ComplaintsforOklahoma Educaters Credit Union

• Initial Complaint

  09/11/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I am being harassed by Oklahoma Educators Credit Union Staff. I retrieve new insurance on my Honda Civic separate from their insurance. They are sending me letters informing me I have to pay for their insurance. I pay 559.17 to Toyota for their insurance, since my other vehicle is a brand new Toyota. It made no sense to have two insurance payments. I have called and sent them several emails with the declaration page as requested. My insurance documents state OECU is the lien holder for my vehicle. I have completed as they requested, and I would like them to leave me alone. I am not paying for their insurance. I will contact a lawyer if they continue to contact me.

  Business response

  09/25/2024

  As part of the contractual obligations of OECU's loan agreement, a borrower is required to carry insurance on collateral pledged for their loan.  To satisfy this requirement, the credit union must receive a copy of the insurance declaration page showing types of coverage, deductibles, and must list the credit union as lienholder.  

  For this account, there was a lapse in insurance coverage when notified that the former carrier had been cancelled on 3/24/24.  OECU attempted to contact the member through a variety of mediums (phone, text, letters) to remedy the situation, although received no response.  Unfortunately, since there was no communication from the member, the credit union force placed an insurance policy (CPI) on 6/18/24.  

  On 7/4/24, member responds to an email OECU sent on 6/10/24, stating she had insurance and wanted to cancel the CPI policy.  OECU explained what was needed to satisfy the insurance requirements and documents needed.  On 9/11/24, the member sends a screenshot of an insurance ID card.  OECU responds to the same communication to let her know that a copy of the declaration page was needed which should also list OECU as lienholder.  

  Since then, OECU has confirmed that the member holds a policy with an effective date of 8/1/24 showing the credit union as lienholder.  A partial refund of the CPI policy has been issued reflecting this information.  

  With regards to claims of harassment, OECU's objective is to be very transparent regarding the insurance requirements the borrower agreed to and maintains a duty to notify members anytime a CPI policy is going to be added.

  Customer response

  10/02/2024

   
  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.
  
  Thank you,
  
  ******** **********

• Initial Complaint

  10/13/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On or about Sept 2020, I refinanced a vehicle loan with OECU.On or about July 2021 the vehicle was sold as trade, the dealership paid the note off the ***** and the accounts were closed and excess paid to us. Until now there was no communication from OECU about a balance or an account being left open.In early October 2022 OECU mailed a paper statement that showed a 3 month deduction of funds from an account that was reported as being closed with a remaining balance of $2.**. I contacted OECU on 10 OCT 2022 and the only information given was that the account is being reported as closed and because of this they can not see transactions because of the aforementioned. **** was as helpful as could be and explained that her Manager ****** was out and would get in touch with me by close of business on 11 OCT 2022 and be able to better explain.On 12 OCT 2022 still not having recieved a reply, I reached out to OECU during regular business hours to be prompted to a leave a voicemail and they would return my call.On 13 OCT 2022 ****** very curtly called me explaining how none of this was her fault and there were miscommunications and phone problems and that the account was in fact not closed until 06 OCT 2022. ***** went on to coursely explain that **** has been trying to reach consumers since January about these accounts and the consumers have not responded or returned calls. I explained to her that this is the first attempt OECU has made to reach me and my address, email, and telephone have not changed, and the account should have been zero balanced in July 2021. ****** further went on to explain that there was money left in the open account and the bank charged the balances out monthly until there was nothing left then "closed the account and called it good".Albeit this is over a balance of probably $17 and change, this was my $17 and change and from the sounds of ******'s explanation that I am not the only consumer they have done this to.

  Business response

  11/04/2022

  When ************** refinanced his vehicle with the credit union,he also opened a separate share account which established his membership in the credit union.  A small balance was held in this share account tied to his base membership number.  Whenever the loan paid off, his loan was closed out but his share account remained open.  The credit union does not typically close out accounts when a loan pays off unless the member specifically requests it.  All members with share accounts receive quarterly statements which reflect their balances and activity reported during the period. 

  OECUs membership agreement provides disclosure of fees charged to accounts.  This document is provided at account opening.  In December 2021, OECU activated the paper statement fee for accounts that had not transitioned over to electronic statements yet, which is a more secure, cost effective, and eco-friendly way for members to receive their statements.  ************** contacted the credit union in October 2022, ten months after the fees started, and four statement cycles later.    

  We apologize for the alleged curtness of our staff and for not meeting Mr. ****** expectations with regard to his inquiry.  **** confirmed that statements were mailed to the address of record for ***************

  Ultimately, members are responsible for reviewing the activity on their accounts when they receive their statements or by utilizing OECUs digital banking features.  Fees are outlined in the membership agreement, a special message in large bold lettering was added to every statement in the spring of 2021, an updated **************** disclosure was mailed to every member in April 2021 and again in December 2021, and an announcement was made in the credit unions 2nd Quarter 2021 newsletters.  Based on these efforts, OECU has provided sufficient timely notice to all members so they could plan for the change and make needed adjustments. 

  As a gesture of goodwill, OECU will refund Mr. ****** fees of $22.61.    

• Initial Complaint

  01/21/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Unresolved

  More info

  Please see attached file.

  Business response

  02/07/2022

  SEE ATTACHED 

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