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NFCU to Accept Honorably Discharged and not Just Retired?

Frequent Contributor

NFCU to Accept Honorably Discharged and not Just Retired?

My BFF chatted online with a NFCU rep the other day, and was told that starting "next month" (don't know if that would be Feb or March) "they will be accepting honorable discharges as acceptable sponsors."

 

Did she misunderstand them, or is this true? Anyone heard anything about this?

 

 

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Message 1 of 23
22 REPLIES
Frequent Contributor

Re: NFCU to Accept Honorably Discharged and not Just Retired?

I decided to chat with them today, and here is their response:

That's mostly correct. Currently, being a veteran in and of itself is not in our field of membership, but regulators recently approved a plan to provide more people access to credit unions early this year, including veterans. However, we don't have a confirmed date yet. We'll be sure to let you know once we do!

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Message 2 of 23
Frequent Contributor

Re: NFCU to Accept Honorably Discharged and not Just Retired?

https://www.nafcu.org/fom/

 

Read under "Multiple Common Bond". It really does appear that this will open up membership to veterans, unless I'm reading it wrong.

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Message 3 of 23
Established Contributor

Re: NFCU to Accept Honorably Discharged and not Just Retired?

According to the CSR I spoke to, as of February 6th, all honorably discharged vererans are eligible for membership in NFCU.

Message 4 of 23
Established Contributor

Re: NFCU to Accept Honorably Discharged and not Just Retired?

Thee are new rules governing the field of membership of credit unions. The fules allowing membership for all honorably discharged veterans were apparently written by NFCU and PenFed.

 

http://creditunionwatch.blogspot.com/2015/12/proposal-would-allow-193-million-vets.html

 

http://nafcucomplianceblog.typepad.com/nafcu_weblog/field_of_membership/

Message 5 of 23
Frequent Contributor

Re: NFCU to Accept Honorably Discharged and not Just Retired?

This is HUGE news! I am surprised I couldn't find a thread on this topic when I searched.

 

Does anyone know if the same familial rules will apply regarding honorably discharged veterans? My friend's father was honorably discharged, and she is hoping she can become an NFCU member. That's how our conversation started.

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Message 6 of 23
Established Contributor

Re: NFCU to Accept Honorably Discharged and not Just Retired?


gamegrrl wrote:

This is HUGE news! I am surprised I couldn't find a thread on this topic when I searched.

 

Does anyone know if the same familial rules will apply regarding honorably discharged veterans? My friend's father was honorably discharged, and she is hoping she can become an NFCU member. That's how our conversation started.


Yes, the CSR told me that families of veterans are eligible. I think you friend's father would need to join first.

Message 7 of 23
Frequent Contributor

Re: NFCU to Accept Honorably Discharged and not Just Retired?

He passed away years ago. I hope she can still join.

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Message 8 of 23
Established Contributor

Re: NFCU to Accept Honorably Discharged and not Just Retired?


gamegrrl wrote:

He passed away years ago. I hope she can still join.


I'm sure others will have more knowledge on this. If she can't join through her father, she can still join through San Diego Navy League.

Message 9 of 23
Senior Contributor

Re: NFCU to Accept Honorably Discharged and not Just Retired?

Everyone who applies must have a sponsor ( unless applying through Navy League) , and it does not seem that a deceased person would qualify as a sponsor.


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