topic Re: NFCU VS USAA VS PenFed vs. Anybody in Personal Finance

NFCU VS USAA VS PenFed vs. Anybody

23matched — Sat, 04 Aug 2018 19:30:38 GMT

We currently have American 1st Credit Union (LaHabra) as our primary, hate them due to lack of offerings, very poor and pretentious service, fees, and horrible online banking. We also have USAA and Logix. Dumped BofA due to their service issues. We really want to leave AmerFirst-after 20years, and looked into USAA, but while they have a nice website and app, found their insurance options are very high (auto and life). Figure if they offer services at such high rates, their other options must be as pricey. Yes, I know, much of this might be subjective. Online reviews are not that great for USAA either. So looking into NFCU and PenFed. I see that PenFed has limited CC offerings. We pay cash for our cars so not worried about auto rates.

What are we looking for?

1. Comparative rates for CDs, perhaps life

2. Good credit card with nice SCL and CLI

3. Good website with a deposit function that does not rely on someone to come back from lunch before applying it to our account-as in Amer1st.

4. ATM fees waived

5. Good customer service

6. Samsung Pay compatible

I looked into Chase and because they denied me for a Sapphire card (too many trades and too much credit) opted to look elsewhere.

Unsure on US Bank, have heard a few good things.

Just looking for a subjective responses, realizing everyone has opinions. Thanks

Re: NFCU VS USAA VS PenFed vs. Anybody

pipeguy — Tue, 14 Aug 2018 22:59:31 GMT

@23matched wrote:

What are we looking for?

1. Comparative rates for CDs, perhaps life DCU and NFCU
2. Good credit card with nice SCL and CLI NFCU and DCU
3. Good website with a deposit function that does not rely on someone to come back from lunch before applying it to our account-as in Amer1st. NFCU/DCU
4. ATM fees waived DCU
5. Good customer service NFCU/DCU
6. Samsung Pay compatible

Although we belog to several credit unions, DCU and NFCU are our main "bankers" and speaking solely based on my/our personal experience DCU has slightly better auto loans, NFCU gives higher credit card limits, both have functional web sites but NFCU is probably better, both offer very good customer service but the edge goes to NFCU, DCU will reimburse out of network ATM fees (up to $25 a month), but both offer a large network of "in network" ATMs (DCU = almost any 7-11 or Wawa, etc).

There are a lot of MyFico members that use and like PenFed, and we are 45+ year members, but we no longer use PenFed for anything other than maintaining a $10 share account (long story).

I'd have to say if you are looking for a single "best" credit union it would be NFCU (IMO), but you certainly would also be happy with DCU too based on my experience and I have loans/savings and credit cards from both.

Re: NFCU VS USAA VS PenFed vs. Anybody

Gmood1 — Sat, 04 Aug 2018 19:40:25 GMT

That's a tough one. As none of these do all of those aspects well.

USAA hands down on mobile deposits. They are instant, there's no waiting for anyone.

NFCU for larger than usual SLs out the gate.

Penfed for their SP offers.

I'd look elsewhere for the CDs. Penfed seems to have a decent rate depending on the length.

https://www.depositaccounts.com/cd/6-year-cd-rates.html

Re: NFCU VS USAA VS PenFed vs. Anybody

Anonymous — Sat, 04 Aug 2018 19:50:22 GMT

It's impossible to find 1 single bank that does everything well, just as it's impossible to find 1 single CC rewards that fits every bill. If you're comfortable with internet banking, assemble a group that each does few things not just well but great, then management them as 1 single account, much in the same way in having a group of CCs that covers different aspects of your spending.

Re: NFCU VS USAA VS PenFed vs. Anybody

Anonymous — Sat, 04 Aug 2018 19:55:19 GMT

Both are better than Penfed, except with credit cards and Penfed's high earnings savings.

Checking accounts? Forget Penfed... USAA and Navy Federal are mucb better. USAA has early direct deposit, no monthly requirements to waive a fee, more favorable ATM terms, the ability to use your debit card in Apple/Samsung Pay as soon as you open the account (before the card comes), instant mobile deposit funds credit, there's no $50 ACH limit for the first six months, and I like their web interface better (it even let's you balance a "checkbook" right on the website.

Penfed? Garbage checking account. $50 ACH transfer limits for the first six months (pulling them or pushing them out), you have to wait three months to be able to use mobile deposit, you have to worry about a monthly maintenance fee if you don't want to store $500 in the account or move your direct deposit over to them... And oh, if you want direct deposit, you have to fill out a form, mail/scan it in, and a few days later, they'll complete the form and send it back so you can give it to your employer. I've used many checking accounts over the years... Penfed's is the biggest headache I've ever dealt with.

I should also mention to not expect the latest and greatest in technology with Penfed either. They were the last bank to offer touch ID on their app to login... Other banks and even small credit unions were offering this feature at least two years before Penfed was. When I had a checking account with them, they were on their old banking system where purchases would take a 2-4 days to post on your online banking register. I used Paypal to send myself money instantly... But instead, it took 3 days to show up because of how outdated their system was.

USAA on the other hand, has some of the best technology out there, even surpassing the large banks.

IMO Penfed is highly overrated by the people that post on this site.

Re: NFCU VS USAA VS PenFed vs. Anybody

Gmood1 — Sat, 04 Aug 2018 20:54:43 GMT

@Anonymous wrote:
Both are better than Penfed, except with credit cards and Penfed's high earnings savings.

Checking accounts? Forget Penfed... USAA and Navy Federal are mucb better. USAA has early direct deposit, no monthly requirements to waive a fee, more favorable ATM terms, the ability to use your debit card in Apple/Samsung Pay as soon as you open the account (before the card comes), instant mobile deposit funds credit, there's no $50 ACH limit for the first six months, and I like their web interface better (it even let's you balance a "checkbook" right on the website.

Penfed? Garbage checking account. $50 ACH transfer limits for the first six months (pulling them or pushing them out), you have to wait three months to be able to use mobile deposit, you have to worry about a monthly maintenance fee if you don't want to store $500 in the account or move your direct deposit over to them... And oh, if you want direct deposit, you have to fill out a form, mail/scan it in, and a few days later, they'll complete the form and send it back so you can give it to your employer. I've used many checking accounts over the years... Penfed's is the biggest headache I've ever dealt with.

I should also mention to not expect the latest and greatest in technology with Penfed either. They were the last bank to offer touch ID on their app to login... Other banks and even small credit unions were offering this feature at least two years before Penfed was. When I had a checking account with them, they were on their old banking system where purchases would take a 2-4 days to post on your online banking register. I used Paypal to send myself money instantly... But instead, it took 3 days to show up because of how outdated their system was.

USAA on the other hand, has some of the best technology out there, even surpassing the large banks.

IMO Penfed is highly overrated by the people that post on this site.

Tell us how you really feel. Lol

Having dabbled with at least 20 different banks and CUs over the last 3 years. Penfed is far and away from the worst out there.

I've experienced so many of them that don't engage the members. I have to give them some credit in that area, in my experience. They do offer far more products on SPs than any CU I've dealt with bar none.

The only other bank that matched or surpassed them in that area was Amex.

They also beat USAA and NFCU on auto loans every time I compared them.

I agree the website needs work. The website doesn't save me any money though. So that's the last thing I worry about.

Re: NFCU VS USAA VS PenFed vs. Anybody

Anonymous — Sat, 04 Aug 2018 20:56:00 GMT

But I heard PenFed's got great rates for everyone.

Re: NFCU VS USAA VS PenFed vs. Anybody

23matched — Sat, 04 Aug 2018 21:13:39 GMT

Thank you everyone! We went ahead and signed up with NFCU. Strange as it would not allow me to transfer money from Amer1st to them just yet, beyond the initial $100 max transfer during the app phase. I also applied for their Signature Card, but it got wrapped up in Review Process, shall see how this goes. They pulled one HP so far from TU-my lowest of the 3 at 741-old charge off still on there. My EX and EQ hover just north of the 800 range now.

Re: NFCU VS USAA VS PenFed vs. Anybody

Anonymous — Sat, 04 Aug 2018 22:14:59 GMT

@23matched wrote:
Thank you everyone! We went ahead and signed up with NFCU. Strange as it would not allow me to transfer money from Amer1st to them just yet, beyond the initial $100 max transfer during the app phase. I also applied for their Signature Card, but it got wrapped up in Review Process, shall see how this goes. They pulled one HP so far from TU-my lowest of the 3 at 741-old charge off still on there. My EX and EQ hover just north of the 800 range now.

@Most apps for credit cards @ Navy are manually reviewed, so I wouldn't sweat it.

Re: NFCU VS USAA VS PenFed vs. Anybody

Kforce — Sun, 05 Aug 2018 02:23:07 GMT

@Anonymous wrote:
It's impossible to find 1 single bank that does everything well, just as it's impossible to find 1 single CC rewards that fits every bill.
+100, No single bank/CU is exceptional across the board, that is why many here have several accounts. Oldman87 (younger than me) has even more accounts than I do because each has strong points and an achles heal.

If you're comfortable with internet banking, assemble a group that each does few things not just well but great, then management them as 1 single account, much in the same way in having a group of CCs that covers different aspects of your spending.
+100

Re: NFCU VS USAA VS PenFed vs. Anybody

Anonymous — Sun, 05 Aug 2018 02:42:54 GMT

How did it go with WyHy? Any problems setting it up?

Re: NFCU VS USAA VS PenFed vs. Anybody

Kforce — Sun, 05 Aug 2018 03:15:25 GMT

@Anonymous wrote:
How did it go with WyHy? Any problems setting it up?

Haven't pulled the trigger yet.

Delayed by some health issues with the In-Laws.

Still planing on adding it, hopefully soon.

Looks like the best choice for me, for that kind of high interest checking.

Is it still working well for you ?, any hiccups ?

Re: NFCU VS USAA VS PenFed vs. Anybody

Anonymous — Sun, 05 Aug 2018 03:38:14 GMT

No hiccups, no issues with CC payments, just got my 4% again few days ago so apply with confidence. Even better, one of my close friends has been hiding his money due to collection/judgement on his previous property that we won't get into, his paycheck goes into his mom's bank account and has been using cash for awhile, he now uses my WyHy card for daily usage and pays me cash bimonthly, perfect arrangement for us both LOL.

Don't wait too long though, you never know when the nationwide status will change with local FCUs.

Re: NFCU VS USAA VS PenFed vs. Anybody

Anonymous — Sun, 05 Aug 2018 04:00:05 GMT

@Anonymous wrote:
<snip>
And oh, if you want direct deposit, you have to fill out a form, mail/scan it in, and a few days later, they'll complete the form and send it back so you can give it to your employer. I've used many checking accounts over the years... Penfed's is the biggest headache I've ever dealt with.
<snip>

That's definitely not my experience with PenFed's direct deposit. My employer allows me to change banking information directly on a website available to employees. As long as I've had PenFed's routing number and my account number I've been able to make changes to the frequency and amounts deposited with PenFed without once having to get any forms from them. I've changed my Penfed DD at least 8 times without issue. What you're describing must have occurred years ago.

Re: NFCU VS USAA VS PenFed vs. Anybody

Anonymous — Sun, 05 Aug 2018 11:40:56 GMT

@Anonymous wrote:
@Anonymous wrote:
<snip>
And oh, if you want direct deposit, you have to fill out a form, mail/scan it in, and a few days later, they'll complete the form and send it back so you can give it to your employer. I've used many checking accounts over the years... Penfed's is the biggest headache I've ever dealt with.
<snip>
That's definitely not my experience with PenFed's direct deposit. My employer allows me to change banking information directly on a website available to employees. As long as I've had PenFed's routing number and my account number I've been able to make changes to the frequency and amounts deposited with PenFed without once having to get any forms from them. I've changed my Penfed DD at least 8 times without issue. What you're describing must have occurred years ago.

Most people have employers where they need to turn the information into HR... You're a special circumstance.

Re: NFCU VS USAA VS PenFed vs. Anybody

rbentley — Tue, 14 Aug 2018 21:08:21 GMT

I am sorry you had a bad experience with NFCU. A bad banking relationship sucks. I know many who are very happy with them, but that is probably true for any institution. I do have accounts with both NFCU and PenFed but I also have a local CU that receives my direct deposit. I think there is a significant plus to having a financial institution with a local branch. I find there are occassions I need to make a cash deposit or withdraw more in cash than I can at an ATM. I have on some occassions got a check or draft that is not eligible for mobile deposit.

For me the ideal situtation is a local CU, in my case MACU into which I have direct deposit and the ability to do ACH transfers to NFCU and PenFed as may be needed. I only really have checking with PenFed to get the full 2% on my cash back rewards, but to do that I have to tie up $500 in deposit with them. For right now that is working for me, but could change.

Re: NFCU VS USAA VS PenFed vs. Anybody

Revelate — Sun, 05 Aug 2018 22:59:22 GMT

re: Penfed

Monthly Service Charge............................................ 10.00 Daily balance of $500 or Direct Deposit of at least $500 monthly to the account is required to avoid the $10 service charge.

That's seriously common in today's financial institutions; no fees for savings accounts.

Also most employers you can just give them a voided check, no need to get anything from the lender if we're talking checking account.

Re: NFCU VS USAA VS PenFed vs. Anybody

Anonymous — Sun, 05 Aug 2018 23:40:01 GMT

@Revelate wrote:
re: Penfed

Monthly Service Charge............................................ 10.00 Daily balance of $500 or Direct Deposit of at least $500 monthly to the account is required to avoid the $10 service charge.

That's seriously common in today's financial institutions; no fees for savings accounts.

Also most employers you can just give them a voided check, no need to get anything from the lender if we're talking checking account.

I'm not really sure how you developed that opinion.

Penfed is the only credit union I've ever researched that does not have a no-strings attached, completely free checking account option.

It's common for large banks, perhaps, but even Chase has FINN now, and community banks like M&T no longer have a fee for their most basic checking accounts... KeyBank doesn't have a fee for their Hassle free account.

A credit union, being "for the members" "owned by the members" and "not for profit" should always have a free checking account option. Penfed is just weird.

@Revelate

Re: NFCU VS USAA VS PenFed vs. Anybody

Revelate — Wed, 08 Aug 2018 00:37:15 GMT

"Not for profit" does not equal "not interested in money."

They are a financial institution, and the same applies to every CU as well as the big banks, and at least their fees are published: Logix implemented a fee with no notice and no publication on my own account with them, and that's far worse in my opinion.

Checking accounts typically (should) have limited funds in them, and they cost more money to operate for a bank than a savings account or other depository accounts which is often why there are fees associated with them. Penfed is also "weird" in being one of the 5 largest CU's by assets, so it's not really much surprise that they would head down this route before many of the other CU's, and a financial institution wanting to be your primary one is also not a surprise.

Ultimately lenders deserve a fair review, yours was more strident than I felt was warranted, so I offered a different opinion.

Re: NFCU VS USAA VS PenFed vs. Anybody

Anonymous — Sat, 11 Aug 2018 16:56:03 GMT

@Revelate wrote:
"Not for profit" does not equal "not interested in money."

They are a financial institution, and the same applies to every CU as well as the big banks, and at least their fees are published: Logix implemented a fee with no notice and no publication on my own account with them, and that's far worse in my opinion.

Checking accounts typically (should) have limited funds in them, and they cost more money to operate for a bank than a savings account or other depository accounts which is often why there are fees associated with them. Penfed is also "weird" in being one of the 5 largest CU's by assets, so it's not really much surprise that they would head down this route before many of the other CU's, and a financial institution wanting to be your primary one is also not a surprise.

Ultimately lenders deserve a fair review, yours was more strident than I felt was warranted, so I offered a different opinion.

So a bank charged you a fee that's not legally written in your terms and conditions? Hmm... Seems like you shouldn't have to pay that fee then. Did you contact the CFPB? Banks can't just make up random fees and charge them to you without documentation.

Not for profit is exactly what it says... They don't have to nickle and dime you to make a profit. All of the profits they make go back into loans given to other members (and at lower interest rates), website/app maintenance, employee cost, free checks for members, employee paychecks/benefits, the purchase of new ATM's, branch costs, etc. Being a top five CU by assets doesn't mean anything... Navy is #1 by assets and still has a truly free checking account with no strings attached. Hm, let's see, SEFCU is #2.... And they have a "really free checking account." Penfed is #3 and doesn't offer such a product.

Let's not bring up how Penfed's balance transfer fees are ridiculous as well. They may say they're "not for profit" but they act more like a bank than a credit union... Without the 24/7/365 customer service and latest and greatest technology.

Penfed is overrated.