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NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Valued Contributor

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

I read this a few hours ago today.....was hoping it was just bad info. 

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Message 11 of 96
Regular Contributor

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

**bleep**, I sat on my hands too long.....



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Message 12 of 96
Community Leader
Super Contributor

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Hopefully if you made it in through NLUS-SD you are golden and won't be closed out...  I assume you will be grandfathered in

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Message 13 of 96
Moderator

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?


CreditCuriousity wrote:

Hopefully if you made it in through NLUS-SD you are golden and won't be closed out...  I assume you will be grandfathered in


+1

 

Those who made it in before the cut-off should be fine... I would suggest not ever closing out the share/savings account if you want to keep your 'spot', though!  Smiley Wink

Message 14 of 96
Community Leader
Super Contributor

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?


UncleB wrote:

CreditCuriousity wrote:

Hopefully if you made it in through NLUS-SD you are golden and won't be closed out...  I assume you will be grandfathered in


+1

 

Those who made it in before the cut-off should be fine... I would suggest not ever closing out the share/savings account if you want to keep your 'spot', though!  Smiley Wink


I would think we are good as well due to people having auto loands, personal loans, home loans, cc's, etc... Don't see how they could persay sick you out now that this way in has been shut down.  I certainly won't be closing my savings/checking and keeping a Bt on a card lol.. Very sad and interesting development

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Message 15 of 96
Moderator

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?


CreditCuriousity wrote:

UncleB wrote:

CreditCuriousity wrote:

Hopefully if you made it in through NLUS-SD you are golden and won't be closed out...  I assume you will be grandfathered in


+1

 

Those who made it in before the cut-off should be fine... I would suggest not ever closing out the share/savings account if you want to keep your 'spot', though!  Smiley Wink


I would think we are good as well due to people having auto loands, personal loans, home loans, cc's, etc... Don't see how they could persay sick you out now that this way in has been shut down.  I certainly won't be closing my savings/checking and keeping a Bt on a card lol.. Very sad and interesting development


Absolutely.  Smiley Wink

 

I only 'call out' the share/savings account since that's what makes you an actual member ("owner") of a credit union.  In most cases it usually doesn't matter... if you want to leave (for whatever reason) you can pull all your accounts (including the share account), and if you change your mind later you can simply go back and put $5 into a new share/savings and pick up where you left off. 

 

For NLUS folks that won't be an option, though... they'll need to leave at least $5 in their share/savings account in the event they someday decide to close all their other accounts (this is assuming someone would want to keep future membership as an option, of course).

Message 16 of 96
Established Contributor

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

This is sad news, but we all know golden opportunities don't last forever.

 

I called NFCU today about this and it is true. Effective May 12th, the NCUA removed the Navy League-San Diego group from NFCU's field of membership. The CU will not accept or process any new membership applications from NLUS-SD members. As the the ones ones that are pending at NFCU, the lady wouldn't give me answer. My guess since, NFCU works like the government, they will automatically decline those pending applications. I saw a screen shot from baller4life which confirms it to a point.

 

As sad as it is, don't complain to the Navy League or NFCU, complain to the NCUA. They are the organization that has the power to changes who gets to join a CU. 

 

For those of us that are already members of NFCU, we get to keep our accounts as long they are in good standing. I plan on keeping mine. I also plan on keeping my membership with the Navy League.

 

Guyatthebeach

Message 17 of 96
Established Contributor

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Wow, I was waiting for this to happen and I am surprised it lasted as long as it did. So happy I was able to get in last year.

 

MyFico NFCU NLUS SD floodgate: RIP 5/17/2016-5/12/2017


Message 18 of 96
Contributor

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Daaaamn. I waited too long...

My grandfather is a vet. Can I still get in this way?

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Message 19 of 96
Frequent Contributor

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

 

     I feel bad for a lot of people that didn't make it in. I was almost one of them myself. Joined Navy League back in December of 2016 and finally got around to sending in an application like a week or two ago. They were really generous on their credit products to people with borderline 600 and mid 600 scores. They may have had this kind of criteria setup for military members only and their families that joined through the normal eligibility.

 

    Instead of changing their criteria for credit products maybe it was just better for them to change the field of membership because they still wanted to cater to everyone in the military regardless of what their credit score may be. There's been tons of news of Synchrony and other banks having 1.0%+ increases in defaults in the last year. Real estate is taking off and sub prime car loans are having high defaults again as well.

 

    I think they made this decision to protect their non-Navy League members. It just sucks that they ultimately blocked out a lot of those on MF/CB/Doctor of Credit/etc that were becoming financially reponsible and striving to fix their credit issues. Hopefully another backdoor opens up in the future. I'll forever be grateful for those that provided the way to get in though.

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Message 20 of 96