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Navy Fed Will Merge $604M USA Fed

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tiger67
Regular Contributor

Re: Navy Fed Will Merge $604M USA Fed

When I applied yesterday, on the confirmation part of the form (I think), it stated that membership for all included Checking and Savings.

Message 71 of 206
bluewillow
New Contributor

Re: Navy Fed Will Merge $604M USA Fed

I can't get the fax cover sheet to print....it's a PDF which is a pain but keeps telling me insufficient data

Wonder if I can mail in as I don't have scanner

Message 72 of 206
score_building
Senior Contributor

Re: Navy Fed Will Merge $604M USA Fed


@bluewillow wrote:

I can't get the fax cover sheet to print....it's a PDF which is a pain but keeps telling me insufficient data

Wonder if I can mail in as I don't have scanner


There is a note to the left that states it is acceptable to use any standard fax cover page, just include the relevant info.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 73 of 206
Cory
Established Contributor

Re: Navy Fed Will Merge $604M USA Fed


@Tazman81 wrote:

@stan_the_man wrote:

I didn't see an option for just savings (or for that matter savings at all).

 

I think there was an option during the process to unselect the CC app, but I don't remember (and that was only 5 hours ago).


yeah, i am thinking that the savings account must be a given or something.  And they just give you the option to get the checking account as well.


Your right, the Savings account is not an option to become a member. The only option might be the checking and of course any of their loan products in case you qualify.

 

About your afore-mentioned post, do not let anyone stop you from doing what you think is best for you. Keep believing in miracles. You have to believe that little smaill voice within your own heart and follow it.

 

Blessings on all of your endeavors.

Cory

Message 74 of 206
bluewillow
New Contributor

Re: Navy Fed Will Merge $604M USA Fed

Thank you, I didn't even see that Smiley Surprised Thought that bar code would be important. I'll log back in later and see if the docs are there...

Message 75 of 206
haulingthescoreup
Moderator Emerita

Re: Navy Fed Will Merge $604M USA Fed

The way that you join any credit union is by establishing a "share" (savings) account. Most have a minimum amount of $5; some require $50 or another figure. A stated minimum balance must remain in the share account to maintain CU membership.

 

That's the "union" in credit union. Members pool money via the share (as in buying a share in the CU) accounts, and the pooled money is part of what is loaned out via credit.

 

So yes, you'll have to open a savings account, and yes, you'll have to keep it open. When you leave the CU, you can withdraw the balance, including whatever amusing interest it has accrued.

 

So I've got $50 in a share account at PenFed, now $50.66, woohoo, with $45.66 available if I want to withdraw (the remaining $5 is the required balance.) PenFed only requires $5 to join, but I was feeling wild. At Navy, I have $45.22 showing (I guess they hide the $5 minimum) and a couple of hundred bucks in a checking account, which just stays there because I've lost the PIN number for my debit card again.

 

Anyway, that's what's up with the savings accounts upon joining.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 76 of 206
Cory
Established Contributor

Re: Navy Fed Will Merge $604M USA Fed

haulingthescoreup,

 

Do you think that when the merge does happen, USA Fed CU will fall under the umbrella of Navy FCU, or they will have their seperate marketing products etc?

Cory

Message 77 of 206
haulingthescoreup
Moderator Emerita

Re: Navy Fed Will Merge $604M USA Fed

Not a clue.

 

One guess is as good as another, because that's all they are: guesses.

 

My guess, lol, is that all the members will have their membership transferred over, IF national credit union rules allow Navy to make USAFCU membership an eligibility criterion, but that credit products will be evaluated individually. If there's some negative history with Navy in the past, I'd say that will be noted. They might even look at how long someone has been with USAFCU, as they're not dumb, and I'm sure that they're aware that folks will be trying to back-door into Navy.

 

If I were desperate to get into Navy, I'd probably go ahead and give this a try, knowing that there are no guarantees of anything, and that maybe I'd wind up being able to get Navy credit products, and maybe not. It'll cost you $5 or whatever the minimum share cost is plus however many inqs. Up to each individual to decide if it makes sense in their own particular situation.

 

 

edited to try to clarify my speculation, which again, is all this is

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 78 of 206
butterfly3303
New Contributor

Re: Navy Fed Will Merge $604M USA Fed

I applied online yesterday and was also having an issue with the verification process.  I called and spoke with a CSR and she told me to apply using a different email and login.  I then asked her would I receive multiple hard pulls on my credit reports and she told me that as long as the pulls are within 30 days it only counts as one pull.  I then asked her what sources they use for the validation process and she told it was mixure of credit reports and DMV records.  So finally after my thrid application, I was able to verify my account.  Checked my reports this morning and only one pull on EX.

 

I also asked her (Holly) if the merger with NFCU was approved by NUCA what would happen to my account.  She told me that nothing with my current account would change, I would still have the same acocunts but all of USAFCU would be trnasferred to Navy FCU if and when the merger was approved.  She also told me that USAFCU members would have access to NCFU's credit products and rates.

 

Hope this helps!


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Message 79 of 206
scrubs
Regular Contributor

Re: Navy Fed Will Merge $604M USA Fed

+1  that what i'll been saying since yesterday. i think most of usa will be grandfather in, but you burned them in the past navy will not give you  a second chance not matter what.

Message 80 of 206
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