DCU auto loan and DD questions

[aubie1kenobie2]

Found out that my AL rate was actually 1.24% 

They do require that a DD be set up, and will do that next week. I thought you can DD just the amount for the loan, but I called them to verify, and the CSR told me that it has to be the full pay in order to qualify for the low rate (otherwise, it would be 1.99% -- I think). I have a big bank with fees if I don't maintain a certain amount per month....should I close this and transfer net pay to DCU? Does anyone else have any experience with this? Thanks!

[Remember0]

How would they know if you're sending your full salary?

I'm guessing that rep didn't quite know what they were saying. To be safe, dd a little more than the loan and use the difference to pay one monthly bill. Problem solved imo.

If they have any issues with it, deal with it then.

[black_citi]

I'm with Chase and i'm in the process of moving my money over to DCU. I got refinanced through them last week after opening a savings account. I opened a checking this week. All I have tied to my Checking account with Chase is my direct deposit from my job but i am going to switch it over to DCU.

If you don't have a lot tied to your current checking or savings (like auto pay through a mortage, CC etc) then i guess you can transfer your paycheck over to DCU.

I did it because its more convenient for me plus I love DCU's perks for being with them.

I didn't qualify for their best rate because I had a 669 score but my interest is still better than the 13% it was with santander. Im at 6.5%. DCU refies their own loans so in 6 months i'll do that.

[black_citi]

I know that transferring money from one bank to another is a hassle. Especially if you've been there for some years (7 years with chase for me). Its really up to you if you want to do it or not. You can transfer part or half of your check over to DCU from another bank but that can take several days.

[09Lexie]

One of the perks with DD at DCU is that you can have access to your pay up to 2 days prior to your actual date.  Basically, when they receive your funds from your employer, you will receive them.

We all know that DD is processed and sent 2-3 days before your paydate.

[Rackham94]

I was also considering this.

If I DD a fixed amount how can DCU tell the difference?

Anyone know how hard it is to transfer funds from DCU to another bank

e.g. DD fixed 1k and net to regular institution make auto loan payment and cc payment and xfer remainder to my current bank

[Remember0]

Don't think DCU CAN tell it's not a whole paycheck lol. Pretty sure that's not a feature of the ACH system.

As far as xfer out of DCU, it depends. I have no idea how DCU's systems work. But a lot of my banks (all except one to be precise) allow me to log into them and transfer money from another of my bank accounts via ACH (sometimes called EFT). It's very easy to do...usually only takes 1-2 days for my money to leave one account and arrive at the destination. DCU might also have "push" functionality where you can initiate the withdrawal from DCU's site...that I don't know. What bank to you want to xfer to from DCU?

[Rackham94]

BankPlus regional bank.

bankplus.net

[Remember0]

Hmm...never banked with them. They seem like a small/regional bank.

I'd poke around your online banking with them and see if there's an option to transfer funds between external accounts.

Another solution would be to use checks and deposit into your bank. Alternatively you could open something like Ally's Money Market (hard inq for checking @ ally, but soft for MMA) to pull money out of DCU and then push it into your bank. Might take up to 5 days to do both transactions at ally though. Alliant CU would be faster but they will hard you for initial sign up.

I personally use USAA (non military can't sign up anymore) and Fidelity (2 day holds, though) as my "intermediary" accounts. I recommend everyone get an intermediary account...makes moving money around easy and free!

[aubie1kenobie2]

The CSR did say that I could transfer the money out of DCU to my other bank when I receive the DD....they just want the money in, not necessarily to stay there (she said). Anyway, I think that's too confusing, esp since I've got all my auto billpay with another bank. What I did though, was call my big bank and got them to lower my monthly required deposit so I can split my paycheck 50-50. Maybe DCU wouldn't mind that