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Velocity Credit Union

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Reviews Velocity Credit Union

Velocity Credit Union Reviews (9)

Complaint: [redacted]
I am rejecting this response because:1. The report filed on my credit report says that I was $254 behind on my payments as of June.  Since you fully admit that my payment was received in May, I was not $254 behind in June.  2. Looking at my account history, I am seeing some very shady things.  I pay my bills through epay through my bank, which guarantees that my payment makes it to you on or before the date I select, as long as I select a day that is 4 or more days out.  I am getting information from them to confirm, but it appears that Velocity has consistently not acknowledged my  payment was received for 4-7 business days after it should have been received.  I checked with the agency that processes the epay, and their records show that my payments were sent on time and should have made it to you long before you acknowledge their receipt.  I would like to request that I get records from you as to when my payment physically made it to your facility, not when it was processed.  I need proof from you that it was received later than the on or before date so that I can take appropriate actions.  I don't care when it was processed, I need to know when it was received. 3. You say that my account is current.  The woman I spoke to on the phone in early June said that I would owe $12ish.  The person that emailed me today, [redacted], said that I owe over $30 in late fees.  Several different stories are being told.  [redacted] is now claiming that my payment wasn't received until 5/19, while you said 5/18, and my epay company says that it made it to you on the 13th.  4.  As I look at my account, I have kept it current, despite several failures on Velocity's part.  Like when I called in and made a payment by phone, and the woman on the phone entered my account number incorrectly.  Velocity came at me hard, and I was quick to fix.  You absolutely have the ability to remove this.  It is not out of your control, nor is it out of line to ask for a one-time forgiveness.  I have had to forgive your bank for errors a dozen times, and when I have a hardship, you take ridiculous actions.  I was in contact to explain what happened.  I was upfront, I was transparent, and I took action as soon as I was able.  At this point, I am coming at you hard.  I want confirmation of EVERY SINGLE RECEIPT DATE since January of 2014.  4-7 business days is a rather large time for the epay group, who supports millions of people and guarantees that your payment makes it on the date you select, to miss every single month.  If you cannot provide that data, then we have a very big problem.  If it was received late every month, then I have to go and have a discussion with my bank.  If you cannot provide that data, then I guess I will go to my bank, print any and every confirmation that they have, and come at you again in a new complaint for a new reason.  As I understand the FCRA: Under the FCRA, these information furnishers may only report a consumer's credit report under the following guidelines:They must provide complete and accurate information to the credit reporting agencies. - You did not do this.  You reported that I was $254 past due in June, which I was not. Since my initial payment mistakenly did not cover the full amount for March, the only amount that I should have been past due in June was the small amount not covered.  The duty to investigate disputed information from consumers falls on Creditor, and they must correct an error, or explain why the credit report is correct within 30 days of receipt of notice of a dispute. - I guess you are delivering on this...even though I cannot get the same answer out of the people that I have spoken to.They must inform consumers about negative information which is in the process of or has already been placed on a consumer's credit report within one month. - NOPE!  was never done.  I learned through a 3rd party app.  Not exactly a Velocity win here.Notice before negative information is reported: We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. - Kind of...seems like you reported it before you even gave notice. Notice after negative information is reported: We have told a credit bureau about a late payment, missed payment or other default on your account. This information may be reflected in your credit report.-Still waiting on this one...guess you still have a grace period (must be nice).
Basically, my question is this....is Velocity going to grant that one-time forgiveness since I was upfront, called to explain, worked to pay it back as soon as I was able?  If that happens, then I consider the case closed and I will go on my merry way.  If not, then I am going to need every bit of information that I have requested in this communication and through fax.  If you cannot provide me with the exact receipt dates, then I will assume that my Bank's guarantee was maintained and that it took a long time for your group to enter it in the system, and if you cannot show that my bank failed, I would also like a list of every late fee I have been assessed since my account was formed, as if you cannot show that the payment was received after the due date, then I want that money back.  Since my account was current since it's creation, up until now, and since Velocity has had several screw-ups that you have asked me to forgive, I don't think that it is an unfair request to ask you to make a goodwill adjustment.  Hell, I will even sign up for autopay and make sure that my checks come at the end of the month (before the due date) if that can be arranged.  Regards,
[redacted]

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]

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]

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.

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]

Complaint: [redacted]
I am rejecting this response because:You did not respond to going into my account and taking out the loan payment and did not contact me and if I did not check my balance, would have had several transactions bounce. 
Regards,
[redacted]

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.

I am writing in response to your complaint filed with the Revdex.com on August 3, 2017.  We understand you have been in contact with our New Hope Branch staff and they have explained the difference between current and available balance and, as a courtesy, several fees have been...

removed.   We extend our apologies for the frustration and inconvenience that you have experienced. Please know that we strive for excellent service in all interactions with our members.

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