Signal Financial Federal Credit Union

September 4, Dear *** ***,
In response to the complaint #*** submitted on August 28, 2015, we have researched the issue and our comments are as followsIn July, 2015, the member confirmed our authorization to pay overdrafts on ATM and debit card
transactionsWe have reviewed the recorded call in which our member requested the Extended Overdraft Privilege service for her visa debit cardA written confirmation was sent to the member stating the overdraft fee of $would be charged to her accountThe letter also provided her with instructions to revoke the authorization.On 8/12/15, the member's available balance was $After this time, the member had a combination of debit card and bill payment transactions which exceeded the member's available fundsEach transaction was paid but resulted in an overdraft fee chargeThe member has requested a refund of the feesAt this time, we will not refund the fees since we followed the procedures for engaging the Overdraft Privilege program, disclosed the fee and provided the member with the steps for revoking the authorization to pay the overdrafts and charge the feePlease do not hesitate to contact us at Signal Financial Federal Credit Union if you have additional questions about this matterSincerely,
Adrienne DRisk Manager

April 20,
Ms*** ***
Revdex.com serving Metro Washington DC & Eastern Pennsylvania (Washington, DC)
K StNW, 10th Floor
Washington, DC 20005-
Re: Complaint ID number ***
Dear Ms***,
This letter is in response to the complaint filed by the
consumer (Administrator) of an account held at Signal Financial FCUPrior to March 14, 2016, the consumer came into the Largo branch to add her name to the mother’s account as the Power Attorney (POA)In order to complete her request, she was informed of the credit union’s policy/process of completing the signature card to reflect the changes she was requestingThe consumer refused to properly file the necessary documents to be added as a Power of Attorney
On March 29, 2016, the consumer presented the Letters of Administration designating her as the representative of her mother’s accountThe consumer was given all the pertinent information regarding the account, and any outstanding loan balances due to the credit union; she then authorized the branch manager to payoff of the credit card balance
On March 31, 2016, the credit card balance was paid off and the remaining balance in the decedent’s account was issued to consumer in a form of an official check
This is the standard practice and policy of the credit union of handling deceased accounts with outstanding balances and according to the *** Application Disclosure the decedent signed on November 17, 1995; Signal Financial FCU is well in the position in applying the $12,to the outstanding balance of the *** Credit Card An excerpt of the disclosure is listed below:
*** Disclosure: “To ensure repayment of your indebtedness under this agreement, you have consented to give WTFCU (currently as Signal Financial FCU) a security interest in your paid shares and payments on shares.” “The credit union has the right to apply all present or future shares toward the amount owed”
Pledge of share account: “You pledge to us and grant a security interest in all individual and joint accounts you have with us now and in the future, to secure your *** Credit Card account.” You authorize us to apply the balance in these account (s) to pay any amounts due under this agreement if you should default.” “Share and deposits and deposits in an Individual Retirement Account, and any other account that would lose special tax treatment under state or federal law if given as security, are not subject to the security interest you have given in your shares and deposits.”
“Collateral securing other loans you have with the Credit Union may also secure this loan, except that your home will never be considered secured for this Account, notwithstanding anything to he contrary in any other agreement.”
Due to privacy disclosure laws we are unable to provide the loan application; however, enclosed is a copy of the *** disclosure that was attached to the *** application signed by the decedent
If you require additional information, please do not hesitate to contact us
Thank you,
Josephina G***
Compliance Officer

This is letter is in response to the customer's rejection of the Signal Financial FCU response to her complaint referenced above. We at Signal Financial FCU offer our sympathy to the customer during this difficult time.
Signal Financial FCU has been serving its members for over sixty years and takes pride in providing excellent service to its membership. Our policies and procedures are designed to protect our members who are also share owners by mitigating the risk of loss. It is the standard practice and policy of the credit union to offset funds to settle existing debts where the default policy specifically applies. In the case of the decedent's account, she signed a standard [redacted] disclosure document outlining the default policy which cites the obligations of the account holder in the event of death or insolvency. An excerpt of the disclosure is noted below:
• Events of Default- “You will be in default under this Agreement if any of the following events occurs; (a) if you fail to comply with the payment obligations or any other terms or conditions of the Agreement or any other Agreement you have with us; (b) If you made a false or misleading statement on the Application for your Card; (c) If you die or become insolvent; (d) If you file or have filed against you a petition or other proceeding commenced under the Federal Bankruptcy Code or any state order or attachment, levy or garnishment with regard to you or any of your property, assets or income; (e) If you use your card for an illegal purpose; or (f) If we deem our self or any debts due us from you under this Agreement unsafe or insecure, with our sole discretion."
Enclosed is a copy of the [redacted] disclosure that was attached to the [redacted] application signed by the decedent. Again, we are committed to our membership and we offer our sympathy to the customer for her loss. Signal Financial FCU is available to explore other ways our products or services can help support her during this difficult time.
If you require additional information, please do not hesitate to contact us.

Review: Around February 2011 I transferred a balance from one credit card company to another for the purpose of reducing the interest rate on the debt. I transferred $4,434.39. The terms of the agreement were that I would repay the full transfer amount plus the resulting interest on that amount within 36 months. As an aside, I specifically asked the young lady at the time if any payments on the account would go first to the transferred balance and she replied that they would. Based on that information I arranged for automatic deduction from my checking account of the minimum payments specified by the institution and I transferred in additional monies monthly in order to ensure that I would meet the 36 month commitment (by my records my payments have totaled in excess of $11, 600.00 to date.) My payments were usually whatever current charges had been billed plus $200 or $300 additional to pay down the transfer which should have been more than enough to resolve the 36 month terms. With all of that it appears that I still owe, based on my latest statement, $1500 in principal and were I to pay only the minimum payment specified by the institution there is no way that the balance would be paid by the end of the agreement period.

I spoke with a **. [redacted] at the credit union on September 3, 2013 who explained that, contrary to what I had been led to believe, payments being applied are divided by some formula which pays first new charges and then the transferred amount as it has the lower interest rate. (Please keep in mind I knew what the interest rate was on any charges that I made following the original transfer…the purpose of the transfer was to reduce the interest rate on the original $4000.

After failing to call me back as promised and my having called back to him, **. [redacted] is willing to tell me how much more I now have to pay beyond the minimum payment in order to prevent him from charging me additional interest on the original $4,000+ but that is as far as he can go. I don’t think he should charge any additional interest as it is documented that I paid more than enough to avoid that.

**. [redacted] advises that his company is applying payments as mandated by the federal government. Be that as it may, I fail to understand how and why I can pay nearly $12000.00 and not have paid off a less than $5000 debt. And as importantly why this institution should be able to charge me additional interest on the original transfer when they are the ones deciding what the minimum payment should be and the ones (along with the government???) that are deciding how any additional monies are being applied.

I come to you first for assistance understanding that it is possible that I may have to reach out to the CFPB. That you will understand my sincerity in all of this let me state that I have done business with this company since 1996 and have, up until now, been satisfied with my dealings with them. That has now changed. I am currently in the midst of a negotiation that prevents me from closing my accounts with this company at this time but, rest assured, that the minute that negotiation is finalized I will be moving my money elsewhere as I feel that they have misrepresented this particular service both in how the payments are applied and in the minimum payments that they specify which I do not believe add up to cover the pay-off time period.Desired Settlement: As long as I pay at least the minimum amount specified by the company there should be no additional interest charged on the original transfer amount and, of course, no other retaliatory actions by the company with respect to any accounts past, present or future.

Business

Response:

26 September 2013

Good day:

This letter is a response to the complaint submitted to the Revdex.com and assigned case # [redacted] involving Signal Financial FCU.

In the complaint letter, our member addresses her concerns about how her payments are applied to her Credit Card account. Specifically she addresses how the payments are "broken up" and applied to the different areas of the account.

These are addressed clearly in our disclosures for each of our products, and this one as well. In addition, we are mandated by law (CFPB and Federal Regulation) about how payments are to be applied; and these are clear. Our staff is versed on our products and can refer to these same disclosures.

Additional payment amounts to Credit Cards, in accordance with regulation, must apply first to the highest interest rate applicable. This can be altered with specific instruction (written) from the Member - Customer to apply payment amounts greater than the minimum payment, to any lower interest rates, if any. No such instruction was given.

We are always concerned about how our members view our organization and will be reaching out to this member to find common ground to manage her concern. We will be doing this immediately to bring this to a satisfactory conclusion as a courtesy.

Should you have any additional questions about this matter, I would be happy to address them.

Sincerely,

Review: my vehicle I am currently paying car payments threw signal financial for was repossessed incorrectly and should not have been, I always send them full payment monthly and without letter sent to me or notice from them. loan personnel named [redacted] never sent me no notification of me being to far behind in payments. I sent september 14th payment in on october 11th and she held the check and never deposited check to withdraw funds, til this day I have no idea where that check went. I called october 16th to see if they received it because I do mail my payments and whether it was deposited because the money was still in my account. [redacted] informed me that my car was up for repossession over the phone and I needed to pay car payment that was due by october 14th, and she is holding that check until she receives my payment. had I not called, I wouldn't have never known. state law states you must notify in writing of repossession. although I may be late paying, I have never missed a month sending signal a payment. you must be more than 60 days behind to be up for repossession. I agree my payments are late but I do send them as soon as I can. my car was repossessed in 2011, when I was unemployed and I did receive proper documentation of that and was fully aware, and did get my car back at that time. But I want to make sure I am being treating fairly and not someone handling my account out of spite. I would appreciate your review of this matter. I just got a letter on monday 11/3, which further more encouraged me to contact Revdex.com because the letter said I owed $2500, which is incorrect and I think she made up a more serious delinquent error in my account just to repossess it.Desired Settlement: to make sure my account is being held professionally and accurate, because this repossession shouldn't have happen, its hard out here and I need my transportation to get to my job to provide for my family, so I understand this has to be paid, but im sure there is a procedure and steps to repossessions and it should have been taken by policy and not unprofessional actions.

Thanks for your time

[redacted] Williams

Business

Response:

November 26, 2013

To Whom, It May Concern,

[redacted]' vehicle was repossessed on October 25, 2013, [redacted]’ loan was at that time past due a partial payment for July 30th and full payments for August 31sl, and September 30th totaling $1,335.00.

[redacted] presented checks in the amounts of $625.00 received October 11th and $710.00 received October 18th. These checks were returned October 17th and October 24th for uncollected funds and insufficient funds respectively,

The vehicle was out for repossession for over a month prior to receipt of these funds. The member was sent a courtesy Notice of Intent in August prior to the placement for repossession on September 11th. The member was also notified verbally on October 16th the chronic delinquency had placed the vehicle in jeopardy and the loan must be brought up-to-date to halt the repossession action on the account.

The repossession was put on hold October 18th upon receipt of the second check. The repossession was reinstated October 25th when the second check was returned following the return of the first check on October 17th, The Credit Union has not held any checks presented by [redacted] for payment.

The letter to which [redacted] is referring is the Notice of Repossession sent to [redacted] notifying her of the amounts necessary to redeem the repossessed vehicle. As the debtor is allowed 15 days to redeem the repossessed vehicle the letter included the past due payments as well as the payment coming due on October 30th, the repossession fee and the storage fees that would accrue during the 15 day period.

Respectfully submitted,

Consumer

Response:

[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 Administratively Resolved]

Review: [redacted]

I am rejecting this response because:

It's false to say the check for $625 was processed, the only check that was returned is amount $710. I know my bank would not have let me get away with any fees if it would have been returned. I was not notified by mail of any possession, I've been making monthly payments not thinking a repossession was taken. I called asking why check for $625 was not cashed yet and [redacted] said repossession is in process. That's the only way I found out. If A repossession letter was sent in August, payment for August was received by signal and cancelled repossession out at that time. It wouldn't have taken them til October to pick car up. When from October 18th to October 25th it was taken in 7 days! It was ridiculous! BETTER BUSINESS MANAGEMENT AND CUSTOMER SERVICE NEEDED! This is why so many crimes are being committed. I would not just ride around not paying anything, if I could pay every payment on time, I definitely would! But unfortunately I can't, Who would want there transportation picked up that I need. Thanks for your help Revdex.com.

Regards,

Business

Response:

December 9, 2013

To Whom It May Concern,

Please find attached the two returned checks presented to [redacted]’ Bank on October 11th and October 18th, Check number [redacted] was returned for uncollected funds and Check number [redacted] was returned for nonsufficient funds, The facts of the previous letter remain the same. Upon the return of the checks the repossession was reinstated and the vehicle repossessed due to delinquency.

Respectfully submitted,

Consumer

Response:

[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 Administratively Resolved]

Review: [redacted]

I am rejecting this response because:

Well I don't know what account it was uncollected from, see attached picture of my account with details for $625 check never reaching my bank. Typical cut and paste probably. Typical bad business. Well I guess my bank just gave me a courtesy on that check I guess!

Regards,