We never deposit cash so it has never been a concern for us. We deposit checks or have direct deposit so everything is electronic. The one caution is there is a limit to how big the check can be for electronic deposit, not sure what it is but I had a check for 20k that I couldn't deposit, fortunately I had business in the town (100 miles away) that the branch was in so it wasn't a big deal, that just happened so in 2 years we have had to go to a branch 1 time. I could have mailed it in for deposit but that would have taken a couple of days extra. We don't get many checks at that level so its not a problem.
Congrats, NFCU is the best and a true gift for those who have served and their family members. We moved to NFCU for our banking a couple of years ago, the closest branch is 100 miles away but it hasnt been an issue at all. They make everything doable easily from your phone or computer. CLOC has a max of 15k, you apply and once approved they send you a seperate set of checks that you can use for anything you want or you can just use CLOC as overdraft protection (no fees for using it as OD). It is a fantastic security blanket to have that 15k sitting there just in case. Some use it to pay down CCs because the interest is lower than many cards and it can help with utlitization. If your married its not a bad idea to have your wife or husband become a member and make them joint on your account and then establish an account for them that your joint on, that way you can have two CLOCs at 15k each. Also your spouse can take advantage of their generous CC limits. We love NFCU and would never leave them.
How do you deposit cash and physical checks?
NFCU has remote deposit for physical checks. However, for physical checks and cash NFCU is a member of CO-OP shared branches. Which means you can bank at any CO-OP branch as if it were a NFCU branch. https://www.navyfederal.org/branches-atms/co-op-network-atms.php
Thanks for the help.
So there's a 711 that's very close to me with that type of ATM. That means I can use that ATM for free to deposit cash and physical checks? That would be super convenient if that's the case. It's almost like having a branch right next to me..
As long as the ATM accepts deposits, then Yes. However, a better way is to go into a CO-OP branch and deposit. Most credit unions are CO-OP which means you can use as if it were NFCU. Here is the CO-OP locator. Any credit union in this locator can be used as an NFCU branch. The nearest NFCU to me is about a 90-minute drive. So I use a CO-OP credit union that's 15 minutes away if needed. However, I usually I just use my smartphone for remote deposits. https://co-opcreditunions.org/locator/
Unless things have recently changed, NFCU participates in the CO-OP ATM network, but not shared branch banking... in other words, you can't make transactions in-branch at non-NFCU locations, just participating ATMs (and the hold times for deposits - even cash - can be up to five days). I would love to find out this has changed, though.
Back to the topic, huge congrats @germese1975 on the awesome approvals!
I belong to 3 different credit unions and have had no problem using the shared branches with 2 of them. I just assumed NFCU is the same. I've never heard of a credit union just participating in the ATM's and not the shared branch. You are probably very correct.
I called and asked them about this earlier this week. They do not participate in the Co-op branches. Only ATM's
That's enough for an approval - no backdoor needed. Goto website, "check eligibility" - will end up spitting out a # to call. Call #, provide info, wham bam done deal.
I get an EBates "big fat check" in the mail every quarter. I would use NFCU's Android app and take a picture of the check and deposit it into one of my two NFCU accounts. I grew tired of waiting for the paper check so I connected my NFCU account to PayPal and now do a direct deposit to NFCU. It's called "paperless" banking. We have several local CUs where I can deposit cash or use their ATMs to withdraw cash from my NFCU account (with no fees).
I have found when I deposit cash into two or more CU accounts without having an account at the branch where I am doing such pisses off the employees. They feel like they are not getting paid for their services. They signed up to do the work as a co-op but don't really like to do it for free. We have no NFCU's anywhere within driving distance but I still love the CU.