topic Re: BECU in Personal Finance

BECU

VPExecutive — Tue, 31 Mar 2020 22:09:52 GMT

I've read quite a few posts praising BECU on here... Just as much as Navy FCU even.

Anyone have additional information for me regarding BECU? I could consider moving all of my money there. I've read from people their customer service beats NFCU and they offer stellar interest rates, as well as a quality app and online banking experience.

I'm from Central New York so will have to somehow qualify and would need some pointers on how to do so.

Thanks

Re: BECU

AllZero — Tue, 31 Mar 2020 22:11:26 GMT

BECU Eligibility Question

@creditfanwrote:
It's possible to be an out of state member
here is my way in
paid $20 for NWCUF membership
snail mail this form with hand written https://www.becu.org/~/media/Files/PDF/6803_9115.pdf?la=en
included copies of driver license, SSN and welcome email from NWCUF
mailed it out a week+ ago and received a WELCOME email from BECU yesterday

p/s: I also did online first, but didn't work out for me

Re: BECU

AllZero — Tue, 31 Mar 2020 22:12:00 GMT

Checking and savings APY has been reduced so take that into consideration.

Re: BECU

VPExecutive — Tue, 31 Mar 2020 22:54:03 GMT

After reading through that thread, I will say, no thanks! The hoops you have to jump through are ridiculous.

Re: BECU

AllZero — Tue, 31 Mar 2020 23:01:46 GMT

@VPExecutive wrote:
After reading through that thread, I will say, no thanks! The hoops you have to jump through are ridiculous.

They've gotten better at doing the online membership, YEMV. Personally, I did the snail mail and had great success.

Re: BECU

toothgrind3r — Wed, 01 Apr 2020 00:30:13 GMT

@VPExecutive wrote:
After reading through that thread, I will say, no thanks! The hoops you have to jump through are ridiculous.

For what it's worth, I live in NYC, joined online, and it was smooth and painless. Opened checking/savings, credit card and CLOC. Spoke with a CSR (who was wonderful) when applying for the CLOC, but other then that, everything has been online.

Very happy with them so far. Probably gonna move my direct deposit over this month.

Re: BECU

Anonymous — Wed, 01 Apr 2020 01:23:00 GMT

I joined in late 2019. Also out of state, all online, no personal documents needed, buttery smooth experience. FWIW many of the out of state horror story membership experiences are from early-mid 2019 when they first opened up out of state membership.

Keep in mind that the high interest rates you see on checking/savings accounts are only for the first $500 deposited in each. That said, they're a stellar financial institution with phenomenal customer service.

Re: BECU

Anonymous — Wed, 01 Apr 2020 04:14:01 GMT

@VPExecutive wrote:
After reading through that thread, I will say, no thanks! The hoops you have to jump through are ridiculous.

That thread is older than a year and believe it was towards the front of them letting in OOS applicants. I can speak from personal experience lately that the process is a lot better. I had to provide scanned images of DL + SS card to become a member and was approved a few hours later. Since have gotten a CC and PLoC with absolutely no other documenation and/or issues.

Re: BECU

Anonymous — Wed, 01 Apr 2020 11:17:09 GMT

Their interest rate is only great for the fiest $1000. Its pretty terrible after that.

But you are correct about the customer service. Its one of the best. Where they excel is loan rates and CC.

Re: BECU

Caught750 — Thu, 02 Apr 2020 01:44:52 GMT

I just joined today actually. Monday did the online app, Tuesday they requested verification of ID (DL, SS, Utility bill), today membership was approved.

Extremely painless for what they'll give in return.

Re: BECU

AllZero — Thu, 02 Apr 2020 01:47:19 GMT

@Caught750 wrote:
I just joined today actually. Monday did the online app, Tuesday they requested verification of ID (DL, SS, Utility bill), today membership was approved.

Extremely painless for what they'll give in return.

Congratulations on your membership!

Re: BECU

Caught750 — Thu, 02 Apr 2020 01:48:58 GMT

@AllZero wrote:
@Caught750 wrote:
I just joined today actually. Monday did the online app, Tuesday they requested verification of ID (DL, SS, Utility bill), today membership was approved.

Extremely painless for what they'll give in return.
Congratulations on your membership!

Thanks AllZero

Re: BECU

Anonymous — Thu, 02 Apr 2020 17:32:55 GMT

Do you know if they direct deposit a day early? I am in the process of joining and if approved I may move my direct deposit

Re: BECU

Green456 — Sat, 04 Apr 2020 14:44:11 GMT

@VPExecutive wrote:
I've read quite a few posts praising BECU on here... Just as much as Navy FCU even.

Anyone have additional information for me regarding BECU? I could consider moving all of my money there. I've read from people their customer service beats NFCU and they offer stellar interest rates, as well as a quality app and online banking experience.

I'm from Central New York so will have to somehow qualify and would need some pointers on how to do so.

Thanks

I joined BECU over 1 year ago when I was still living in NJ. I joined via their BECU mobile app and was approved instantly and never went through any verification process. I even contacted their customer service and asked if they needed anything else but they said no. There were people on this forum that BECU put through hell before joining. It maybe the case that 1 year ago they just opened their field of membership and not everyone was on board. Seems like this has improved over time. Their rates have recently went down from 4% on checking and 6% on savings to 2% on checking and 4% on savings. But it seems like all credit unions are slashing rates. Including Red Stone FCU. Although DCU maybe exception but we will see for how long. In my opinion BECU has a lot more to often than just higher savings/checking rate on first $1,000 or good customer service. I also recently got their low rate visa $40,000 at 8.4% apr and PLOC $10,000 at 10% APR. Read the review I wrote not too long ago:

https://ficoforums.myfico.com/t5/Personal-Finance/BECU-1-year-review/td-p/5934663

@Green456 wrote:
I have been with BECU for about 1 year now and I really like them. I don't have any credit products with them because they don't offer any SUB. Later this year I may consider obtaining a CC with them for the sole purpose of establishing a credit history with a credit union and as a back up if I get fed up with BofA and decide to close my oldest accounts.

Here is what I really appreciate about BECU.

Fee Schedule: "As a not-for-profit credit union we are committed to offering fewer-to-no fees."
https://www.becu.org/~/media/Files/PDF/9115.pdf
Fee schedule is less than 1 page long
No dormant account fee
No inactivity fee
Overdraft fee is only $25 and by default only towards electronic payments
Overdraft is by default turned off for debit card and you have to opt in
Otherwise this credit union has standard excessive transaction, research fees and wire transfer fees and that is it!

High Yield Check and Savings
Most credit unions offer high yield checking with a lot of strings, you have to do x amount of transaction, signatures, etc. BECU has flat 4% on Checking and 6% on savings which come out to be 5% on first $1,000. This is 2nd best rate to DCU in my opionion.

Mobile Banking
BECU mobile app shines with smooth auto log in. You click on the app and you are in your account. You can't say the same thing about PenFed, Lake Michigan, First Tech, Fort Knox, SDFCU, PSECU. Each of these apps is determined to throw at you a pop out window "for security reasons you have been logged out," which is completely useless and breaks automatic log in via facial recognition.

Fully functional Zelle
I have Bank of America and US Bank checking accounts. I have two personal emails and a phone number. I set up BECU with the phone number and the reminder with my two emails. I am able to instantly transfer funds between the 3 of them without any issues. Some credit unions like NFCU and First Tech also have Zelle support. But otherwise a lot of credit unions don't offer such support.

ACH Transfers
Next day transfer for free. I think only Alliant offers such service.

ATM Refunds
$6.00 ATM refund per month Alliant and Ally bank offer $15-20 per month. But some credit unions such as PenFed and First Tech don't offer such services.
BECU also refunds international ATMs. Same amount. To my knowledge this is the only credit union that does so.

No Foreign Transaction Fee:
This one is very unique. No foreign currency conversion fee and no foreign transaction fee. The fee assessed by the merchant gets refunded within 3 business days. This is on par with Charles Shwab. This maybe one of the very few institutions that does that. Chase Shapphire banking might be another one but you need 75 or 100k in their accounts. From what I read somewhere Fidelity Gold Debit card doesn't it as well but I'm not too familiar with them.

CO-OP Network
BECU is part of Co-Op network of branches. Neither PenFed or Alliant are part of such. This makes it easier to deposit cash.

Credit Cards
1.5% cash back not the best but not useless. And it is not a point system which value can change at any moment. There is also 8.4% low rate visa. Not the lowest APR out there but pretty good. Especially that my federal student loan is at 7.5%. PenFed has 2% cash back but you have to keep $500 in their account earning close to 0% interest or do DD. PSECU, requires DD to earn 2%. I think on SDFCU has flat out 2% cash back card without strings attached.

Fully Featured Bill Pay
Electronic delivery of payments. I know some credit unions will actually print out a check and mail it. BECU does everything electronically. When I was member of Alliant, I had issues with that. I am not sure if this has been updated. PenFed like BECU had electronic delivery of payments. First Tech as well. Lake Michigan actually took it one step closer and offered free direct deposit service.

Customer Service
I called multiple times about various issues. Never get an attitude and CSR is always very helpful.

LOC with no fees
Personal line of credit with fixed APR. No fees whatsoever for overdraft transfers. Really worry free checking.

Re: BECU

justjac2 — Mon, 06 Apr 2020 19:04:45 GMT

I applied for membership to this CU on Friday morning. Later that afternoon, I received a request for documentation, which I provided. I got another email saying one item was in the wrong format and to resubmit, which I did.

A little while ago, I got an email saying they needed to physically review my utility bill, and to come in to the branch.

I called and spoke to a nice lady, who went to check something and said sorry, we can't open your account unless you come in. So, no go for me since I'm literally across the country. Oh well.

Re: BECU

creditfan — Tue, 07 Apr 2020 00:36:50 GMT

in my opinion, apply online is like a gamble because it works for some but not the others. I think the safiest one is mailing in your application, because whatever they need is there in their hands, free and clear

p/s: if you really want in something? find the 99% safety way in

Re: BECU

AllZero — Tue, 07 Apr 2020 01:42:43 GMT

@creditfan wrote:
in my opinion, apply online is like a gamble because it works for some but not the others. I think the safiest one is mailing in your application, because whatever they need is there in their hands, free and clear

p/s: if you really want in something? find the 99% safety way in

I agree with you 99%!

Re: BECU

Royalbacon — Mon, 13 Apr 2020 10:22:32 GMT

Joined BECU November 2019 from Minnesota online. Everything instantly approved, no verification or documents of any kind needed. Applied for credit card a week later and instant approved, absolutely nothing needed besides e-signing a document. No verification, identification, documents or proof of income of any kind needed. It's been almost 5 months and my membership has been fantastic!

I dunno if I got lucky or what after reading the horror stories people are having of trying to join online.

Re: BECU

Gmood1 — Mon, 13 Apr 2020 14:01:55 GMT

@Royalbacon

😂 yes you got very lucky!!

Re: BECU

Green456 — Mon, 13 Apr 2020 22:53:57 GMT

@Royalbacon wrote:
Joined BECU November 2019 from Minnesota online. Everything instantly approved, no verification or documents of any kind needed. Applied for credit card a week later and instant approved, absolutely nothing needed besides e-signing a document. No verification, identification, documents or proof of income of any kind needed. It's been almost 5 months and my membership has been fantastic!

I dunno if I got lucky or what after reading the horror stories people are having of trying to join online.

Same here when joining out of NJ. Just curious. Do you have high income?