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Business Profile

Credit Union

Velocity Credit Union

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Credit Union.

Complaints

This profile includes complaints for Velocity Credit Union's headquarters and its corporate-owned locations. To view all corporate locations, see

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    Customer Complaints Summary

    • 8 total complaints in the last 3 years.
    • 2 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. 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.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:10/22/2024

      Type:Billing Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Unknown, the car was purchased over 7 years ago. When my car is paid off October 2023 and it is time to release my car title. The credit union added insurance that I didn't purchase nor was I made aware of the insurance was added. However, my car was continuously registered in the state of *****. (Which requires you to have up to date insurance to register your car. )I want the extra insurance taken off the purchase and release the car title. My car in paid off.

      Business Response

      Date: 10/29/2024

      October 28, 2024

      BBB ****************
      ******************************************************************************************

      Dear Better Business Bureau:
      This letter is in response to a complaint against Velocity Credit Union by ****** *****, ID #********.

      After further review of Ms. ***** complaint and loan account, ******************** has determined that ******************************* (CPI) was added to the loan.CPI was added because the member failed to provide proof of insurance on our collateral. At the time the loan was originated on September 23. 2017, ******** signed an agreement to obtain and maintain full-coverage automobile insurance for the life of the loan.

      ****************, our third-party ******************************* carrier, states that coverage has been provided as of June 4, 2019. However, Ms. ***** failed to maintain coverage between September 23, 2017 to June 4, 2019, and numerous CPI policies were put into place to protect the Credit Unions collateral,resulting in $6,598 being added to the loan for *******************************.

      Velocity has attempted to contact Ms. ***** to request that she provide proof of insurance during this lapse period but has been unsuccessful. If the member is able to provide proof of insurance showing coverage between September 23, 2017 to June 4, 2019, we will submit that information to our insurance carrier (Allied Solutions); they will verify the proof of insurance and issue any refunds owed to Ms. ************

      Should Ms. ***** like to discuss the matter further, she is encouraged to contact ******* ****** in our ********************** during regular business hours at ************.

      Respectfully,
      Velocity Credit Union

    • Initial Complaint

      Date:08/26/2024

      Type:Sales and Advertising Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      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

      Date: 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

      Date:04/29/2024

      Type:Billing Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      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

      Date: 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

      Date:03/22/2023

      Type:Product Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      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

      Date: 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

      Date:02/13/2023

      Type:Billing Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      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

      Date: 02/15/2023

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

      Customer Answer

      Date: 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

      Date:01/27/2023

      Type:Order Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      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

      Date: 02/07/2023

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

    • Initial Complaint

      Date:01/12/2023

      Type:Service or Repair Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      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

      Date: 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 Answer

      Date: 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

      Date:01/11/2023

      Type:Billing Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      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 Answer

      Date: 01/23/2023

      Better Business Bureau:

       
      My complaint has been resolved with Velocity Credit Union. My returned mail fees were returned. 
       

      Regards,

      *****************************

    Velocity Credit Union is NOT a BBB Accredited Business.

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