@bman86 wrote:
@Karunch wrote:
I don't know what some of the other posters are referring to, any deposits (direct deposit or otherwise) still go into your account like normal. The funds are not automatically applied to your NavChek (Checking Line of Credit).
It's just like any other loan or credit card. You have a monthly due date and you pay it just like you would any other account. The minimum amount due is $20 or 2% of your current balance, whichever is greater. There is no specific time frame for paying it off.
I'm not sure that's entirely correct. I keep most of my cash is in my savings account. A few times forgetting to transfer money over I have tapping into my NavCheck and whenever there's a balance my direct deposit it goes immediately in that account then the remainder is transferred over to my checking account. See below history from my NavCheck account.
| 06/12/2013 | | Overpmt Adjustment | $XXXXXX | | $XXXXX | $XXX |
| 06/12/2013 | | PMT DFAS-CLEVELAND NA | $XXXXX- | $XX- | $XXXXX- | $XXXXX |
Normally DFAS would go directly into my checking account but since I had a balance on my NavCheck it deposited there first then adjusted into my checking account.
I hope this helps.
I have the line of credit as my overdraft protection. NFCU has two forms of checking protection. One is called the Line of credit and the other is (OOPS) Optional overdraft protection service this one is not a line of credit. The line of credit works like a credit card, payments are 2% of the balance. The line of credit I transfer my payment just as I would my credit card payment....
Line of Credit
With Overdraft Line of Credit,1 your checking account is covered. It protects you from overdrafts and from having transactions denied for non-sufficient funds.
Other benefits include:
- Automatic protection with no per-item overdraft fees.
- A low interest rate with monthly payments that are 2% of the principal loan balance or $20, whichever is higher. Current interest rate is as low as 13.9% APR.2
Optional Overdraft Protection Service3 (OOPS)
OOPS covers overdrafts from checks, ATM withdrawals, ACH transactions (for automatic bill payments), and debit/check card transactions.
- No fee if your total overdrawn balance is less than $15
- A $20 fee will be assessed for each overdraft
- Maximum of three overdraft fees charged per day (if overdrafts exceed three in a day, the account remains open, but no additional fees will be charged)
- Total overdrafts cannot exceed $500, including fees
- 30 days to bring the account back to positive status4
- Does not require credit approval
