topic Re: NFCU OOPS Checking in Personal Finance

NFCU OOPS Checking

Girlzilla88 — Wed, 02 Sep 2020 16:13:56 GMT

I just wanted to make a small Topic with updates on this as I saw there was a thread 3 years back but it was in relation to the Business side and not the Checking side and I didn't want to add to it to make confusion, BUT I found out about this literally a few days ago and thought if I am just now finding out about this (since I never knew it existed until a NF Agent told me about it when learning on their things they offer) then maybe someone else might not know either So for those of you that have a NFCU account and a Checking, but you haven't been able to get a card yet or a loan maybe yet or if you were considering doing a small loan from there or elsewhere (pawn maybe or whatever to help get by) during these hard times it's a Service you can Add that will give you up to 480 (you can't go over 500 including the 20 fee) that will need to be repaid back in 30 days in order to keep in good standing. I find this interesting sorry if this is well known to a lot of you guys and gals lol. But for example if you had 20, but needed 200 you can instead of getting a 250 or 500 loan out or pawn something because people know pawns give 5 dollars for something worth 100 lol then you can use that and pay the fee ((IF YOU ARE OK WITH THE FEE for EACH transaction and Plan to pay it back within or before 30 days)). This isn't something I would abuse but if you are in a tight spot it may be a good option or idea to have during the pandemic. Just note for EACH transaction you would have the 20 fee, so if you did 2 or 3 it's 20 per each so it would be smarter to do it for the larger amount once and just get the 20 fee for all of it than to do 2 or 3 seperate transactions and it can be used on ATM withdrawal but again remember it's up to 480 if you did the 480 in one pull/swing so including the fee you can't go over 500.

Re: NFCU OOPS Checking

M_Smart007 — Wed, 02 Sep 2020 16:42:18 GMT

I would use extreme caution to overdraw a checking acct. without overdraft protection/CLOC.

Just my 2 pesos worth.

Re: NFCU OOPS Checking

Anonymous — Wed, 02 Sep 2020 17:12:48 GMT

@M_Smart007 wrote:
I would use extreme caution to overdraw a checking acct. without overdraft protection/CLOC.

Just my 2 pesos worth.

^ What he said.

OOPS is an opt-in for them to pay your overdrafts. I don't know how the reporting goes with these things but since NFCU is an EWS member, it wouldn't surprise me if it gets documented somewhere while an overdraft line of credit isn't seen as a negative and doesn't get reported anywhere.

Re: NFCU OOPS Checking

Girlzilla88 — Wed, 02 Sep 2020 17:17:05 GMT

The Oops is an Overdraft Protection Optional Overdraft Protection Service Do you mind clarifying more what if someone can't get a CLOC or is it easier to open the CLOC?! LOL I don't really know much about the CLOC to speak on it just giving out what I do know

Re: NFCU OOPS Checking

Girlzilla88 — Wed, 02 Sep 2020 17:19:18 GMT

@Anonymous @M_Smart007 I did mention does it get marked negatively or reported and the Representative told me it will not negatively affect the account or consideration of course unless it is closed by misuse which I do understand that point.

Re: NFCU OOPS Checking

Anonymous — Wed, 02 Sep 2020 17:23:11 GMT

@Girlzilla88 wrote:
The Oops is an Overdraft Protection Optional Overdraft Protection Service Do you mind clarifying more what if someone can't get a CLOC or is it easier to open the CLOC?! LOL I don't really know much about the CLOC to speak on it just giving out what I do know

People who can't get a CLOC should be trying to not overdraft their accounts. It's a serious negative to be extended beyond your credit obligations and can impact your ability to get credit and especially deposit accounts. It's better to pay the cash advance fee on a credit card than overdraft.

If you are speaking for yourself, just advance some of your cashRewards. There is no fee, just interest at 2% higher than your base, and NFCU doesn't mind you using cash advances unlike most banks.

CLOC isn't that hard to get honestly, especially now that it's only $500.

Re: NFCU OOPS Checking

M_Smart007 — Wed, 02 Sep 2020 17:23:42 GMT

@Girlzilla88 wrote:
The Oops is an Overdraft Protection Optional Overdraft Protection Service Do you mind clarifying more what if someone can't get a CLOC or is it easier to open the CLOC?! LOL I don't really know much about the CLOC to speak on it just giving out what I do know

@Girlzilla88, The CLOC can be had, for an EQ pull (caution is warranted as they may be changing to TU and there are two reports of double pulls)

Keep in mind, they are mostly just granting $500 CLOC's at this time, unless you are active Military,

and each increase results in another HP. I have seen some declines for CLI's on CLOC's.

It would be better to get a No fee Cash advance on a CC and deposit to your acct.

"IF" you knew you were going to overdraft the acct.

I have the CLOC for just in case. (like having insurance)

Re: NFCU OOPS Checking

M_Smart007 — Wed, 02 Sep 2020 17:25:03 GMT

@Anonymous, Beat me by seconds. He just types faster

Re: NFCU OOPS Checking

Girlzilla88 — Wed, 02 Sep 2020 17:28:07 GMT

@M_Smart007 @Anonymous But adding the OOPS doesn't inquire a HP/inquiry, so there is that too. I see so is the CLOC more like a Secured Amount you can just borrow against or more just a Bank Amount instead of a Credit Card Amount?! And if you can't get it then you are still stuck and with an inquiry.....Hmm. All good food to chew on. NOM NOM NOM lol

Re: NFCU OOPS Checking

Anonymous — Wed, 02 Sep 2020 17:31:34 GMT

@Girlzilla88 wrote:
@M_Smart007 @Anonymous But adding the OOPS doesn't inquire a HP/inquiry, so there is that too. I see so is the CLOC more like a Secured Amount you can just borrow against or more just a Bank Amount instead of a Credit Card Amount?! And if you can't get it then you are still stuck and with an inquiry.....Hmm. All good food to chew on. NOM NOM NOM lol

CLOC is an unsecured line of credit. It functions just like a credit card except the balance begins accruing interest from day one (NFCU gives a same day grace period IME where you can pay it off the same day and not pay any interest).

The cost of an inquiry is worth it to not have fees and potential impacts on Chex and EWS.

Re: NFCU OOPS Checking

Girlzilla88 — Wed, 02 Sep 2020 17:50:47 GMT

@Anonymous What is a Chex and EWS?!

Re: NFCU OOPS Checking

Anonymous — Wed, 02 Sep 2020 17:51:06 GMT

I'm not the best at calculating interest but $480 principal, $20 interest that has to be repaid in 30 days...

That's equivalent to 50% APR if you use the whole 480, or way higher than 50% if you use less than 480. You could get better rates from a cash advance or Navy's $500 LOC. Like the aboved mentioned ODing your checking is a not good idea for other reasons too.

Re: NFCU OOPS Checking

Girlzilla88 — Wed, 02 Sep 2020 18:08:13 GMT

@Anonymous 480 with a 20 dollar fee is less than .05% interest/fee....I'm pretty sure I did that right lol

Re: NFCU OOPS Checking

M_Smart007 — Wed, 02 Sep 2020 18:01:15 GMT

.5% ?

Re: NFCU OOPS Checking

Girlzilla88 — Wed, 02 Sep 2020 18:02:16 GMT

@M_Smart007 ??

Re: NFCU OOPS Checking

Anonymous — Wed, 02 Sep 2020 18:58:52 GMT

The fee is entirely dependent on how much you overdraw. If you overdraw $15 or more, you'll get charged the $20 fee per item up to three times in one day. Fees can exceed the $500 by up to $50 so if you max the $500 in one transaction, you're paying a fee that's equal to 4%. If you overdraw three times in one day, you have raised your fees to $60 which would be 12% of the overdraft (since there is a $50 cap on fees in excess of the $500, if you use the full $500 it would be 10%). Only overdraft $15 though and you're paying 133% of the overdraft in fees.

https://www.navyfederal.org/pdf/applications-forms/NFCU_657.pdf

Another thing to keep in mind is that unlike a line of credit, NFCU doesn't guarantee payment with OOPS.

Re: NFCU OOPS Checking

Anonymous — Wed, 02 Sep 2020 19:00:42 GMT

@Girlzilla88 wrote:
@Anonymous 480 with a 20 dollar fee is less than .05% interest/fee....I'm pretty sure I did that right lol

20 / 480 = 0.041666...

.0417 x 100 = 4.17%

Re: NFCU OOPS Checking

Girlzilla88 — Wed, 02 Sep 2020 19:07:21 GMT

@Anonymous The way the lady told me on the phone is it won't let you go over 500 in total including the fee's so if you did it for the one time you could do up to 480 (plus the 20 fee would be the 500 max). I definitely don't think it would be a good idea to use it for 20 bucks or so lol but I don't judge if someone needs 20 and they are ok with doing 20 in fees to get it asap then that is a 100% fee, but I do know some people too that are single parents and such and don't have family that can help so I get it on that end too. But again I only say this IF you CAN not potentially or maybe can pay it back but if you have something tangible instead of doing a pay advance or a pawn etc. Not of course to be abused either so I do agree with ya'll for sure on that part. And that last point is another good point too. It's not a gaurantee the payment would clear I guess that depends on who is trying to take it out?!?! But if you needed 100 or 200 or so and can't get the LOC and can't get a loan there are options I definitely want to dig more into LOC's for myself though LOL *tips hat to you @Anonymous and @M_Smart007 *

Re: NFCU OOPS Checking

Anonymous — Wed, 02 Sep 2020 19:12:11 GMT

@Girlzilla88 wrote:
@Anonymous The way the lady told me on the phone is it won't let you go over 500 in total including the fee's so if you did it for the one time you could do up to 480 (plus the 200 fee would be the 500 max). I definitely don't think it would be a good idea to use it for 20 bucks or so lol but I don't judge if someone needs 20 and they are ok with doing 20 in fees to get it asap then that is a 100% fee, but I do know some people too that are single parents and such and don't have family that can help so I get it on that end too. But again I only say this IF you CAN not potentially or maybe can pay it back but if you have something tangible instead of doing a pay advance or a pawn etc. Not of course to be abused either so I do agree with ya'll for sure on that part. And that last point is another good point too. It's not a gaurantee the payment would clear I guess that depends on who is trying to take it out?!?! But if you needed 100 or 200 or so and can't get the LOC and can't get a loan there are options I definitely want to dig more into LOC's for myself though LOL *tips hat to you @Anonymous and @M_Smart007 *

The lady over the phone was apparently misinformed unless the document I linked to is outdated.

Make no mistake, this is an overdraft with a fancy name. There is no difference between overdrawing this account and overdrafts at a bank except NFCU may charge less fees in the end (my bank charges $34 for each transaction with a cap of 5 in a day and a $5 threshold so 3 $5 transactions could potentially cost you $102 with my bank) and while my bank will cover anyone who opts in to the coverage, NFCU has a 90 day waiting period and requirement that you're current on all of your accounts with them.

Re: NFCU OOPS Checking

Girlzilla88 — Wed, 02 Sep 2020 19:17:54 GMT

@Anonymous She did mention the 90 day wait from opening a NF account and she explained if added it would take a couple days to activate so that is another food for thought. But that is very interesting about the link though but asking about ones personal situation what would suite them would always be my go to thing to be safe as well. If it's smarter or even easier to open the LOC then yes I agree with you both if there is back-lash about using this Service that may be the better route or if it's a small very small amount a person needs then maybe a 20 dollar pawn would be best LOL. Just throwing stones and getting good feedback to help who I can