ED Magedson – Founder
Navy Federal Credit UnionP.O. Box 3000, Merrifield, VA 22119-3000 Pensacola, Florida USA
Navy Federal Credit Union Payment Protection Rip Off Took Money Gave Nothing in Return Merrifield Virginia
In 2002 I applied for a credit card with the Navy Federal Credit Union. I thought I was doing the smart thing by taking out payment protection. Eleven years later I need to utilize the insurance only to find out that there are so many hurdles and rules in place that there is no way the average person would be able to use the protection. So I have faithfully been paying the payment protection plan and when I make a claim I am told that I am denied. That I cannot use it because I was working for Navy Federal was let go, they considered it a temporary job and the insurance won't pay if youve been working a temporay job. Never in my wildest dreams did I ever plan or want to be in the position that I would want to have to use the insurance, but now that I am to be told that I have paid all that money and won't get anything when I need it is unbelievable. Its a rip off. Everytime I talked to the people they told me the hurdles I had to jump before they would pay, now a month into it, I am told that I am not covered. I have been a member of Navy Federal for 41 years. I have done all my banking with them. I am not unsatisifed with them in the large part, but I would caution anyone from taking out payment protection on any loan or credit card or any other financial transaction, as the insurance is basically set up so that there is no situation where it will pay, or the situations where is will pay only apply to the minority and the majority of the people who pay in have wasted their money.
This report was posted on Ripoff Report on 05/15/2013 12:56 PM and is a permanent record located here: http://www.ripoffreport.com/r/Navy-Federal-Credit-Union/Pensacola-Florida-32502/Navy-Federal-Credit-Union-Payment-Protection-Rip-Off-Took-Money-Gave-Nothing-in-Return-Me-1051179. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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