Customer ReviewsforLafayette Federal Credit Union

There should be a rating less than 1 star on here. My wife and I applied for a $20K loan to purchase a greenhouse/shed combo building for our backyard. The finance company did all of the initial review and pre-approved everything before sending to the underwriter at Lafayette. The underwriter sat on our application for 2 weeks! I finally applied with another financial institution and the loan was approved in 2 days. I have no doubt in my mind that the delay by the underwriter was racially motivated.

We obtained an unsecured loan from this financial institution in the summer of 2021. The rate was good, and it was the financing option the pool installer recommended, so we just trusted the process. To get this debt off our books as quickly as possible, we would pay extra on the loan each month. At times we would double our payment. Then one day I noticed our principal loan amount hadnt dropped in 4 months. Then I looked back at the figures and found that our principal amount had not been applied appropriately since I had been paying on the loan. This is after 2 years of payments. I call and finally get someone on the phone that tells me my extra payments had been going to the interest on the next payment due. This doesnt make sense, because I was putting the extra money on the principal only line when I made the payment online. So predatory lending suspected. Thats the first strike. Original loan was $94k, we have paid $36k to date, and our principal balance sits at over $82k right now. $36k to knock the principal down $12,000. I get amortization. I understand it. But taking extra principal payments and applying them to future interest is not acceptable, and they told me this is what they were doing on the phone. Then the payment system online has to be purposely made difficult. I cant think of any other explanation. You have to verify your identity to login then verify again to make the payment. But you cant do so too quickly or it will give you an error. And you cant verify your identity the same way each time, because that would make sense. You can verify your identity when you login by 6 digit text to your phone, but you can only verify by email when making the payment. Why would you even have to verify your identity again to post the payment? Good question. And its a question I cant get an answer to. I wish we were able to put screen shots on here, so I can show you the emails. Not much to see, but it shows their lack of care.

Be very cautious doing business with this company. Their attorneys filed a suit against me using a subsidiary and fake documents despite my paying Lafayette every month with proof through my bank account. I set up bill pay through my bank in April after having trouble accessing their system, having checks that were never deposited or returned and dealing with harassment from their associates shortly after receiving neurosurgery. Their attorneys/collectors seemingly retaliated against me because I refused to send them a dime and insisted on paying the company directly. They continuously attempted to squeeze money out of me despite the fact that I was a) paying the company every month an amount that exceeded the payment I agreed to with the company, b) sent them a copy of my EBT card (pursuing collection activities against someone who has only exempt income) c) explained to him that his accounting was not accurate. I dealt with all of this recovering from illness and caring for a disabled child. My account shouldn't have been sent to collectors. Regardless, opting to do business with other companies who violate consumer rights speaks volumes. I have been a member of Lafayette for several years. I am shocked that they are associated with such unscrupulous activity and individuals. One of the attorneys who harassed me has been publicly reprimanded in the past. Another worked for a company that got sued by attorney generals office for exploiting low-income consumers and various activities that violated consumer protection laws. Keep all your documents, make sure that if you do not send checks, pay them electronically and set up payment directly from your bank account because their system has had glitches over the years. You may not get credit for money you send or have money lost in transit. You may also be pursued by representatives who have their own agendas. No reputable business would initiate, permit or support such abusive, illegal and unfair trade practices.

STAY AWAY FROM THIS CREDIT UNION! Unethical business practices. They care even LESS about YOU than the big banks!

Cause no stars is not an option. This is the worst credit union I have ever had to deal with. Their customer service is the absolute worst. I have tried to make several payments on my loan and it’s the hardest thing to do. This has been happening for almost a year now. If I’m unable to make a payment cause their system they charge for an error on their side. When I call they don’t take payments over the phone. They only take wire transfers or checks. Before they would take “guest payments” which was the easiest way to make payments online. It’s very hard to get in touch with them in the first place and when we finally do they can’t help us even if we speak to a manager. Seems like they truly do not care about their customers. They are undeserving of the 12th best credit union. Now I am forced to drive 2 hours just to make a payment. Again this is the worst credit union I have ever had to deal with.

I don't think I've ever had such a bad experience when dealing with a financial institution. Their emails re: updates etc are so confusing and when you try to call for clarification they are never able to help... they place you on hold for HOURS and transfer, send your info to supervisors that never return calls etc.

They Won’t let me make a payment. I have called 3 days in a row, and no one will accept my banking info or debit card info to run a deposit.

Like another reviewer mentioned, if you don't live near a branch and have to deal with LFCU strictly via phone or email, RUN NOW AS FAST AS YOU CAN. Their in-person branches are only in the Maryland/DC/Virginia area, but I live in Las Vegas and have a pool construction loan with LFCU (who I'm now going to tell my pool guy to stop recommending to people). Everything has been fine for the last year - payments were being made online every month and on time. Then they switch to this new system... first I can't even create a new account. Once they finally get that working, I spend the next several weeks trying to READD my external Wells Fargo checking account because they didn't carry that information over to the new system. I had 8 different "test deposits" made from LFCU into my Wells Fargo account, and when I go to verify the amounts online, I get told they are incorrect and I have to wait 48 hours to try again (because I was only suppossed to get 2, how am I supposed to know which ones are the correct ones?!?). I try emailing, I try calling, I get promised someone will call me back but no one ever does. I call again. And again. They don't provide any alternative ways to give payment over the phone, and then the representive sugested that I "can make a payment inside one of our branches." LOL okay let me just book a $500 coast-to-coast flight real quick. What a joke this company is. I'm honestly tempted to make double payments and pay this loan off early so that they earn less interest, but after seeing other reviews on Yelp, I'm scared that I'll have to keep trying to get in touch with them to have them apply my extra payment to the principal and not the interest (check Yelp, lots of complaints there about LFCU doing this). LFCU definitely knows how to keep its customers in a no-win situation. This company is extremely shady.

Terrible bank to deal with. I opened a pool loan and set up direct withdrawals through a portal. They then deleted my payment and dinged me for being late even though I was communicating with them. Then they ended the portal and made me open an online account. I set it up as well as the payment but once again it was deleted. I was able access the account until the end of Dec. since then I've been trying to get into the account with no joy. Re-enrolling doesn't work since I already have an account, nor does password rest. and their customer support personal are unable to assist me with logging in. Surprisingly they also can't take my payment over the phone. I highly recommend anyone who is looking for a loan look elsewhere.

Steer clear of these guys for any loans. I got a home improvement loan from them and every time I dealt with customer service it was a miserable experience. Inexperienced people with no solutions at all. What really made me want to write this review is once I made my final loan payment they continued drafting money out of my account. When I called them out on it the best solution they offered for repayment was to mail me a check. So basically for they’re screwup I’m out of pocket 820 dollars for however long it will take to mail a check. Knowing these worthless people I’m sure it will be a very long time. Honestly as stupid as these people are I’d be surprised if I even am able To get the money back at all. We’ll see. Anyway there’s lots of options for loans out there. I hope whoever reads this heeds this warning. Take your business elsewhere.