Signature Federal Credit Union - Vexing experience

[minski]

I'm struggling. Please help convince me to look elsewhere.

I want the Signature Credit Union Visa Signature card for the 2% cash back, low APR (8.7%), and the fact that I actually do have their checking account so it makes it easier for me to pay off the card than with SDFCU which doesn't even allow automatic payment from external accounts. 

I've posted about my last attempt to app for it online last year in another post with no response and eventual deletion of my application on their end.

On 1/20 of this year, I sent in a PDF application to the email I had on file for a loan officer who contacted me in 2018 in response to a question I had (I did not respond at the time since I got my answer). I didn't get any response from them even to say that the application was received. So I called 1/23 in the afternoon (EST), both the loan officer's extension and the main number. I left a voicemail with both numbers, and waited on hold as the #1 in line caller for about 20 minutes before I hang up. No calls back. I just called again (late afternoon (EST)). Left another voicemail on the extension (not even sure s/he still works there) and the main number. 

I am questioning the health of this credit union when I can't even seem to reach anyone except to leave voicemails or get any response to my voicemails.

I called again and asked for a service rep. I finally get someone who does confirm the loan officer does work there still and that there are actually a couple who are on today. So why was I prompted to leave a voicemail instead of having the call picked up on?

I don't even care too much about getting approved for the card. I am just vexed at being IGNORED as a client of this credit union.

I am considering closing my account with them. Is there another credit union that offers high yield checking + a credit card like this credit union's?

So, update: I was supposed to expect a call from the person above the loan officer. Instead, I got a call from a general loan officer who didn't give me her name and she had me app for the card over the phone. I asked for $20K and got it approved. I did need to submit POI. I should have asked for $25K which is what my original app asked for but chickened out. My income 6 figures. I don't know my APR; I hope it's the lowest. If not, I will be disappointed.

I did not get the in depth questioning about each credit line I had opened recently. I am 0/6, 4/12 and 6/24 with my last app last May with 2 of those new accounts in the past year being LOC. No inquiries on TU or EQ in the past year according to Credit Karma and 3 inquiry on EX in the past year according to Discover Credit Scorecard. My TU 08 is 807, EX 08 792, and EQ 09 817. DTI - maybe a bit high. I have a car loan that will be paid off before this year ends, and I transferred a balance on to my NFCU card for my sister.

Second update: Ugh! I was not asked during the application process and it did not occur to me to mention it (for some reason, maybe because I was so fixated on the Signature Visa card that I somehow thought they knew?) but apparently the application was submitted for the Platinum! I called back and got the service who left a message and I emailed them as well to see if I could get the application changed for the Signature Visa.

[Aim_High]

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@minski wrote:

I'm struggling. Please help convince me to look elsewhere.

I want the Signature Credit Union Visa Signature card for the 2% cash back, low APR (8.7%), and the fact that I actually do have their checking account so it makes it easier for me to pay off the card

I am questioning the health of this credit union  ... I don't even care too much about getting approved for the card. I am just vexed at being IGNORED as a client of this credit union ... I am considering closing my account with them. Is there another credit union that offers high yield checking + a credit card like this credit union's?

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My God, you have more patience than I do!! 

I followed your thread last year and replied. 

I wondered what had happened.

The card sounds great ... on paper.

If you don't have good customer service with

financial products, you have nothing.

Run ... Very quickly ...Away from Signature FCU.

What was your first clue about their financial health? Lol 

They sound truly pathetic. 

You deserve better.

And they don't deserve your money ...  or your trust.

PenFed FCU is one recommendation off the top of my head.

I don't know your profile and they can be difficult for some to get in with.

No military affiliation required at this time, unlike NFCU and others.

I am fortunate to a physical branch near me and was very pleasantly surprised with how nice they were (*but you can do everything online or on the phone with them electronically to manage your account.)

I even got personal service and a follow-up call from the branch manager later.

Their banking products are great and earn attractive interest rates:

Access America checking earns 0.20% APR with balances under $20K

Balances OVER $20K and up to $50K earn 0.50% APR.

The monthly fee is $10 but waived if you maintain a daily balance

of $500 or Direct Deposit of $500 monthly.  Easy-Peasy.

Their regular share savings earns 0.05 % APR which is nothing spectacular but they have money market savings that earns competitive 1.60% APY at the moment. (*I saw SFCU's 3.00% "high yield" checking but it requires $1K Direct Deposit, 10+ debit card transactions monthly, e-statements only, and only pays the highest rate at $20K or below.  That's a lot of qualifiers and exclusions to meet and if you fail to meet any of them, you only earn 0.05%.  With that exception, PenFed has better rates overall.  So if you keep a moderate amount of your funds in checking, very little in regular share savings, and the majority in the money market account where you can easily move it at will up to six times per month, you'll do very well on interest payouts.)

PenFed's Power Cash Rewards card will give you the same 2%

cash back with 0.01 cent minimum redemption.

Their rates and fees are very low.

Although not 8.7%, they have 11.74% on Power Cash Rewards.

And you can couple it with their GOLD card that has APR

as low as 8.24% if you need to carry a balance.

(That beats the lowest Signature APR.)

Best of all, I can almost guarantee you a superior customer service

experience compared to what you've been through with Signature.

https://www.penfed.org

[AverageJoesCredit]

A CU you cant even get a human on the phone? Uhm no thank you. I guess 20k is enough to keep one interested though

[AllZero]

Congratulations on your approval!

[newfossil]

Congratulations!

[Anonymous]

That's totally unacceptable. I would close my accounts and go elsewhere. Imagine if you have fraud and can't get someone on the phone?

[FinStar]

Congrats on finally getting the approval, albeit conditional with POI, but nevertheless a good outcome.

Hopefully, they can adjust the SL and/or change the product type. Otherwise, I would leave well enough alone.

[M_Smart007]

Congratulations!

[kjonesjr00]

I have a HELOC with Signature. That process wasn't too bad. One issue I had with them after I got my HELOC, is there was a computer error. The first 3 statements I received said $0 due for payment. I even called in and spoke with someone who said the same thing. Long story short, they reported late payments to my bureaus dropping my score 40-50 points across all 3. It adventually was fixed and corrected. I applied for their Platinum Visa card. I submitted the application online. It said someone would contact me within 24 business hours. 2 days later, no contact. I had to call in twice. Then I was asked how much was applying for, and what did I need the card for? I also had to send in POI. I never experienced this for a simple $5k limit credit card. Guess what...I had to email back to see if I was even approved. The loan officer replied back saying that I was. Had to email back to ask what my interest rate was? 8.70%. I hate this credit union with a passion!

[Aim_High]

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@kjonesjr00 wrote:

I have a HELOC with Signature. That process wasn't too bad. One issue I had with them after I got my HELOC, is there was a computer error. The first 3 statements I received said $0 due for payment. I even called in and spoke with someone who said the same thing. Long story short, they reported late payments to my bureaus dropping my score 40-50 points across all 3. It adventually was fixed and corrected. I applied for their Platinum Visa card. I submitted the application online. It said someone would contact me within 24 business hours. 2 days later, no contact. I had to call in twice. Then I was asked how much was applying for, and what did I need the card for? I also had to send in POI. I never experienced this for a simple $5k limit credit card. Guess what...I had to email back to see if I was even approved. The loan officer replied back saying that I was. Had to email back to ask what my interest rate was? 8.70%. I hate this credit union with a passion!

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Oh my ... they sound like the epitome of a bad customer service nightmare. 

They not only sound unprofessional; they sound incompetent and indifferent.

Low APRs on credit or High-yield Interest Rates on accounts or High Rewards rates on credit are completely worthless if they put you through the wringer trying to manage simple day-to-day finances.   A permanent 0% APR wouldn't even be worth the hassle.