topic Re: Inactivity Fees? in Personal Finance

Inactivity Fees?

Anonymous — Fri, 06 Jan 2017 00:25:19 GMT

Hi,

I just opened my NFCU checking/saving last month. I was denied CC so I am waiting to lower my uti and bump my score before trying again. I am planning to open a PenFed account next month and also considering Alliant.

Will I incur any inactivity fees or charges for habing these accounts open if I am denied CC's with them? (NFCU/PenFed/Alliant)
Will it matter if I have checking/saving or only savings?

Thanks!

Re: Inactivity Fees?

IOBA — Fri, 06 Jan 2017 02:30:13 GMT

To the best of my knowledge....

Navy - no fees for inactivity. Btw, they have some of the best CD rates around....

Penfed - requires a minimum of a $500 direct deposit each and every month into the checking account. They do not require deposits into the savings accounts. It's been a while since I opened an account with Penfed. Their product line may have changed and they may offer other types of checking accounts that do not require direct deposit to avoid fees.

I do not have an account at Alliant, so not sure about their terms. You can always call and ask.

Re: Inactivity Fees?

Revelate — Fri, 06 Jan 2017 16:28:51 GMT

Alliant has an inactivity fee and an account dormant fee, both now listed at $10.

The inactivity fee is explicit; no transactions other than dividend earning within a year, so I just schedule a $1 transaction every six months to keep that away. I may be able to do a small recurring ACH transfer or similar and to be fair think can do that with virtually every place that has an inactivity fee.

The account dormant fee is somewhat new I guess as it wasn't there 18 months ago, not sure what it covers that the inactivity fee doesn't. I do know I haven't gotten slapped with it using the above $1 money shuffle to the share secured loan I still have there.

Re: Inactivity Fees?

UncleB — Fri, 06 Jan 2017 16:31:32 GMT

Here's a thread from a few months ago that might help... I contributed some info for NFCU there.

http://ficoforums.myfico.com/t5/Personal-Finance/NFCU-accounts-Alliant-accounts-and-dormancy/m-p/4745574#M11639

TL;DR... it's really easy to avoid dormancy with NFCU.

Re: Inactivity Fees?

Anonymous — Fri, 06 Jan 2017 18:42:48 GMT

@Anonymous wrote:
Hi,

I just opened my NFCU checking/saving last month. I was denied CC so I am waiting to lower my uti and bump my score before trying again. I am planning to open a PenFed account next month and also considering Alliant.

Will I incur any inactivity fees or charges for habing these accounts open if I am denied CC's with them? (NFCU/PenFed/Alliant)
Will it matter if I have checking/saving or only savings?

Thanks!

I do not think there is an inactivity fee with PenFed Share Account. I think there is with the Savings and Checking Account.