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Really?
@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...
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:
@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.
@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.
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.