topic Re: NASA, NAVY or PENFED? in Personal Finance

NASA, NAVY or PENFED?

Anonymous — Sun, 15 Jan 2017 07:20:46 GMT

Greetings!

I want to switch my primary bank from PNC to either NASA, NAVY or PENFED. Which is the better credit union? I am already a member with all three and plan on apping for an auto loan in April/May.

Thanks!

Re: NASA, NAVY or PENFED?

bettercreditguy1 — Sun, 15 Jan 2017 08:35:44 GMT

There is no one best financial institution. Apply with the firm you feel most comfortable doing business with. At current interest rates, a few dollars a year in interest paid/saved is a moot point.

Re: NASA, NAVY or PENFED?

Anonymous — Sun, 15 Jan 2017 11:26:15 GMT

All three seem to be the best around. I doubt you will have much trouble with any of them. Personally, I would compare their credit or loan products to see which could be most beneficial for your long and short term goals. NFCU have some very attractive mortgage products, PenFed has given many members of this forum a generous auto loan and many people here say nice things about NASA. All three seem to be generous with CC SL/ongoing CL and top-notch customer service.

Re: NASA, NAVY or PENFED?

AverageJoesCredit — Sun, 15 Jan 2017 11:38:26 GMT

Cant get any better advice than already posted . You just have to compare and see what fits best for you as im sure all 3 offer something that will please someone.

Re: NASA, NAVY or PENFED?

SouthJamaica — Sun, 15 Jan 2017 15:41:49 GMT

@Anonymous wrote:
Greetings!

I want to switch my primary bank from PNC to either NASA, NAVY or PENFED. Which is the better credit union? I am already a member with all three and plan on apping for an auto loan in April/May.

Thanks!

1. NFCU is friendliest and most generous.

2. PenFed has lower interest rates than NFCU.

I have, and like, both. Both provide versatility, good customer

service, and IMHO excellent website functionality.

3. NASA FCU used to be regarded as friendly and generous, but

there have been many recent reports of it taking adverse action, reversing

decisions, etc. I.e. there seems to have been some kind of reversal, about a year ago,

with the 'bad cops' taking over from the 'good cops'. I would suggest waiting for NASA

FCU to make up its mind as to what kind of institution it wants to be. They turned me

down for a card about a year ago, just as the 'new order' was coming in; after I read

the reports about them I was thinking maybe I was lucky to be turned down.

Re: NASA, NAVY or PENFED?

Anonymous — Sun, 15 Jan 2017 15:45:37 GMT

Yep, depends on your goals. While those three (well at least two of them!) are much loved here, for some things, such as interest on checking accounts, you can do much better elsewhere

Re: NASA, NAVY or PENFED?

Appleman — Sun, 15 Jan 2017 15:59:39 GMT

I agree with SouthJamaica.

NASA FCU has not been easy to work with, my personal experience.

PenFed will be the easiest to join.

NFCU is great once you are qualified to be there at least.

Re: NASA, NAVY or PENFED?

bettercreditguy1 — Sun, 15 Jan 2017 16:07:31 GMT

I have had nothing but positives to say about PENFED. Two auto loans, a Visa Card with an excellent APR/nice credit limit And super friendly and knowledgeable representatives.

Re: NASA, NAVY or PENFED?

credit_is_crack — Sun, 15 Jan 2017 18:00:25 GMT

I think most on here share a similar perspective - it all depends on what you expect to get out of them and how you plan to bank with them.

PenFed & NFCU have great service (24/7) and operate like a bank with a credit unions heart. I tend to get the best auto loan rates from PenFed and have 2 cards with them as well - total exposure is around $60k between the 3 accounts and i've never had more than $400 in deposits with them. PenFed weighs heavily on your report for extending credit than your 'banking' with them, in my experience. Plus when you run credit with them they'll let you use the same HP for 90 days (i've heard rumors that it was just reduced to 60 days). they are the most inquiry/new acct sensitive out of the 3 mentioned.

NFCU is really generous and mortgages are stronger with them, but most dont get a mortgage every other year so although its a large account, its not enough for me to move all my money there. They (and PenFed) have great mobile apps, mobile deposit options and both seem to be very trusting so they dont usually have crazy holds on deposits until you get beyond $25k on a single deposit. I'm a huge fan of both. PenFed does offer checking accounts though with rewards beating NFCU/Nasa

NASA FCU - they seem to have been going thru an identity crisis during the last 18 months. They want to be competitive with the other FCU's, but get too loose very quickly and when they realize it they turn into stingy lunatics. They aren't consistent enough. to me, Nasa is like a father-in-law. He's friendly, kind of at first, but the minute they find out i've dabbled in the family love they become very reserved and you feel the stares and scrutiny lol

I have personal loans/cards at NFCU, auto loans/cards at PenFed, just closed out my NASA business a couple months ago. However i keep all my 'money' at USAA. i've been with them a while and trust them. it would take a lot for me to move all my banking away from USAA. it may not be 'which bank to go with' versus a combination of some or all to build a portfolio that fits your need and rewards you in different ways. Either way if those are the options you've narrowed it down to, you're likely to be satisfied to some degree just because of the caliber of bank(s) they are. Good Luck to you!

Re: NASA, NAVY or PENFED?

Anonymous — Sun, 15 Jan 2017 18:07:17 GMT

The short answer is:

~~NASA~~, NAVY *and* PENFED!

You can qualify for both Navy and Penfed the same way (Found here: How to join NFCU as a Civilian)

As for NASA, their recent reputation rivals Barclays for seemingly irrational AA - homey don't play that! (just dated myself there, dangit)

Good Luck!

Re: NASA, NAVY or PENFED?

Anonymous — Sun, 15 Jan 2017 20:12:48 GMT

wouldn't hurt to take a look at Alliant CU. only SP for membership.

Re: NASA, NAVY or PENFED?

Credit_hawk — Sun, 15 Jan 2017 23:37:02 GMT

@Anonymous wrote:
wouldn't hurt to take a look at Alliant CU. only SP for membership.

I agree. If it's really about banking and therefore best interest rates Alliant is a place that is better than Navy or PENFED. However, if your aim is large credit lines with poor scores then Navy is for you over Penfed.

Re: NASA, NAVY or PENFED?

SouthJamaica — Mon, 16 Jan 2017 00:12:49 GMT

@Credit_hawk wrote:
@Anonymous wrote:
wouldn't hurt to take a look at Alliant CU. only SP for membership.
I agree. If it's really about banking and therefore best interest rates Alliant is a place that is better than Navy or PENFED. However, if your aim is large credit lines with poor scores then Navy is for you over Penfed.

I belong to all 3 of the credit unions you mention. All 3 are ok with me. But Alliant (a) doesn't offer lines of credit, as NFCU & PenFed do, (b) as far as I know doesn't periodically review your accounts for auto CLI's, (c) has much more limited website functionality, an (d) does have a relatively high savings rate of interest, but doesn't seem to have especially low credit card rates.

To me the best thing about Alliant is the way it handles its share secured loans, which is great for adding installment loan to credit mix for those who need it.

Re: NASA, NAVY or PENFED?

Blackswizz750 — Mon, 16 Jan 2017 00:59:02 GMT

I just joined NFCU and now have a CC with them and their CSR's are very easy to talk to and get questions answered. I really want to Join PENFED as well this month. Would that be a good move, to join two CU's in one month. I plan to ht the garden afterwards.

Re: NASA, NAVY or PENFED?

Anonymous — Mon, 16 Jan 2017 02:31:24 GMT

@SouthJamaica wrote:
@Credit_hawk wrote:
@Anonymous wrote:
wouldn't hurt to take a look at Alliant CU. only SP for membership.
I agree. If it's really about banking and therefore best interest rates Alliant is a place that is better than Navy or PENFED. However, if your aim is large credit lines with poor scores then Navy is for you over Penfed.
I belong to all 3 of the credit unions you mention. All 3 are ok with me. But Alliant (a) doesn't offer lines of credit, as NFCU & PenFed do, (b) as far as I know doesn't periodically review your accounts for auto CLI's, (c) has much more limited website functionality, an (d) does have a relatively high savings rate of interest, but doesn't seem to have especially low credit card rates.

To me the best thing about Alliant is the way it handles its share secured loans, which is great for adding installment loan to credit mix for those who need it.

Alliant also makes a very solid banking hub - their systems handle deposits and ACH transfers faster and release funds quicker than pretty much every other institution I know

Re: NASA, NAVY or PENFED?

Anonymous — Mon, 16 Jan 2017 02:48:50 GMT

Great Info everyone. Thanks!

Re: NASA, NAVY or PENFED?

Anonymous — Mon, 16 Jan 2017 03:07:21 GMT

This is an example of why it's so DIFFICULT to deal with clients (in general, not attacking the OP) and the general public
Ppl in modern society have been TRAINED to
Skip to the end
What's the BOTTOM line
10 second sound bite
What's THE answer

When the TRUTH is...It depends
On this, then that and sometimes the other things

There is no OPTIMAL in every case scenario EASY microwave answer.... It's just 'it depends' on what the goal is on this move vs that one.

I'm a member of them all, except NASA but the term 'primary' in today's world is too vague for how we speak today.

Back in the day that might have meant who gets your paycheck deposit or where you went on Fridays to cash your check or which account you wrote these things called checks against.

What does it mean today?
Where your mortgage is
Or the car note
Maybe the LOC
Most of the CC spend

Who knows what one means or FEELS, when one says PRIMARY bank today?

Can a bank be your 'primary' if you never walk in a branch?
Can they be your primary, if your mortgage and most used CC are elsewhere?

Too many variables
We have started asking more specific questions to get better answers...

The world has changed and we desire and demand different things....

I really like the Whooper but if McDonald's is across the street I'm getting my fries and burger from 2 different places....

Same thing here...
Why would one NOT have and use the best for the scenario organization and compare and contrast at all times...Other than complacency.

I'll also add MORE fuel to the Fire and say if one invites Navy & PenFed to the party then USAA better be on the list as well

Sorry to ADD to the misery of choice but I can't SEE not having the ability to pivot between the 3 to me their a package deal...

Branchless banking, picture taking deposits and a wide array of services have changed how we must evaluate and see our relationships.

Re: NASA, NAVY or PENFED?

Anonymous — Mon, 16 Jan 2017 03:22:15 GMT

@Anonymous wrote:

I'll also add MORE fuel to the Fire and say if one invites Navy & PenFed to the party then USAA better be on the list as well

Sorry to ADD to the misery of choice but I can't SEE not having the ability to pivot between the 3 to me their a package deal...

Always a pleasure to read when you chime in, Gemini

I'd agree with the above statement, but for one caveat - USAA is the one out of the three that we have yet to find a way in that works if not military/family.

Cheers!

Re: NASA, NAVY or PENFED?

Anonymous — Mon, 16 Jan 2017 05:12:54 GMT

Kind words@Tyger😊

And you're right, USAA opened the membership to the public and quickly changed course.

One might conclude that the 'diversity' brought about by inviting in ANYBODY, brought in or invites in too heavy a stream of possibly undesired consequences.

It's a catch-22 and no offense intended because of course anybody would want IN to anywhere options are better, the potential issue for these places are when too many ppl come though the side door...It could change who they are and what they think they know about 'their' client....

Re: NASA, NAVY or PENFED?

Threeof5 — Fri, 27 Jan 2017 02:43:11 GMT

USAA opened their banking and limited loan and CC products to civilians (granted, I was aware of this ten years ago living in San Antonio). New members were called "ABC" or "all but casualty." A military connection was still required for insurance products. I had several friends who worked there.