I got the same message too.
It basically means that if you have a savings account or a checking account with funds available in it, should your credit card or loan payments become deliquent they will use money from your available NFCU bank account balances to offset the deliquent payment amount without notifying you of their intent to do so. And indeed they do. I can attest to this because 9 years ago when I had a vehicle loan with them and it became late/delinquent (gosh I hate that word), the instance money was deposited into my checking account, they sucked it right out to take care of that past due amount.
I suppose this message was sent out to cardholders because the agreement did not specifically state they'd do this so to clear up any confusion they sent it out as a "blast fax/message" of sorts to all customers that have a credit account with them.
Yep. That pretty much sums it up.
Digitaldiva - when you get a chance, will you post any info you find out from NFCU. Thanks!
I'm still at work, but will call them in about an hour or so; I'll be home by then...
They told me this when I got approved for the navcheck.
This is not a big deal. It simply means that if you fall behind on your payments, the Company can latch on to any cash you have in other account to satisfy or bring current the debt. This means savings, checking, cd's. etc. IRA and retirement accounts are usually exempt.
I just logged in and see that I have new messages. However when I click the link, all I see is an old message from 8/17 telling me I can use the scan/mobile deposit feature. Very strange....