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NFCU membership question

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Anonymous
Not applicable

NFCU membership question

Hi,

 

I am new and this is my first time posting. I have searched and searched but cant seem to find out if I can open a savings (very small $140 to move out of another bank who holds a loan that will be included in bk) account with NFCU before filing (probably going to file ch7 in 2-3 months) or if it will be closed and I will have to reapply after the discharge anyways......any help would be greatly appreciated. TIA

Message 1 of 6
5 REPLIES 5
Guyatthebeach
Valued Contributor

Re: NFCU membership question

Are you a already a member of NFCU? If so, are you going to burn them on burn your bankruptcy?

Message 2 of 6
Anonymous
Not applicable

Re: NFCU membership question

Not yet, I want to go ahead and open a savings prior to filing and will not be burning them but don't know if they will freeze/close the savings anyways. I don't care if they freeze it really since we will report it in bankruptcy but I don't want to lose the membership and be kicked out when I could just wait until it's discharged......just hoping to get a jump start on membership so I'll have 6 months when it's discharged. Maybe I'm jumping the gun. Thanks
Message 3 of 6
Anonymous
Not applicable

Re: NFCU membership question

You can move your banking to any CU or Bank prior to filing, I actually suggest it since most will pull your CHEX and Credit Report and if you have issues with either it may prevent it. NavyFed shouldn't freeze you if you aren't including them. You'll just need to include them on your filing to state you have a savigns with them and $X is in there. If you wanted to also utilize them for checking you might as well ask to open a checking now since then you'll only have on HP vs 2 if you decide you want it later down the road.

You can also wait til llater, I opened my checking/savings with them after I filed and I had no issues at all (with opening, I've had other issues but none related to my BK). You can also wait and try and open a checking with another CU or bank after you file, however most will deny you, or tell you that they want you to wait a year till after BK before they give you a checking. Honestly, it's best to just move yoru stuff now, and if your old account is going to be negative just add that onto your BK petitiion.

Message 4 of 6
Anonymous
Not applicable

Re: NFCU membership question

Thanks, I actually found out they have a bankruptcy department and had a nice chat with the rep who said all was good so I applied.....just waiting on membership approval. I switched checking already to independent since I have heard some horror stories of checking accounts being frozen with NFCU that scared me off. Hopefully I will hear something soon.
Message 5 of 6
Anonymous
Not applicable

Re: NFCU membership question

If it helps at all -- the hard inquiry will only occur when you apply for your membership savings account. If you open a checking account down the road, there should be no hard inquiry. 

 

(There will be an additional hard inquiry if you apply for a checking line of credit, loan, or credit card).

Message 6 of 6
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