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Business Profile

Credit Union

Magnifi Financial

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Credit Union.

Complaints

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

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Magnifi Financial has 4 locations, listed below.

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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:11/16/2024

      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 paid off my line of credit with Magnifi Financial and closed my account in good standing (otherwise they would not have let me close my account), but my ********************** report indicates a charge off and that they were owed $235. I filed a dispute with the credit bureau. We called Magnifi and spoke to *****. Initially they said they made a mistake, the account is listed as being paid, so all we had to do is file a dispute (which we already did) and they would expedite the removal of the mistake. They have not removed the mistake and when we reached back out to inquire when they would be removing their mistake, they said "wouldn't be taking any further action."They need to remove their mistake.

      Business Response

      Date: 11/27/2024

      At Magnifi Financial, we are committed to addressing member feedback with care and transparency. 

      We thoroughly reviewed the situation and found no errors related to your ********** part of our resolution process, we successfully spoke with the joint account holder to discuss the matter. We also attempted to communicate with the primary account holder via follow up phone and email communication. 

    • Initial Complaint

      Date:07/29/2024

      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 used to have a checking account and a line of ********************** with Central Minnesota Credit Union, which is now a magnifi credit union. I filed for bankruptcy in 2019 on these and other accounts. The bank was notified of this and accepted it. My Equifax and Transunion credit reports show it is still in collection and still behind. I would like this addressed.

      Business Response

      Date: 07/31/2024

      After review of the concern and speaking with the member,Magnifi Financial has taken appropriate action to resolve the concern. 

      Customer Answer

      Date: 07/31/2024

       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.

    • Initial Complaint

      Date:06/16/2023

      Type:Service or Repair 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 had nothing except for problems with this financial institution in the last year. First they closed my account a year and a half ago due to fraud. They then made me go get a co signer to get a checking account open. Then they took my debit card away from me 6 months later because I was cashing my checks to borrow from my next paycheck. Which would pay for the checks I wrote to myself. Not the right way to do that but it is legal since Im borrowing my own money. Also they closed my credit card account because I wasnt making payments because they refused to give me online access. I finally got the online access but not until after they closed my credit account. Which then they took the money directly from my checking account to cover my ********************** card balance. Which I wouldve paid a little bit at a time but I didnt have access. So that means a bill I needed to pay didnt happen because they stole from me when there was no need to. Now this latest issue, its been over a year since I had a debit card. I went to go get one and they told me that I couldnt get one. So I said Ill just close my account and walk out the door. I didnt actually give them permission to close my account. I can we just upset with how theyre handling my accounts. So they closed it the same night and said that it was due to NSF funds and threats to them. I never threatened anyone. Thats a complete lie. So I need them to reopen my account and give me back a debit card.

      Business Response

      Date: 07/18/2023

      July 17th, 2023
      Better Business Bureau
      ************************
      **********, ** 55337

      Case Number: 20195006-A9544
      RE: ***************** Service Issues

      To whom it may concern,

      Magnifi Financial Credit Union received the complaint issued by ***************** on July 7th, 2023. The Credit Union reviewed the matter outlined in the complaint, specifically the issues surrounding the credit and account closures. ********************** has conversed with ************** multiple times regarding these concerns via email and telephone starting in July of 2022. Per the Membership Agreement and Disclosures that is received upon any new account opening, it is disclosed that Magnifi Financial Credit Union may terminate your account at any time without notice to you or may require you to close your account if: there are excessive returned unpaid items not covered by an overdraft protection plan, or, there has been any misrepresentation of any other abuse of your accounts, or, we reasonably deem it necessary to prevent a loss to us.

      Due to the reason(s) listed above, the account was closed in June of 2023 after 11 months of conversing with ************** on the concerns listed in the original complaint. 

      ***************************
      District Vice President 

    • Initial Complaint

      Date:03/31/2023

      Type:Service or Repair Issues
      Status:
      Unanswered
      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.
      On or about 02/01/23, I logged onto the Magnifi Financial website for internet banking and used their "bill pay" service to send a payment of $200.00 to Navy Federal Credit Union. The full amount was taken out of my Magnifi checking account within several days and I assumed that the money would be sent per Magnifi website. The money was never received by Navy Federal, which resulted in a late payment, and as of this date 03/31/23 the payment still has not been made. I still haven't gotten any refund, nor does anybody seem to know where the money went.I have contacted Magnifi Financial several times and they repeatedly told me to contact their bill pay service directly, even though the transaction was initiated on Magnifi's own website. Several direct phone contacts with the "bill pay" service have resulted in no remedy; referring me back to Magnifi. At this point, I request to have Magnifi return the $200.00 to me directly and they can recover the money from "bill pay".

    • Initial Complaint

      Date:11/29/2022

      Type:Billing Issues
      Status:
      Unpursuable
      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 cancelled my accounts with Magnifi when they merged with my bank. I was waiting for a credit card bill to pay off my bill completely so I'm able to close the credit card. It took them more than a month to send me a bill so I know what to pay. I received it two weeks ago and since then I have called them, visited the bank and have received NO help paying off my bill. They say in order to pay it over the phone I need to pay an extra $10. I am now 2 months late paying my bill and being charged interest and fees which I would not have owed if they had been timely sending me my bill and and help me now pay it off. My ask is that someone calls me IMMEDIATELY and allows me to pay it off without an extra fee. I also want ALL interests and fees removed because of their negligence.

    Magnifi Financial is NOT a BBB Accredited Business.

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