topic Re: How crypto-friendly is Navy Fed? in Personal Finance

How crypto-friendly is Navy Fed?

Salahh — Thu, 05 Jun 2025 05:05:56 GMT

Looking to onramp $15k in crypto. So far I've done small amounts by loading a Venmo debit card and using it, but they cap it at $3k/week.

My relationship with Navy Fed is top priority so I don't want to compromise that at all.

Are they pretty crypto-friendly, or could it impact my relationship/internal score/lending riskiness with them?

Thank you 🙏

Re: How crypto-friendly is Navy Fed?

Salahh — Fri, 06 Jun 2025 03:49:54 GMT

Anyone?

@Salahh wrote:
Looking to onramp $15k in crypto. So far I've done small amounts by loading a Venmo debit card and using it, but they cap it at $3k/week.

My relationship with Navy Fed is top priority so I don't want to compromise that at all.

Are they pretty crypto-friendly, or could it impact my relationship/internal score/lending riskiness with them?

Thank you 🙏

Re: How crypto-friendly is Navy Fed?

NoMoreE46 — Sat, 07 Jun 2025 02:11:58 GMT

Most issuers, including NFCU, probably are not too keen on this. In fact, if issuers discover this type of purchase, they will likely code the transaction as a Cash Advance. Of course there are third parties to blur the purchase/transction but the fees...

Pay cash for the crypto or look into the Gemini card.

@Salahh wrote:
Looking to onramp $15k in crypto. So far I've done small amounts by loading a Venmo debit card and using it, but they cap it at $3k/week.

My relationship with Navy Fed is top priority so I don't want to compromise that at all.

Are they pretty crypto-friendly, or could it impact my relationship/internal score/lending riskiness with them?

Thank you 🙏

Re: How crypto-friendly is Navy Fed?

Salahh — Sat, 07 Jun 2025 05:21:02 GMT

It would be from my checking account so not sure how it'd show as a cash advance?

But definitely don't want to do it if they aren't crypto-friendly

Relationship with them is my top priority

Would love to hear more opinions

Re: How crypto-friendly is Navy Fed?

Vinjints — Sat, 07 Jun 2025 13:18:03 GMT

Are you asking if they care what you spend your money on out of your checking account with them?

Re: How crypto-friendly is Navy Fed?

NoMoreE46 — Sat, 07 Jun 2025 15:34:03 GMT

So I too thought you meant paying via a cc @Salahh .

I don't think any bank would have an issue with buying crypto and paying through a DDA.

@Vinjints wrote:
Are you asking if they care what you spend your money on out of your checking account with them?

Re: How crypto-friendly is Navy Fed?

Salahh — Sat, 07 Jun 2025 21:07:22 GMT

Yes. I've heard of many people having their checking accounts closed after receiving money from crypto exchanges, and there is the whole "debanking" issue. I've always thought trad-fi and crypto were polar opposites. Are you guys saying it can't hurt me or my relationship with Navy Fed at all?

Re: How crypto-friendly is Navy Fed?

Salahh — Sat, 07 Jun 2025 21:10:33 GMT

Here's a thread of someone's experience 5 months ago https://www.reddit.com/r/CryptoCurrency/comments/1hgd8u0/my_bank_account_was_closed_without_notice_because/

and here's a video about it: https://www.youtube.com/watch?v=uur286dwALg

I guess it depends on the bank and how risky they see crypto transactions, which is why I asked

Re: How crypto-friendly is Navy Fed?

NoMoreE46 — Sun, 08 Jun 2025 00:52:05 GMT

OK so from that Reddit post - that user said that s/he trades cryto for a living.

The simple issue herein is that M&T Bank doesnt want this Trader utilizing a Personal account for Business type transactions... In fact, due to AML/KYC regulations, all banks would have to follow suit.

You will see Reddit Credit/Banking subs that become alarmist. These posts are authored by those who are Outside of the 2nd or 3rd standard deviation.

So despite being just (5.0% or 0.30%) of the sample size, they tend or Intend to get a lot of "Karma." High Karma accounts can be and are monetized so keep this in mind when Redditing.

For instance, there are a few posts on Reddit about American Express financial reviews. From within the /Amex sub, it appears that the sky is falling.

Here, however, I havent seen any posts of this worrisome "trend" or even a CLD (that wasnt warranted) for our Amex holders.

PS, I dont think anyone wants to monetize accounts from MyFico.

In the end, I would say that it will depend on the dollar amounts and the number transactions which could flag your account for the risk dept from NFCU.

IIRC transcations > $ 3000 and

> $10000 are the trigger amounts.

@Salahh wrote:
Here's a thread of someone's experience 5 months ago https://www.reddit.com/r/CryptoCurrency/comments/1hgd8u0/my_bank_account_was_closed_without_notice_because/

and here's a video about it: https://www.youtube.com/watch?v=uur286dwALg

I guess it depends on the bank and how risky they see crypto transactions, which is why I asked

Re: How crypto-friendly is Navy Fed?

Salahh — Sun, 08 Jun 2025 00:54:39 GMT

I trade too, but de-fi, non-kyc. I'm just trying to load $10-15k in my trading platform without upsetting anyone

Re: How crypto-friendly is Navy Fed?

NoMoreE46 — Sun, 08 Jun 2025 00:57:35 GMT

I am looking to put a tiny bit of money in crypto myself @Salahh .

Do I need to get a cold wallet?

Re: How crypto-friendly is Navy Fed?

Salahh — Sun, 08 Jun 2025 01:08:51 GMT

NFA but all one needs to start is Phantom wallet app and moonpay, and swap on jup.ag from the in-app broswer on Phantom

Then for perps trading I use Blofin/Bitunix as they're both non-kyc up to $1M

I've loaded small amounts by sending to venmo debit before but nothing over $1k at a time so not sure exactly how to go about it (and not upset NFCU)

Re: How crypto-friendly is Navy Fed?

FicoMike0 — Sun, 08 Jun 2025 01:15:14 GMT

I don't really understand what's the issue here. If you move crypto through, say robinhood, then to navy they wouldn't know about the crypto transactions. On the other hand, if you want to link navy to something Scam Bankman Fraud was involved in, sure, they might cut you loose.

Re: How crypto-friendly is Navy Fed?

KatzNDawgs — Sun, 08 Jun 2025 19:14:40 GMT

@Salahh wrote:
NFA but all one needs to start is Phantom wallet app and moonpay, and swap on jup.ag from the in-app broswer on Phantom

Then for perps trading I use Blofin/Bitunix as they're both non-kyc up to $1M

I've loaded small amounts by sending to venmo debit before but nothing over $1k at a time so not sure exactly how to go about it (and not upset NFCU)

I would look into the terms of the NFCU account you want to move funds with. Not quite familiar with the above wallets/apps/sites/transactions you mentioned, but I would think as long as all is legal it shouldn't be too much of an issue. If any of it is in a legal gray-area...well then no, I probably would not make direct transactions with the account you would like to have good standing with.