ComplaintsforAbound Federal Credit Union

• Initial Complaint

  12/19/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  While at a seasonal job, someone hit my parked car while I was working and it was enough damage to allegedly total it. After it was all said and done, now they're telling me that GAP will only cover $600 and some change so I still will owe $2000 something on the car because "the warranty was cancelled" due to the car being totalled. I may not be understanding what they're saying, but the warranty will obviously no longer exist on a totaled car. Now I will have to make a second full car payment every month that will now make it very difficult to pay. The GAP insurance is apparently not going to cover the remaining balance like I was led to believe that it would. Why would a warranty still exist on a car that was totaled, and why would GAP not cover it due to the warranty not existing? None of it makes any sense because it's obvious that the totaled vehicle will not be covered anymore. I was under the impression that the GAP insurance would cover the difference in cost of the car for what it's worth vs. what I still owe on it which is why I paid for it in the first place.

  

  Business response

  12/27/2023

  *** ******,

  We are continuing to investigate your concerns and will be in contact with you at the phone number on file as soon as we have additional information for you. Thank you for contacting us. 

• Initial Complaint

  11/30/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I first called the CU in early July to report the following fraudulent charges: JUL 4 2023 ******** ** **************** **** ** ******* ******* *** * **** ******** ** **************** **** ** ******* ******* *** * **** ****** ****** ************ ** ******* ******* *** * **** ****** ****** ************ ** ******* *******  They acknowledged the reporting and told me that they would investigate. I called a SECOND time to check the status of the investigation in August. They told me they weren’t aware of these fraudulent charges and that they would start the investigation at that point. I called back a THIRD time to check on the status in October, and again I was told that they weren’t aware of these fraudulent charges and that they would start the investigation. A manager called and left a voicemail apologizing on Oct 6th acknowledging their fault in not properly managing the investigation. They dinged my credit report around Oct 17th. I called back Nov. 22nd to request removal of the negative reporting. They told me they could not do anything until the investigation is complete. Additionally, I found out that they haven’t included the following charge in the investigation: JUL 2 2023 ****** ****** ************ ** Amount: $341.23 I requested that they include this charge in their investigation. So far, they have reversed the following 3 charges: JUL 4 2023 ******** ** **************** **** ** ******* ******* *** * **** ******** ** **************** **** ** ******* ******* *** * **** ****** ****** ************ ** Amount: $513.71 But the one remaining charge is still not reversed, and all the fees and finance charges have not been reversed either, and the bad reporting to the credit bureaus remain. In the meantime I have made the minimum payments of $150 on my account to not receive any further negative reporting to the credit bureaus. It’s been now almost 5 months since the initial reporting of the fraudulent charges.

  

  Business response

  12/08/2023

  *** **,

  Thank you for speaking with the Credit Union concerning your complaint. As discussed we are actively reviewing your concerns and will be in contact with you about them again soon. 

  Customer response

  12/11/2023

  
  Complaint: ********
  
  I am rejecting this response because: They still have not provided a satisfactory resolution to my complaint. 
  
  Sincerely,
  ******* **

  

  Business response

  12/13/2023

  Thank you for responding. The Credit Union will be calling you with the resolution before the end of business Friday 12/15/2023.

  Customer response

  12/18/2023

  
  Complaint: ********
  
  I am rejecting this response because: I was charged on DEC 17 2023 an additional LATE FEE in the amount of $35.00. Additionally, I still have the late payment negative reporting to the credit bureaus which is significantly affecting my credit score. This negative reporting still must be corrected.
  
  Sincerely,
  
  ******* **

  Customer response

  12/20/2023

  
  Complaint: ********
  
  I am rejecting this response because: I was charged on DEC 17 2023 an additional LATE FEE in the amount of $35.00. Additionally, I still have the late payment negative reporting to the credit bureaus which is significantly affecting my credit score. This negative reporting still must be corrected.
  
  Sincerely,
  
  ******* **

  

  Business response

  12/20/2023

  Thank you for responding *** *i. The Credit Union has refunded the $35 late fee and should show up for you 12/21/2023. The Credit Union has submitted the updates to the Credit Bureaus and continues to monitor for the update to be completed by them. 

  Customer response

  12/26/2023

  
  Complaint: ********
  
  I am rejecting this response because: I cannot utilize the corrected credit in my credit card account. I'm waiting for the credit from the credit card account to be credited to my savings account so I can access it.
  
  Sincerely,
  
  ******* **

• Initial Complaint

  11/27/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Credit union was approving charges and charging overdrafts on those charges on charges that money was not in the account for. When I approached them about this not paying these they said I had authorized transactions of this type when it was ACH transactions that were approved not debit or credit card transactions. I tried to work with them and finally stopped deposits to account

  

  Business response

  12/06/2023

  Abound attempted to reach the member on 12.4.23 by phone and was unable to get in contact with them. Please reach out to us at ************ **** **** so that we can understand the full scope of the charges and fees under contention. Thank you. 

  Customer response

  12/06/2023

  
  Complaint: ********
  
  I am rejecting this response because:
  
  

  I was never contacted.  They should have my number and email and I never received any such call.  
  
  Sincerely,
  
  **** ******

• Initial Complaint

  11/06/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Dear BBB, I had a prior auto loan with Abound Credit Union beginning in 2021 and was fully paid off 2022. During this time at my old address where some statements were evidently sent, they were returned without Abound taking the time to resend to new addresses. Secondly, because of this I do now need these documents showing all fees and interest paid non-tax related. I was just told over the phone of $3.00 per fee plus $10 per man hour to send this? Unheard of! I’m asking to re-establish my account so I can pull them up myself. They still wouldn’t even do this. Very BAD AND GREEDY company. Stay away from here!

  

  Business response

  11/15/2023

  Thank you for speaking to us. We called to discuss your complaint. During the call it was noted that the issue in the complaint had been resolved. 

• Initial Complaint

  10/23/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On Friday, October 13, 2023 Abound Credit Union charged me a predatory amount of overdraft fees totaling $527. On October 13th I received a deposit that was posted after all of the withdrawals came out within seconds. Abound refused to refund me any overdraft fees. I also requested documentation surrounding their post order of deposits and was never provided this documentation. In the past, all ACH deposits have posted to my account before ACH withdrawals and it was opposite on the morning of October 13th. It is a predatory practice to charge someone $527 in overdraft fees when they had a deposit that occurred the same morning that covered the amounts coming out of the account. I will also be complaining to the NCUA to ensure a thorough investigation is conducted on Abound surrounding their overdraft practices.

  

  Business response

  11/02/2023

  Thank you for reaching out. We have reviewed the situation and would like to let you know that the Credit Union processes credits first in every automated clearinghouse file that is received. These files are sent to the Credit Union throughout the day and are processed at the time they are received. In this instance the very first file of the day contained the debits that caused the account to overdraw and your Courtesy Pay Plus coverage to honor those debits instead of returning them, while charging the Courtesy Pay fees. The files with the credits to your account were not received until later in the day. However, as a one time courtesy, the Credit Union has refunded the Courtesy Pay fees incurred on October 13th, 2023 in the amount of $403. If you would prefer to opt out of the Courtesy Pay program you may do so by visiting a branch or calling the Credit Union at 800-285-5669. 

• Initial Complaint

  08/07/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On the night of June 25th a tree fell on my vehicle. I reported the claim the following morning to Allstate. On July 12th I was contacted by Allstate to let me know that the car was a totalled loss because the cost of repairs exceeded the value of the vehicle. On July 18th I went into Abound to speak with them about what my options were. I let them know then I wanted to keep the car. It's was still our only good vehicle at the time and my child has a bone condition the requires many hospital and specialist visits. Abound told me they had to figure out what they would be receiving from insurance. So I forwarded the market value to *********. I was told there would be an additional balance owed but I had gap insurance. I was lead to believe gap insurance was a good idea to have for my loan with Abound. He notified me that we would have to wait until they heard from insurance and they recieved a form of payment. We spoke about keeping the car (July 18th). I was not receiving calls from Abound or Allstate so I had to reach out multiple times. We sent in cars which we thought we would be able to roll the existing amount into, with Abound like I was told by *********. I didn't hear back. When I did hear back it was from insurance. Telling me my car was going to auction because the lean holders (abound) didn't give me the option to purchase. Which I had already told the two people working my case in Leitchfield! Now I'm without a vehicle, because I couldn't take out a loan with you guys without an insurance payment! We sold our work vehicle to pay the 3,400 we were told for the buy back price. Allstate is coming in to days to take our only vehicle leaving us stranded from work and appointments! I'm told there is nothing I can do at this point and I'm completely lost. There is no telling how many people are being sold gap insurance knowing the car value is less than the loan value, automatic deny to claim in my case. Abound cost me my vehicle and maybe my job.

  

  Business response

  08/17/2023

  *** *****

   

  Thank you for speaking with me today about your concerns. As discussed, you have provided more detail and information for the Credit Union to look into so we can fully investigate the matter. We will be following up with you for updates and additional information as we further investigate your concerns. 

   

  Thank you,

  Customer response

  08/18/2023

  I don't feel anything has been accomplished 

  

  Business response

  08/30/2023

  Member expressed additional concerns, that they had not been contacted regularly during the process, that GAP insurance did not seem to pay the correct amount, that the Credit Union did not release the lien on the collateral to the insurance company, and that the balance on member’s loan did not decrease enough when making regularly scheduled payments. The Credit Union had discussions with member on the phone in which the following were discussed:
  
  1. Contact-The individual in question was coached on the level of communication and service provided.
  2. GAP insurance- Calculation regarding amounts paid were explained. GAP amount paid at 125% was accurate.
  3.Release of lien-The Credit Union contacted the insurer of the collateral and informed them that upon receipt of the quoted insurance settlement, the lien for the vehicle would be released. To date the insurance company has not provided the funds.
  4. Balance Decrease- The member added credit life and disability insurance to the loan at origination. This caused a monthly fee outlined in the agreement to be added to the principal of the loan each month. This amount accounts for the perceived lesser decrease of the balance over time. Payments to loan were applied correctly.
  
  

  Customer response

  08/31/2023

  
  Complaint: ********
  
  I am rejecting this response because:
  The insurance company has yet to pay so therefore I do not know the remaining balance. I also do not know if abound is willing to work with me on this additional amount. I will accept after abound shows they are willing to help and redeem themselves 
  Sincerely,
  
  ***** ****

  

  Business response

  09/07/2023

  Thank you for responding. The Credit Union has received the check from Allstate and it has been applied to the loan. We will continue to be in communication with *** **** about his concerns. 

  Customer response

  09/07/2023

  
  Complaint: ********
  
  I am rejecting this response because:
  After everything that has happened and after speaking with someone about the non payment abound put 3 delinquencies on my credit. I am continuing to be punished for my vehicle being totaled and the lack of communication from the insurance company and abound. 
  Sincerely,
  
  ***** ****

• Initial Complaint

  05/12/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Abound fcu has participated in the practice of adding unnecessary insurance policies to collateral based automotive loans. I currently have a policy in which insurance has been added by the lien holder. I have maintained full coverage insurance since my purchase. I have presented my personal insurance through their affiliated website for verification multiple times. I have presented myself with printed copies in person at multiple branches as proof. Each time I visited a branch I was assured the issue issue was resolved. Additionally , I have provided email pdf copies to branches. My agent has provided email copies and attempted contact with no resolution. The issue has not been resolved and I believe the business has not performed a “good faith” effort to verify policies prior to the application of their own insurance policies.

  

  Business response

  05/22/2023

  Credit Union attempted to contact insurer to verify coverage provided. Insurance company did not answer their phones or respond to any communications. When calling the insurance company to verify the voicemail indicated it was full and unable to receive voicemail. CPI was added because, despite numerous attempts to verify the documentation provided with the insurer, Credit Union staff was unable to receive any response from the insurance company. Insurance was finally verified May 2023 and CPI has been canceled. 

• Initial Complaint

  03/13/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have been having trouble with this bank I’ve been banking with them since I was a teenager and everything was ok until recently. I would have my checks deposited and they would talk large sums of money without an explanation this has been happening for months I was so tired I got another bank account and now I get my full checks. Every time I call and ask about my missing funds it goes on deaf ears please help.

  

  Business response

  03/22/2023

  Tell us why here...
  The Credit Union has reviewed you account and noted that all transactions were processed in accordance with its Membership Agreement. The Credit Union found no evidence of funds being taken from any checks deposited. It appears that withdrawals from Planet Fitness resulted in your account being overdrawn. The Credit Union refunded $31.00 in NSF fees to your account on January 17th 2023.

• Initial Complaint

  02/16/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Deceptive advertising! My Abound IRA CD matured last March that was and is still being advertised by Abound as an "IRA CD" without stating whether it is a Traditional or a ROTH IRA. I funded it with after-tax dollars and on Feb. 10, 2023 received a tax notice (1099-R) stating I must again pay tax on that after-tax money, plus on the interest it earned. As a result, I will be paying $1100 extra in tax on an IRA CD that I already paid tax on, plus I am required to pay tax on its interest. My five-year fixed-rate investment (IRA CD #********) actually cost more than it gained as a result of Abound's deceptive advertising. It is unethical for Abound (TIN **********) to accept after-tax cash from my checking account on a product designed for conversion or rollover from a pre-tax retirement account. They did this though, happily accepting my already-taxed cash, and are now saying "tough luck". ******** (manager) at the ********* KY office promised me a phone call ("within 24 hours") from the regional branch that never happened, referencing ticket #******* which is probably a fake number. Also, Abound deleted my online account (I can no longer log in) so all matters pertaining to this transaction have disappeared.

  

  Business response

  02/23/2023

  On March 20, 2017 **** and ******** ********* submitted a signed Individual Retirement Account Application for a traditional IRA. The contribution type was selected as "Regular". On April 5, 2017 **** ********* submitted the signed Traditional IRA Contribution and Investment Selection form to fund the IRA certificate from their primary share account at the Credit Union. On April 5, 2017 the funds were deposited into the share account and then transferred to the IRA certificate to fund it. On March 9, 2022 **** ********* submitted a signed Traditional IRA Withdrawal Authorization form and selected "Normal Withdrawal" as the withdrawal reason. Those funds were placed by member into their IRA share account on March 9, 2022 and then transferred to the member's share savings account on March 10,2022. On March 10, 2022 the full proceeds from the IRA certificate were withdrawn by the member via a cashier's check made to them. After a regular withdrawal from a traditional IRA, the Credit Union is required to generate and send a 1099-R, "Distributions from Pensions, Annuities, Retirements or Profit-Sharing Plans, IRAs, Insurance Contracts, etc." form. This form reflected the total distribution the member elected from their traditional IRA in 2022.

  Customer response

  02/23/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********* and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
  
  Regards,
  
  ******** *********
  
  

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• Initial Complaint

  02/03/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  The credit union states they do not charge early pay off fees. However, they charged me "interest" on non due payment extra payments.

  

  Business response

  02/13/2023

  The Credit Union attempted to contact you on February 13, 2023 to help explain the required payment on your loan and were unable to get in touch with you.

  The loan agreement/note you signed on October 1,2022 states the following in paragraph 3, "Interest under this Note will accrue on a daily basis on the unpaid principal balance set forth above." As a result, even when you are paid ahead, interest continues to accrue on the unpaid balance of the loan. This resulted in the required interest payments on the paid ahead payments. 

*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. ↩