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I setup an external bank account under the Transfer section in my online NFCU account. After confirming, I received the message that the setup was successful. I then attempted a test drive. The system allows me to select the external bank account as the "FROM" but it only allows NFCU credit card or CLOC as the "TO". I couldn't select NFCU checking nor savings as the "TO".
I then thought of a workaround. I will transfer to the CLOC. Since the CLOC and checking are linked I could use the money transferred into the CLOC as I would money in the checking. Has anyone tried this?
If you want to transfer from an external account to NFCU, you need to initiate the transfer at the other bank and have them send the funds to NFCU.
I had the same results when I tried to setup transfer from an external account. I read somehwere on NFCU terms and agreement, they won't allow transfer "TO" savings or checking. Only "TO" the credit card. Something about legality. Above response from Myrwyn is your solution. Initiate transfer setup (trial deposits, etc) with your external account and it will work just fine. I have set up recurring bi weekly transfer from Wells Fargo to my NFCU Checking, Savings, and Money Market Savings accounts.
These folks are correct. In fact, I just had to think through the process the other day, myself.
I love NFCU!
Ok I called NFCU because I wanted to make sure my workaround would work. She stated yes I can transfer from an external account to my NFCU CLOC but I can't transfer from an external account to my NFCU checking account. However, because my CLOC is linked to my checking I would be able to access the transferred funds via NFCU checking account (write a check, use the debit card POS, ATM). She said the drawback to this is the transferred funds would not be available immediately. Their system looks at the transferred funds as a payment and sends the transaction through a verification process that clears by the next business day. Nonetheless, the transfer is perfectly OK and allowable. She offered me another solution. If the external bank does not offer "push" services, I can use the external bank's Bill Pay Service. Setup my NFCU checking account as the payee within the external bank's Bill Pay Service.
Thanks for sharing.
@Anonymous wrote:I setup an external bank account under the Transfer section in my online NFCU account. After confirming, I received the message that the setup was successful. I then attempted a test drive. The system allows me to select the external bank account as the "FROM" but it only allows NFCU credit card or CLOC as the "TO". I couldn't select NFCU checking nor savings as the "TO".
I then thought of a workaround. I will transfer to the CLOC. Since the CLOC and checking are linked I could use the money transferred into the CLOC as I would money in the checking. Has anyone tried this?
Yes you can just transfer it into the CLOC, then transfer it from the CLOC to the checking.
Trust me, setup your external account to push funds to your Checking and savings accounts. It will work. I know they said it will not. I have mine set to push to Checking, Savings, and money market savings. Going thru CLOC like they suggest is too much running around.
My problem is that I don't think my external account (where all my money is) supports pushing to another banking institution. I have searched their website and don't see it. I have sent a question to them; however. it's the weekend and I won't get an answer until Monday.
The only way I have done it is write a check to myself and then use the nf app and deposit it