Counseling Therapy Practice of Gallup

In response to Mr. [redacted] complaint, I have researched this matter and determined the following:• Member’s loan payment of $254.31 was due on April 2.
• Member did not pay until May 18 in the amount of $500 – his intent was to cover the loan payment for both April and May.
• We did report...

to the credit bureau (as is required by the U.S. government’s Fair Credit Reporting Act) that the member was 30 days late on his April payment. His April payment was due on April 2 and was not received until May 18.
The $500 was not quite enough to cover for both months, and regardless the April payment was still six weeks past due. The late payment for April is the only incident that was reported by Velocity to the credit bureau. The member later sent in another $300 and Velocity adjusted his payments to fully cover April, May and June. Member is now current on his payments.
Thank you,[redacted]
[redacted]

Complaint: [redacted]
I am rejecting this response because:I have paid of the loan and will no longer do business with this credit union.  To fine someone for paying early or paying to much is an unacceptable way to do business for myself and my family.  We will not allow a rich corrupt credit union to cheat our family out of hard earned money.  
Regards,
[redacted]

Tell us why here..Regarding the cash ATM deposit Mr. [redacted] made on September 16, 2015 at 9:51 pm - $200.00 was released immediately per Regulation CC.  The difference of $138.00 was held for check writing until the deposit could be processed the following day.  The $138.00 was...

released to Mr. [redacted] the following afternoon on September 17, 2015. It is our intent to show members their running balance and the balance that is available for usage.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]

Dear Mr. [redacted], Velocity Credit Union extends its apologies for the confusion regarding your loan payments.  We strive for excellent service in all aspects and are attempting to work with you directly to resolve your concerns promptly.   We sent the appropriate information...

and documentation to you two days ago.  We have not heard back from you as of this writing, but look forward to ensuring that there is no more confusion regarding this matter.  The Revdex.com should know that we have been working with you on this matter in an attempt to help you gain a better understanding of your loan status.  You have been encouraged to respond to us regarding our recent conversations and correspondence and we look forward to that communication.

Complaint: [redacted]
I am rejecting this response because:They still did not touch on the inconsistency on the procedure for when the item would officially be released and they still did not touch on the issue of one area on my statement saying there was a hold on a check when the deposit was cash.  Why would a cash deposit take a whole day to be deposited to the account.  They still did not respond to the issue of telling me I could not close my checkings account, they still did not respond to the issue of taking funds from my account when the account was not 30 days deliquent.
Regards,
[redacted]

Member's loan was paid off on April 20, 2018.  Velocity will send a loan payoff letter to the member so she may process her GAP insurance refund.Thank you for your membership and we look forward to assisting you with your financial needs in the future.

Dear [redacted] In response to your complaint filed with the Revdex.com on December 21, 2017, Velocity Credit Union extends its apologies for your frustrations regarding the miscommunication for the requested deferment on your loan. We strive for excellent service in all aspects...

and value your membership. Please be advised that we have corrected your loan to satisfy the complaint submitted. Per your request, an extension has been granted and your next payment due date is January 1, 2018. In addition, any negative discrepancies caused by this event have been removed from your credit report. I sincerely hope this addresses your concerns and explains the situation to your satisfaction. If you have any further questions, please contact [redacted], SVP of Lending, at [redacted]. Thank you for your membership and we look forward to assisting you with your financial needs in the future.

Our sincere apologies to Mr. [redacted] for not addressing the complaint in its entirety on the first response.  On ATM deposits the first $200.00 of daily ATM deposits are available for immediate use at the time the deposit is made.  Additional funds are placed on hold until the contents of the deposit can be verified or for two business days, whichever comes first.  Unfortunately, deposits made at the ATM cannot be identified as cash or check because the deposit is placed in an envelope and accepted into the machine.   On the account history, the message for the applied hold reads:  Release 138.00 on 18SEP15. Release 138.00 for chk writing 18SEP15.  The $338.00 deposit was made on September 16, 2015, at 9:51 pm and $200.00 was made available at that time.  The remaining $138.00 was released the following day on September 17, 2015.  We would be happy to review and comment further on the message Mr. [redacted] is referring to indicating the deposit was a “check deposit”.  We do not see that on the account history or statement.  The checking account can be closed however, until the loan is paid in full, the savings account and membership must remain open until the auto loan is paid in full. Regarding the loan payment, two members of the Velocity collections team communicated with Mr. [redacted] that because the auto loan was past due, his account funds could not be released until the loan was brought current, and that the account funds would be used to pay the past due loan payment. This is a standard practice at Velocity and other financial institutions and specifically disclosed in our account and loan agreements that are provided when members join the credit union. We have confirmed that the loan in question was, in fact, past due on the date of the cash ATM deposit.  If this response does not satisfy Mr. [redacted], we are happy to visit with him in person or over the phone at a mutually convenient time.