ComplaintsforVelocity Credit Union

• Initial Complaint

  08/26/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I sold my car to ******* this past Saturday morning 8/17. Was cut a $3566.81 check directly from Carvana and deposited it into my account THAT DAY. ********************** sent me a confirmation email THAT MORNING that the check was deposited, though they were holding a big chunk of that check - the email states the remainder of the funds would be deposited within 2 business days. It is now 8/25 and I STILL DO NOT HAVE MY MONEY. The car has been in ******** possession for a week now. I reached out to **************** and was told they decided to extend the hold to 6 business days, without any form of notice to me, and informed me the rest of the funds are set to deposit on 8/27! Thats over a week from my deposit and even with their 6 day hold those funds should be in my account no later than tomorrow 8/26. I have bills to pay that are now incurring late fees because of this banks predatory practices. **************** is less than helpful and treats me like Im not even entitled to MY OWN money. Its exhausting.

  Business response

  09/10/2024

  September 10, 2024
  
  BBB ****************
  *********************************************************************************************************
  
  Dear Better Business Bureau:
  This letter is in response to a complaint against Velocity Credit Union by *******************, ID #********.
  
  We conducted a review of the interactions between Velocity Credit Union and **************. ************** sent our ************** several messages via online banking messaging to which Velocity Credit Union responded asking her to contact us by phone or in person to further discuss and review her check hold for an earlier release.
  
  ************** concerns were reviewed on August 23, 2024,following a complaint, and after further reviewing her check hold and her account, we released her check hold at that time, allowing the funds to be available to her account.
  
  We made an attempt to notify ************** and to follow up to address any further concerns by contacting her but was unsuccessful.
  
  Velocity Credit Union strives for professional service in all aspects and values all our members. We hope this helps in addressing ****************** complaint.  If you have any further questions or need further details, please contact *********************************, Vice President of Contact  Center Operations,at ************.
  
  Respectfully,
  Velocity Credit Union

• Initial Complaint

  04/29/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am a victim of identity theft. I've noticed unauthorized transactions and suspicious activities linked to my identity. I've filed a police report, but I need assistance in resolving this issue. I hope to recover my financial losses, clear my name, and request your help in removing these inquiries from my credit report. Please help meinthismatter. ---------- VELOCITY CUMiscellaneous Credit Unions and Finance Companies10/02/2023,_VELOCITY CUMiscellaneous Credit Unions and Finance Companies11/29/2022,_VELOCITY CUMiscellaneous Credit Unions and Finance Companies08/30/2022.---------

  Business response

  05/10/2024

  May 10, 2024
  
  BBB ****************
  *****************************************************************************
  
  Dear Better Business Bureau:
  This letter is in response to a complaint against Velocity Credit Union by ***********************************, ID #********.
  
  After reviewing Mr. ************ account, we found several credit disputes related to inaccurate reporting of payments. All disputes were responded to stating the payment history reporting is accurate.
  
  If ************************** would like to discuss the matter further, he is welcome to call us during business hours at ************.
  
  Respectfully,
  Velocity Credit Union

• Initial Complaint

  03/22/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  charge me for full coverage insurence ******** for full coverage insurance when i allready had it on a 2014 ***** silverado . they only deduct me ********. never did the rest of the money . all i want is for them to pay me my money they ripped me off on ******** dalors.

  Business response

  03/31/2023

  March 31, 2023
  
  BBB ****************
  *************************************************************************************

  
  RE: Complaint ID# ******** by ***************************** against Velocity Credit Union
  

  To Whom It May *************************************** did have ******************************* (***)added to his loan because he failed to provide proof of his own personal insurance on our collateral.  At the time the loan was originated on March 13, 2015, ******************** signed an agreement to obtain and maintain full-coverage automobile insurance for the life of the loan. 
  
  ******************** failed to continuously maintain coverage on the vehicle, and numerous *** policies were put into place to protect the Credit Unions collateral. In some instances, he was able to provide proof of coverage and he was refunded the portion of the *** premium charged for those periods of time.
  
  Since inception of the loan, *** premiums in the amount of $19,333 were added to ********************** loan. He was able to provide proof of coverage resulting in refunds of $8,626, but remains liable for $10,707.  ******************** will need to provide proof of insurance for the following lapse dates:
  - March 13, 2015 to November 2, 2015
  - January 9, 2016 to October 7, 2016
  - July 3, 2017 to August 25, 2017
  - February 13, 2018 to June 7, 2018
  - February 13, 2019 to April 12, 2019
  
  If he is able to do so, we will submit that information to our insurance carrier (Allied Solutions); they will verify the proof of insurance and issue any refunds owed to ********************* 
  
  Should ******************** like to discuss the matter further, he is encouraged to contact ******************* in our collections department during regular business hours at ************.
  
  Respectfully,

  
  Velocity Credit Union

• Initial Complaint

  02/13/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have experience multiple consumer law violations by each credit reporting agency as well Velocity Credit Union in ***** regarding an auto loan.I've attached the letters to this email that I have sent to the credit bureaus as well as the company itself and the ***** attorney generals, as the **** was not helpful in this case. I've included only the copy I sent to Experian, but the same info was sent to all credit bureaus and the respective companies and the ***** ***************************** has failed to uphold its obligation under 15 USC 6801(a), provided any of the signed disclosures I'm entitled under 15 USC ****, and In violations of 15 USC 1681(b) under permissible purpose in reporting transaction history to unaffiliated 3rd parties without my expressed written consent. Exclusions under 15 USC 1681(2)(a)(i) make that illegal.Please let me know what additional info I can provide and who else I may need to follow up with to see that this gets resolved.

  Business response

  02/15/2023

  Velocity Credit Union has provided **************** with the documentation that he has requested. 

  Customer response

  02/20/2023

  Complaint: 19391925
  
  I am rejecting this response because: they only supplied evidence as a distraction, assuming I am winging this legal argument. Nothing in any documentation theyve sent me, including a signed contract by me, has a single shred of evidence supporting them supplying me with the disclosures I have referenced in my complaints. Its a tactic used often, and I will 100% be pursuing legal action to the fullest extent should my consumer laws continue to be violated. The **** is already involved and State Attorney General as well as the *************** System.
  
  Regards,
  
  ***********************

• Initial Complaint

  01/27/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I purchased my vehicle on 7/9/2014. Got it financed through Velocity Credit Union. Here I am 101 months later still making payments. My contract was for 75 months. I have late fees and skip a pay fees that I have added up and taken off from what I've overpaid. There is CPI insurance of $1679 added to my loan that I have subtracted from overpayment as well. This leaves Velocity Credit Union owing me $5198.66. I have called and have gotten no help with this situation. Velocity wants me to pay until March 26, ****. That will be 116 months. My car went from financing $25,948.50 to $40,133.68. This is theft!

  Business response

  02/07/2023

  This matter has been resolved and the member has voluntarily surrendered the vehicle.

• Initial Complaint

  01/12/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I ******** my checking account and did not initially realize it before getting charged several fees for insufficient funds. That was my mistake and I am fine paying the initial fees incurred. As soon as I found out, I deposited $1000 in checks using the mobile app. This was on 1/7/23. As per the policy listed on the Velocity Credit Union website: "Our policy is to make funds from your cash and check deposits available to you on the 1st business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. In some cases, we will not make all of the funds that you deposit by check available to you on the 1st business day after the day of your deposit. We will notify you at the time you make your deposit."I did not receive any notification that the funds would not be available on the first business day after deposit (Monday 1/9) so I planned everything out so my various payments would not go through until the 9th. It turns out that Velocity Credit Union decided to hold $775 of the $1000 I deposited until 1/11 without notifying me, which caused my account to become further overdrawn and several more insufficient funds charges to be applied, which caused even further overdrafts. If I had been notified as per the bank's policy, I could have taken steps to mitigate the damage. Between 1/9 when the deposit was supposed to be applied and today (Wednesday 1/11) I have been charged $290 in insufficient funds fees because Velocity Credit Union refuses to follow their own policies. I am not requesting that the fees prior to the 9th be refunded to me as that was my mistake, but I am requesting that the $290 in fees after the deposit was supposed to be applied be refunded.

  Business response

  01/23/2023

  January 23, 2023
  
  BBB Corporate ****************************************************************************************** 78754
  
  Dear Better Business Bureau:

  
  This letter is in response to a complaint against Velocity Credit Union by ***************************, ID #********.
  
  After a thorough review of this complaint,a one-time courtesy fee refund for all fees assessed, as per the member's request, have been refunded. At the time the two checks were deposited via Velocitys mobile banking app on Saturday January 7, 2023, both checks were placed on a standard 2 business day hold with $225.00 made available the next business day as indicated through the mobile banking app at the time of the deposit. The member reached out to our ************** via secure chat on Monday,January 9, 2023 requesting the remaining funds be released early. The member was asked by the chat agent to call in so that the item may be reviewed for release, but never reached back out.
  If ****************** would like to discuss the matter further, she is welcome to call us during business hours at ************.
  
  Respectfully,

  
  Velocity Credit Union

  Customer response

  01/23/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Regards,
  
  ***************************

• Initial Complaint

  01/11/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Contacted Velocity regarding my savings account being charged $5.00 every month for a "returned mail fee." My address has always been kept current and I also enrolled in paperless/email statements since opening an account with them which I receive via email every month! I have always been charged this fee since opening my account despite both things being updated and receiving the statements via email. No one has been able to help me get the funds reversed or even stop the fee? Essentially taking my money without cause.

  Customer response

  01/23/2023

  Better Business Bureau:
  
   
  My complaint has been resolved with Velocity Credit Union. My returned mail fees were returned. 
   
  

  
  

  Regards,
  
  *****************************

• Initial Complaint

  07/06/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I've called this bank, Velocity Credit Union, on May and Jun 2022 recent calls; and had issues with their constant security questions when they tell you sometimes only a couple of questions they need to ask me then they keep at you with more security questions after you get them verified correctly from the first two questions. And if you miss one by mistake after being asked after two security questions and you don't answer the third or fourth one right, it'll keep you from getting to your account status. I understand there have been fraudulent people out there getting to other's account but enough is enough doing this. The last call in Jun was a final straw with them when I decided to close ALL my accounts with them to send me my total balance check & they said it would take **** business days from Jun 16, 2022 requesting for this. The same day, I sent them their online information from me and copy DL they requested and still till this day haven't received my final check closing this account. This is why I am closing my account as they make it hard for me to get into my account when asked numerous security questions and here I ask for my closing check so I don't have to deal with them anymore being I live in another state which I can handle it better closer distance. I think I heard that the upper management haven't processed it yet or haven't sent it out yet, which I am surprised I had to go that far with them even when they gave me hard time every time I call up about my accounts regarding their numerous security questions. I don't know how else I can disguise myself when I'm getting the monthly statements from them that how much can I verify myself to say this is me and the real me to get things done for me when requested. They're an awful bank and I want my total closing check delivered to me so I don't have to deal with them anymore.

  Business response

  07/13/2022

  This matter has been resolved with our member.

  Customer response

  07/18/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Regards,
  
  *************************

• Initial Complaint

  07/06/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I opened an account I was approved. I initially set up electronics initial deposit but changed it same day and it was approved to cash. The local manager never actually updated the transaction properly resulting in an EFT. I can ******* the other and gave them cash and it was supposedly approved. Well 1 week later they depleted my account to zero and sent me a check and told me they closed my account, ( it was joint so, mine and my husbands) I had outstanding transactions that they never let process and they all bounced, about 9 resulting in several credit cards with delinquent EFTs late charges and closed accounts. During covid this was horrible. It also resulted in bad marks against my credit and my husbands. Now theyre saying we owe them $64. Again they approved us for the credit union it had been several weeks after I made my cash deposit deposited several other things into my account and made several transactions that were still pending on the account. Then they decided that they were going to close it by their decision took all my money out and sent me a check when they were still pending transactions which caused me a lot of grief during Covid and closed several of my credit cards because of insufficient transactions through them. And now theyre saying I owe them money because of the way they closed my account they put several negative marks against my credit in my husbands credit and they said we were banned for life we did nothing wrong all we did was open an account give them a deposit and pay our bills . Now I will never getting another credit union account in my life theyre horrible and Im just putting this out there so it doesnt happen to somebody else

  Business response

  07/13/2022

  July 13, 2022
  
  
  BBB Corporate ****************************************************************************************** 78754
  
  
  Dear Better Business Bureau:

  
  This letter is in response to a complaint against Velocity Credit Union by ***************************, ID #********.
  
  Velocity takes all member ******* requests very seriously. On March 17, 2022, *************************** applied for a savings and two checking accounts online with Velocity Credit Union.  The following day, March 18, 2022, the accounts were set to be funded from an account via an ACH deposit.  The same day she went into a branch claiming that the initial funding she had made was off of an account at another institution that she had closed and wanted to make the initial deposit in branch.  The deposit was accepted as the online funding had yet to be returned.  It is Velocitys policy that accounts that are opened online will be closed and membership denied if the online funding is returned.  On March 23, 2022, the initial online deposits were returned due to a closed account.  Due to this reason, the accounts were instructed to be closed.
  
  Previous history shows that all payments the member had made to credit card companies were paid and completed.  There were no payments that were denied by Velocity.  The only failed transactions were for two deposits that came in under a different name and were returned due to a name mismatch.  The day the account was closed, several foreign transactions completed by the member **** the account negative leaving an outstanding balance of $48.15 that was eventually charged off.  All ******* fees that had accumulated had been returned as a courtesy.  The member was made aware of the decision to close the account as well as the outstanding balance owed. 
  

   

  Respectfully,
  
  
  Velocity Credit Union

  
  

• Initial Complaint

  05/16/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am attempting to pay off a loan. Velocity Credit credit union sent the wrong payoff amount to my new bank. When all was finally resolved they back dated the second pay off amount to the initial payoff statement and have pulled $106.69 out of my pay off amount as interest. The reason my loan was paid off almost a month late was because they provided my new bank with an incorrect statement to pay off the loan. I am requesting they refunding me the $106.69 + $129.75 (of other over payments they owe me) for a total of $236.44 of over payments. They are refusing the amount and only paying $129.75.

  Business response

  05/23/2022

  May 23, 2022
  
  BBB Corporate ****************************************************************************************** 78754
  
  
  ****************,

  
  Thank you for giving us the opportunity to respond to our members request for assistance.  We strive to provide great customer service to our members.  We want to acknowledge that ************** experience was less than ideal, but also want to address that the accounting of her loan has been accurate.  We have back-dated a key payment in ************** favor in good faith, and had done so prior to this notification. This resulted in a check being mailed to ************** on May 13, 2022 for the full amount of over-payment,resulting from the backdated payment.

  
  Looking back, we can see that the member requested a payoff verbally on March 30, 2022, which was correctly stated as $47,999.41, good through April ******.  A second payoff was requested in writing, and that second payoff was inaccurate.

  
  Velocity received a check for the incomplete payoff amount on April 26, 2022. This amount was applied to the loan.  This incomplete payment was received on April 26, 2022, 14 days later than the verbal and the written payoffs provided on March 30, 2022 were stated to expire (April 12, 2022).  Even if the full payoff amount stated verbally on March 30, 2022 was received on April *******, the loan would not have been paid off on that date because the payoff on April ******* would have been slightly higher than on April 12, 2022. This is not consequential and does not reflect poorly on the loan or Ms. ******************** It only shows that the loan would have still been open at this time with a payoff received on April 26, 2022 in either amount.

  
  On April 28, 2022, a regular payment to the loan was received in the amount of $719.76.  This applied to the loan as a normal payment.

  
  On May 4, 2022, we notified ************** of the incomplete payoff, and ************** requested that we apply that amount to the loan, and notify her of the new payoff.

  
  On May 11, 2022, we received a payoff in the amount of the new payoff of $7,345.72 as requested.  Interest in the amount of $106.69 is applied to the payment.

  
  However, Velocity took the May 11, 2022 payment and back-dated it to April *******, in ************** favor and in good faith that she intended to make the full payment at that time.  Therefore, the interest taken from that payment was reduced to $17.95.

  
  The accounting moving forward from there means that the $7,345.72 was slightly too high (because less interest had accrued as a result of Velocity having back-dated the payment).  Velocity mailed ************** a check for $129.75 on May 13, 2022, which is the amount of over payment on the loan.

  
  The $106.69 that ************** requested was originally charged, but this interest was reversed, the payment backdated, and the interest reduced to $17.95.  In effect, ************** has already been refunded this amount, as it applied to the principle balance on the loan account, contributing to the positive balance remaining in the loan account which was then mailed to *************.

  
  We believe this complicated but accurate series of events reflects the accurate payment history on the loan, and that **************' concerns have already been addressed.  Both amounts requested by ************** have been credited to ************** or her loan.  We regret that one of two payoff amounts provided on March 30, 2022 resulted in so much difficulty and confusion.

  
  We look forward to serving our member, **************, in the future, and welcome future comments in addition to these on how we can do better.

  
  
  Sincerely,

  
  *********************
  SVP Digital and Remote Strategies
  Velocity Credit Union
  ************

*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. ↩