topic Re: USAA/NFCU in Personal Finance

USAA/NFCU

ZackAttack — Tue, 22 Dec 2020 22:36:00 GMT

Hi,

I just paid a visit to my grandpa in thinking that I will never see to join either USAA or NFCU. Just my luck is that he gave me a copy of his DD 214 and now I am excited!!!!! So first off, I would like to know which bureaus do NFCU and USAA does check when applying for membership?

Re: USAA/NFCU

creditfan — Tue, 22 Dec 2020 23:13:54 GMT

neither hp for membership

usaa will have more hoops to jump

nfcu is more easier

Re: USAA/NFCU

Mr_Mojo_Risin — Tue, 22 Dec 2020 23:16:10 GMT

NFCU has only been doing SP for membership for awhile now. I believe they did a SP on EQ for my membership.

USAA is for active duty and their family members I believe.

Re: USAA/NFCU

BearsCubsOtters — Wed, 23 Dec 2020 00:22:03 GMT

When I joined NFCU many years ago they hard pulled TU; however, I believe they stopped hard pulling for membership.

USAA did not hard pull to join; however, keep in mind that membership at USAA is passed from parent to child. I do not believe you can join through your granddad. You would need your parent that is related to your granddad to join through him, and then you can join through that parent.

"Eligible Family

Current spouses, widows, widowers and un-remarried former spouses of USAA members who joined USAA prior to or during the marriage and children whose parents joined USAA."

You can certainly called them at 1-800-531-8722 to clarify.

Re: USAA/NFCU

Anonymous — Wed, 23 Dec 2020 02:46:40 GMT

@ZackAttack I highly suggest joining Navy based on the positive experience I have had with them. IMO they are a very fair lender especially to rebuilders.

Navy will likely soft pull Equifax although they are supposed to be using Transunion for all credit decisions.

Re: USAA/NFCU

cashorcharge — Wed, 23 Dec 2020 04:39:05 GMT

Keep in mind...USAA is a bank

NFCU is a credit union

USAA is no where near as generous or as calculated as NFCU is when it comes to accounts, CLI's etc.

USAA will give you great insurance products that NFCU won't offer.

Re: USAA/NFCU

newmomnewme — Wed, 23 Dec 2020 16:27:34 GMT

@ZackAttack I totally agree with @cashorcharge. I have both; checking, savings, credit cards, and refi auto loan with Navy. Auto and rental insurance with USAA. I never even opened a checking account or cc with them because Navy has those bases well covered!

For USAA, I think you would need to have your grandpas child (your mom or dad) join and then I think you can join through your parent?

One or both would be good to have!

Re: USAA/NFCU

spedteacher1 — Wed, 23 Dec 2020 18:41:18 GMT

I have USAA for a few things, but my father (air force) started our membership. I have had an account with them for 40 years. I will say that their auto insurnace is very pricey- I never shopped around until my oldest started driving. It was $1000 a month to add him, Geico it was $100. That's huge!

Re: USAA/NFCU

1GaDawg85 — Wed, 23 Dec 2020 18:47:28 GMT

If you are looking for a better experience, join Navy Fed. If you are looking for a whole financial solution, USAA.

I have both and use them. Navy Fed is much more generous than USAA if you look at credit products.

Re: USAA/NFCU

CBartowski — Fri, 25 Dec 2020 22:35:06 GMT

Op- thank your grandpops for his service, I imagine he was in when conditions were far less than favorable.

I can't speak to bureau pulls but Ive had both for about a decade now so I can speak to experience.

USAA: PROs: Many options for insurance (including even pet insurance), banking, loans, etc. (they moved their investments to Schwab), great customer service, different checking account options (cashback checking or unlimited free ATMs) and okay credit card offerings. CONs: Banking rates are garbage, loans had less favorable rates, non-24 hr assistance line, insurance was seriously more expensive than others (I keep trying to give them my business but just can't they're so much more expensive)

NFCU: PROs: Also great options for banking, decent CC offerings, 24 hour assistance line, more favorable loan rates (YMMV), actual branches (though not terribly prevelant), large amount of varied checking account options (to include one that pays .35% interest), Money market pays 0.40 - 0.50% (which sucks but right now its pretty oaky), still has investment options and advisors (never used though so I can't comment further) CONs: No insurance offerings

Frankly you likely can't go wrong with either depending what you are looking for. I use my USAA account as my "hub account" and my NFCU for mortgage, car loan (when I had one), and an option for my nest egg as their money market is higher than most nowadays. Both support Zelle which is nice. I just moved my nest egg from PenFed to NF because they're so much easier to work with and the interest is almost identical now.

NF even include the Space Force now!

You could theoretically look at PenFed too if you wanted. Some people really like it, I have mixed feelings but I won't ellaborate unless you're curious to keep useless info off the posts .

Good luck on the choice, both good options for different solutions. Hope this helps

Re: USAA/NFCU

creditfan — Sat, 26 Dec 2020 22:47:20 GMT

on banking sides I prefer usaa because their ach pull and mobile deposit are available for immediately use compares to nfcu is subject to 5 days hold and only $200 for immediate use

Re: USAA/NFCU

CBartowski — Sat, 26 Dec 2020 23:01:30 GMT

@creditfan wrote:
on banking sides I prefer usaa because their ach pull and mobile deposit are available for immediately use compares to nfcu is subject to 5 days hold and only $200 for immediate use

Definitely a good point to USAA's credit.

NFCU takes 5 days for mobile deposit?!

Re: USAA/NFCU

Gmood1 — Sat, 26 Dec 2020 23:58:48 GMT

Would be great if you could get both!

USAA IMHO hands down.. has the banking side nailed.

Haven't experienced another financial institution that matches or exceeds them in that area. The transfers and instant deposits are awesome! You can mobile deposit a check of $10,000 and withdraw or transfer immediatley. No 5 or 7 day wait!

NFCU will certainly be the easiest for you to join.

Rates have been competitive with these two lately.

USAA actually gave a better rate to me on a used vehicle vs Navy.

Plus it was instant and all paper work can be done right on your phone with USAA in under 10 mins.

Re: USAA/NFCU

Anonymous — Wed, 30 Dec 2020 02:30:24 GMT

Hello!

I do have both USAA and NFCU. IMHO USAA has a more well-rounded institution for overall products. Their car insurance and banking are great. My direct deposits from work come a whole day earlier with USAA than my NFCU (Split deposits), but NFCU is more generous with their credit products and is easier to gain membership. I think USAA SP Equifax and NFCU SP Transunion or Equifax, but I could be wrong. It's definitely not an HP though.

If you want my honest opinion, if you can, I would open both and do more banking transactions with USAA, but do credit products with NFCU and build a good relationship with them. Although I believe that to qualify for membership for USAA through your grandpa, your parent would have to join, as a qualifying immediate family for USAA doesn't include grandparents.

If you can get a membership for both you should, as you will have a membership with them that won't expire as long as you stay in good standing. Whatever you choose, both USAA and NFCU are great financial institutions to be a part of.

Re: USAA/NFCU

UncleB — Fri, 01 Jan 2021 02:45:15 GMT

@Gmood1 wrote:
Would be great if you could get both!
USAA IMHO hands down.. has the banking side nailed.

Haven't experienced another financial institution that matches or exceeds them in that area. The transfers and instant deposits are awesome! You can mobile deposit a check of $10,000 and withdraw or transfer immediatley. No 5 or 7 day wait!
NFCU will certainly be the easiest for you to join.
Rates have been competitive with these two lately.
USAA actually gave a better rate to me on a used vehicle vs Navy.

Plus it was instant and all paper work can be done right on your phone with USAA in under 10 mins.

Big +1 to all the above!

I like them both for what they're good at, which for me is low APR credit cards with NFCU and awesome checking with USAA.

One quick note, @ZackAttack, your grandpa being a vet will work for making you eligible for NFCU, but that alone isn't enough to get you into USAA - unless there's been a recent change you'll need to get him to join. Before my own grandfather passed I helped him join and I've been extremely happy that I took the time to do so (it only takes a few minutes).

How to proceed from there can vary, they've changed their policy a few times in recent years (at one time both he and your parent would need to purchase insurance for insurance eligibility to 'flow' down the chain to you, this is no longer the case), but him joining is the first step.

If it were me I would give USAA a quick call to see how membership is working now (and what is required). USAA reps are both friendly and well-versed on their policy, and this is one time where getting the info directly from the source is the way to go.