ComplaintsforTapco Credit Union

• Initial Complaint

  12/07/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I have bought two CDs on 9/23/22 and cancelled 10/24/22 from TAPCO credit union. When I withdrawed the CDs they charged $388.06 which is 6 months interest penalty. I was given information that there will be one month interest penalty if I have to cancel, I asked to their sales person when I opened this. I have tried to resolve this problem last two months, I visited there a few times and they referred me to the branch manager, and I called her and left messages twice, never returned my phone calls. I went back there again 12/6/22 and they told me there is a disclosure that they have to charge 180 days interest penalty.I have not given any disclosure document when I opened this cds but I have received a receipt shows that transactions only which I can proofs. I hope someone will take look into this issues and help me.Thank you very much.

  Business response

  12/16/2022

  To Whom it May ********************* see the attached document regarding the complaint from ************** 

   

  Sincerely,

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

  TAPCO CU

  Customer response

  12/18/2022

   
  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.
  
  Sincerely,
  
  *************

• Initial Complaint

  03/26/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  They behave more like a debt collector than a loan agency. Theyre tactics are intrusive and the monetary penalties are exorbitant! Im not even sure the fines they apply are legal? They charged my account a $450+ fee for a lapse in insurance and then another $5000+ for cancelled insurance. Thats outrageous and unscrupulous! And, they are too quick to notify the credit bureaus and never correct their mistakes for inaccurate reporting. They RUIN credit for people already struggling with credit issues. They prey upon low income people and it should be a crime to operate the way they treat people who struggle financially and with credit issues.

  Business response

  04/04/2022

  To Whom it May ********************* find the response to **************** attached. In addition to uploading the letter here, it was also mailed and emailed to **************** at the address we have on file for him. 

   

  Sincerely,

  TAPCO CU

  Customer response

  04/08/2022

  Better Business Bureau:

  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this response by TAPCO is quite typical and although I am still quite upset I feel as though I have no other course forward unless I were to pursue legal action. Obviously I do not have the means or the wherewithal to pursue such a resolution so the point is mute. I'm just distraught by the fact that these powerful, faceless, impersonal entities can reek such havoc on consumers with little meaningful recourse. TAPCO hasn't shown the willingness to work with me on resolving my issues with the ****** punitive measures that have basically ruined my credit. 
  
  There was a major mistake made by us in which we incorrectly selected "weekly" for the car payment in the online website TAPCO. This reeked havoc on our bank account and pushed us into massive overdraft charges and an unwillingness on the part of TAPCO to refund the money lost. So, we went through the bank to get the funds back because we needed to pay rent, eat and buy gas to get to work! The bank got the money back so, TAPCO initiated several reports to the credit bureau's for late payment.
  
  In another example, the due date for the payment was thought to be the 20th and was paid on time for a few months on this date. However, TAPCO had the 1st of the month as the due date and a few more late payments were reported to the credit bureau's for a total of FOUR in 2021. I have never had a late payment in my history and now I have four. 
  
  I tried to find another lender for this loan because I'm just done with this agency. But, they have pummeled my credit so badly that I have no other options! I have an account with BECU and I have at least $15,000 in my account and they won't take on this car loan because it looks problematic. Can you imagine? 
  
  TAPCO is ruining my credit and my ability to seek relief with another agency. I'm just at my **** end. I just don't know what to do. I feel like this lender, TAPCO, is predatory and is purposefully debiting my account and ruining my credit for financial gain. 

  I just really don't know what to do. I feel powerless and completely beat up by this whole system. I'm ready to just completely throw in the towel. What is a person supposed to do...?

  
  Sincerely,
  
  *********************

*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. ↩