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11/04 Pending PYMTMONYHOLD
Just wondering cause it's using a lot of my limt up that I still can't use...
External Transfers provides a way to make recurring or one-time future dated transfers from your checking account to a checking account at another financial institution, or transfer funds from an account at another financial institution for payment to a Navy Federal loan account.
Transfer was done from an outside institutions savings account.
My experience has been about 3 business days. I transfer from an outside checking account.
Depends on a few things:
1. How long you have been a member
2. How long you have had the account
3. How big the payment ach was
4. How many previous transfers for similar amounts you have made
I had no holds initially, then I had a hold for 10 days on my first large ACH payment ($10k). Since then I seem to get a 3 - 5 day hold. I have been a member almost 6 months and my payments tend to be large, so I can understand waiting for it to clear before releasing the credit limit. They credit the payment as paid on the date submitted, but make you wait before you can spend it again.
I imagine that in time this will decline as they become accustomed to your transactional history.
@Anonymous wrote:Depends on a few things:
1. How long you have been a member Opened savings 9-1-092. How long you have had the account Received card beginning 10/09, charged first 10/20/09
3. How big the payment ach was Brought account to zero the day before statement date, payment was about 6500
4. How many previous transfers for similar amounts you have made This is my first payment.
I had no holds initially, then I had a hold for 10 days on my first large ACH payment ($10k). Since then I seem to get a 3 - 5 day hold. I have been a member almost 6 months and my payments tend to be large, so I can understand waiting for it to clear before releasing the credit limit. They credit the payment as paid on the date submitted, but make you wait before you can spend it again.
I imagine that in time this will decline as they become accustomed to your transactional history.
Seems maybe I should make some extra payments so I end up with a credit balance.
Just saw the statement.
Minimum Payment Due NONE New Balance $0.00
Looks like it posted, just that it's on hold too.
@Karatz wrote:
@Anonymous wrote:Depends on a few things:
1. How long you have been a member Opened savings 9-1-092. How long you have had the account Received card beginning 10/09, charged first 10/20/09
3. How big the payment ach was Brought account to zero the day before statement date, payment was about 6500
4. How many previous transfers for similar amounts you have made This is my first payment.
I had no holds initially, then I had a hold for 10 days on my first large ACH payment ($10k). Since then I seem to get a 3 - 5 day hold. I have been a member almost 6 months and my payments tend to be large, so I can understand waiting for it to clear before releasing the credit limit. They credit the payment as paid on the date submitted, but make you wait before you can spend it again.
I imagine that in time this will decline as they become accustomed to your transactional history.
Seems maybe I should make some extra payments so I end up with a credit balance.
If you want faster available credit, then "PUSH" the payment through the other bank's BillPay. There is no hold when they get that payment. Otherwise, you need to make your payment 10 days prior to your need for available credit just in case they hold it that long.
ALSO: On occassion if you have made the payment and it has cleared your bank, you can fax in proof of the payment having cleared/paid by your bank and then request the hold to be removed. So, if you make a $5k payment (example) and 2 days later it clears your bank, provide documented proof that it cleared and you can get the hold released.
After you have been with them for a while and have shown consistent online payments without problems and you have membership age you will find that they will reduce hold times to around 3 days for large payments and most likely no hold on smaller payments.
It's a bit like eDeposits. Many CU's provide eDeposit and give immediate credit, but only up to a limit. Beyond that limit they place a hold on funds till it clears. The ACH payments will be treated similarly. A $1000 payment will be treated different than a $5000 or $10,000 payment.
@Karatz wrote:
Thanks txjohn. Good information. I switched everything to this card. It's my best rewards card now with purchases over 10k ytd. The hold came off today, so thank you NFCU. I'm gonna send over another 5k for this months charges in advance. Hope they don't mind.
No problem.
I have over paid NFCU as much as $3900 and then just transferred the credit to my checking until needed.
I too like the 1.5% rewards (after $10k spending). I a 2% CapOne but the limit is only $3k, so I don't use it as much. Plus I like NFCU "real time" rewards that can be instantly transferred to any account ($20 min transaction). I have made several hundred dollars this year with them on the rewards.
I also like the "no fees" on any use. Convenience checks are same as purchase rate.
Overall NFCU is my favorite "Credit" Union. PSECU is next. USAA is next (though not actually a CU). USAA as a whole is nice with all of the banking, insurance, etc. in one stop shop.