topic Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. UPDATED INFO. in Credit Cards

NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

TATATA — Thu, 31 Jan 2013 01:15:52 GMT

Ladies and Gentlemen -

I need your help. NFCU has blocked all of my credit cards (3 to be exact); however, I still have access to my checking, savings, and on-line banking. I have no idea why this was done. The only thing that I have been recently doing is making balance transfers from my NFCU credit cards to my Capital One credit cards and vice versa to take advantage of the 0% promotion. I assume the accounts triggered some sort of suspicious activity in their system - I don't know. I've been a member for almost 3 years and I have never been late - not even a day. I'm waiting to hear back from their security department.

I just wanted to confirm with the experts that there is nothing illegal about making balance transfers back and forth between different credit card accounts right? Or am I missing something?

Please advise. Thank you.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

SpeedingWheels — Thu, 31 Jan 2013 01:14:22 GMT

Call them and ask whats up?

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

TATATA — Thu, 31 Jan 2013 01:19:43 GMT

Funny! Believe or not that's the first thing I did; however, I'm still waiting to hear back from their security department. Left several messages already.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

bs6054 — Thu, 31 Jan 2013 01:23:04 GMT

TATATA wrote:
Ladies and Gentlemen -

I need your help. NFCU has blocked all of my credit cards (3 to be exact); however, I still have access to my checking, savings, and on-line banking. I have no idea why this was done. The only thing that I have been recently doing is making balance transfers from my NFCU credit cards to my Capital One credit cards and vice versa to take advantage of the 0% promotion. I assume the accounts triggered some sort of suspicious activity in their system - I don't know. I've been a member for almost 3 years and I have never been late - not even a day. I'm waiting to hear back from their security department.

I just wanted to confirm with the experts that there is nothing illegal about making balance transfers back and forth between different credit card accounts right? Or am I missing something?

Please advise. Thank you.

This should be OK. Many issuers block transfers between their own cards, but cross companies it really shouldn't matter. Of course, doesn't always make sense if there are BT fees.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

wallyworld123 — Thu, 31 Jan 2013 01:59:56 GMT

TATATA wrote:
Ladies and Gentlemen -

I need your help. NFCU has blocked all of my credit cards (3 to be exact); however, I still have access to my checking, savings, and on-line banking. I have no idea why this was done. The only thing that I have been recently doing is making balance transfers from my NFCU credit cards to my Capital One credit cards and vice versa to take advantage of the 0% promotion. I assume the accounts triggered some sort of suspicious activity in their system - I don't know. I've been a member for almost 3 years and I have never been late - not even a day. I'm waiting to hear back from their security department.

I just wanted to confirm with the experts that there is nothing illegal about making balance transfers back and forth between different credit card accounts right? Or am I missing something?

Please advise. Thank you.

I do believe you triggered an alert especially going back and forth i am positive that nfcu is looking out for your best interest! Please keep us updated

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

mr_postman — Thu, 31 Jan 2013 02:09:28 GMT

yeah i agree its just a precuation from navyfed once you verify transaction the hold should be lifted

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

bostonte — Thu, 31 Jan 2013 02:36:29 GMT

What's the reasoning for transferring back and forth between the same accounts?

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

TATATA — Thu, 31 Jan 2013 02:36:55 GMT

wallyworld123 wrote:
TATATA wrote:
Ladies and Gentlemen -

I need your help. NFCU has blocked all of my credit cards (3 to be exact); however, I still have access to my checking, savings, and on-line banking. I have no idea why this was done. The only thing that I have been recently doing is making balance transfers from my NFCU credit cards to my Capital One credit cards and vice versa to take advantage of the 0% promotion. I assume the accounts triggered some sort of suspicious activity in their system - I don't know. I've been a member for almost 3 years and I have never been late - not even a day. I'm waiting to hear back from their security department.

I just wanted to confirm with the experts that there is nothing illegal about making balance transfers back and forth between different credit card accounts right? Or am I missing something?

Please advise. Thank you.

I do believe you triggered an alert especially going back and forth i am positive that nfcu is looking out for your best interest! Please keep us updated

I hope you're right. I will most definitely keep all of you updated.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

TATATA — Thu, 31 Jan 2013 02:42:08 GMT

bostonte wrote:
What's the reasoning for transferring back and forth between the same accounts?

To get the 0% APR for 12 months on all my balance transfers.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

bs6054 — Thu, 31 Jan 2013 02:44:57 GMT

And there is no BT fee?

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

TATATA — Thu, 31 Jan 2013 03:00:07 GMT

bs6054 wrote:
And there is no BT fee?

None whatsoever. Again, this is between 2 of my Capital One accounts and 3 of my NFCU accounts. As you can imagine, my NFCU credit card limits are 8 to 12 times higher than Capital One.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

bs6054 — Thu, 31 Jan 2013 04:19:34 GMT

TATATA wrote:
bs6054 wrote:
And there is no BT fee?
None whatsoever. Again, this is between 2 of my Capital One accounts and 3 of my NFCU accounts. As you can imagine, my NFCU credit card limits are 8 to 12 times higher than Capital One.

I would guess (on Cap One) side that this is a special offer? The web site lists no BT fee, and 0% APR, but not on the same cards! Sounds like you have a good deal.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

Creditaddict — Thu, 31 Jan 2013 05:01:57 GMT

Toom me a minute to process this all out and I think another few points I for one think are missing is you say and I instantly start shaking my head "yes" that you have 8+ times the cl on Navy vs. Cap1.... what are the CL's and what are the balances? other then these 5, do you have other debts? credit score? oh and back to my confirming.

lets use easy $1k figures on all 5 accounts for easier following if you ask me for this.

Cap1 to Navy 1

Navy 1 of $1k plus any interest billed and minimum payments above the balance of the 0% to cap1

cap 2 to navy 2 same as above

then you have a navy 3 that had to go to one of the above cap 2 to get all accounts over to 0%

If this is right I assume Navy's computer through flag that this is what you are doing since you can't actually move all the 3 navy's to 1 0% navy.

I think it's savvy but I have a feeling the system didn't really think so, it's a get around on their own game!

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

TATATA — Thu, 31 Jan 2013 06:07:45 GMT

Creditaddict wrote:
Toom me a minute to process this all out and I think another few points I for one think are missing is you say and I instantly start shaking my head "yes" that you have 8+ times the cl on Navy vs. Cap1.... what are the CL's and what are the balances? other then these 5, do you have other debts? credit score? oh and back to my confirming.

lets use easy $1k figures on all 5 accounts for easier following if you ask me for this.

Cap1 to Navy 1
Navy 1 of $1k plus any interest billed and minimum payments above the balance of the 0% to cap1

cap 2 to navy 2 same as above

then you have a navy 3 that had to go to one of the above cap 2 to get all accounts over to 0%

If this is right I assume Navy's computer through flag that this is what you are doing since you can't actually move all the 3 navy's to 1 0% navy.

I think it's savvy but I have a feeling the system didn't really think so, it's a get around on their own game!

To illustrate:

Lets assume, I have a NFCU credit card with the limit of 14,000 (with a balance of 12,000) and a Capital One credit card with a limit of 1,300 (with a 0 balance). I make a balance transfer from my NFCU credit card to my Capital One credit card then I turn around and make a balance transfer from my Capital One credit card to my NFCU credit card for a slightly different amount; therefore, making that balance transfer part of the 0% APR for 12 months promotion.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

McArthur — Thu, 31 Jan 2013 06:07:56 GMT

I'd lay odds that Navy Federal is seeing this as the virtual equivalent to check kiting. At a minimum they believe you are using Navy Federal money at 0% to, in turn, pay off your own Navy Federal balances with a higher interest rate.

If you are extremely lucky, they might sort of buy your story. Still, I'd bet you're going to see some AA, but just not sure how drastic that AA will be.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

TATATA — Thu, 31 Jan 2013 07:17:49 GMT

McArthur wrote:
I'd lay odds that Navy Federal is seeing this as the virtual equivalent to check kiting. At a minimum they believe you are using Navy Federal money at 0% to, in turn, pay off your own Navy Federal balances with a higher interest rate.

If you are extremely lucky, they might sort of buy your story. Still, I'd bet you're going to see some AA, but just not sure how drastic that AA will be.

I just looked up the term "check kiting." I don't see how can this be considered "virtual equivalent to check kiting." The funds from either credit card are always available at the time of transfer. There is no inflated funds nor non-existent funds. It's just several balance transfers (with tangible funds) between 5 different credit cards.

Let me ask you, so If I had a credit card with Citibank with an available credit limit of 12k and did one (oppose to several) balance transfer to this card from NFCU for the full 12k, then turn around and made one (oppose to several) balance transfer from Citibank to NFCU for 11,500 within a few days, would this be considered illegal (and I use this term because I want to make sure I'm NOT breaking the law in any sense of the word)? Is it not a valid balance transfer?

This is why I'm asking MyFICO family for advise. I'm not seeing that I'm doing ANYTHING illegal. Any advice and/or feedback is appreciated.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

McArthur — Thu, 31 Jan 2013 07:41:56 GMT

TATATA wrote:
McArthur wrote:
I'd lay odds that Navy Federal is seeing this as the virtual equivalent to check kiting. At a minimum they believe you are using Navy Federal money at 0% to, in turn, pay off your own Navy Federal balances with a higher interest rate.

If you are extremely lucky, they might sort of buy your story. Still, I'd bet you're going to see some AA, but just not sure how drastic that AA will be.
I just looked up the term "check kiting." I don't see how can this be considered "virtual equivalent to check kiting." The funds from either credit card are always available at the time of transfer. There is no inflated funds nor non-existent funds. It's just several balance transfers (with tangible funds) between 5 different credit cards.

Let me ask you, so If I had a credit card with Citibank with an available credit limit of 12k and did one (oppose to several) balance transfer to this card from NFCU for the full 12k, then turn around and made one (oppose to several) balance transfer from Citibank to NFCU for 11,500 within a few days, would this be considered illegal (and I use this term because I want to make sure I'm NOT breaking the law in any sense of the word)? Is it not a valid balance transfer?

This is why I'm asking MyFICO family for advise. I'm not seeing that I'm doing ANYTHING illegal. Any advice and/or feedback is appreciated.

You are using money from one to wash it through another account and then back to the starting point. Navy Federal is probably looking at this as circumvention of their policy not to allow a BT from one Navy Federal card to another in order to get 0%. If that is how they look at it, expect AA.

There is nothing "illegal" about what you did, but it can be considered gaming the system.

What I am seeing is something like this: You have, say, a higher interest balance of $10k on Navy and also a higher interest balance on Citi. You BT from Citi to Navy and get 0%. Then with a zero balance on Citi, you BT your interest-bearing original Navy balance to Citi and turn that into 0%. Your debt level remains the same only having eliminated any interest on both accounts. Is that right? If correct, it is not illegal. But it is gaming the system and Navy is likely to nuke you. But I hope I'm wrong.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

McArthur — Thu, 31 Jan 2013 07:47:14 GMT

I might add that a lot of people game the Navy 0% BT offers with many just setting it up to get interest free capital for a year. Navy knows this and tries to detect this kind of activity.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

TATATA — Thu, 31 Jan 2013 07:54:42 GMT

McArthur wrote:
TATATA wrote:
McArthur wrote:
I'd lay odds that Navy Federal is seeing this as the virtual equivalent to check kiting. At a minimum they believe you are using Navy Federal money at 0% to, in turn, pay off your own Navy Federal balances with a higher interest rate.

If you are extremely lucky, they might sort of buy your story. Still, I'd bet you're going to see some AA, but just not sure how drastic that AA will be.
I just looked up the term "check kiting." I don't see how can this be considered "virtual equivalent to check kiting." The funds from either credit card are always available at the time of transfer. There is no inflated funds nor non-existent funds. It's just several balance transfers (with tangible funds) between 5 different credit cards.

Let me ask you, so If I had a credit card with Citibank with an available credit limit of 12k and did one (oppose to several) balance transfer to this card from NFCU for the full 12k, then turn around and made one (oppose to several) balance transfer from Citibank to NFCU for 11,500 within a few days, would this be considered illegal (and I use this term because I want to make sure I'm NOT breaking the law in any sense of the word)? Is it not a valid balance transfer?

This is why I'm asking MyFICO family for advise. I'm not seeing that I'm doing ANYTHING illegal. Any advice and/or feedback is appreciated.

You are using money from one to wash it through another account and then back to the starting point. Navy Federal is probably looking at this as circumvention of their policy not to allow a BT from one Navy Federal card to another in order to get 0%. If that is how they look at it, expect AA.

There is nothing "illegal" about what you did, but it can be considered gaming the system.

What I am seeing is something like this: You have, say, a higher interest balance of $10k on Navy and also a higher interest balance on Citi. You BT from Citi to Navy and get 0%. Then with a zero balance on Citi, you BT your interest-bearing original Navy balance to Citi and turn that into 0%. Your debt level remains the same only having eliminated any interest on both accounts. Is that right? If correct, it is not illegal. But it is gaming the system and Navy is likely to nuke you. But I hope I'm wrong.

I hope so too. I'll keep all of you posted. Thank you.

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

youngandcreditwrthy — Thu, 31 Jan 2013 13:49:21 GMT

I get what everyone is saying here...

But I mean... aren't bt offers supposed to be for this kind of stuff?!?!

It's called managin cash flow and finances, which are reasons why credit cards came into existence.

Thanks for the heads up though lol
Maybe I will rethink my bt methods. Haha!

Good luck and I hope you don't get aa.