topic Re: NFCU Checking in Personal Finance

NFCU Checking

Trekkie0707 — Sun, 24 Apr 2022 01:39:09 GMT

Hi friends!

I joined NFCU 6 months ago because I wanted access to some of their products. I'm a rebuilder so I wanted to use the checking account to build a relationship. But their checking account is sooo slow to do everything. Lol. It just seems like every transaction takes forever and coming from Chase and CapOne I'm just not used to that. I can live with it if I need to in the name of the relationship. But I'm just shocked at how slow everything moves.

to get their products down the road how important is it that I actually use their checking as my primary checking. I already have a secured card with them.

I also recently joined PENFed. Have a tiny direct deposit going there bi weekly. Is there checking account any better?

Would love thoughts on this.

thanks fico friends!

Re: NFCU Checking

Brian_Earl_Spilner — Sun, 24 Apr 2022 01:42:28 GMT

You don't need to use the account extensively. I barely used it for years and I was able to get 2 cards and approved for an auto loan.

Re: NFCU Checking

TheRedHat — Sun, 24 Apr 2022 01:59:38 GMT

What do you mean by "slow"? Direct deposit? External transfers?

Re: NFCU Checking

Trekkie0707 — Sun, 24 Apr 2022 02:12:42 GMT

@TheRedHat wrote:
What do you mean by "slow"? Direct deposit? External transfers?

External transfers. Bill pay feature.

Re: NFCU Checking

SouthJamaica — Sun, 24 Apr 2022 04:53:02 GMT

@Trekkie0707 wrote:
@TheRedHat wrote:
What do you mean by "slow"? Direct deposit? External transfers?
External transfers. Bill pay feature.

Yes, I have found that NFCU is sometimes slow in those 2 departments.

With external transfers, though, if you are pushing a transfer from NFCU to an external account, I have found NFCU to be the fastest in the business. As to pulling a transfer into checking.... you can't do it at all. Why that is, I have no idea. You can push a transfer to NFCU but there I would agree that it may take a while to become available.

As to bill pay, it all depends on whether it's going to be electronic or paper check, and I have found that NFCU billpay is less likely than many other billpay operations to classify the payment as electronic. But if you get it set up as electronic, they're as fast as anyone else.

If you open an account at PenFed, though, you will see that for the first 6 months they are slow on availability of funds. After that they're lightning fast on everything. And they are super fast on pulling transfers.

Re: NFCU Checking

Trekkie0707 — Sun, 24 Apr 2022 19:17:06 GMT

Thanks for the info friends!

Re: NFCU Checking

FireMedic1 — Mon, 25 Apr 2022 09:51:41 GMT

@Trekkie0707 wrote:
Hi friends!

I joined NFCU 6 months ago because I wanted access to some of their products. I'm a rebuilder so I wanted to use the checking account to build a relationship. But their checking account is sooo slow to do everything. Lol. It just seems like every transaction takes forever and coming from Chase and CapOne I'm just not used to that. I can live with it if I need to in the name of the relationship. But I'm just shocked at how slow everything moves.

to get their products down the road how important is it that I actually use their checking as my primary checking. I already have a secured card with them.

I also recently joined PENFed. Have a tiny direct deposit going there bi weekly. Is there checking account any better?

Would love thoughts on this.

thanks fico friends!

I had or should I say still have checking with NFCU. Dont use it due to being slow. I have one of my retirement DD go to PENFED. Comes a day early. Then I transfer some of it to Chase. PENFED is quicker than NFCU when it comes to payments when I do use it. Keeping Chase as main for when my BK falls off. Got the SUV loan with Chase. Then I'll grab a card with them when the time comes. I know it isnt a realtionship based bank. But least their name is on my reports.

Re: NFCU Checking

Trekkie0707 — Mon, 25 Apr 2022 15:40:07 GMT

@FireMedic1 wrote:
@Trekkie0707 wrote:
Hi friends!

I joined NFCU 6 months ago because I wanted access to some of their products. I'm a rebuilder so I wanted to use the checking account to build a relationship. But their checking account is sooo slow to do everything. Lol. It just seems like every transaction takes forever and coming from Chase and CapOne I'm just not used to that. I can live with it if I need to in the name of the relationship. But I'm just shocked at how slow everything moves.

to get their products down the road how important is it that I actually use their checking as my primary checking. I already have a secured card with them.

I also recently joined PENFed. Have a tiny direct deposit going there bi weekly. Is there checking account any better?

Would love thoughts on this.

thanks fico friends!
I had or should I say still have checking with NFCU. Dont use it due to being slow. I have one of my retirement DD go to PENFED. Comes a day early. Then I transfer some of it to Chase. PENFED is quicker than NFCU when it comes to payments when I do use it. Keeping Chase as main for when my BK falls off. Got the SUV loan with Chase. Then I'll grab a card with them when the time comes. I know it isnt a realtionship based bank. But least their name is on my reports.

Thanks for the info. I have a cap one checking account that I just love the functionality of. Maybe I'll just go back to DD in that account and set a smaller DD to NFCU just so I have DD with them. Like $20 per pay check or something.

Re: NFCU Checking

SouthJamaica — Mon, 25 Apr 2022 17:01:08 GMT

@Trekkie0707 wrote:
@FireMedic1 wrote:
@Trekkie0707 wrote:
Hi friends!

I joined NFCU 6 months ago because I wanted access to some of their products. I'm a rebuilder so I wanted to use the checking account to build a relationship. But their checking account is sooo slow to do everything. Lol. It just seems like every transaction takes forever and coming from Chase and CapOne I'm just not used to that. I can live with it if I need to in the name of the relationship. But I'm just shocked at how slow everything moves.

to get their products down the road how important is it that I actually use their checking as my primary checking. I already have a secured card with them.

I also recently joined PENFed. Have a tiny direct deposit going there bi weekly. Is there checking account any better?

Would love thoughts on this.

thanks fico friends!
I had or should I say still have checking with NFCU. Dont use it due to being slow. I have one of my retirement DD go to PENFED. Comes a day early. Then I transfer some of it to Chase. PENFED is quicker than NFCU when it comes to payments when I do use it. Keeping Chase as main for when my BK falls off. Got the SUV loan with Chase. Then I'll grab a card with them when the time comes. I know it isnt a realtionship based bank. But least their name is on my reports.
Thanks for the info. I have a cap one checking account that I just love the functionality of. Maybe I'll just go back to DD in that account and set a smaller DD to NFCU just so I have DD with them. Like $20 per pay check or something.

If you do decide to set up direct deposits with NFCU, you can get 1-day early direct deposit with them, just as you do with PenFed. But with NFCU it's not automatic. You have to call up to get it implemented. Sometimes you have to call several times to get it done. But once it's done, it keeps on working.

Re: NFCU Checking

lns1976 — Mon, 25 Apr 2022 20:00:37 GMT

I'm just switching to NFCU from Capital One so this thread is good information for me since I get DD's and want them early as I get them with Capital One whom I'm switching away from.

Capital One isn't bad, but no local branches is a headache when I need to deposit cash.

My experience so far though as for deposits (incoming not outgoing) has been fast. Moved funds from PayPal to NFCU on Saturday and they were there this morning with no instant transfer fee nor Debit Card on file with PayPal yet for NFCU.

We'll see how the rest of it goes.

Re: NFCU Checking

brk1971 — Mon, 25 Apr 2022 22:34:52 GMT

I cannot validate or reconcile the statements in this thread - my experience with NFCU checking is far different, and far superior, to every other deposit account I have (includes C1 360, PenFed, Chase, WF, and RBFCU).

Deposits via direct deposit = immediately available at midnight (Eastern time) the night the deposit is effective.
Deposits via electronic transfer = immediately available as soon as notified (including push ACH transfers from other financial institutions)
Deposits via check deposit via the app = acceptance within minutes during business hours, and within a short time outside them. Funds availability = depends on amount, but from immediate upon acceptance to midnight after one business day (technically "2 business days, but that's based on midnight)
Bill pay push to pay to almost every account I have = next day for every account that accepts electronic payments... There is even an selectable option to rush the payment and it will go same day for a small fee. Accounts that do not accept electronic payments are mailed a check, and that check goes out in the next mail cycle (same or next business day depending on the time).
Transfers to deposit accounts at other financial institutions = notification occurs as soon as complete (funds availability depends on THAT financial institution)
Transfers account to account (two of my accounts or one of my accounts to another NFCU member) = instant
Transfers via zelle = nearly instant

I really don't know how any of these timelines could be considered slow, so I'm left wondering if there are different processing experiences for different members?

Re: NFCU Checking

lns1976 — Tue, 26 Apr 2022 01:16:51 GMT

@brk1971 Do you get early DD with NFCU? The way you said it sounds like the date the deposit is supposed to arrive, not the day after the deposit is sent as C360 currently does.

You mentioned having a 360 account as well, they didn't start the early DD availability until last year.

Re: NFCU Checking

brk1971 — Tue, 26 Apr 2022 17:24:17 GMT

No, I don't have early DD with NFCU. At NFCU, funds are available at the beginning of the calendar day (midnight EST) they are set to be deposited... NOT having them two days before they're authorized doesn't make NFCU slow IMO, it makes them on time.

As a side note... I don't believe that "early direct deposit" has any real value. The net result of it is just a change in when payday is.

(Even the idea that two extra days of interest is only applicable to the first cycle.)

Re: NFCU Checking

lns1976 — Tue, 26 Apr 2022 17:30:39 GMT

@brk1971 not having Early DD is just an adjustment when you have had it. I went from deposits to a CU with early DD to C360 with no early DD to C360 offering early DD (I had already had my account over 4 years when they started offering it).

It doesn't make NFCU slow, but it's going to be an adjustment for me again is why I asked.

Re: NFCU Checking

brk1971 — Tue, 26 Apr 2022 17:37:58 GMT

I know that C1 started advertising about it, but I really don't use that account for anything anymore... I opened it and had a partial direct deposit going in for founr months for a $400 bonus back some time ago, and never used it for any meaningful purpose.

(I'm not particularly fond of C1 as a financial institution at all, so I'm not sure I would have ever really given the account a chance to show value.)

Re: NFCU Checking

RobynJ — Tue, 03 May 2022 00:02:29 GMT

@brk1971 wrote:
I know that C1 started advertising about it, but I really don't use that account for anything anymore... I opened it and had a partial direct deposit going in for founr months for a $400 bonus back some time ago, and never used it for any meaningful purpose.
(I'm not particularly fond of C1 as a financial institution at all, so I'm not sure I would have ever really given the account a chance to show value.)

I agree with you about the superiority of NFCU. I will say that you need click on the account when checking it as I have found that the balance that's posted on the log on screen is different than the available funds. When the transaction isn't yet posted completely it looks like it's not available but if you you look under the balance in small print it will say available balance and it has always been the correct amount. I have been fooled before thinking the funds were not available when they actually have been.