topic Re: Rethinking NFCU savings in Personal Finance

Rethinking NFCU savings

Anonymous — Wed, 03 Feb 2021 06:59:34 GMT

I joined Navy a few months ago to establish a relationship. I've been splitting my direct deposits between my checking acct at my main bank and my savings at Navy.

The other day I decided to moved most of my savings over to Navy through shared branch CU coop (no local branch), only to realize Navy doesn't participate in the service.

So now I'm rethinking whether it's a smart move. My main concerns are delay in accessing the funds if needed and being able to retrieve the funds fee free. Not sure how to move money through banks but I'm guessing ach or wire? Both require fees I think. Anyone have any thoughts on how you bank with Navy without local branch? TIA

Re: Rethinking NFCU savings

AllZero — Wed, 03 Feb 2021 07:05:00 GMT

@Anonymous wrote:
I joined Navy a few months ago to establish a relationship. I've been splitting my direct deposits between my checking acct at my main bank and my savings at Navy.
The other day I decided to moved most of my savings over to Navy through shared branch CU coop (no local branch), only to realize Navy doesn't participate in the service.
So now I'm rethinking whether it's a smart move. My main concerns are delay in accessing the funds if needed and being able to retrieve the funds fee free. Not sure how to move money through banks but I'm guessing ach or wire? Both require fees I think. Anyone have any thoughts on how you bank with Navy without local branch? TIA

NFCU offers 1 day early DD Direct Deposit.

NFCU also offers free ACH push from a NFCU account to external account. It is relatively quick depending on the time of transaction.

I think you can also do Zelle?

Re: Rethinking NFCU savings

Anonymous — Wed, 03 Feb 2021 17:15:19 GMT

Ah ok. Didn't know about the free ach transfer. I'll have to look into it. Ill check out zelle as well. Thanks.

Re: Rethinking NFCU savings

Kidcat — Wed, 03 Feb 2021 18:01:56 GMT

Not sure about ach limits, but I know for zelle NFCU has a daily limit of $1000 I believe, contrasted with $2000 for Chase bank for instant transactions. It's the reason I switched my DD from NFCU back to Chase. Unfortunately my employer does not allow us to split DD.

Re: Rethinking NFCU savings

SouthJamaica — Thu, 04 Feb 2021 04:45:42 GMT

@Anonymous wrote:
I joined Navy a few months ago to establish a relationship. I've been splitting my direct deposits between my checking acct at my main bank and my savings at Navy.
The other day I decided to moved most of my savings over to Navy through shared branch CU coop (no local branch), only to realize Navy doesn't participate in the service.
So now I'm rethinking whether it's a smart move. My main concerns are delay in accessing the funds if needed and being able to retrieve the funds fee free. Not sure how to move money through banks but I'm guessing ach or wire? Both require fees I think. Anyone have any thoughts on how you bank with Navy without local branch? TIA

My thinking is if you're not comfortable with purely online banking then NFCU is not for you.

You can get fee-free ATM withdrawals from 7-11's and McDonalds.

Re: Rethinking NFCU savings

5KRunner — Thu, 04 Feb 2021 16:18:06 GMT

@SouthJamaica wrote:
My thinking is if you're not comfortable with purely online banking then NFCU is not for you.

You can get fee-free ATM withdrawals from 7-11's and McDonalds.

NFCU also participates in the CO-OP ATM network. There are several fee-free ATMs within a few miles of my house.

Re: Rethinking NFCU savings

Ambular1304 — Fri, 12 Feb 2021 11:43:47 GMT

I zelle myself from my chase account to my NFCU savings account, I just use my work email for NFCU. It goes through instantly.

Re: Rethinking NFCU savings

Mr_Mojo_Risin — Fri, 12 Feb 2021 19:05:52 GMT

@Ambular1304 wrote:
I zelle myself from my chase account to my NFCU savings account, I just use my work email for NFCU. It goes through instantly.

This is what I do also. Really convenient and quick.

Re: Rethinking NFCU savings

blindambition — Fri, 12 Feb 2021 19:15:03 GMT

There are many options. I Zelle from Chase as well. They belong to Co-Op, ATM at 7-11, Mickey D, and Costco. There's a location section within app, just enter zip code.

Re: Rethinking NFCU savings

CBartowski — Sun, 21 Feb 2021 02:20:01 GMT

I've enjoyed NF but I also use Zelle from USAA into my regional bank I use for daily banking.

Curious, lots of people seem to be banking with Chase. I have a chase account but don't do much with it other than CCs. Do you all enjoy banking with Chase?

Re: Rethinking NFCU savings

tnhomestead — Sun, 28 Feb 2021 04:57:15 GMT

A lot of local cu's give free atm use to NFCU as well. Also up to 10 in atm fees is rebated per quarter I believe. Nearest branch to me is clarksville tn and I have no problems. Also second the zelle to yourself! I also linked my local bank to them if needed.

Re: Rethinking NFCU savings

designated_knitter — Wed, 07 Apr 2021 05:05:19 GMT

@Anonymous wrote:
I joined Navy a few months ago to establish a relationship. I've been splitting my direct deposits between my checking acct at my main bank and my savings at Navy.
The other day I decided to moved most of my savings over to Navy through shared branch CU coop (no local branch), only to realize Navy doesn't participate in the service.
So now I'm rethinking whether it's a smart move. My main concerns are delay in accessing the funds if needed and being able to retrieve the funds fee free. Not sure how to move money through banks but I'm guessing ach or wire? Both require fees I think. Anyone have any thoughts on how you bank with Navy without local branch? TIA

@Anonymous

I realize this is an old thread but what I wind up doing is going to my local CU and doing a "cash advance" using my debit card. I do have a checking account with them so my debit card is a VISA-branded card. I can move 1000 / day from Navy to my local CU that way. I have never incurred any fees. The only downside is that I have to run to my CU to shift the money.

Hope this helps.

Re: Rethinking NFCU savings

jwa77 — Thu, 08 Apr 2021 15:31:17 GMT

Sorry to hijack the thread but NFCU doesn't participate in Co-Op shared branching? I thought they did? Or is it just their ATMs?

Also, I have an auto loan through a local CU myself but primarily bank with FirstTechFCU. The local credit union is kind of bad about how you make payments to them (you either have to do it by transferring internally from a checking account you have with them, pay by mail or pay via debit card for a fee). One thing they didn't tell me about was direct ACH transfer. So now, I just transfer the funds directly from my FTFCU account to the local credit union using the routing and account # and it pays within 2 days. Can you do the same with your NFCU account?