NFCU Balance Transfer Time

[Jazee]

What is the typical balance transfer time before the payment goes through on the card at the other bank you are transferring from assuming it's a major bank so it's an electronic transfer not having to mail a check (B of A, Chase, USAA, etc.)  I'm specifically looking at transferring a balance over to NFCU from my USAA Visa.  I don't want to end up having to make a payment while waiting for the transfer.

[Remedios]

Times will always vary.

Best (or safest) way to do it is to initiate the BT on the closing date, that way you have at least 21 days to see what happens.

If BT doesn't post by 21st day, make a minimum payment, then ask check be mailed to you once BT is completed. You can use it to cover residual interest if you have been carrying balances outside of 0% promo, if not, they are obligated to mail you a full refund in mere days. 

[SouthJamaica]

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@Jazee wrote:

What is the typical balance transfer time before the payment goes through on the card at the other bank you are transferring from assuming it's a major bank so it's an electronic transfer not having to mail a check (B of A, Chase, USAA, etc.)  I'm specifically looking at transferring a balance over to NFCU from my USAA Visa.  I don't want to end up having to make a payment while waiting for the transfer.

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In my experience they're not the slowest, and they're not the fastest. And I believe they do it with paper check, not electronically. I would estimate 1 1/2 weeks on average.

But don't rely on that; assume you're going to have to make a payment on the transferred account.

[UncleB]

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@Jazee wrote:

What is the typical balance transfer time before the payment goes through on the card at the other bank you are transferring from assuming it's a major bank so it's an electronic transfer not having to mail a check (B of A, Chase, USAA, etc.)  I'm specifically looking at transferring a balance over to NFCU from my USAA Visa.  I don't want to end up having to make a payment while waiting for the transfer.

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A few years ago I did this actual transaction myself (BT from USAA to NFCU) and while I can't remember the specific number of days it took, I do recall that it was quite satisfactory and I was pleased with the overall results.

Apologies for not being able to provide more detailed data points.  When I do BTs I usually allow two weeks but I've never had one actually take that long.

[OmarGB9]

Don't know specifically for your situation, but usually it's about 7-10 business days. Or 2 weeks in calendar days roughly. 

[Gollum]

Two weeks for a balance transfer... argh.

I have never done a balance transfer, but a balance transfer is less appealing now.

[pizzadude]

I initated a NFCU ealier this year to take advanage of their 2.99% promotional rate, and the originating account receieved the payoff in 2-3 days.   It suprised me as I was expecting it to take at least a week.   I believe the payment was via check and not ACH but I'm not 100% certain.  

[Jazee]

I think with major banks it's got to be ACH.  I think I did one with my card at the beginning a long time ago, I just can't remember how long it took is why I'm asking but I vaguely recall it was way shorter than I expected (which was 1-2 week).   So 2-3 business days sounds about right.  First Class Mail is going to take at least 2 or 3 days going from Navy to USAA, there's no way USAA is going to process the paper check on the same day they receive it in my opinion.  So I am 99% sure it's ACH for USAA into NFCU.   I'm going to do one so I'll update this thread on how long it actually took.

[OmarGB9]

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@Jazee wrote:

I think with major banks it's got to be ACH.  I think I did one with my card at the beginning a long time ago, I just can't remember how long it took is why I'm asking but I vaguely recall it was way shorter than I expected (which was 1-2 week).   So 2-3 business days sounds about right.  First Class Mail is going to take at least 2 or 3 days going from Navy to USAA, there's no way USAA is going to process the paper check on the same day they receive it in my opinion.  So I am 99% sure it's ACH for USAA into NFCU.   I'm going to do one so I'll update this thread on how long it actually took.

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Please do.