I was a happy customer right up until this incident. And I certainly agree that due diligence is a must for something as critical as a registrar.
I attempted to login after support changed the password, but prior to the club president connecting with me. So I filed a support ticket that my password stopped working, and to NameCheap's credit they locked the account shortly thereafter. I worked with support later to regain access.
I don't know for sure if the club president was able to successfully auth with the new password before NC locked the account at my request. To be completely transparent, keeping this domain on my personal account was a legacy arrangement that probably should have been handed off sooner. Student club turnover being what it is, I was just renewing it so it wouldn't get squatted. We are fully transferring ownership to them now so there's no friction.
It's fair to criticize this arrangement as messy. Regardless, NC shouldn't have simply handed over the account to an unverified phone caller.