  
  *************************
  VP Member Services
  ************
  *****************
  

• Initial Complaint

  08/11/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  We got a loan from them to build a pool. We received our first bill in April of 2022. The first payment was received on 27 April 2022 for the amount of 1138.78 which is double the monthly payment. Of that 1138.78 546.96 went to interest. The next due date listed was June 15 2022. The payment was received on 7 June 2022 for the amount of 563.39. Of that 543.89 went to interest. The next payment was sent on 13 July 2022 for the amount of 563.39 of that 466.04 went to interest. When I called and spoke with the bank on 11 Aug 2022. I was told that the high interest payments were due to the payments being late. My payments are due on the 15th of each month. The first lady could not help me and transferred me to the loan department which attempted to reword what the first lady had told me and could not explain why the majority of my payments were going towards paying interest. Their reasoning was that every day that a payment is late they added interest. While this was starting to initiate me the lady I was speaking to said "I will not have you curse" and hung up the phone. I belive that I am being ripped off and they are steeling money from me.

  Business response

  10/11/2022

  From: ************************* <********@lfcu.org>
  Date: Thu, Oct 6, 2022 at 12:30 PM
  Subject: Lafayette Federal Credit Union -
  To: [email protected] <[email protected]>
  Cc: *********************** <**************@mybbb.org>
  
  Better Business Bureau
  
  Re: *************************
  
  Thank you for bringing this matter to our attention. Lafayette Federal takes member complaints seriously.
  
  We have thoroughly reviewed ************** complaints. Our investigation revealed that LFCU followed all policies and procedures pertaining his loan payments. A detailed response letter to ************ was sent to the address we have on file on 10/5/22.  
  
  Please be informed that LFCU does not share sensitive information about members for security reasons.
  
  Should you have any questions, please feel free to contact me. 
  
  Member Services
  Lafayette Federal Credit Union

• Initial Complaint

  06/10/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I had an account with Lafayette Federal Credit Union and my account with a balance of over 150 dollars was drawn down to zero in the last year based upon inactivity fees. I called them and they said there was nothing they could do. My member number is *********.

  Business response

  06/30/2022

  Member's account has been inactive for many years and as a result of that inactivity, has been charged our normal inactive fees.  Correspondence has been given over the years to notify member of their account status.

• Initial Complaint

  06/06/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I've had nothing but issues with this Credit Union since I became a member. Main source of problems stemmed from setting up AutoPay with them, I went over the process exactly how they told me and then I get a late payment notification in the mail. I've never had a single late payment ever, with anyone..... Every time I call I get the same thing, someone will be calling you back within a day or 2 time. That call never comes, so several attempts later I finally get ahold of someone that knows what they are doing and we get my Auto Pay set up for the second time and then I proceed to make a payment before I'm hit with late fees. I'm told not to worry, that the next date coming around my Auto Pay will be up and working this time. Next month rolls around, Yeah you guessed it, another late payment notification in the mail. Another round of phone calls being told someone will call me back, website not even letting me access the website to make an online payment

  Business response

  06/14/2022

  *********************

  Sorry for so many difficulties in setting up your account with payments and auto-pay.

  I see a payment was made on  June 6 with the next payment due on June 18.  Since it is a third party payment processor, I cannot see if an auto-pay was set up.

  Please check back on you account on June 20/21 to see if the account was paid.

• Initial Complaint

  05/03/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I called the customer service number to make a payment because I saw my external account payment (that was recently set up) was going to make it past due. I made the payment 4/29/22. The waiting period to pull the payment out was 5/3/22 after my ************** The online system was down. I called 3 times on Saturday and Sunday (Sunday my last day to make a payment) No one could help me and was told a service tech would call me by Monday night No one called. I tried to make an online payment all day Sunday through guest services and the app was down. I have never been late on my payment. I screenshot the system having trouble to prove I tried making a payment. I have tried to get a hold of a branch and I have tried to get a hold of corporate phone number and their call center cannot give me one!! I will not aquire a late fee and a have my credit score go down because of their horrible customer service and faulty app and website! Thank you.

  Business response

  05/05/2022

  There has been recent problems with our third party payment portal.  We are presently looking for better alternatives.  I see that *************************** did indeed make a successful loan payment on May 3, 2022 and the late was reversed.  Next due date for our member is mid May.

  We certainly do apologize for this inconvenience.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩