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Re: Got my fat envelope from Navy FCU --any advice about their different credit products?


haulingthescoreup wrote:


It does look though like I'll have to have something in addition to the initial share account to actually have membership:

 

  • Maintain an active checking account, a Share Certicate (aka CD) or an Individual Retirement Account (IRA).
  • Maintain an active loan account --that is, as a borrower you are paying on an outstanding loan balance or you have an active Navy Federal rewards credit card account.

 

Don't want to borrow/ establish credit for now, so I guess it'll be bare-bones checking or their bare-bones $500 CD. Hmmm, back to the website...


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Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

That's a direct quote from the membership brochure, bullets and all.

The paragraphs before the bulleted section say:

Membership

Once you've become a Navy Federal member, you're entitled to use the services of the credit union for life. You can leave the military, get married, retire or move to another state. Your membership travels with you.

All you or your family need to do to maintain membership is keep at least $5 in a share savings account and meet one of the following requirements:

(Then came the bulleted section.)

I was pretty surprised, because every CU I've dealt with has just wanted their five bucks. Maybe the phrase "maintain membership" is the key. Maybe after one year or something, you have to actually do something in order to maintain your membership status.

I'm calling CS before I mail this thing in anyway, but I was trying to get familiar with all their collection of goodies before getting bewildered in a convo. (I don't do well on phones, lol.)
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Re: Got my fat envelope from Navy FCU --any advice about their different credit products?


haulingthescoreup wrote:

smallfry wrote:

I would just go directly with a fund company like Vanguard. In the end unless you refi it's just another high limit credit card ya know? Stick with USAA for your banking NFCU won't pull the jealous girlfriend act on ya.

 



lol, well put.

It does look though like I'll have to have something in addition to the initial share account to actually have membership:

 

  • Maintain an active checking account, a Share Certicate (aka CD) or an Individual Retirement Account (IRA).
  • Maintain an active loan account --that is, as a borrower you are paying on an outstanding loan balance or you have an active Navy Federal rewards credit card account.

 

Don't want to borrow/ establish credit for now, so I guess it'll be bare-bones checking or their bare-bones $500 CD. Hmmm, back to the website...


Hauling,

 

A thought I have you may want to consider is to open a checking account with a very small amount in it... maybe $20. NFCU offers an "Everyday Checking" account and not only pays interest but there is no monthly fee. This will enable you, if you decide, to apply for the NAVChek LOC at any time after that. I am of the opinion, NFCU will not penalize you with respect to a LOC approval amount based on what is currently deposited in your checking account.

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Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

[ Edited ]
Didn't think you needed to maintain anything other than a share account to be considered a full member. If that be the case go for the CC but remember TU won't pick up that outsized line.
Message Edited by smallfry on 09-26-2009 12:44 PM
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Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

[ Edited ]
eta: sorry, this was replying to plasticman's comment about checking accounts. I was too lazy to use the quote button.

I'm leaning toward something like this, but maybe with a recurring monthly charge from someone who won't accept automatic CC payments. That way, I could do a direct deposit from my paycheck to maintain enough in the account to pay the bill, but not have to use it as a checking account.

All kinds of options here. btw, my employer is forcing me to work 200 miles from home, so I'm in the process of setting up an apartment, utilities, cable internet, blah blah blah. So yeah, I have some "opportunities" for this sort of thing, yay me. :smileytongue:
Message Edited by haulingthescoreup on 09-26-2009 09:47 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Re: Got my fat envelope from Navy FCU --any advice about their different credit products?


haulingthescoreup wrote:
That's a direct quote from the membership brochure, bullets and all.

The paragraphs before the bulleted section say:

Membership

Once you've become a Navy Federal member, you're entitled to use the services of the credit union for life. You can leave the military, get married, retire or move to another state. Your membership travels with you.

All you or your family need to do to maintain membership is keep at least $5 in a share savings account and meet one of the following requirements:

(Then came the bulleted section.)

I was pretty surprised, because every CU I've dealt with has just wanted their five bucks. Maybe the phrase "maintain membership" is the key. Maybe after one year or something, you have to actually do something in order to maintain your membership status.

I'm calling CS before I mail this thing in anyway, but I was trying to get familiar with all their collection of goodies before getting bewildered in a convo. (I don't do well on phones, lol.)

Keep in mind , if you deposit a minimum of $50 into the share savings, such that there is no yearly $3 mantenance fee, your membership is maintained. If one deposits the required $5 only then one will at some point, due to maintenance fees, will lose membership status. I do beleive even if the later happened one may be able to 'rejoin" again. 

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Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Hauling sorry to hear about the forced move.
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Re: Got my fat envelope from Navy FCU --any advice about their different credit products?


smallfry wrote:
Hauling sorry to hear about the forced move.

 

+1

 

Ouch!

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Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Thanks, guys! I signed a six-month lease. At the end of six months, there'd better be some miracles happening in terms of promotion and raise, or I'm outta there. But our youngest is in her last year of college, so I decided to grit my teeth and play their game for now. But just for now. :smileywink:

(I was hired as a tele-commuter 7+ years ago, and despite the fact that the agency is supposed to allow people to continue doing so, they canceled our work-from-home status several years back. They've been trying to drag me to the main workplace ever since.)
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FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Re: Got my fat envelope from Navy FCU --any advice about their different credit products?


plasticman wrote:

Keep in mind , if you deposit a minimum of $50 into the share savings, such that there is no yearly $3 mantenance fee, your membership is maintained. If one deposits the required $5 only then one will at some point, due to maintenance fees, will lose membership status. I do beleive even if the later happened one may be able to 'rejoin" again. 



I'll bet you're right. I still haven't found the page listing the fees for maintaining a share savings account (found the one for checking), but this would make sense.

Cool, then, $50 into savings, and I can pick up other stuff in the future when I start seeing a use for it. I need less complexity in my life, not more.

I initially deposited $50 into PenFed (only $5 required), and since February 2007, the balance has rocketed up to $50.49! :smileyvery-happy:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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