topic Re: How does NavChek work ??? in Credit Cards

How does NavChek work ???

jaxstraw — Sat, 26 Apr 2008 13:22:56 GMT

The wife is thinking of opening a LOC w/ NFCU and using NavChek.

Does anyone have this product and how does it work , or what is the process .

Thanks

Jax

Re: How does NavChek work ???

Anonymous — Sat, 26 Apr 2008 14:03:11 GMT

I've got it, and it works two ways.

1. It's an overdraft protection LOC for your checking account. Any check or debit that comes through that would have averdrawn your checking account will be covered by a transfer from your LOC to your checking account, up to the full amount of your LOC.

2. You can also draw on it as a LOC directly by asking for an order of NavCheck checks. This allows you to draw on your LOC without emptying your checking account first.

Tip: If you're out of NavCheck checks and need to access your LOC directly without emptying all the cash from your checking account, simply write a check from your checking account and trasfer most/all of the money from your checking to your savings until the check clears (so it draws on your LOC). Once the check clears, move your cash back to checking.

Re: How does NavChek work ???

jaxstraw — Sat, 26 Apr 2008 14:16:35 GMT

Thanks, how do you repay the OD/Loan after it goes thru ??
Installments ?? Minimum payments due like a CC ( although I PIF this is for the wife),etc.
Jax

Re: How does NavChek work ???

Anonymous — Sat, 26 Apr 2008 14:49:12 GMT

@jaxstraw wrote:
Thanks, how do you repay the OD/Loan after it goes thru ??
Installments ?? Minimum payments due like a CC ( although I PIF this is for the wife),etc.
Jax

It's basically like a credit card, except without the crazy cash advance fees. Mine is a 12.5 percent for $10,000 LOC.