Re: Official Credit Unions Guide

Anonymous · ‎06-04-2017

lavindir11 wrote:

I've been seeing members say that their ACH/avabilability of funds needs work. Is this still the case? I wouldn't want to set up a bill pay and have my payment be late because my bank is slow.

humuhumunukunukuapua'a wrote:

Mobile deposits are either instant or credited within an hour with Navy Federal. I'm not sure why you would want to do ACH, which takes days to be applied, since mobile deposit is so readily available and is very fast. Just fyi.

Anonymous · ‎06-05-2017

@Anonymous wrote:
@lavindir11 wrote:

I've been seeing members say that their ACH/avabilability of funds needs work. Is this still the case? I wouldn't want to set up a bill pay and have my payment be late because my bank is slow.

@humuhumunukunukuapua'a wrote:

Mobile deposits are either instant or credited within an hour with Navy Federal. I'm not sure why you would want to do ACH, which takes days to be applied, since mobile deposit is so readily available and is very fast. Just fyi.

Thank you for this! My old-school brain would never have thought of just writing a check to myself and taking a picture of it...ahh, the world we live in these days

DaveInAZ · ‎06-07-2017

@Anonymous wrote:
@Anonymous wrote:
@lavindir11 wrote:

I've been seeing members say that their ACH/avabilability of funds needs work. Is this still the case? I wouldn't want to set up a bill pay and have my payment be late because my bank is slow.

@humuhumunukunukuapua'a wrote:

Mobile deposits are either instant or credited within an hour with Navy Federal. I'm not sure why you would want to do ACH, which takes days to be applied, since mobile deposit is so readily available and is very fast. Just fyi.
Thank you for this! My old-school brain would never have thought of just writing a check to myself and taking a picture of it...ahh, the world we live in these days

Unless you've recently joined Penfed, as they disable check deposits on their mobile app until you've been a member for 6 months. Penfed even limits ACH "pulls" from external accounts to $50/day for the first 6 months, so I have to "push" ACH deposits to them from external accounts.

Anonymous · ‎06-07-2017

@DaveInAZ wrote:
@Anonymous wrote:
@Anonymous wrote:
@lavindir11 wrote:

I've been seeing members say that their ACH/avabilability of funds needs work. Is this still the case? I wouldn't want to set up a bill pay and have my payment be late because my bank is slow.

@humuhumunukunukuapua'a wrote:

Mobile deposits are either instant or credited within an hour with Navy Federal. I'm not sure why you would want to do ACH, which takes days to be applied, since mobile deposit is so readily available and is very fast. Just fyi.
Thank you for this! My old-school brain would never have thought of just writing a check to myself and taking a picture of it...ahh, the world we live in these days
Unless you've recently joined Penfed, as they disable check deposits on their mobile app until you've been a member for 6 months. Penfed even limits ACH "pulls" from external accounts to $50/day for the first 6 months, so I have to "push" ACH deposits to them from external accounts.

I'm well aware of PenFed's training wheels (New member as of 3/23/2017) - you didn't mention my favorite one: They put an automatic 'payment float' for 10 days on any payments to a credit card account. That means that while they credit your payment immediately, your available credit does not reflect the payment until the end of the 10 days.

Although I have heard that they unlock mobile deposits at 3 months rather than 6...but I'm not there yet so cannot confirm.

Anonymous · ‎06-08-2017

Does the American Consumers Council do a HP to join?

Anonymous · ‎06-08-2017

Thanks for the responses. I decided to keep Chase and ditch OCCU. I'm really liking Navy Federal so far.

DaveInAZ · ‎06-08-2017

@Anonymous wrote:

I'm well aware of PenFed's training wheels (New member as of 3/23/2017) - you didn't mention my favorite one: They put an automatic 'payment float' for 10 days on any payments to a credit card account. That means that while they credit your payment immediately, your available credit does not reflect the payment until the end of the 10 days.

Although I have heard that they unlock mobile deposits at 3 months rather than 6...but I'm not there yet so cannot confirm.

I called about that as some have said 7 days,others say 10. The rep wasn't sure and put me on hold while she checked. She came back and claimed it was 7 days, and I'd see my 5/31 payment reflected in available credit on 6/8. It's not, so you're right - any you've been a member a month & a half longer than I, so you would know.

@But the primary reason I joined Penfed was to app for a $25k Home Equity Line of Credit @4% APR (variable, based on Prime) good for 15 years. After my app sitting there for a month I noticed some changes in the status today & called - rep said a Loan Officer approved it & sent it to underwriting, and she thinks it can close by the end of the month. If it does, all will be forgiven for the training wheels.

Anonymous · ‎06-09-2017

I have recent experience with one credit union that is not often discussed here: American Airlines Credit Union (AA Credit Union).

AA Credit Union, unfortunately, does *not* have an open field of membership, although you don't have to work for American Airlines specifically. Anyone who works in the Air Transportation Industry (any airline, airline contractor, or government agency that regulates airlines such as TSA or FAA) and their family members can join. https://www.aacreditunion.org/eligibility.aspx

I was the Dallas area this week and stopped by a branch to ask about their credit card and loan approval criteria. I was very impressed as each branch has a manager on site who can make lending decisions on the spot, rather than submitting the application to a loan officer or committee elsewhere. While I was there, I got their low-rate Visa card, approved for $7500 at 10.9% (can be as low as 7.75% depending on your scores). Here is what else I found out:

AACU pulls EX and uses the VantageScore for lending decisions (!)
For credit cards, minimum VantageScore of 610 is required and total unsecured debt must not be more than 40% of your gross annual income
730 EX VantageScore or higher required for the lowest rate (7.75%)
Maximum credit card limit is $25,000
Personal loans are minimum 580 VantageScore, DTI not as strict a requirement if the loan is used to refinance another debt
POI required for all credit products

If you qualify for membership, this CU has some decent offerings. It is the only lender I've encountered that actually uses the VantageScore rather than FICO. Unfortunately my Experian VantageScore is a good 60 points lower than my EX FICO 8 so I didn't benefit from this fact.

Anonymous · ‎06-13-2017

Anyone have experience with UN FCU?

I interested in their ATM rebates for foreign transaction fees. I do a bit of traveling and that piqued my interest.

I read in other places their Custom service is less than desirable, and they don't like to extend credit.

I would get a checking account, and a line of credit. I would like the CLOC to be high, 20-25K. I have the scores and income to get that. But I don't want to risk a HP if I am not going to get anything near that.

And I have also read that no one has gotten a CC from them.

I currently have

USAA

NFCU

Alliant

I understand NFCU would basically give me the same thing, and their Foreign transaction fees are nominal .8%.

SO it would be more of a want then a need for an account.

Thanks for any input.

Anonymous · ‎06-13-2017

Several questions about Apple FCU, as I'm considering joining this weekend (I almost did a couple weeks ago but decided to put it off a bit longer).

Do they do hard pulls for basic membership (savings), and if so, which bureau?

Do they do hard pulls for checking accounts?

Is there a waiting period for applying for a credit card after joining?

Which bureau do they pull for credit card apps?

Official Credit Unions Guide

Get your FICO® Score for free