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Business Profile

Credit Union

Founders Federal Credit Union

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Credit Union.

Complaints

Customer Complaints Summary

  • 2 total complaints in the last 3 years.
  • 0 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:08/01/2023

    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 am writing to lodge a formal complaint against Founders Credit Union regarding the false and damaging information they have reported, which has unjustly impacted my creditworthiness and resulted in the highest interest rate on loans an adverse restrictions . I am deeply frustrated and outraged by the careless manner in which Founders Credit Union has handled my credit information, leading to significant financial and emotional distress.

    The core of my complaint revolves around Founders Credit Union's acquisition of Arrowpointe Credit Union, wherein they have seemingly inherited a host of erroneous credit data pertaining to a loan account. To clarify, the loan in question was opened and closed well before Founders Credit Union's involvement with Arrowpointe Credit Union. This means that the information they are reporting is not only false but also beyond the statute of limitations, rendering it illegal and unjustifiable.

    I have taken extensive measures to rectify this issue by filing over 15+ disputes with the credit reporting agencies, each time providing concrete evidence that disproves Founders Credit Union's reported information. Despite my efforts, each dispute has been verified, perpetuating the inaccurate information and causing severe damage to my credit reputation.

    Not only is Founders Credit Union failing to acknowledge their mistake and correct the false reporting, but they are also blatantly disregarding the evidence I have diligently provided. This lack of accountability on their part is both unacceptable and infuriating, as it hinders my financial stability and hampers my ability to secure loans and obtain favorable interest rates.

    Business Response

    Date: 08/04/2023

    We
    have provided our dispute investigation results to the member each time this
    request has been made.  Our investigation determined the reporting is
    accurate and the delinquency will continue to report until year end 2023 when
    it meets the statute of limitations under FCRA.

  • Initial Complaint

    Date:02/14/2023

    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.
    What happened is I had enforced insurance placed on my auto loan. They are claiming I didn't have insurance to cover my auto loan from June to November 2022. I sent documentation from my auto company which is ****** Auto and I had a ****** 3 way call with a bank representative and the auto company representative confirming the coverage they said I didn't have insurance for. With the documentation the credit union still has not made an adjustment. That leaves me with paying $613 forced payment per month. The adjustment, they saying, if they give me an adjustment will go to the principal of the loan. They will not give me my money.

    Business Response

    Date: 02/17/2023

    Founders
    has provided an additional response to Ms. ******** addressing our handling of
    her account regarding collateral protection insurance.  We have provided
    her with the specific reasons and outlined our standard practice for the
    addition of forced placed coverage along with documentation which supports our
    actions resulting from the lapse in her insurance coverage.  Our
    information provided to Ms. ******** also addressed her claim of discrimination
    as she indicated her account had an “alert” which referred her to a Branch
    Manager or our Loss Control Department.  The Credit Union has a standard
    practice of referring accounts to management or our Loss Control Department
    when their insurance coverage securing the loan collateral has lapsed. 

    Customer Answer

    Date: 02/17/2023

    * **

    Complaint: ********



    I am rejecting this response because: I have submitted insurance coverage regarding the dates of June 2022 - July 2022. The forced insurance covers a period of months that I had full coverage through ****** Auto and I have submitted that Declaration page and The insurance company has confirmed cover during the months of June and July 2022. A lapse in coverage didn’t occur until August 2022.

    Therefore the forced insurance was placed during my initial insurance coverage period. I’m requesting a refund of the $160.00 for each month I had coverage and they had me paying for Forced insurance coverage.   The conversation I had with Lisa Newman and my insurance company confirmed I had coverage for the month of June and July.  Founders have still refused to acknowledge my coverage and have placed a refund to my loan regarding the Forced Insurance. The months of June and July should be refunded back to me not to the principal of the loan. They should’ve not applied Forced insurance during June and July when I had full coverage for my auto loan in place.

    Pay me the interest on my money just like they applied to my loan. 



    Sincerely,



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

    Business Response

    Date: 02/24/2023

    We have contacted our member ******** and addressed her
    concerns in detail. Regarding this matter no further action will be taken
    by the Credit Union unless new information not already discussed is
    provided by the member.

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