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Established Contributor
jaxstraw
Posts: 570
Registered: ‎03-29-2008
0

How does NavChek work ???

The wife is thinking of opening a LOC w/ NFCU and using NavChek.

Does anyone have this product and how does it work , or what is the process .

Thanks

Jax
Jax

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TexCredit
Posts: 75
Registered: ‎03-04-2008
0

Re: How does NavChek work ???

I've got it, and it works two ways.
 
1. It's an overdraft protection LOC for your checking account.  Any check or debit that comes through that would have averdrawn your checking account will be covered by a transfer from your LOC to your checking account, up to the full amount of your LOC.
 
2. You can also draw on it as a LOC directly by asking for an order of NavCheck checks.  This allows you to draw on your LOC without emptying your checking account first.
 
Tip: If you're out of NavCheck checks and need to access your LOC directly without emptying all the cash from your checking account, simply write a check from your checking account and trasfer most/all of the money from your checking to your savings until the check clears (so it draws on your LOC).  Once the check clears, move your cash back to checking.
Life is a gamble. Get out there, roll the dice and see what happens. You can't win if you don't play!
Established Contributor
jaxstraw
Posts: 570
Registered: ‎03-29-2008
0

Re: How does NavChek work ???

Thanks, how do you repay the OD/Loan after it goes thru ??
Installments ?? Minimum payments due like a CC ( although I PIF this is for the wife),etc.
Jax
Jax

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Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
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Re: How does NavChek work ???



jaxstraw wrote:
Thanks, how do you repay the OD/Loan after it goes thru ??
Installments ?? Minimum payments due like a CC ( although I PIF this is for the wife),etc.
Jax




It's basically like a credit card, except without the crazy cash advance fees. Mine is a 12.5 percent for $10,000 LOC.
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