Especially compared to joining Navy Fed, which I've grumbled about in a post or two. (Two weeks after emailing my app & docs to their unsecured email address I had to call to push my app though and got an instant security flag & was told to wait for an email to upload ID & Address verification PDFs that I included in my app email)
By contrast, approved for membership with Pentagon Federal (Penfed) online in less than 5 minutes this morning. The Navy League San Diego membership I purchased for NFCU qualified me for membership as a civilian, although any chapter qualifies and they didn't ask for any proof of membership. Then a couple minutes to fund my required savings (share) account with my Wells Fargo debit card - first time ever I used the WF checking debit card, I wanted to make sure I didn't get charged a cash advance fee using any of my CCs. Then I chose to open an Access America checking account, funded with WF debit card & opened in a few minutes. I expected some security challenge questions from Lexus Nexus or similar, and it advised I may need to answer security question, but nope!, good to go. They pulled EQ, which has a 688 FICO score, and I've had the same address for 12 years, so that may have helped. All they did for the checking account was send a text message w/code to my mobile phone.
So then I decided to call them - the Access America checking requires a daily balance or a monthly direct deposit of $500 or more to avoid fees. I plan to move my payroll direct deposit to them from Wells Fargo. But I work for the local county and their requirement of mailing them a signed form w/voided check can take at least a month to change direct deposit. Rep told me no problem, I have 90 days to meet the direct deposit requirement. Then the rep invites to app for a CC. I tell her not right away, I'm more interested in a Home Equity Line of Credit, but I assume I need to call back Monday-Friday to talk to them. Nope, they're in on Sundays too, and she transfers me.
My 1st mortgage, which I've had since 2006, is well under 50% of home value, but I've always run into problems when looking into refinancing or home equity loan - it's a rural property, a manufactured home on 10 acres. Most lenders stop me when I say "manufactured home", they don't lend on "mobile homes", and ignore me when I tell them it's a 2200+ sq. foot home, 4 BRs, 2 full baths, permanently installed on the property almost 20 years ago. The Penfed rep just asked me a simple question: Is my county property tax bill a single bill for land & buildings, or is it 2 bills, 1 for land & 1 for "personal property"? When I tell her a single bill for land & buildings, she says "Then we can lend on it, and your credit report used for membership can be used for app'ing for a Home Equity LOC if I apply within the next few days". (If something is truly a "mobile home" that be removed from the property fairly easily - as in without cranes & earth moving equipment - it's taxed as personal property)
Now THAT is how opening a banking account should be done. I'm going to call Navy Fed next to see if I can cancel the memberhsip app & save the TU HP. I was looking to change my banking business and say goodbye to the worthless Wells Fargo, and Penfed just earned that from me.
EDIT: I had to wait until Monday morning but I got my Navy Fed app canceled, no sign of a TU HP, and I already got an alert on Penfed pulling EQ. Navy Fed may be generous in CC CLs but I don't need more CC credit, and none of their cards really appeal to me. And 2 weeks to process a membership app is ridiculous.
