topic Re: NAVY FCU CLOC questions in Personal Finance

NAVY FCU CLOC questions

prpecp — Thu, 12 May 2016 16:55:49 GMT

Quick background. had a 2k nfcu cc, asked for 10k, they gave me 16k for a total of 18k in CC (blue go rewards visa). I then asked for the cloc for 15k. Approved it. Got the promissary note in the mail today as a matter of fact! 16% interest I think it is.

Here are my questions:

1) If I have 0 dollars in NAVY checking account, it will go to -500 if I ask for 500 at an atm? I simply either pay it off each month or make payments at the % rate above?

2) I do not have any checks with my navy checking, should I order some so I can write a check if I need to make a large purchase? Will the above apply the same with a written check?

I did ask them about the limits. They said $500 at the ATM every 24 hours and 3k limit for a purchase per day. If I needed to make a larger purchase, call and they would put it through.

Just curious if anyone has written a check for more than the 3k daily limit and if they called like I was told to?

Thank you!

Re: NAVY FCU CLOC questions

MyDataMyChoice — Thu, 12 May 2016 18:15:18 GMT

NAVY FCU

You can actually transfer from

Credit Card --> Checking

CLOC --> Checking

Re: NAVY FCU CLOC questions

prpecp — Thu, 12 May 2016 23:15:53 GMT

ty!

Re: NAVY FCU CLOC questions

Anonymous — Thu, 12 May 2016 23:25:43 GMT

Not true. You can't xfer from LOC to checking. You can only access it by over drafting your account or writing a check (ask for some navchecks)

Re: NAVY FCU CLOC questions

Anonymous — Fri, 13 May 2016 00:32:40 GMT

@Anonymous wrote:
Not true. You can't xfer from LOC to checking. You can only access it by over drafting your account or writing a check (ask for some navchecks)

Correct but even if you get checks you cant write one to deposit into your checking account. You can deposit it another bank account but not your NFCU one.

Re: NAVY FCU CLOC questions

Anonymous — Fri, 13 May 2016 00:33:01 GMT

I know.. That isn't what I was saying though.

Re: NAVY FCU CLOC questions

Anonymous — Fri, 13 May 2016 03:24:45 GMT

How long did it take for the promissory note? I was approved on the 5th but didn't receive it yet

Re: NAVY FCU CLOC questions

Anonymous — Fri, 13 May 2016 03:26:15 GMT

You may want to check to make sure the address is right. It should only take under a week. If you don't get it by Friday I'd call

Re: NAVY FCU CLOC questions

Anonymous — Fri, 13 May 2016 03:46:58 GMT

Okay! I received my credit card and some other mail about my credit score but no debit card or promissory note......

Re: NAVY FCU CLOC questions

Anonymous — Fri, 13 May 2016 06:12:58 GMT

there is no debit card for CLOC. its like overdraft protection without the overdraft fee. You can use your check debit card to access it. the CLOC will kick in if you use more than what you have available in your checking. i hope that helps.

Re: NAVY FCU CLOC questions

Anonymous — Sun, 15 May 2016 01:59:28 GMT

1) Eseentially your regular ATM (Red debit) card becomes a de facto 'credit card' b/c it will pull from your LOC with no

further action required.

2) Your checking account will not go NEGATIVE...it will go to 0 then what ever amount you're 'short' will pull from the LOC

ie if you make a purchase or pull ATM cash of $200 and had $50 in your checking the amount actually borrowed would be

just the $150 as it will pull from the liquid cash 1st.

3) You can get a CLOC 'check book' ...it looks just like a regular checkbook, except it says...well CLOC on it....

when you write checks from there it AUTOMATICALLY pulls from the LOC w/o zeroing out your checking account.

4) If you 'owe' on your CLOC and you deposit to your checking account it will NOT suck up your funds as one might think

with an overdrawn account...payment towards your CLOC are made at your direction

5) You can borrow for FREE if you pull on Friday after EST cutoff b/c although you got your money the bank won't 'process' the transaction

till the next biz day , meaning Monday night Tuesday a.m.

So that means % FREE LOAN for the weekend if you get back before that Tuesady morning processing +

since the % doesn't start to accrue until then...it's best to 'borrow' on Friday for a few free days of %

Again Fri/Sat/Sun would be FREE DAYS if you pull late enough on a Friday (which is early enough for us on the West Coast and still early enough for

'date night' on the East) just an FYI.....

This is a GREAT feature IMO with regard to a quick end of the week or even next week payback (ie self 'payday' loan)

@15.9% it's 25 cents per $500 per day so getting a free ride for half a week makes that 'loan' a very attractive option vs being late on a bill or just in

a quick pinch.

A Friday to Friday loan would again be a NICKEL per $100 per day or a total of .25 cents (remember only paying M-F..b/c F/S/S were Free) x 5 for a $500 loan ...not bad, in my book

I love the CLOC, didn't think it'd be a big deal but now I'm pro CLOC

It's basically a CC account with checks attached and more flexibility, some places that won't take a card might be ok with a check

Another example is places like Winco Grocery and Arco gas station both don't take CC's but will take Debit, while now that debit card allows you to use 'debit'

but it's really 'credit' from your CLOC....

Which is nice b/c Winco is 24 hours and there are times where their bulk candy section calls me at 3 a.m. and I get to the counter and forget they don't get freaking CC's

and I can slide the regular NFCU debit card which pulls from the LOC and it's a CHEAP 'loan' + I go home with my snacks

***Last thing if it really is going to confuse you or be a mental hassle one could just open a 2nd checking account and use the one attached to the CLOC

as a de facto shill using the red debit on that account as essentially a CC and making the other checking function as your 'primary' using the CLOC account only as a

front for the credit account, basically adding another but more flexiblr 'CC' to your mix ( with check writing ability).

Re: NAVY FCU CLOC questions

Appleman — Sun, 15 May 2016 12:42:45 GMT

I was going to order the NavChek's but it looks like NFCU already ordered them for me.

Re: NAVY FCU CLOC questions

RonM21 — Mon, 16 May 2016 10:01:16 GMT

This type of info helps me, as I'm about to apply with them and wondered how some of their process work. They seem okay to work with from everything I've read.