One More Reason To Avoid Navy Federal Mortgage Services
Navy Federal Credit Union Among The Least Trustworthy Lenders
Realtors and Title Companies Cringe When Buyers Choose Navy Fed
Premier Northern Virginia Attorney Shocked, Stunned By Navy Fed Bad Behavior
Special Report: Navy Fed Confiscates 14 Year-Old Girl's Savings When Mom Falls Behind In Home Loan Payments
When you buy a home, you are free to choose any lender. If you choose to hire me to help you, and you want Navy Fed to handle your mortgage, I shall support your choice 110%. I also have a duty to disclose to you potential issues uniqe to your chosen lender.
I took the liberty to copy/paste a blog post by Robert Weed, Esq., about Navy Fed bad behavior, and the risk you take when you let your child open a savings or checking account at Navy Fed.
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Navy Federal takes money from children
Last month, Navy Federal emptied out the savings account where 14 year old Tammy (not her real name) saved the money she made baby sitting.
Tammy’s mom had been out of work for nine months. She was now two months behind on her second mortgage. (The second mortgage was 
from Navy Federal.) She just got a new job paying half of what she had been making, and she was glad to get that. But she knew she would not be able to pay the second mortgage and still feed her children.
So Tammy’s mom came to see me about filing bankruptcy. But she mentioned in passing that Navy Fed has helped themselves to her daughter’s savings account. How could they do it?
First time I heard of Navy Fed doing this, I was shocked too. But I figured out how they do it.
Most banks set up children’s accounts under the Uniform Transfers to Minor’s Act, where the parent is the custodian of the account, but the child is the owner.
Navy Fed apparently doesn’t do it that way. Instead they set up a joint account, with the parent and the child. This gives them right, as they see it, then to take Tammy’s money to make mom’s payment.
I think that stinks. The child, by definition, is a child, and hasn’t agreed to co-sign for mom. So I don’t think the credit union can pretend the little girl did.
I’ll see if I can find a judge who agrees with me on this.
The big lesson of this. If you lose your job, take your money out of Navy Federal. And that include’s your children’s money, too.
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