@Aduke1122 wrote:
Although they are a bit all over the place and really made me work to prove my ID and verify everything after they approved me and I funded my accts I still have nothing but love for them, I am blessed they took a chance and gave me my first unsecured line last night . No one else would have done this with my SL still having one month bf it's out of default. Im grateful beyond words.
NFCU makes funding their accounts very difficult. You can transfer money out of NFCU to another bank via ACH, but you cannot transfer money in that way. Reading through their FAQs finds BS about how ACH transfers take 3 business days for the sending institution to process them, then another 3 business days for the receiving institution to process them. Which is absolutely wrong... then they say they found a better way for their members to use, wire transfers. Sure, with a wire transfer usually costing $25 - $40 each, yeah thats the method your members want to use...
I'm pretty sure I can just push money to NFCU via ACH from an outside institution, and thus thumb my virtual nose at their insane restriction... But I wonder how much of that I can do before they get annoyed.
@Aduke1122 wrote:
So is there a long hold time for making payments from outside accounts ? I need to know bc we will use our other CU to pay our CC bill so I'm wondering how long the process is. With my USAA and Cap one it's really fast like one day .
I'm just getting started with NFCU so I don't have experience with how long it takes. And they have conflicting information. Here is the FAQ I mentioned with rather absurd time frames and suggestion of a wire transfer:
Using the "Transfer Funds to/from another Financial Institution" feature
The Navy Federal Online External Accounts feature can be used to transfer funds from your checking account at another domestic financial institution to pay a Navy Federal loan, credit card, Checking Line of Credit (CLOC), Home Equity Line of Credit or lease account.
At this time, you cannot use this feature to transfer funds to your Navy Federal share savings or checking account. The service that would allow us to perform this type of electronic transfer has many constraints which would not be in the best interest of our membership. The largest constraint is that these types of transfers would not provide immediate availability of funds. If Navy Federal originates a transfer to bring money into an account, in essence, we would be sending a message to the financial institution where the funds are currently located asking that institution to send the funds to Navy Federal. It could take up to three business days for the financial institution to receive this message, then another three business days for it to send the funds to Navy Federal, creating a significant delay in a member's ability to access his or her funds.
We have found more effective ways for our members to safely transfer funds from an account at another financial institution into their savings or checking accounts. For instance, you may request a bank wire from another financial institution to your Navy Federal share savings or checking account. When placing your request, you will need to provide Navy Federal's address (PO Box 3000, Merrifield, Virginia) and routing number (2560-7497-4), as well as your name, Navy Federal account number, the amount of the transaction and the type of account to which the funds will be going.
Transfer To/From Another Financial Institution
How do I transfer money from my checking account at another financial institution to Navy Federal, or from my account at Navy Federal to an external account?
The External Account feature can be used to transfer funds from your checking account at another financial institution to pay a Navy Federal loan, credit card, Fixed Equity Loan and/or Home Equity Line of Credit.
At this time, you cannot use this feature to transfer funds to your Navy Federal savings or checking account. However, you can request a bank wire from another financial institution to your Navy Federal savings or checking account. When placing your request, you will need to provide Navy Federal's address (PO Box 3000, Merrifield, Virginia) and routing number (2560-7497-4) as well as your name, Navy Federal account number, the amount of the transaction and the type of account to which the funds will be going.
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And here is a nfcu web page with more reasonable information: https://www.navyfederal.org/account-management/ach.php
I still haven't seen a good explanation as to why they allow incoming ACH transactions that will pay loan and credit cards, yet those same ACH transactions are denied to a NFCU checking or savings account if the transfer attempt originates with NFCU. If the request originates with the external bank, it seems like it will be accepted. So why the restriction?
Wait......you have 2 NFCU CC'S!!!!
,,,,,,,. !!!!!
NOIICE !!!!! ≥
Congrats. Welcome to Navy Federal. Keep the card. It will grow. Be patient 